Hassan, Tarek A.; Schreger, Jesse; Schwedeler, Markus; … - National Bureau of Economic Research - 2021
risk managers and investors at each firm associate with each country at each point in time. Flexibly aggregating this firm-country …-quarter-level data allows us to systematically identify spikes in perceived country risk ("crises") and document their source and pattern … to show that (i) elevated perceptions of a country's riskiness, particularly those of foreign and financial firms, are …