Using data on over 6,000 firms across 56 economies during the first quarter of 2020, we evaluate the connection between corporate characteristics and stock price reactions to COVID-19 cases. We find that the pandemic-induced drop in stock prices was milder among firms with (a) stronger pre-2020...

Using the NETS database, which covers the universe of establishments in the U.S., we evaluate how shocks that improve credit conditions in a county affect small businesses in that county across different size groups. We find that positive shocks to the county credit environment stimulate the...