Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/329403 
Authors: 
Year of Publication: 
2025
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 13 [Issue:] 5 [Article No.:] 123 [Year:] 2025 [Pages:] 1-35
Publisher: 
MDPI, Basel
Abstract: 
The COVID-19 pandemic potentially affected stock prices in two non-mutually exclusive ways: discount rates and cash flows. This paper focuses on the latter and analyzes it through the lens of an asset-pricing model. It shows how workplace resilience and financial resilience interacted and significantly affected asset prices. The model-based equity premium increases with the probability of a disaster. The results suggest the significant amplification of workplace resilience by financial resilience. Specifically, the dividend growth of low-resilience firms is significantly more responsive to workplace flexibility and suffers more severely than that of high-resilience firms.
Subjects: 
financial resilience
workplace resilience
dynamic functional principal components
Markov switching
COVID-19 disaster
equity premium
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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