Davis, Steven J.; Liu, Dingqian; Sheng, Xuguang - National Bureau of Economic Research - 2021
Stock prices and workplace mobility trace out striking clockwise paths in daily data from mid-February to late May 2020. Global stock prices fell 30 percent from 17 February to 12 March, before mobility declined. Over the next 11 days, stocks fell another 10 percentage points as mobility dropped...