| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15022 |
| DP15022 Pandemics, Intermediate Goods, and Corporate Valuation | |
| Luc Laeven | |
| 发表日期 | 2020-07-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We evaluate the role of input-output linkages and social distancing in transmitting the COVID-19 shock to the valuation of U.S. corporates. Using a new dataset on sectoral dependence on the use and sale of intermediate goods, we find that firms that depend on the sale of intermediate goods to sectors affected by social distancing are more affected by the crisis. We estimate that the indirect effect of social distancing through input-output linkages is at least as important as its direct effect. Several tests are consistent with the view that larger firms and firms with cash buffers are better able to absorb the pandemic shock. |
| 主题 | Financial Economics |
| 关键词 | Valuation Liquidity Cash Intermediate goods Pandemic |
| URL | https://cepr.org/publications/dp15022 |
| 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/543971 |
| 推荐引用方式 GB/T 7714 | Luc Laeven. DP15022 Pandemics, Intermediate Goods, and Corporate Valuation. 2020. |
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