| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26714 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w26714 |
| 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/584388 |
| 推荐引用方式 GB/T 7714 | Murillo Campello,Gustavo S. Cortes,Fabricio d',et al. Exporting Uncertainty: The Impact of Brexit on Corporate America. 2020. |
| 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 | ||
| w26714.pdf（574KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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