We propose a text-based method for measuring the cross-border propagation of large shocks at the firm level. We apply this method to estimate the expected costs, benefits, and risks of Brexit and find widespread reverberations in listed firms in 81 countries. International (i.e., non-U.K.) firms most exposed to Brexit uncertainty (the second moment) lost significant market value and reduced hiring and investment. International firms also overwhelmingly expected negative first-moment impacts from the U.K.'s decision to leave the European Union (EU), particularly related to regulation, asset prices, and labor market impacts of Brexit.

中文翻译：

---

英国脱欧不确定性的全球影响

我们提出了一种基于文本的方法来衡量公司层面大型冲击的跨境传播。我们应用这种方法来估计英国脱欧的预期成本、收益和风险，并发现脱欧对 81 个国家的上市公司产生了广泛的影响。最容易受到英国脱欧不确定性（第二时刻）影响的国际（即非英国）公司损失了大量市场价值，并减少了招聘和投资。国际公司还普遍预计英国脱欧决定会在第一时间产生负面影响，特别是与脱欧的监管、资产价格和劳动力市场影响相关的影响。