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Pandemics, intermediate goods, and corporate valuation()
We evaluate whether the changes in valuation of U.S. corporates during the first wave of the COVID-19 pandemic depend on their downstream or upstream industries’ exposure to social distancing. Using a new dataset on sectoral dependence on the use and sale of intermediate goods, we find that firms wh...
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Elsevier Ltd.
2022
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Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9756216/ https://www.ncbi.nlm.nih.gov/pubmed/36540771 http://dx.doi.org/10.1016/j.jimonfin.2021.102505 |
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author | Laeven, Luc |
author_facet | Laeven, Luc |
author_sort | Laeven, Luc |
collection | PubMed |
description | We evaluate whether the changes in valuation of U.S. corporates during the first wave of the COVID-19 pandemic depend on their downstream or upstream industries’ exposure to social distancing. Using a new dataset on sectoral dependence on the use and sale of intermediate goods, we find that firms whose downstream sectors are more affected by social distancing suffer from a greater decline in stock prices during the first quarter of 2020. Such an effect is mitigated for large firms. |
format | Online Article Text |
id | pubmed-9756216 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | Elsevier Ltd. |
record_format | MEDLINE/PubMed |
spelling | pubmed-97562162022-12-16 Pandemics, intermediate goods, and corporate valuation() Laeven, Luc J Int Money Finance Article We evaluate whether the changes in valuation of U.S. corporates during the first wave of the COVID-19 pandemic depend on their downstream or upstream industries’ exposure to social distancing. Using a new dataset on sectoral dependence on the use and sale of intermediate goods, we find that firms whose downstream sectors are more affected by social distancing suffer from a greater decline in stock prices during the first quarter of 2020. Such an effect is mitigated for large firms. Elsevier Ltd. 2022-02 2021-09-25 /pmc/articles/PMC9756216/ /pubmed/36540771 http://dx.doi.org/10.1016/j.jimonfin.2021.102505 Text en © 2021 Elsevier Ltd. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active. |
spellingShingle | Article Laeven, Luc Pandemics, intermediate goods, and corporate valuation() |
title | Pandemics, intermediate goods, and corporate valuation() |
title_full | Pandemics, intermediate goods, and corporate valuation() |
title_fullStr | Pandemics, intermediate goods, and corporate valuation() |
title_full_unstemmed | Pandemics, intermediate goods, and corporate valuation() |
title_short | Pandemics, intermediate goods, and corporate valuation() |
title_sort | pandemics, intermediate goods, and corporate valuation() |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9756216/ https://www.ncbi.nlm.nih.gov/pubmed/36540771 http://dx.doi.org/10.1016/j.jimonfin.2021.102505 |
work_keys_str_mv | AT laevenluc pandemicsintermediategoodsandcorporatevaluation |