The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Unprecedented Stock Market Reaction to COVID-19
Open accessAbstract
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.
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Citations
Cites
Public health interventions and epidemic intensity during the 1918 influenza pandemic
Hatchett, R. J., Mecher, C. E., & Lipsitch, M. (2007) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.0610941104 · Cited by 778
Internal and External Effects of Social Distancing in a Pandemic
Farboodi, M., Jarosch, G., & Shimer, R. (2020) · doi:10.3386/w27059 · Cited by 270
Cited by
Mutual fund performance and flows during the COVID-19 crisis
Pástor, Ľ., & Vorsatz, M. B. (2020) · The Review of Asset Pricing Studies · doi:10.1093/rapstu/raaa015 · Cited by 319
Sustainability Preferences Under Stress: Evidence from COVID-19
Döttling, R., & Kim, S. (2020) · SSRN Working Paper · doi:10.2139/ssrn.3656756 · Cited by 161
“The crisis disrupted the real economy and financial markets with unprecedented speed, and triggered a stock market crash in mid-February (see, e.g., Baker et al. (2020a), Ramelli and Wagner (2020)).”
Background
Metadata
- Authors
- Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T.
- Venue
- The Review of Asset Pricing Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2020-07-18
- Volume
- 10
- Issue
- 4
- Pages
- 742-758
- ISSN
- 2045-9920 (ISSN-L)
- 2045-9939
- OpenAlex
- W3043617920
- Cited by
- 1,496
- References
- 2
- FWCI
- 223.65
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to COVID-19. The Review of Asset Pricing Studies. https://doi.org/10.1093/rapstu/raaa008
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
