Stock returns and the Spanish flu, 1918-1920

被引：0
|
作者：
Del Angel, Marco [1 ]
Fohlin, Caroline [2 ]
Weidenmier, Marc D. [3 ,4 ]
机构：
[1] Calif State Univ Los Angeles, 5151 State Univ Dr, Los Angeles, CA 90032 USA
[2] Emory Univ, CEPR London & CESifo, Rich Mem Bldg,Room 306D 1602 Fishburne Dr, Atlanta, GA 30322 USA
[3] Chapman Univ, One Univ Dr, Orange, CA 92866 USA
[4] NBER, One Univ Dr, Orange, CA 92866 USA
来源：
EXPLORATIONS IN ECONOMIC HISTORY | 2023年 / 90卷
基金：
美国国家科学基金会;
关键词：
Stock returns; Influenza; INFLUENZA; MORTALITY;
D O I：
10.1016/j.eeh.2023.101543
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the impact of the 1918 Spanish Flu on U.S. stock prices. Using a new weekly hand collected sample of 131 firms that traded on the NYSE, we examine the impact of the four waves of the flu on stock returns using panel regressions. We find that the second and fourth wave of the pandemic significantly lowered stock returns by 65.5 and 21.6 percent relative to the sample mean return, respectively. The large, but temporary impact of the virus on stock returns can probably be attributed to the fact that, unlike Covid-19, the flu hit the working age population particularly hard.
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