From November 7 to November 8, 2020, Qi Tong, Ph.D candidate of our college, attended the International Symposium on Globalization and Environment: The Role of China sponsored by the Journal of Economic Surveys and Institute of World Economy, Fudan University, and reported a paper:
Valuation Effects of the U.S.-China Trade War: The Effects of Foreign Managers and Foreign Exposure
Abstract:
With an event study approach, this study examines the valuation effects of the U.S.-China trade war. It is found that Chinese listed firms with American managers record lower announcement returns than their counterparts. The negative effect is more pronounced for firms exporting to the U.S. market, while other foreign exposures, such as exports to other countries, overseas direct investments and foreign shareholders, mitigate the negative effects of American managers.
