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This paper explores the reactions of U.S. firms' stock returns to
the recent U.S.-China trade war, from the input and output channel respectively.
To measure the trade exposure from the input channel, I use the product level
information from the list that was drafted and released by U.S. trade officials on
April 3rd. To measure the output exposure, I use the percent revenue firms earned
from ... read moreChina in 2017 as a proxy. Then using Difference- in-Difference under an event
study framework, I have found that exposing firms to a certain level of the trade
uncertainty, either from the input or output channel, leads to lower stock
returns.
Thesis (M.S.)--Tufts University, 2019.
Submitted to the Dept. of Economics.
Advisor: Marcelo Bianconi.
Committee: Federico Esposito.
Keywords: Economics, International relations, and
Finance.read less
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