We find that Chinese consumers responded strongly to government restrictions during the COVID-19 crisis. Our event-study framework shows that emergency declarations raised average food prices by as much as 7.8 standard deviations of the price change distribution, with a much larger effect on...

Using the Chinese listed firms as a sample, we find a negative effect of internal capital market (ICM) financing on firm value during the pandemic. Moreover, this negative effect is more significant in non-state-owned enterprises (non-SOEs), implying that firms with more severe financing...

We study the functioning of the municipal bond market during the COVID-19 pandemic. The average offering yield increases while the number of new issues drops when county-level COVID-19 case and death counts rise. Exploiting the differential timing of local policy actions, we find that emergency...