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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Feverish Stock Price Reactions to COVID-19 |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Review of Corporate Finance Studies |
| Publisher | Oxford University Press |
| Geographical Reach | international |
| ISSN | 2046-9128 |
| Volume | 9 |
| Number | 3 |
| Page Range | 622 - 655 |
| Date | 2020 |
| Abstract Text | Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the United States, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels. |
| Free access at | Official URL |
| Official URL | https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3550274 |
| Related URLs |
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| Digital Object Identifier | 10.1093/rcfs/cfaa012 |
| Other Identification Number | merlin-id:20035 |
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