Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP
Autor(a) principal: | |
---|---|
Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.17645/pag.v11i4.7146 |
Resumo: | Which companies gain and which companies lose from trade agreements? In contrast to a view that sees the largest companies as the main beneficiaries of trade agreements, we argue that medium-sized companies gain the most from them. Moreover, we examine whether more capital-intensive and more diversified companies benefit more than other firms. Our empirical test relies on a dataset with daily firm-level stock price data for close to 4,000 US companies over the period 2009–2016. Concretely, we assess how the shares of different types of firms reacted to the news on the (lack of) progress of the negotiations aimed at concluding the TPP and TTIP. We find support for the view that medium-sized and diversified companies win the most from trade agreements. Besides speaking to the literature on the distributional effects of trade agreements, the article contributes to recent research on the role of firms in the international political economy and the stock market consequences of political events. It also presents a novel approach to measuring progress and stagnation in international trade negotiations using computational text analysis. |
id |
RCAP_82a1e6c08012189e64b17c054bdc05a8 |
---|---|
oai_identifier_str |
oai:ojs.cogitatiopress.com:article/7146 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
spelling |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIPdistributional effects; stock markets; trade agreements; TPP; TTIPWhich companies gain and which companies lose from trade agreements? In contrast to a view that sees the largest companies as the main beneficiaries of trade agreements, we argue that medium-sized companies gain the most from them. Moreover, we examine whether more capital-intensive and more diversified companies benefit more than other firms. Our empirical test relies on a dataset with daily firm-level stock price data for close to 4,000 US companies over the period 2009–2016. Concretely, we assess how the shares of different types of firms reacted to the news on the (lack of) progress of the negotiations aimed at concluding the TPP and TTIP. We find support for the view that medium-sized and diversified companies win the most from trade agreements. Besides speaking to the literature on the distributional effects of trade agreements, the article contributes to recent research on the role of firms in the international political economy and the stock market consequences of political events. It also presents a novel approach to measuring progress and stagnation in international trade negotiations using computational text analysis.Cogitatio Press2023-11-29info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.17645/pag.v11i4.7146https://doi.org/10.17645/pag.v11i4.7146Politics and Governance; Vol 11, No 4 (2023): Economic Security and the Politics of Trade and Investment Policy in Europe; 200-2112183-246310.17645/pag.i372reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://www.cogitatiopress.com/politicsandgovernance/article/view/7146https://www.cogitatiopress.com/politicsandgovernance/article/view/7146/3464https://www.cogitatiopress.com/politicsandgovernance/article/downloadSuppFile/7146/3297Copyright (c) 2023 Lisa Lechner, Andreas Dürinfo:eu-repo/semantics/openAccessDür, AndreasLechner, Lisa2023-12-21T16:10:28Zoai:ojs.cogitatiopress.com:article/7146Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:40:22.058600Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
title |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
spellingShingle |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP Dür, Andreas distributional effects; stock markets; trade agreements; TPP; TTIP |
title_short |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
title_full |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
title_fullStr |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
title_full_unstemmed |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
title_sort |
Winners and Losers From Trade Agreements: Stock Market Reactions to TPP and TTIP |
author |
Dür, Andreas |
author_facet |
Dür, Andreas Lechner, Lisa |
author_role |
author |
author2 |
Lechner, Lisa |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Dür, Andreas Lechner, Lisa |
dc.subject.por.fl_str_mv |
distributional effects; stock markets; trade agreements; TPP; TTIP |
topic |
distributional effects; stock markets; trade agreements; TPP; TTIP |
description |
Which companies gain and which companies lose from trade agreements? In contrast to a view that sees the largest companies as the main beneficiaries of trade agreements, we argue that medium-sized companies gain the most from them. Moreover, we examine whether more capital-intensive and more diversified companies benefit more than other firms. Our empirical test relies on a dataset with daily firm-level stock price data for close to 4,000 US companies over the period 2009–2016. Concretely, we assess how the shares of different types of firms reacted to the news on the (lack of) progress of the negotiations aimed at concluding the TPP and TTIP. We find support for the view that medium-sized and diversified companies win the most from trade agreements. Besides speaking to the literature on the distributional effects of trade agreements, the article contributes to recent research on the role of firms in the international political economy and the stock market consequences of political events. It also presents a novel approach to measuring progress and stagnation in international trade negotiations using computational text analysis. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-11-29 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.17645/pag.v11i4.7146 https://doi.org/10.17645/pag.v11i4.7146 |
url |
https://doi.org/10.17645/pag.v11i4.7146 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://www.cogitatiopress.com/politicsandgovernance/article/view/7146 https://www.cogitatiopress.com/politicsandgovernance/article/view/7146/3464 https://www.cogitatiopress.com/politicsandgovernance/article/downloadSuppFile/7146/3297 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Lisa Lechner, Andreas Dür info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Lisa Lechner, Andreas Dür |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Cogitatio Press |
publisher.none.fl_str_mv |
Cogitatio Press |
dc.source.none.fl_str_mv |
Politics and Governance; Vol 11, No 4 (2023): Economic Security and the Politics of Trade and Investment Policy in Europe; 200-211 2183-2463 10.17645/pag.i372 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
|
_version_ |
1799136309121384448 |