The Unprecedented Stock Market Reaction to COVID-19

被引：948

作者：

Baker, Scott R. ^{[1
]}

Bloom, Nicholas ^{[2
]}

Davis, Steven J. ^{[3
]}

Kost, Kyle ^{[4
]}

Sammon, Marco ^{[1
]}

Viratyosin, Tasaneeya ^{[5
]}

机构：

[1] Northwestern Univ, Kellogg Sch Management, Evanston, IL 60208 USA

[2] Stanford Univ, Stanford, CA 94305 USA

[3] Univ Chicago, Chicago Sch Business, Chicago, IL 60637 USA

[4] Univ Chicago, Chicago, IL 60637 USA

[5] Univ Penn, Wharton Sch Business, Philadelphia, PA 19104 USA

来源：

REVIEW OF ASSET PRICING STUDIES | 2020年 / 10卷 / 04期

基金：

美国国家科学基金会;

关键词：

PUBLIC-HEALTH; INTERVENTIONS;

D O I：

10.1093/rapstu/raaa008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

No previous infectious disease outbreak, including the Spanish Flu, has affected the stock market as forcefully as the COVID-19 pandemic. In fact, previous pandemics left only mild traces on the U.S. stock market. We use text-based methods to develop these points with respect to large daily stock market moves back to 1900 and with respect to overall stock market volatility back to 1985. We also evaluate potential explanations for the unprecedented stock market reaction to the COVID-19 pandemic. The evidence we amass suggests that government restrictions on commercial activity and voluntary social distancing, operating with powerful effects in a service-oriented economy, are the main reasons the U.S. stock market reacted so much more forcefully to COVID-19 than to previous pandemics in 1918-1919, 1957-1958, and 1968.

引用

页码：742 / 758

页数：17

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