Voting with their money: Brexit and outward investment by UK firms
研究2016年英国脱欧公投对英国对外直接投资的影响，发现截至2019年3月，脱欧导致英国对欧盟27国的投资交易数量增加17%，而欧盟对英投资减少约9%。
We study the impact of the 2016 Brexit referendum on UK foreign direct investment. Using the synthetic control method to construct appropriate counterfactuals, we show that by March 2019 the Leave vote had led to a 17% increase in the number of UK outward investment transactions in the remaining EU27 member states, whereas transactions in non-EU OECD countries were unaffected. These results support the hypothesis that UK companies have been setting up European subsidiaries to retain access to the EU market after Brexit. At the same time, we find that the number of EU27 investment projects in the UK has declined by around 9%, illustrating that being a smaller economy than the EU leaves the UK more exposed to the costs of economic disintegration.