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

Hassan, T A, Hollander, S, van Lent, L, Schwedeler, M and Tahoun, A (2023) Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1. Review of Financial Studies, 36 (12). pp. 4919-4964. ISSN 0893-9454


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.

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Item Type: Article
Subject Areas: Accounting
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This is a pre-copyedited, author-produced version of an article accepted for publication in The Review of Financial Studies following peer review. The version of record Tarek A Hassan, Stephan Hollander, Laurence van Lent, Markus Schwedeler, Ahmed Tahoun, Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1, The Review of Financial Studies, Volume 36, Issue 12, December 2023, Pages 4919–4964, is available online at:

Date Deposited: 21 Jun 2023 11:42
Date of first compliant deposit: 04 Dec 2023
Subjects: Professional firms
Last Modified: 14 Apr 2024 01:31
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