id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
cord-033453-557obi3r	Bretscher, Lorenzo	COVID-19 and the Cross-Section of Equity Returns: Impact and Transmission	2020-09-24		.txt	text/plain	12205	945	67	Using the first reported case of COVID-19 in a given U.S. county as the event day, we find that firms headquartered in an affected county experience, on average, a 27-bps lower return in the 10-day post-event window. The regression results show that the average daily return of a labor-intensive firm residing in a high intensity county is 1% lower in the 10-day post-event window. To this end, we use analysts' forecast data from the I/B/E/S database and document that the first reported coronavirus case results in downward revision of earnings estimates of firms located in the same county. Second, and related, a unique advantage of our natural experiment is that it allows us to examine the relative strength of various channels (specifically, the labor supply channel, the uncertainty channel, the government policy channel, and the cash flow news channel) through which the COVID-19 shock affects firm valuations.	./cache/cord-033453-557obi3r.txt	./txt/cord-033453-557obi3r.txt