| 题名 | Geopolitical Risk and Investment |
| 作者 | |
| 通讯作者 | Wang, Xinjie |
| 发表日期 | 2023-11-01
|
| DOI | |
| 发表期刊 | |
| ISSN | 0022-2879
|
| EISSN | 1538-4616
|
| 摘要 | Using a news-based index of geopolitical risk (GPR), we document a strong negative relationship between firm-level corporate investment and GPR. When the GPR index doubles, next-quarter investment declines by 14% of its sample mean. The effect is more pronounced for firms with more irreversible investment or higher market power, confirming the real options theory. However, the effect is less significant for firms with a stronger ability to substitute labor for capital, a higher labor-to-capital ratio, or a higher labor share, supporting the convex return theory. Overall, our results suggest that the real options channel dominates the Oi-Hartman-Abel effect. |
| 关键词 | |
| 相关链接 | [来源记录] |
| 收录类别 | |
| 语种 | 英语
|
| 学校署名 | 第一
; 通讯
|
| WOS研究方向 | Business & Economics
|
| WOS类目 | Business, Finance
; Economics
|
| WOS记录号 | WOS:001093422600001
|
| 出版者 | |
| ESI学科分类 | ECONOMICS BUSINESS
|
| 来源库 | Web of Science
|
| 引用统计 |
被引频次[WOS]：12
|
| 成果类型 | 期刊论文 |
| 条目标识符 | http://sustech.caswiz.com/handle/2SGJ60CL/582752 |
| 专题 | 商学院_金融系 |
| 作者单位 | 1.Southern Univ Sci & Technol, Dept Finance, Shenzhen, Guangdong, Peoples R China 2.Rutgers State Univ, Rutgers Business Sch, Dept Finance & Econ, New Brunswick, NJ USA 3.Clemson Univ, Wilbur O & Ann Powers Coll Business, Dept Finance, Clemson, SC USA |
| 第一作者单位 | 金融系 |
| 通讯作者单位 | 金融系 |
| 第一作者的第一单位 | 金融系 |
| 推荐引用方式 GB/T 7714 |
Wang, Xinjie,Wu, Yangru,Xu, Weike. Geopolitical Risk and Investment[J]. JOURNAL OF MONEY CREDIT AND BANKING,2023.
|
| APA |
Wang, Xinjie,Wu, Yangru,&Xu, Weike.(2023).Geopolitical Risk and Investment.JOURNAL OF MONEY CREDIT AND BANKING.
|
| MLA |
Wang, Xinjie,et al."Geopolitical Risk and Investment".JOURNAL OF MONEY CREDIT AND BANKING (2023).
|
| 条目包含的文件 | 条目无相关文件。 | |||||
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