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The distant echo of Brexit: Did exporters suffer the most?

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  • Jackowicz, Krzysztof
  • Kozłowski, Łukasz
  • Podgórski, Błażej

Abstract

This study investigates price adjustments on the Warsaw Stock Exchange after the referendum on Brexit. Contrary to our expectations, we found that investors’ reactions were uniform with regard to the firms’ dependence on European markets or reliance on export activities in general. Other fundamental factors only moderately influenced investors’ decisions.

Suggested Citation

  • Jackowicz, Krzysztof & Kozłowski, Łukasz & Podgórski, Błażej, 2017. "The distant echo of Brexit: Did exporters suffer the most?," Finance Research Letters, Elsevier, vol. 21(C), pages 132-139.
    • Handle: RePEc:eee:finlet:v:21:y:2017:i:c:p:132-139
    DOI: 10.1016/j.frl.2016.11.012
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    Cited by:

    1. Doriana Cucinelli & Vincenzo Farina & Paola Schwizer & Maria Gaia Soana, 2021. "Better the Devil You Know: The Impact of Brexit Political Uncertainty on European Financial Markets," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(6), pages 1-62, July.
    2. Dao, Thong M. & McGroarty, Frank & Urquhart, Andrew, 2019. "The Brexit vote and currency markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 153-164.
    3. Andrikopoulos, Athanasios & Zheng, Min, 2023. "A dynamic analysis of the neglected firm effect," International Review of Financial Analysis, Elsevier, vol. 85(C).
    4. Yoichi Tsuchiya, 2021. "Crises, market shocks, and herding behavior in stock price forecasts," Empirical Economics, Springer, vol. 61(2), pages 919-945, August.
    5. Wael Bousselmi & Patrick Sentis & Marc Willinger, 2018. "Impact of the Brexit vote announcement on long-run market performance," Working Papers hal-01954920, HAL.
    6. Podgórski Błażej, 2018. "Impact of the January Effect on Return Rates in the Markets of the 2004 EU Enlargement," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 26(1), pages 27-48, March.
    7. Andrikopoulos, Athanasios & Dassiou, Xeni & Zheng, Min, 2020. "Exchange-rate exposure and Brexit: The case of FTSE, DAX and IBEX," International Review of Financial Analysis, Elsevier, vol. 68(C).

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    More about this item

    Keywords

    Brexit; Emerging markets; Post-transition economies; Investors’ reactions;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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