This study investigates whether political news from Donald J. Trump affects European stock markets. We use realized volatility and the HAR-RV model to examine the effect of Trump's tweets on the stock market volatility in Germany, France, and the UK during his last presidential term. Results indicate that Trump's tweets positively impact volatilities in European stock markets, with these impacts increasing as attention to his tweets rises. The effect on the UK stock market is relatively weaker. The empirical results indicate that Trump's tweets influence global stock markets beyond the US.

中文翻译：

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唐纳德·特朗普的推文对欧洲股市波动的影响


本研究调查了唐纳德·特朗普的政治新闻是否会影响欧洲股市。我们使用实际波动率和 HAR-RV 模型来研究特朗普的推文在其上一个总统任期内对德国、法国和英国股市波动的影响。结果表明，特朗普的推文对欧洲股市的波动性产生了积极影响，随着对他的推文的关注度上升，这些影响也会增加。对英国股市的影响相对较弱。实证结果表明，特朗普的推文影响了美国以外的全球股市。