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.

中文翻译：

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公司层面对流行病的暴露：COVID-19、SARS 和 H1N1

我们构建了与 COVID-19 和其他流行病传播相关的上市公司主要关注点的基于文本的度量。我们确定哪些公司认为从给定的流行病中损失或获益，并从文本上分解流行病对公司需求和供应的影响。我们发现，COVID-19 的影响表现为对需求和供应的同时冲击，平均而言，这两种冲击对公司市场估值的影响相同。相比之下，与需求相关的影响在解释 COVID-19 危机期间观察到的公司层面投资崩溃方面似乎更为重要。