| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27055 |
| 来源ID | Working Paper 27055 |
| Corporate Immunity to the COVID-19 Pandemic | |
| Wenzhi Ding; Ross Levine; Chen Lin; Wensi Xie | |
| 发表日期 | 2020-04-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Using data on over 6,000 firms across 56 economies during the first quarter of 2020, we evaluate the connection between corporate characteristics and stock price reactions to COVID-19 cases. We find that the pandemic-induced drop in stock prices was milder among firms with (a) stronger pre-2020 finances (more cash, less debt, and larger profits), (b) less exposure to COVID-19 through global supply chains and customer locations, (c) more CSR activities, and (d) less entrenched executives. Furthermore, the stock prices of firms with greater hedge fund ownership performed worse, and those of firms with larger non-financial corporate ownership performed better. We believe ours is the first paper to assess international, cross-firm stock price reactions to COVID-19 as functions of these pre-shock corporate characteristics. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance ; Health, Education, and Welfare ; Health ; Other ; Accounting, Marketing, and Personnel ; COVID-19 |
| URL | https://www.nber.org/papers/w27055 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584727 |
| 推荐引用方式 GB/T 7714 | Wenzhi Ding,Ross Levine,Chen Lin,et al. Corporate Immunity to the COVID-19 Pandemic. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27055.pdf（1426KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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