As most of you already know, as of yesterday the United Kingdom (“UK”) voted on whether to stay in the European Union or to exit (hence the media hype word BREXIT). Many pundits believed that due to the “status quo bias”[1] that Britons would vote to remain in the European Union (“EU”), and the markets seemed to price this decision in as of yesterday. However, waking up this morning the world was “shocked” that Britons had decided to leave the EU, which sent global markets awry. The next rational question is: why?
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June 2018
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