1 INTRODUCTION
The COVID‐19 global pandemic outbreak has created an unprecedented impact on global economies, local communities, and individual lives. Academic literature evaluating the impact of this global pandemic has been created. For example, Chetty et al. (2020) built an economic tracker to measure the impact of the COVID‐19 crisis on economic activities and document the real‐time impact. Baker et al. (2020) studied the impact of voluntary social distancing and government restrictions and argued that these actions led to extraordinary impact on the market, economies, and society that was not seen in the prior history, including the 1918 Spanish Flu. In the industry, Dan Glaser, the CEO of Marsh and McLennan Companies, has described the crisis as “two black swans that occurred at the same time.” As a public health crisis, COVID‐19 has been a pandemic event most of the living population has never experienced before. The 1918 Spanish Flu was the most recent pandemic comparable to COVID‐19, but since then, few have expected the reoccurrence of a pandemic event of this scale in the modern world. The COVID‐19…
