Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations

• 成果类型: Article
• 署名作者: Fisman, Raymond; Hamao, Yasushi; Wang, Yongxiang
• 署名单位: Columbia University; National Bureau of Economic Research; University of Southern California
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu017
• 发表日期: 2014
• 页码: 2626
• 关键词: investor psychology; french wine; Sentiment; TRADE; returns; MARKETS; IMPACT; RISK

摘要

We study the impact of nationalism and interstate frictions on international economic relations by analyzing market reaction to adverse shocks to Sino-Japanese relations in 2005 and 2010. Japanese companies with high China exposure suffer relative declines during each event window; a symmetric effect is observed for Chinese companies with high Japanese exposure. The effect on Japanese companies is more pronounced for those operating in industries dominated by Chinese state-owned enterprises, whereas firms with high Chinese employment experience lower declines. These results emphasize the role of countries' economic and political institutions in mediating the impact of interstate frictions on firm-level outcomes. (JEL F13, F51, G14, G15)