We examine how firms’ exposure to prior disastrous events can influence their stock market footprint during the Coronavirus crisis. While others have drawn comparisons between past pandemics and COVID-19, we argue that such comparisons are skewed due to the unprecedented reach and consequences...

This study examines how firms learn financial survival from experience, and how stock markets price this learning. We study American firms during the Covid turmoil which had prior exposure to the 2008 Global Financial Crisis. Our results show firms exposed to the 2008 Crisis had 95% higher...