We study the stock market effects of the arrival of the three rounds of "stimulus checks" to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of retail-dominated portfolios....

We show that unexpected changes in the trajectory of COVID-19 infections predict US stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate US market value of 4 to 11 percent,...

We evaluate the 1968 H3N2 Flu pandemic’s economic cost in a cross-section of 52 countries. Using excess mortality rates as a proxy for the country-specific severity of the pandemic, we find that the average mortality rate (0.0062% per pandemic wave) was associated with declines in consumption...

In view of the COVID-19 pandemic and its disruptions on businesses and individuals, this report looks at the experience of the years 2020-2021 to understand how the financial services industry in Hong Kong has maintained operational resilience during different phases of the pandemic. With the...