IFDP Paper: The Effects of the War on Ukraine on Global Corporate Investment

Federalreserve.gov - March 3, 2026

IFDP Paper: The Effects of the War on Ukraine on Global Corporate Investment

Dario Caldara, Mike McHenry, Matteo Iacoviello, and Immo SchottWe study the investment effects of the Russia–Ukraine war using a novel, text-based measure of firm-level exposure derived from earnings call transcripts. Combining this measure with financial sta…

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