特朗普第一届政府期间，股价对关税征收公告的反应

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-22 DOI:10.1016/j.frl.2025.107381

Sascha Tobias Wengerek, André Uhde, Benjamin Hippert

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引用次数: 0

摘要

本研究使用2018年1月至2019年8月期间美国发布或针对美国的4624项公告的独特样本，分析了特朗普第一届政府期间关税征收公告对1194家美国公司股价的影响。我们发现关税公告导致负（累积）平均异常股票收益。无论特朗普政府是为了保护国内产业而征收保护性关税，还是外国宣布报复性关税，都会产生负面的财富效应。此外，负面影响主要是由涉及中国的公告驱动的，其变化与特定行业、关税、贸易和企业特征有关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Share price reactions to tariff imposition announcements during the first Trump administration

This study analyzes the impact of tariff imposition announcements on the stock prices of 1,194 U.S. companies during the first Trump administration, using a unique sample of 4,624 announcements made by or against the U.S. between January 2018 and August 2019. We find that tariff announcements lead to negative (cumulative) average abnormal stock returns. These negative wealth effects occur regardless of whether the Trump administration imposes safeguard tariffs to protect domestic industries or foreign countries announce retaliatory tariffs. Moreover, the adverse impact is primarily driven by announcements involving China, with variations linked to sector-specific, tariff, trade, and firm characteristics.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance