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Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1

Author

Listed:
  • Tarek A
  • Stephan Hollander
  • Laurence van
  • Markus Schwedeler
  • Ahmed Tahoun
  • Ralph Koijen

Abstract

We construct text-based measures of the primary concerns listed firms associated with the spread of COVID-19 and other epidemic diseases. We identify which firms perceive to lose or gain from a given epidemic and textually decompose the epidemic’s effect on the firm’s demand and supply. We find that the effects of COVID-19 manifest as a simultaneous shock to demand and supply, with both shocks affecting firms’ market valuations in equal measure on average. By contrast, demand-related impacts appear more important in accounting for the observed collapse in firm-level investment during the COVID-19 crisis.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online

Suggested Citation

  • Tarek A & Stephan Hollander & Laurence van & Markus Schwedeler & Ahmed Tahoun & Ralph Koijen, 2023. "Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1," The Review of Financial Studies, Society for Financial Studies, vol. 36(12), pages 4919-4964.
    • Handle: RePEc:oup:rfinst:v:36:y:2023:i:12:p:4919-4964.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhad044
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    More about this item

    Keywords

    E0; E6; F0; G12; I0;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F0 - International Economics - - General
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • I0 - Health, Education, and Welfare - - General

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