Exporting uncertainty: the impact of Brexit on corporate America
We show that the 2016 Brexit Referendum had multifaceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led U.S. firms to cut jobs and investment within U.S. borders. Using establishment-level data, we document that...
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| Veröffentlicht in: | Journal of financial and quantitative analysis 2022-12, Vol.57 (8), p.3178-3222 |
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| container_title | Journal of financial and quantitative analysis |
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| creator | Campello, Murillo |
| description | We show that the 2016 Brexit Referendum had multifaceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led U.S. firms to cut jobs and investment
within
U.S. 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. U.K.-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near universe of U.S. 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. |
| doi_str_mv | 10.1017/S0022109022000308 |
| format | Article |
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within
U.S. 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. U.K.-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near universe of U.S. 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.</description><identifier>ISSN: 0022-1090</identifier><identifier>EISSN: 1756-6916</identifier><identifier>DOI: 10.1017/S0022109022000308</identifier><language>eng</language><publisher>Seattle: Cambridge University Press</publisher><subject>Borders ; Brexit ; Capital formation ; Desinvestition ; Employment ; EU membership ; Exports ; Großbritannien ; International business ; Internationales Management ; Investment ; Investments ; Labor ; Layoffs ; Multinationales Unternehmen ; R&D ; Referendums ; Research & development ; Spillover-Effekt ; Uncertainty ; Unionization ; USA</subject><ispartof>Journal of financial and quantitative analysis, 2022-12, Vol.57 (8), p.3178-3222</ispartof><rights>Copyright Cambridge University Press Dec 2022</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c422t-378dfcd7cef37794357adc994c631bf3d19a1a2aac8a6bef7420e101f47e74613</citedby><cites>FETCH-LOGICAL-c422t-378dfcd7cef37794357adc994c631bf3d19a1a2aac8a6bef7420e101f47e74613</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,777,781,27905,27906</link.rule.ids></links><search><creatorcontrib>Campello, Murillo</creatorcontrib><title>Exporting uncertainty: the impact of Brexit on corporate America</title><title>Journal of financial and quantitative analysis</title><description>We show that the 2016 Brexit Referendum had multifaceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led U.S. firms to cut jobs and investment
within
U.S. 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. U.K.-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near universe of U.S. 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.</description><subject>Borders</subject><subject>Brexit</subject><subject>Capital formation</subject><subject>Desinvestition</subject><subject>Employment</subject><subject>EU membership</subject><subject>Exports</subject><subject>Großbritannien</subject><subject>International business</subject><subject>Internationales Management</subject><subject>Investment</subject><subject>Investments</subject><subject>Labor</subject><subject>Layoffs</subject><subject>Multinationales Unternehmen</subject><subject>R&D</subject><subject>Referendums</subject><subject>Research & development</subject><subject>Spillover-Effekt</subject><subject>Uncertainty</subject><subject>Unionization</subject><subject>USA</subject><issn>0022-1090</issn><issn>1756-6916</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2022</creationdate><recordtype>article</recordtype><recordid>eNplj71LBDEQxYMoeJ6WFnYH1qsz-U4px_kBBxZqHXLZRPbQ3TXZBe-_N8sKFjYzxfu9mfcIuUK4QUB1-wJAKYIpEwAY6COyQCVkJQ3KY7KY5GrST8lZzvvCTOSCXG6--y4NTfu-Glsf0uCadjick5PoPnK4-N1L8na_eV0_Vtvnh6f13bbynNKhYkrX0dfKh8iUMpwJ5WpvDPeS4S6yGo1DR53z2sldiIpTCCVu5CooLpEtyfV8t0_d1xjyYPfdmNry0lIlNFJEzQuFM-VTl3MK0fap-XTpYBHs1N7-a188q9kTfNc2-c-hqaaCaSHYD3cgVLI</recordid><startdate>20221201</startdate><enddate>20221201</enddate><creator>Campello, Murillo</creator><general>Cambridge University Press</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20221201</creationdate><title>Exporting uncertainty</title><author>Campello, Murillo</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c422t-378dfcd7cef37794357adc994c631bf3d19a1a2aac8a6bef7420e101f47e74613</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2022</creationdate><topic>Borders</topic><topic>Brexit</topic><topic>Capital formation</topic><topic>Desinvestition</topic><topic>Employment</topic><topic>EU membership</topic><topic>Exports</topic><topic>Großbritannien</topic><topic>International business</topic><topic>Internationales Management</topic><topic>Investment</topic><topic>Investments</topic><topic>Labor</topic><topic>Layoffs</topic><topic>Multinationales Unternehmen</topic><topic>R&D</topic><topic>Referendums</topic><topic>Research & development</topic><topic>Spillover-Effekt</topic><topic>Uncertainty</topic><topic>Unionization</topic><topic>USA</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Campello, Murillo</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of financial and quantitative analysis</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Campello, Murillo</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Exporting uncertainty: the impact of Brexit on corporate America</atitle><jtitle>Journal of financial and quantitative analysis</jtitle><date>2022-12-01</date><risdate>2022</risdate><volume>57</volume><issue>8</issue><spage>3178</spage><epage>3222</epage><pages>3178-3222</pages><issn>0022-1090</issn><eissn>1756-6916</eissn><abstract>We show that the 2016 Brexit Referendum had multifaceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led U.S. firms to cut jobs and investment
within
U.S. 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. U.K.-exposed firms with less redeployable capital and high input-offshoring dependence cut investment the most. Data on the near universe of U.S. 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.</abstract><cop>Seattle</cop><pub>Cambridge University Press</pub><doi>10.1017/S0022109022000308</doi><tpages>45</tpages><oa>free_for_read</oa></addata></record> |
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| identifier | ISSN: 0022-1090 |
| ispartof | Journal of financial and quantitative analysis, 2022-12, Vol.57 (8), p.3178-3222 |
| issn | 0022-1090 1756-6916 |
| language | eng |
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| source | Business Source Complete; Cambridge Journals |
| subjects | Borders Brexit Capital formation Desinvestition Employment EU membership Exports Großbritannien International business Internationales Management Investment Investments Labor Layoffs Multinationales Unternehmen R&D Referendums Research & development Spillover-Effekt Uncertainty Unionization USA |
| title | Exporting uncertainty: the impact of Brexit on corporate America |
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