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Exporting Uncertainty: The Impact of Brexit on Corporate America / Murillo Campello, Gustavo S. Cortes, Fabricio d'Almeida, Gaurav Kankanhalli.
- Format:
- Book
- Author/Creator:
- Campello, Murillo.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w26714.
- NBER working paper series no. w26714
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Global Effects of the Brexit Referendum
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We show that the 2016 Brexit Referendum had multi-faceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led US firms to cut jobs and investment within US borders. Using establishment-level data, we document that these effects were modulated by the reversibility of capital and labor. American-based job destruction was particularly pronounced in industries with less skilled and more unionized workers. UK-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near-universe of US establishments also point to measurable, negative effects on establishment turnover (openings and closings). Our results demonstrate how foreign-born political uncertainty is transmitted across international borders, shaping domestic capital formation and labor allocation.
- Notes:
- Print version record
- January 2020.
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