The Global Impact of Brexit Uncertainty
提出一种基于文本的方法衡量企业层面大冲击的跨境传播，发现81个国家上市公司因英国脱欧不确定性损失市值并减少招聘和投资。
ABSTRACT 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.