Corisk Index

The CoRisk Index is the first{{according to whom|date=August 2022}} economic indicator of industry risk assessments related to COVID-19. In contrast to conventional economic climate indexes, e.g. the Ifo Business Climate Index or Purchasing Managers' Index, the CoRisk Index relies on automatically retrieved company filings.{{Cite journal |last=Stephany |first=Fabian |last2=Neuhäuser |first2=Leonie |last3=Stoehr |first3=Niklas |last4=Darius |first4=Philipp |last5=Teutloff |first5=Ole |last6=Braesemann |first6=Fabian |date=2022-02-02 |title=The CoRisk-Index: a data-mining approach to identify industry-specific risk perceptions related to Covid-19 |url=https://www.nature.com/articles/s41599-022-01039-1 |journal=Humanities and Social Sciences Communications |language=en |volume=9 |issue=1 |pages=1–15 |doi=10.1057/s41599-022-01039-1 |issn=2662-9992|doi-access=free |hdl=20.500.11850/532071 |hdl-access=free }} The index has been developed by a team of researchers at the Oxford Internet Institute, University of Oxford, and the Hertie School of Governance in March 2020. It gained international media attention{{Cite news |title=Analysis {{!}} Crisis begins to hit professional and public-sector jobs once considered safe |language=en-US |work=Washington Post |url=https://www.washingtonpost.com/business/2020/04/30/jobless-claims-industry/ |access-date=2022-08-29 |issn=0190-8286}}{{Cite web |last=Guldner |first=Jan |title=Rezession und Instabilität: So steht der Pegel der Corona-Angst |url=https://www.wiwo.de/erfolg/trends/rezession-und-instabilitaet-so-steht-der-pegel-der-corona-angst/25703386.html |access-date=2022-08-29 |website=www.wiwo.de |language=de}}{{Cite web |last=smartlighting |date=2020-05-06 |title=Nuevo índice online analiza preocupaciones comerciales ante COVID-19 |url=https://smart-lighting.es/indice-online-analiza-preocupaciones-comerciales-covid-19/ |access-date=2022-08-29 |website=smartlighting |language=es}}{{Cite web |title=New online index shows business concerns over COVID-19 {{!}} University of Oxford |url=https://www.ox.ac.uk/news/2020-04-30-new-online-index-shows-business-concerns-over-covid-19 |access-date=2022-08-29 |website=www.ox.ac.uk |language=en}} as an up-to-date empirical source for policy makers and researchers{{Cite journal |last=Latif |first=Siddique |last2=Usman |first2=Muhammad |last3=Manzoor |first3=Sanaullah |last4=Iqbal |first4=Waleed |last5=Qadir |first5=Junaid |last6=Tyson |first6=Gareth |last7=Castro |first7=Ignacio |last8=Razi |first8=Adeel |last9=Boulos |first9=Maged N. Kamel |last10=Weller |first10=Adrian |last11=Crowcroft |first11=Jon |date=2020-09-04 |title=Leveraging Data Science To Combat COVID-19: A Comprehensive Review |url=https://figshare.com/articles/preprint/Leveraging_Data_Science_To_Combat_COVID-19_A_Comprehensive_Review/12212516/2/files/24565991.pdf |language=en |doi=10.36227/techrxiv.12212516.v2|doi-access=free }}{{Cite journal |last=Béland |first=Louis-Philippe |last2=Brodeur |first2=Abel |last3=Wright |first3=Taylor |date=2020-04-27 |title=The Short-Term Economic Consequences of Covid-19: Exposure to Disease, Remote Work and Government Response |url=https://papers.ssrn.com/abstract=3584922 |language=en |location=Rochester, NY}}{{Cite web |date=2020-11-13 |title=DATA in the time of COVID-19 |url=https://opendatawatch.com/whats-being-said-resource/data-in-the-time-of-covid-19/ |access-date=2022-08-29 |website=Open Data Watch |language=en}}{{Cite journal |last=Brodeur |first=Abel |last2=Clark |first2=Andrew E. |last3=Fleche |first3=Sarah |last4=Powdthavee |first4=Nattavudh |date=2021-01-01 |title=COVID-19, lockdowns and well-being: Evidence from Google Trends |url=https://halshs.archives-ouvertes.fr/halshs-03029872/file/dp1693.pdf |journal=Journal of Public Economics |language=en |volume=193 |pages=104346 |doi=10.1016/j.jpubeco.2020.104346 |issn=0047-2727|doi-access=free }}{{Cite journal |last=Brodeur |first=Abel |last2=Cook |first2=Nikolai |last3=Wright |first3=Taylor |date=2021-03-01 |title=On the effects of COVID-19 safer-at-home policies on social distancing, car crashes and pollution |url= |journal=Journal of Environmental Economics and Management |language=en |volume=106 |pages=102427 |doi=10.1016/j.jeem.2021.102427 |issn=0095-0696|doi-access=free |pmc=7864793 }}{{Cite journal |last=Davis |first=Steven J. |last2=Hansen |first2=Stephen |last3=Seminario-Amez |first3=Cristhian |date=September 2020 |title=Firm-Level Risk Exposures and Stock Returns in the Wake of COVID-19 |url=https://www.nber.org/papers/w27867}} investigating the economic repercussions of the Coronavirus Recession.

Methodology

The index is calculated with the use of company 10-k risk reports filed to the U.S. Securities and Exchange Commission (SEC). The CoRisk Index is calculated industry-specific as a geometric mean of three measures: CoRisk Index = \sqrt[2]{k+n}, where k refers to the average industry count of Corona-related keywords used in each report and n represents the average industry share of negative keywords in Corona-related sentences.

References