Shock Absorbers or Amplifiers? How Do Firms Transmit Shocks in a Polycrisis Era?
The authors explore how global oil prices and geopolitical tensions are reshaping the spread of financial risk among firms worldwide. Analyzing over 1,300 publicly listed companies in 55 countries between 2016 and 2023, they find that slow-building, long-term shifts in oil prices and geopolitical instability do the most damage, embedding risk more deeply into corporate […]
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