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The economic effects of 2018 U.S. Steel Tariffs: An Application of Event Study Methodology Public Deposited

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https://ir.library.oregonstate.edu/concern/graduate_projects/kd17d026p

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  • In this essay I investigate the effect of United States March 2018 steel tariffs on producers’ capital. I use intertemporal event study methodology to appraise the effect of announcement of the tariffs on March 01, 2018 on the stock returns of major US steel companies listed at New York Stock Exchange. I use data from Yahoo finance and include 17 US based companies in the analysis. The results show that major steel manufacturers saw a positive shift in their returns due to the event. Steel consumer companies included in the study showed significantly negative returns on the event day. I include 5 US Tech firms in the control group. The event did not affect their returns. Our evidence shows that the efficient market hypothesis holds in this case. Further, as posited by the economic theory, the tariffs reduced overall efficiency in the market.
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