全球智库信息集成服务系统(G2TT): DP14573 Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14573
	DP14573 Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1
	Tarek Hassan; Stephan Hollander; Laurence van Lent; Markus Schwedeler; Ahmed Tahoun
发表日期	2020-04-06
出版年	2020
语种	英语
摘要	We introduce a new word pattern-based method to automatically classify firms' primary concerns related to the spread of epidemic diseases raised in their quarterly earnings conference calls. We construct text-based measures of the costs, benefits, and risks listed firms in the US and over 80 other countries associate with the spread of Covid-19 and other epidemic diseases. We identify which firms and sectors expect to lose/gain from a given epidemic and which are most affected by the associated uncertainty. Our new automatic pattern-based method shows how firms' primary concerns (varying from the collapse in demand and disruptions in their production facilities or supply chain, to financing concerns) are changing over time and varying geographically as epidemics spread regionally and globally. We find that the Covid-crisis manifests itself at the firm-level as a simultaneous shock to both demand and supply. In prior epidemics, in contrast, firm discussions center more on shortfalls in demand. In 2020, supply and financing-related concerns are relatively more salient in regions where the spread of Covid-19 is less contained.
主题	Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词	Epidemic diseases Pandemic Exposure Virus Firms Uncertainty Sentiment Machine learning
URL	https://cepr.org/publications/dp14573-1
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543480
推荐引用方式 GB/T 7714	Tarek Hassan,Stephan Hollander,Laurence van Lent,et al. DP14573 Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1. 2020.