| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23152 |
| 来源ID | Working Paper 23152 |
| Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade | |
| Alexander Wagner; Richard J. Zeckhauser; Alexandre Ziegler | |
| 发表日期 | 2017-02-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The election of Donald J. Trump as the 45th President of the United States of America on 11/8/2016 came as a surprise. Markets responded swiftly and decisively. This note investigates both the initial stock market reaction to the election, and the longer-term reaction through the end of 2016. We find that the individual stock price reactions to the election – that is, the market’s vote – reflect investor expectations on economic growth, taxes, and trade policy. Heavy industry and banking were relative winners, whereas healthcare, medical equipment, pharmaceuticals, textiles, and apparel were among the relative losers. High-beta stocks and companies with a hitherto high tax burden benefited from the election. Although internationally-oriented companies may profit under some plans of the new administration, several other arguments suggest a more favorable climate for domestically-oriented companies. Investors have found the domestic-favoring arguments to be stronger. While investors incorporated the expected consequences of the election for US growth and tax policy into prices relatively quickly, it took them more time to digest the consequences of shifts in trade policy on firms’ prospects. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Public Economics ; Taxation ; Development and Growth |
| URL | https://www.nber.org/papers/w23152 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580826 |
| 推荐引用方式 GB/T 7714 | Alexander Wagner,Richard J. Zeckhauser,Alexandre Ziegler. Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23152.pdf（790KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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