G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w26714
来源IDWorking Paper 26714
Exporting Uncertainty: The Impact of Brexit on Corporate America
Murillo Campello; Gustavo S. Cortes; Fabricio d'; Almeida; Gaurav Kankanhalli
发表日期2020-02-03
出版年2020
语种英语
摘要We show that the 2016 Brexit Referendum had multi-faceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led US firms to cut jobs and investment within US borders. Using establishment-level data, we document that these effects were modulated by the reversibility of capital and labor. American-based job destruction was particularly pronounced in industries with less skilled and more unionized workers. UK-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near-universe of US establishments also point to measurable, negative effects on establishment turnover (openings and closings). Our results demonstrate how foreign-born political uncertainty is transmitted across international borders, shaping domestic capital formation and labor allocation.
主题International Economics ; International Factor Mobility ; Financial Economics ; Financial Markets ; Corporate Finance
URLhttps://www.nber.org/papers/w26714
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/584388
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Murillo Campello,Gustavo S. Cortes,Fabricio d',et al. Exporting Uncertainty: The Impact of Brexit on Corporate America. 2020.
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