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Political Beta*
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DOI：10.1093/rof/rfac012.png)
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摘要
En 中文
Using a portfolio theory framework, we introduce the concept of political beta to model firm-level export diversification in response to global political risk. Our model predicts that firms are less responsive to changes in political relations with lower beta countries-those that contribute less to the firm's total political risk. We document patterns consistent with our model using disaggregated Russian firm-by-destination-country data during 2001-2011: Trade is positively correlated with political relations, though the effect is far weaker for trading partners whose political relations with Russia are relatively uncorrelated with those of other partners in a firm's export portfolio.
Keyword:
Political risk
Capital asset pricing model
Asset pricing theory
Portfolio theory
Exports
Diversification
Beta
期刊
IF:
8.4
论文数:
908
被引数:
4.8K
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