The economic effects of Brexit : evidence from the stock market Holger Breinlich ... [et al.]
Contributor(s): Breinlich, Holger
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Material type: 
ArticlePublisher: 2018Subject(s): REINO UNIDO | SALIDA DE LA UNIÓN EUROPEA | ASPECTOS ECONOMICOS | ARANCELES | PRECIOS | MERCADOS FINANCIEROS | POLITICA ECONOMICAOnline resources: Click here to access online
In:
Fiscal Studies v. 39, n. 4, December 2018, p. 581-623Summary: We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investors’ expectations about the effects of leaving the European Union on the UK economy. Our results suggest that initial stock price movements were driven by fears of a cyclical downturn and by the sterling depreciation following the referendum. We also find tentative evidence
that market reactions to two subsequent speeches by Theresa May (her Conservative party conference and Lancaster House speeches) were more closely correlated with potential changes to tariffs and non-tariff barriers on UK–EU trade, indicating that investors may have updated their expectations in light of the possibility of a ‘hard Brexit’. We do not find a correlation between
the share of EU immigrants in different industries and stock market returns.
| Item type | Current location | Home library | Call number | URL | Status | Date due | Barcode |
|---|---|---|---|---|---|---|---|
| Artículos | IEF | IEF | OP 1472/2018/4-4 (Browse shelf) | https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-5890.12175 | Available | OP 1472/2018/4-4 |
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Resumen.
Bibliografía.
We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investors’ expectations about the effects of leaving the European Union on the UK economy. Our results suggest that initial stock price movements were driven by fears of a cyclical downturn and by the sterling depreciation following the referendum. We also find tentative evidence
that market reactions to two subsequent speeches by Theresa May (her Conservative party conference and Lancaster House speeches) were more closely correlated with potential changes to tariffs and non-tariff barriers on UK–EU trade, indicating that investors may have updated their expectations in light of the possibility of a ‘hard Brexit’. We do not find a correlation between
the share of EU immigrants in different industries and stock market returns.
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