Yes / We find a negative relation between firm-level political risk and future delta-hedged equity option returns. A quasi-natural experiment based on Brexit corroborates this finding since after the referendum there is a decrease in the option returns of the positive-Brexit exposure firms. The predictability is driven by the jump risk component of political uncertainty, is more pronounced in periods of high intermediary constraints and is stronger among high-demand pressure options but weaker among politically active firms. Finally, consistent with a risk-based explanation, investors of options on politically risky firms get compensated with high returns when major unexpected political shocks take place.

No

Yes

The goal of this diploma thesis was to find out how the Czech news media framed the topic of Brexit, or the termination of the United Kingdom's membership in the European Union during 2016. Six selected Czech newspapers and their way of framing articles dealing with the topic of Brexit were analyzed by quantitative content analysis. The shares of some media were markedly different in the publication of articles on the subject and daily Blesk was excluded from the overall ranking due to an irrelevant number of texts. This result was caused by the different focus of the content of individual diaries. Most attention was recorded during June, which was explained by a referendum on the withdrawal from the European Union that was in progress at that time in the UK. The first part of the research was mainly based on the strategic de Vreese framing and the five news frameworks by Semetko and Valkenburg. The analysis showed that both of these framing methods were applied in the reviewed period. According to the definition by de Vreese, is the strategy framework linked to the political environment and communication, which explains the application of this framing in case of Brexit as a politically significant event. Strategic framing was used in all studied media, but the results showed that it was not the...

This essay deals with the concept of national identity and the ways by which it is constructed at the time of a political decision. By analysing the opinion pages of some of the United Kingdom’s leading newspapers, the aim of this essay is to understand the different types of narratives of the British national identity that were most prominent during the time before the referendum on Britain’s membership in the EU. Essentially, the goal of the essay is to answer the question of what it meant to be British during the time of Brexit. The research in this essay shows that there were certain differences in the narratives presented by the Brexiteers and the Remainers, but also similarities in core values and to some extent the symbols and references used to argue their respective cause. The most divisive subject is shown to be the notion of the United Kingdom as a multicultural nation or not. Further interdisciplinary research is advised in order to gain a fuller, and more dynamic, understanding of the British national identity.

[pt] Esta dissertação busca compreender a mobilização, por parte de discursos a favor do Brexit, de imagens da cultura britânica, já carregadas de afetos, e as relações entre essas imagens, levando em consideração a categoria de raça. Tendo como aporte teórico os estudos sobre afetos e emoções nas Relações Internacionais e a recepção da psicanálise lacaniana nos estudos de política mundial, reflito sobre em que medida uma melancolia pós-colonial e um sentimento anti-imigração, ancorados no apego a determinadas versões da nação, atravessadas pela branquitude contribuíram para a decisão de parte da população de retirar o Reino Unido da União Europeia. Por meio da análise do discurso afetiva, examina-se a dimensão afetiva e simbólica dos discursos da Campanha do Leave no período de 2015 e 2016, ano do referendo. Reúnem-se, nessa análise, discursos de políticos apoiadores do Brexit e figuras e fotografias a fim de compreender mais atentamente o apelo emocional desses discursos e como essas emoções se associam a símbolos presentes no imaginário coletivo, por exemplo, a nação e o National Health Service (NHS). Argumenta-se que a Campanha do Leave conseguiu entender e canalizar melhor uma determinada atmosfera afetiva e teve um relevante papel político para direcionar emocionalmente segmentos da população que eram contrários à imigração. Espera-se a partir desta pesquisa contribuir para a área dos estudos de afetos e emoções em política mundial sobre o apelo emocional de discursos políticos e dos investimentos afetivos na nação além de apontar novas interpretações e investigações sobre o Brexit a partir de uma análise afetiva que leve em conta a persistência da categoria de raça. / [en] This master s thesis seeks to understand the mobilisation of images of British culture, which are already fraught with affections, in pro-Brexit discourses and the relations between these images, taking into account the category of race. Having as theoretical contribution the studies on affections and emotions in International Relations and the reception of Lacanian psychoanalysis in world politics studies, I reflect on the extent to which a postcolonial melancholy and an anti-immigration sentiment, anchored in the attachment to certain versions of the nation and crossed by whiteness, contributed to the decision of part of the population to withdraw the United Kingdom s from the European Union. Following an affective discourse analysis, I examine the affective and symbolic dimension of the Leave Campaign discourses in 2015 and 2016, the year of the referendum. I gather discourses made by Brexit-supporting politicians as well as pictures and photographs in order to more closely understand the emotional appeal of these discourses and how these emotions are associated with symbols present in the collective imaginary, for example, the nation and the National Health Service (NHS). I argue that the Leave Campaign played a relevant political role in emotionally directing segments of the population that were against immigration because this campaign was able to better understand and channel a particular affective atmosphere. I hope this research will contribute to the burgeoning field of affect and emotion studies in world politics regarding the emotional appeal of political discourses and affective investments in the nation, as well as point to new interpretationss of Brexit through an affective analysis which takes into account the persistence of the category of race.

L’Écosse est une vieille nation européenne. Autrefois indépendante, elle s’est unie à l’Angleterre et au Pays de Galles en 1707 au moyen d’un traité d’Union. Aux termes de ce traité, elle a conservé une Église propre (l’Église d’Écosse), ainsi que des systèmes éducatif et juridique distincts de ceux de l’Angleterre. En 1998, de larges transferts de pouvoirs lui ont permis de ré-ouvrir son Parlement, dissous au moment de l’Union, et de voter ses propres lois dans les domaines qui lui sont dévolus, comme la santé, l’éducation, l’environnement, les questions rurales. Cette dévolution de pouvoirs lui a également permis de maintenir et de renforcer sa présence au sein de l’Union européenne. En effet, l’Écosse, forte d’un ancien rayonnement européen au moyen-âge, et bénéficiant de fonds structurels de la Commission européenne afin de rattraper ses retards de développements, a, dès le milieu des années 1980, compris le bénéfice qu’elle pouvait tirer de la Communauté économique européenne puis de l’Union européenne. Parallèlement au processus de dévolution des pouvoirs du Parlement britannique vers le Parlement écossais, le parti national écossais, le Scottish National Party, a ancré son projet d’indépendance de l’Écosse dans le cadre rassurant d’un maintien au sein de l’Union européenne. Lors du référendum sur l’indépendance de 2014, la question de la place de l’Écosse en Europe s’est invitée dans la campagne de manière insistante. Dans le cadre des négociations sur le Brexit, la possibilité d’un accord distinct pour l’Écosse (qui a refusé la sortie de l’Union européenne) se pose, alors qu’un second référendum sur l’indépendance se profile. Pour l’Union européenne, la question des nationalismes minoritaires provoque des difficultés, puisqu'il lui faut satisfaire les aspirations à la représentation démocratique soulevées par ces mouvements, tout en évitant à la fois la fragmentation des États membres et l’afflux de petits États membres, qui risqueraient de bloquer la mécanique institutionnelle communautaire. / Scotland is an old European nation which remained independent until the 1707 Treaty of Union under which it was united to England and Wales. Under the terms of this treaty, it has preserved a Church of its own (the Church of Scotland), as well as distinct educational and legal systems. In 1998, large transfers of powers enabled it to re-open its Parliament, which had been dissolved at the time of the Union, and to vote its own laws in certain devolved areas, such as health, education, the environment and rural matters. This devolution of powers has also enabled Scotland to maintain and strengthen its presence in the European Union. As early as the mid-1980s, Scotland, whose influence in Europe dated back to the Middle Ages and which benefited from structural funds from the European Commission that were intended to make up for some of its under developed regions, realised the benefit it could reap from the European Economic Community and later on from the European Union. As powers were being devolved from the British Parliament to the Scottish Parliament, the Scottish National Party anchored its Scottish independence project within the comforting framework of a maintained membership of the European Union. During the run-up to the referendum on the independence of 2014, the question of the place of Scotland in Europe was often raised. In the context of the negotiations on Brexit, the possibility of a separate agreement for Scotland (which refused to leave the European Union) is being considered, while a second referendum on independence is looming. For the European Union, the issue of minority nationalisms is a source of difficulties, since it must satisfy the aspirations to democratic representation that are fostered by these movements while avoiding the breaking-up of the Member States and the influx of small Member States which may block the Community's institutional machinery.

Bakgrund: År 2016 röstade Storbritannien för ett utträde ur Europeiska unionen. Detta skapade en osäkerhet kring många olika frågor, inte minst hos företagen. Eftersom London är ett av de största finansiella centrumen i världen finns frågor hur de finansiella företagen kommer påverkas av Brexit, däribland företag inom FinTech-branschen.  Hur kommer de påverkas när Storbritannien nu har röstat för ett utträde ur Europeiska unionen? Syfte: Syftet med denna studie är att belysa Brexits konsekvenser för internationella svenska företag och framtida förutsättningarna för svenska FinTech-företag i Storbritannien. Vidare syftar studien till att utreda vilka implikationer eller möjligheter Brexit har på svenska företag och FinTech i Stockholm. Metod: En kvalitativ metod har använts där flera intervjuer har genomförts. Vidare har fallstudie genomförts med en induktiv ansats för att kunna dra slutsatser utifrån de intervjuer som har genomförts.  Slutsats: Det finns risk att svenska FinTech-företag flyttar från Storbritannien till andra länder efter Brexit, dock kommer de flesta företag troligtvis att stanna kvar i Storbritannien. En av de viktigaste faktorerna som kan avgöra ifall företagen flyttar är osäkerhet samt hur avtal utformas mellan Storbritannien och EU. Om FinTech-företagen väljer att flytta är alternativen finansiella marknader inom EU, men också utanför EU där bland annat USA, Hong Kong och Singapore är alternativ. Tillslut är Stockholm inte den mest attraktiva marknaden för svenska FinTech-företag efter Brexit. Andra städer inom Europa är mer attraktiva för företagen där Frankfurt, Amsterdam, Paris samt till viss del Dublin och Berlin är bättre alternativ för dessa företag. / Background: The year 2016 Great Britain voted to exit the European Union. This caused uncertainty around many questions, which also included the companies. Moreover, since London is one of the biggest financial centres in the world there are questions about how the financial companies will be affected by Brexit, including FinTech companies. How will they be affected now when Great Britain voted for a Brexit?  Purpose: The purpose of this study is to highlight the consequences of Brexit for international Swedish companies and future prerequisites for Swedish FinTech companies in Great Britain. Furthermore, this study aims to investigate which implications or opportunities Brexit has on Swedish companies and FinTech in Stockholm.  Method: This is a qualitative case study where several interviews have been conducted with both organisations and companies. Furthermore, the study is inductive to be able to draw conclusions from the interviews. Conclusion: There is a risk that Swedish companies move from Great Britain to other countries because of Brexit, however, most companies will probably stay in Great Britain. One of the most important factors that can decide whether the companies move is uncertainty and how deals between Great Britain and European Union unfold. The alternatives if FinTech companies decide to move are financial markets within the EU, but also outside EU where USA, Hong Kong and Singapore are some alternatives. Finally, Stockholm is not the most attractive market for Swedish FinTech companies after Brexit. There are other cities within EU that are more attractive where Frankfurt, Amsterdam, Paris and to some extent Dublin and Berlin are better alternatives for these companies.

Abstract New nationalist ideologies have permeated politics for the last decade. New leaders, followers, and conducive environments have emerged to cause the most controversial and unique episodes in recent politics. Brexit was selected by having a set of exclusive characteristics, factors, and social elements which resulted in the UK leaving the EU after 47 years. Additionally, two academic attributes were considered to be politically researched, which were leadership and communication techniques. The former established the relationship between two parts of society (leaders and followers) and how their roles developed during the Brexit referendum campaign, and the latter examined political language by extracting the most representative rhetorical means used by the British leaders to run it.   The set of rhetorical techniques was thoroughly investigated using a specially adopted analysis. Several examples were included in how they were performed politically and strategically to create that democratic result. To execute this study, we developed qualitative research based on a study case strategy, descriptive purpose, and by having an inductive approach. Consequently, we selected a sampling method which met specific research criteria and allowed us to analyse this political phenomenon rhetorically. Besides, our empirical data was formed by using interactive and visual material which provided a credible source of study to approach, identify, and answer our research questions. Finally, Brexit’s outcome was viewed as the end of an era in terms of faith in the benefits of globalisation, open labour markets, European integration (Norris and Inglehart, 2019), loss of identity from British individuals, and the reflection of a fractured society (Gherghina and O’Malley, 2019).

The doctoral thesis consists of three essays that address the application of synthetic control method to various economic policy intervention. In the first essay I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I find that the commitment helped decrease unemployment substantially. The effect on overall output is also strongly positive, almost 2 percentage points for growth in 2015. The effect of the commitment on inflation is positive but not statistically significant at standard levels. In the second essay I focus on the impact of joining the EU on the Czech agriculture. The results show that the Czech Republic would have had a higher food index if it had not entered the CAM and CAP. Moreover, I show that the CAP and CAM had different impacts on farms in the Czech Republic and Bulgaria, which have the most comparable agriculture according to the results of the synthetic control method. In the final essay I estimate how the UK financial markets would have evolved if the Remain camp had won the referendum. The results suggest that there would not have been any significant change in the development of the FTSE 100 Index in the medium to long term if there had not been a referendum. On the other hand, I...