Working Remotely and the Supply-Side Impact of COVID-19

Dimitris Papanikolaou, Lawrence D.W. Schmidt*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

22 Scopus citations


We analyze the supply-side disruptions associated with COVID-19. We find that sectors in which a higher fraction of the workforce is not able to work remotely experienced greater declines in employment and expected revenue growth, worse stock market performance, and higher likelihood of default. The stock market overweights low-exposure industries. Thus, our findings cast light on the disconnect between stock market indices and aggregate outcomes. We combine these ex ante heterogeneous industry exposures with daily financial market data to create a stock return portfolio that tracks news about the supply-side disruptions resulting from the pandemic.

Original languageEnglish (US)
Pages (from-to)53-111
Number of pages59
JournalReview of Asset Pricing Studies
Issue number1
StatePublished - Mar 1 2022

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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