{
  "title": "Pandemics and Firms: Drawing Lessons from History",
  "publication": "IMF Working Papers, December 11, 2020",
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  "summary": "The global economy is in the midst of an unprecedented slump caused by the COVID-19 pandemic. To assess the likely evolution of nonfinancial corporate performance going forward, this paper investigates empirically the impact of past pandemics using firm-level data on more than 537,000 companies from",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Serhan Cevik, Fedor Miryugin\n- Publication date: December 11, 2020\n- Publication type: IMF Working Papers, Working Paper No. 2020/276, Issue: 276, Volume: 2020\n- Pages: 24\n- DOI: https://doi.org/10.5089/9781513563893.001\n- ISBN: 9781513563893\n- ISSN: 1018-5941\n- Stock No: WPIEA2020276"
    },
    {
      "heading": "Research scope and data",
      "content": "- Sample: firm-level data on more than 537,000 companies\n- Geography: 14 developing countries\n- Time period: 1998–2018\n- Subject tags included: Communicable diseases, COVID-19, Emerging and frontier financial markets, Financial sector development, Population and demographics\n- Keywords included: firm level, firm performance, firm-level, liquidity pressure, nonfinancial corporate performance, nonfinancial firm, Pandemics, revenue base, sector peer, WP"
    },
    {
      "heading": "Key empirical findings",
      "content": "- The prevalence of infectious diseases has an economically and statistically significant negative effect on nonfinancial corporate performance.\n- The adverse impact is particularly pronounced on smaller and younger firms compared to larger and more established corporations.\n- A higher number of infectious-disease cases in population increases the probability of failure among nonfinancial firms, particularly for small and young firms.\n- For COVID-19, the paper states: \"the magnitude of these effects will be much greater, given the unprecedented scale of the outbreak and strict policy responses to contain its spread.\""
    },
    {
      "heading": "Implications and interpretation",
      "content": "- Smaller and younger nonfinancial firms face greater vulnerability to infectious-disease prevalence through lower performance and higher failure probability.\n- Large-scale pandemics with strict containment policies (as in COVID-19) are expected to amplify these negative effects relative to historical pandemics covered in the 1998–2018 sample."
    },
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      "heading": "Metadata and access",
      "content": "- Format available: PDF (Download PDF indicated on landing page)\n- Citation format example provided on the page (Chicago)\n\nSource: IMF Working Paper \"Pandemics and Firms: Drawing Lessons from History\" by Serhan Cevik and Fedor Miryugin, December 11, 2020.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/12/11/pandemics-and-firms-drawing-lessons-from-history-49932"
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    "Authors: Serhan Cevik, Fedor Miryugin",
    "Published: December 11, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513563893.001",
    "Authors: Serhan Cevik, Fedor Miryugin",
    "Publication date: December 11, 2020",
    "Publication type: IMF Working Papers, Working Paper No. 2020/276, Issue: 276, Volume: 2020",
    "Pages: 24",
    "DOI: https://doi.org/10.5089/9781513563893.001",
    "ISBN: 9781513563893",
    "ISSN: 1018-5941",
    "Stock No: WPIEA2020276",
    "Sample: firm-level data on more than 537,000 companies",
    "Geography: 14 developing countries",
    "Time period: 1998–2018",
    "Subject tags included: Communicable diseases, COVID-19, Emerging and frontier financial markets, Financial sector development, Population and demographics",
    "Keywords included: firm level, firm performance, firm-level, liquidity pressure, nonfinancial corporate performance, nonfinancial firm, Pandemics, revenue base, sector peer, WP",
    "The prevalence of infectious diseases has an economically and statistically significant negative effect on nonfinancial corporate performance.",
    "The adverse impact is particularly pronounced on smaller and younger firms compared to larger and more established corporations.",
    "A higher number of infectious-disease cases in population increases the probability of failure among nonfinancial firms, particularly for small and young firms.",
    "For COVID-19, the paper states: \"the magnitude of these effects will be much greater, given the unprecedented scale of the outbreak and strict policy responses to contain its spread.\"",
    "Smaller and younger nonfinancial firms face greater vulnerability to infectious-disease prevalence through lower performance and higher failure probability.",
    "Large-scale pandemics with strict containment policies (as in COVID-19) are expected to amplify these negative effects relative to historical pandemics covered in the 1998–2018 sample.",
    "Format available: PDF (Download PDF indicated on landing page)",
    "Citation format example provided on the page (Chicago)",
    "**Working Paper**"
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