Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? /

This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in ext...

詳細記述

書誌詳細
第一著者: Claessens, Stijn
その他の著者: Tong, Hui, Zuccardi, Igor
フォーマット: 雑誌
言語:English
出版事項: Washington, D.C. : International Monetary Fund, 2011.
シリーズ:IMF Working Papers; Working Paper ; No. 2011/227
オンライン・アクセス:Full text available on IMF
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245 1 0 |a Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? /  |c Stijn Claessens, Hui Tong, Igor Zuccardi. 
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300 |a 1 online resource (40 pages) 
490 1 |a IMF Working Papers 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in external financing and trade conditions and examines how bank and trade linkages propagated effects across borders. It finds that policy measures announced impacted financially-constrained firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries. Trade linkages with peripheral countries also played a role, with euro exchange rate movements causing differential effects. 
538 |a Mode of access: Internet 
700 1 |a Tong, Hui. 
700 1 |a Zuccardi, Igor. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2011/227 
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