This paper studies an informed mechanism designer problem in which the principal’s private information is a number of agents. We define mechanical equivalence such that it holds if each agent’s and the principal’s perspectives are consistent in the sense that a conversion problem for a...

Using data on exporting firms, we investigate whether export exposure, firm size, and financial strength affect stock returns during the COVID-19 shock. We find that the stock returns of Korean exporting firms are influenced more by the global spread of COVID-19 than when it spread only in...