The Global Impact of Brexit Uncertainty

被引：21

作者：

Hassan, Tarek A. ^{[1
,2
,3
,7
]}

Hollander, Stephan ^{[4
]}

Van Lent, Laurence ^{[5
]}

Tahoun, Ahmed ^{[6
]}

机构：

[1] Boston Univ, Boston, MA USA

[2] NBER, Cambridge, MA USA

[3] CEPR, London, England

[4] Tilburg Univ, Tilburg, Netherlands

[5] Frankfurt Sch Finance & Management, Frankfurt, Germany

[6] London Business Sch, London, England

[7] Boston Univ, Dept Econ, 270 Bay State Rd, Boston, MA 02215 USA

来源：

JOURNAL OF FINANCE | 2024年 / 79卷 / 01期

关键词：

POLICY UNCERTAINTY; TEXTUAL ANALYSIS; TRADE; INVESTMENT; SHOCKS; VOLATILITY; TRANSMISSION; MARKETS; COSTS;

D O I：

10.1111/jofi.13293

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We propose a text-based method for measuring the cross-border propagation of large shocks at the firm level. We apply this method to estimate the expected costs, benefits, and risks of Brexit and find widespread reverberations in listed firms in 81 countries. International (i.e., non-U.K.) firms most exposed to Brexit uncertainty (the second moment) lost significant market value and reduced hiring and investment. International firms also overwhelmingly expected negative first-moment impacts from the U.K.'s decision to leave the European Union (EU), particularly related to regulation, asset prices, and labor market impacts of Brexit.

引用

页码：413 / 458

页数：46

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