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Mr. Stijn Claessens, Mr. Hui Tong, and Mr. Igor Esteban Zuccardi Huertas
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.
Mr. Stijn Claessens, Mr. Hui Tong, and Mr. Igor Esteban Zuccardi Huertas

reflected in the performance of those firms that rely more heavily on exports to peripheral euro countries relative to those firms that rely less on such exports. And the stock markets should reflect these relative performance differences in firmsstock prices whenever there is news (positive or negative) about the supply of external financing or trade prospects. A. Basic Specification The basic empirical strategy is to check whether ex ante classifications of firms in terms of their intrinsic characteristics – degree of financial dependence and exposure to trade

Seungho Jung, Jongmin Lee, and Seohyun Lee

INTER-KOREA RELATIONS 2.1. Scope of Geopolitical Risk 2.2. Data and Methodology 2.3. Evaluating the GPRNK Index 3. EMPIRICAL FRAMEWORK 3.1. Estimation Model 3.2. Data 4. RESULTS 4.1. Baseline Results 4.2. Robustness 5. CONCLUSION REFERENCES FIGURES 1. The GPRNK Index (1995–2020) 2. The GPRNK Index by Topic 3. Comparing the GPRNK Index with Existing Measure 4. Assessing Potential Selection Bias of the GPRNK Index TABLES 1. Search Keywords 2. Variable Description 3. Summary Statistics 4. GPRNK and FirmsStock Return: Average