von Schweinitz, Gregor; Tonzer, Lena; Buchholz, Manuel - In: International Review of Finance 21 (2021) 4, pp. 1382-1406
The Swiss National Bank abolished the exchange rate floor versus the Euro in January 2015. Using a synthetic matching framework, we analyze the impact of this unexpected (and therefore exogenous) policy change on the stock market. The results reveal a significant level shift (decline) in asset...