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On June 22, 2020, President Trump issued an executive order (EO) significantly reducing the number of people eligible for non-immigrant work visas, arguing that due to high domestic unemployment during the pandemic, “the entry…of certain aliens as immigrants and nonimmigrants would be detrimental to the interests of the United States.” This new restriction barred nearly 200,000 highly-skilled international workers many of whom hold advanced degrees in STEM fields, and on whom U.S. companies rely to fill key talent gaps from entering the U.S. As researchers who study immigration and geographic mobility, were interested in examining the immediate impact of this EO on business. To that end, we conducted a study in which we tracked changes in stock price for all publicly traded Fortune 500 companies in the U.S. (a total of 471 firms) in the aftermath of the EO. We found that immediately after the new policy was announced, these companies’ market valuations dropped by ....