This paper examines the impact of the coronavirus pandemic during its first and second waves for the USA, UK, Europe, and Japan. We explore the firm-level dynamics and exhibit the impact of coronavirus events on large and small firms and firms' idiosyncratic risk. We find that the intensity of the impact of the coronavirus pandemic events is not uniform for firms. The Blank Swan events in March 2020 exhibit stronger impact the second wave till April 2021. The second wave analysis reveals the sign of recovery and receding effect of the pandemic. The idiosyncratic analysis shows the positive impact of the coronavirus and stringency measures on the idiosyncratic risk.

本文研究了冠状病毒大流行在第一波和第二波期间对美国、英国、欧洲和日本的影响。我们探索了企业层面的动态，并展示了冠状病毒事件对大型和小型企业以及企业特殊风险的影响。我们发现，冠状病毒大流行事件的影响强度对公司而言并不统一。2020 年 3 月的空白天鹅事件在第二波至 2021 年 4 月期间表现出更强的影响。第二波分析揭示了大流行的复苏和消退迹象。异质分析显示了冠状病毒和严格措施对异质风险的积极影响。