Date of Award


Degree Type


Degree Name

Master of Science (MS)


Economics and Finance

Committee Chair(s)

Tyler Brough


Tyler Brough


Benjamin Blau


Briggs Depew


Using a collection of American Depositary Receipts (ADRs), this study examines the stock-price reaction of European, European Union, and British firms to the Brexit Referendum on June 23, 2016. Results show that non-European firms experienced greater returns than the market after the Brexit referendum. European, European Union, and British firms all experienced negative returns compared to the average market return. While at first glance British firms appeared to experience even greater negative returns as compared to firms in the European Union, overall there was no statistically significant difference between returns for firms in the European Union and firms in the United Kingdom. These results show that in the initial aftermath of the Brexit Referendum, investors believed that the non-European world would benefit from a weaker European Union, and that both the European Union and the United Kingdom were likely to adversely effected by the referendum.

Included in

Economics Commons