Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/184789 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Working Paper No. 838
Verlag: 
Queen Mary University of London, School of Economics and Finance, London
Zusammenfassung: 
How do real-time expectations affect firms' economic decisions? We provide evidence by using a dataset on Japanese multinational firms' sales forecasts and exploring an unexpected escalation of a territorial dispute between China and Japan in 2012. Our estimation substantiates that, after the escalation of the dispute, affiliates of Japanese multinational firms in China experienced a sharp but temporary decline in total sales relative to affiliates in other countries and a more persistent decline in investment. Moreover, the territorial dispute has led to persistent pessimism in these firms' expectations about future sales, which can explain 60% of the overall decline in investment.
Schlagwörter: 
forecasts
pessimistic expectations
geopolitical events
investment
JEL: 
E22
E32
D84
F51
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
461.24 kB





Publikationen in EconStor sind urheberrechtlich geschützt.