Oxford Events, the new replacement for OxTalks, will launch on 16th March. From now until the launch of Oxford Events, new events cannot be published or edited on OxTalks while all existing records are migrated to the new platform. The existing OxTalks site will remain available to view during this period.
From 16th, Oxford Events will launch on a new website: events.ox.ac.uk, and event submissions will resume. You will need a Halo login to submit events. Full details are available on the Staff Gateway.
We introduce a firm-level exposure to macroeconomic shocks derived from 10K Risk Factors’ ability to predict shock-related market surprises and illustrate its application to COVID-19. It has significant explanatory power for returns in- and out-of-sample; contains all relevant information for future real outcomes present in surprises; and can be decomposed into interpretable word groupings that collectively account for real outcomes. These highlight numerous specific channels through which COVID-19 generated negative and positive real effects, and how these are distributed across firms. By reflecting information on trading partners, technology adoption, and business models, text explains how COVID-19 created long-lasting firm heterogeneity.
