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The COVID Report Card

October 29, 2020
By: Megan Czasonis, Mark Kritzman, David Turkington, State Street Associates

By Megan Czasonis, Mark Kritzman, Baykan Pamir, and David Turkington.

We evaluate how well US states and countries responded to the COVID-19 crisis by attributing their outcomes to demographic circumstances outside of their control versus discretionary actions.

When the pandemic hit, some US states were better positioned than others, owing to demographic factors beyond their immediate control. These factors — education level, median age, political affiliation of the governor, and population density — had a powerful effect on COVID-19 outcomes across states. Nonetheless, they’re only part of the story, as states’ discretionary actions also played an important role. To evaluate how well US states responded to the crisis, we disentangle these two effects and focus on outcomes owing to a state’s discretionary behavior and governance. Understanding these drivers is important to policymakers and citizens alike. Though some factors are beyond anyone’s control in the near term, discretionary behavior can influence COVID outcomes in meaningful ways.

Get the summary here.

Author Bios
Megan Czasonis
Megan Czasonis is Managing Director and Head of Portfolio Management at State Street Markets
Mark Kritzman
Mark Kritzman is a senior lecturer at MIT Sloan School of Management and a founding partner of State Street Associates
David Turkington
David Turkington is Senior Managing Director and Head of State Street Associates at State Street Markets
State Street Associates
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1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.