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The Unprecedented Stock Market Impact of COVID-19
Open accessAbstract
No previous infectious disease outbreak, including the Spanish Flu, has impacted 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 1918-19, 1957-58 and 1968.
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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
Cited by
Financial contagion during COVID–19 crisis
Akhtaruzzaman, M., Boubaker, S., & Sensoy, A. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3584898 · Cited by 935
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1
Hassan, T. A., Hollander, S., van Lent, L., Schwedeler, M., & Tahoun, A. (2020) · National Bureau of Economic Research · doi:10.3386/w26971 · Cited by 369
Sustainability Preferences Under Stress: Evidence from COVID-19
Döttling, R., & Kim, S. (2020) · SSRN Working Paper · doi:10.2139/ssrn.3656756 · Cited by 161
Viewpoint: The impact of coronavirus on service ecosystems as service mega-disruptions
Kabadayi, S., O’Connor, G. E., & Tuzovic, S. (2020) · Journal of Services Marketing · doi:10.1108/jsm-03-2020-0090 · Cited by 147
Reimagining global health systems for the 21st century: lessons from the COVID-19 pandemic
Assefa, Y., Gilks, C. F., van de Pas, R., Reid, S., Gete, D. G., & Van Damme, W. (2021) · BMJ Global Health · doi:10.1136/bmjgh-2020-004882 · Cited by 48
Metadata
- Authors
- Baker, S., Bloom, N., Davis, S., Kost, K., Sammon, M., & Viratyosin, T.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2020-04
- OpenAlex
- W3014934384
- Cited by
- 900
- References
- 1
- Type
- report
- Language
- en
- Open access
- green
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