Valuation effects of the US–China trade war: The effects of foreign managers and foreign exposure

Haoyuan Ding, Bo Pu, Tong Qi and Kai Wang

Journal of Economic Surveys, 2022, vol. 36, issue 3, 662-683

Abstract: With an event study approach, this study examines the valuation effects of the US–China trade war. It is found that Chinese listed firms with American managers record lower announcement returns than their counterparts. This effect is heterogenous for firms with different foreign exposures. Specifically, the negative effect is more pronounced for firms exporting to the US market, while other foreign exposures, such as overseas direct investments and foreign shareholders mitigate the negative effects of American managers. These findings provide micro‐level evaluation of trade policy with the combination of stock market and corporate governance.

Date: 2022
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https://doi.org/10.1111/joes.12438

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jecsur:v:36:y:2022:i:3:p:662-683

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