Working Remotely and the Supply-Side Impact of COVID-19

Abstract We analyze the supply-side disruptions associated with COVID-19. find that sectors in which a higher fraction of workforce is not able to work remotely experienced greater declines employment and expected revenue growth, worse stock market performance, likelihood default. The overweights low-exposure industries. Thus, our findings cast light on disconnect between indices aggregate outcomes. combine these ex ante heterogeneous industry exposures daily financial data create return portfolio tracks news about resulting from pandemic. (JEL G12, D22, H25, J20, E00)