The SARS pandemic slowed down household income growth and negatively impacted the financial market. This paper extends the asset pricing literature by providing a new channel to explain the impact of the pandemic on asset prices. First, we propose an income-featuring consumption-based capital asset pricing model (IF-CAPM). Second, the empirical tests show that the IF-CAPM successfully captures structural changes brought about by the SARS pandemic on the financial market and the model performs better than the traditional CAPM.

中文翻译：

---

SARS大流行对资产价格的影响

SARS大流行减缓了家庭收入的增长，并对金融市场产生了负面影响。本文通过提供一个新的渠道来解释大流行对资产价格的影响，从而扩展了资产定价文献。首先，我们提出了一种基于收入的以消费为基础的资本资产定价模型（IF-CAPM）。其次，经验检验表明，IF-CAPM成功地捕获了SARS大流行在金融市场上带来的结构性变化，并且该模型的性能优于传统的CAPM。