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Does Supporting Ukraine Pay Well? The Performance of Companies that Suspended Their Business in Russia
Does Supporting Ukraine Pay Well? The Performance of Companies that Suspended Their Business in Russia
Online Research Seminar 15:30 pm, Thursday, 26 January 2023 Using fresh data about US companies that announced they were suspending their business activities in Russia following the invasion of Ukraine, we test how their decision affected their prices and looking-forward volatility. We find that these firms, on average, experienced a reduction (increase) in their value (implied volatility). However, this reduction (increase) did not last more than one to two weeks. More in depth analysis shows variations across economic sectors following the announcement. In terms of returns, the energy sector benefited the most, technology was relatively stable, while consumer goods experienced the […]