Impact of the Brexit vote announcement on long-run market performance

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2020

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type
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HALSHS : archive ouverte en Sciences de l’Homme et de la Société

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This document is linked to :
info:eu-repo/semantics/altIdentifier/doi/10.54695/bmi.163.3026

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Archives ouvertes

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Centre pour la communication scientifique directe

Keywords En

financial market event study Brexit buy-and-hold macroeconomic news

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Businesses Firms Companies Enterprises Business organizations Organizations, Business

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Wael Bousselmi et al., « Impact of the Brexit vote announcement on long-run market performance », HALSHS : archive ouverte en Sciences de l’Homme et de la Société, ID : 10.54695/bmi.163.3026

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Abstract En

We examine how the Brexit announcement influenced the long-run market performance of British and European listed firms. Using daily data and a sample composed of 3,015 European listed firms (805 UK and 2,210 non-UK), we find that, over a 12-month horizon, the Brexit announcement negatively affected the long-run market performance of UK firms (regardless of their business activities) and European non-British (non-UK hereafter) firms that conduct most of their business activities within the British area. We also provide evidence that, after the Brexit announcement, analysts’ earnings forecasts and the realized accounting decreased and the return volatility increased for UK firms

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