that changes in risk positively predict future stock returns. The countries with the highest increase in geopolitical …Using a news-based gauge of geopolitical risk, we study its role for asset pricing in global emerging markets. We find …

We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has … meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and … diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns …