We study the impact of the widening energy price differentials caused by the war in Ukraine on the returns of European and US firms. Using several measures of firms’ exposure to energy consumption, we show that return differentials between EU and US firms widened significantly and persistently...

We study the impact of widening energy price differentials induced by the war in Ukraine on the returns of European and US firms. Using several measures of firms’ energy exposure we show that return differentials between EU and US firms significantly widened after the outbreak of the war in...