Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/162552 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
CEPIE Working Paper No. 07/17
Verlag: 
Technische Universität Dresden, Center of Public and International Economics (CEPIE), Dresden
Zusammenfassung: 
In the course of eurozone exit, the underlying stocks of American Depositary Receipts (ADRs) would be redenominated from euros into the new national currency. We exploit ADR investors' exposure to currency redenomination losses to derive a novel measure of eurozone exit risk. We find that while domestic bank stocks are not significantly affected by domestic exit risk, there is a negative exposure to exit risk of other countries that is channeled through bilateral credit risk. For the real sector, exposure to eurozone exit risk is heterogeneous among industries and is less negative for more indebted companies.
Schlagwörter: 
Eurozone Exit Risk
American Depositary Receipts
JEL: 
F31
F32
G01
G12
G15
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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