Firm‐level exposure to trade policy shocks: A multidimensional measurement approach
提出一种结合企业特征（商品可贸易性、出口份额、风险披露）与股票回报信息的多维指标，衡量企业对贸易政策变化的暴露度，该指标能可靠捕捉价格反应和贸易情绪差异，对研究贸易政策风险有用。
Abstract We propose a firm‐level measure of exposure to trade policy shifts that combines characteristics (tradability of goods, share of output exported and corporate risk disclosures) with information from stock returns. We show that the measure reliably captures out‐of‐sample differences in price responses and sentiment related to trade tensions, both in US and international data. Differences across firms are economically important with return effects of 140 bp around tariff announcements. We argue that such a multidimensional measure is a useful tool for future research on trade policy risk.