id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
cord-031101-6wb1g4dy	Ramelli, Stefano	Feverish Stock Price Reactions to COVID-19	2020-07-07		.txt	text/plain	10963	641	59	Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. First, Figure A2 in the Internet Appendix shows that our main firm characteristics of interest (international trade, cash holdings, and leverage) are positively correlated with the average loading on the market factor returns in 2019. For example, the results in column 3 imply that a one-standard-deviation higher exposure to China (13.36) was associated with 1.36% (= 13.36 × 0.102) lower cumulative returns in the Outbreak period, net of other firm characteristics and market beta. of financial firms for the sake of consistency with the stock return results.) This analysis concerns calls held in the Outbreak and Fever period, because no conference call in the Incubation period discussed the coronavirus (see Section 1).	./cache/cord-031101-6wb1g4dy.txt	./txt/cord-031101-6wb1g4dy.txt