Arbeitspapier

An integrated data framework for policy guidance in times of dynamic economic shocks

Usually, offcial and survey-based statistics guide policy makers in their choice of response instruments to economic crises. However, in an early phase, after a sudden and unforeseen shock has caused incalculable and fast-changing dynamics, data from traditional statistics are only available with non-negligible time delays. This leaves policy makers uncertain about how to most effectively manage their economic countermeasures to support businesses, especially when they need to respond quickly, as in the COVID-19 pandemic. Given this information deficit, we propose a framework that guides policy makers throughout all stages of an unforeseen economic shock by providing timely and reliable data as a basis to make informed decisions. We do so by combining early stage 'ad hoc' web analyses, 'follow-up' business surveys, and 'retrospective' analyses of firm outcomes. A particular focus of our framework is on assessing the early effects of the pandemic, using highly dynamic and largescale data from corporate websites. Most notably, we show that textual references to the coronavirus pandemic published on a large sample of company websites and state-of-the-art text analysis methods allow to capture the heterogeneity of the crisis' effects at a very early stage and entail a leading indication on later movements in firm credit ratings.

Sprache
Englisch

Erschienen in
Series: ZEW Discussion Papers ; No. 21-062

Klassifikation
Wirtschaft
Multiple or Simultaneous Equation Models: Classification Methods; Cluster Analysis; Principal Components; Factor Models
Neural Networks and Related Topics
Large Data Sets: Modeling and Analysis
Data Collection and Data Estimation Methodology; Computer Programs: General
Crisis Management
Thema
COVID-19
impact assessment
corporate sector
corporate websites
web mining
NLP

Ereignis
Geistige Schöpfung
(wer)
Dörr, Julian Oliver
Kinne, Jan
Lenz, David
Licht, Georg
Winker, Peter
Ereignis
Veröffentlichung
(wer)
ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
(wo)
Mannheim
(wann)
2021

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Dörr, Julian Oliver
  • Kinne, Jan
  • Lenz, David
  • Licht, Georg
  • Winker, Peter
  • ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung

Entstanden

  • 2021

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