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Euikyu Choi, Wei Du and Michael Malcolm
''The cost of the travel ban to high-tech firms: An event study''
( 2019, Vol. 39 No.1 )
We study the impact of the Trump administration's travel ban on the stock prices of high-tech firms. Using an event study analysis, we find that these firms experienced an average abnormal return of approximately −0.6% on the first trading day after its announcement. We show that these abnormal losses were larger for firms with higher R&D expenditures, but smaller for globalized firms with business segments located outside of the US.
Keywords: event study, immigration, research and development, abnormal returns, human capital
J6 - Mobility, Unemployment, and Vacancies: General
Manuscript Received : Jul 27 2018 Manuscript Accepted : Jan 10 2019

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