- AutorIn
- Stefan Eichler
- Ingmar Rövekamp
- Titel
- Eurozone Exit Risk
- Zitierfähige Url:
- https://nbn-resolving.org/urn:nbn:de:bsz:14-qucosa-226362
- Schriftenreihe
- CEPIE Working Paper
- Bandnummer
- 07/17
- ISSN
- 2510-1196
- Abstract (DE)
- 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.
- Freie Schlagwörter (DE)
- Austrittsristiko, Eurozone, American Depositary Receipts
- Freie Schlagwörter (EN)
- Eurozone Exit Risk, American Depositary Receipts
- Klassifikation (DDC)
- 330
- Klassifikation (RVK)
- QC 000
- Normschlagwörter (GND)
- Volkswirtschaftslehre
- Publizierende Institution
- Technische Universität Dresden, Dresden
- URN Qucosa
- urn:nbn:de:bsz:14-qucosa-226362
- Veröffentlichungsdatum Qucosa
- 28.07.2017
- Dokumenttyp
- Forschungsbericht
- Sprache des Dokumentes
- Englisch
- Lizenz / Rechtehinweis