Valuation effects of the US–China trade war: The effects of foreign managers and foreign exposure
用事件研究法分析中美贸易战对中国上市公司估值的影响，发现聘用美国经理人的公司公告回报更低，且该效应因公司对美国出口、海外投资和外国股东等不同外国敞口而异。
Abstract With an event study approach, this study examines the valuation effects of the US–China trade war. It is found that Chinese listed firms with American managers record lower announcement returns than their counterparts. This effect is heterogenous for firms with different foreign exposures. Specifically, the negative effect is more pronounced for firms exporting to the US market, while other foreign exposures, such as overseas direct investments and foreign shareholders mitigate the negative effects of American managers. These findings provide micro‐level evaluation of trade policy with the combination of stock market and corporate governance.