apply this framework to understanding the implications of the U.S.-China trade war. Our results show that the trade …, but also by causing declines in the returns of firms trading with China. We find that markets expect the trade war to …

This paper measures the extent of comovements in stock returns between Korea and three major countries (China, Japan …, the comovement in stock returns between Korea and China became larger after the crisis. After an additional analysis, we …