| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11011 |
| DP11011 The Effect of Trade Liberalization on Firm-Level Profits: An Event-Study Approach | |
| Holger Breinlich | |
| 发表日期 | 2015-12-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | I use an event study approach to present novel evidence on the impact of trade liberalization on firm-level profits. Using the uncertainty surrounding the negotiation and ratification process of the Canada-United States Free Trade Agreement of 1989 (CUSFTA), I estimate the impact of different types of tariff reductions on the abnormal returns of Canadian manufacturing firms. I find that Canadian import tariff reductions lead to lower, and reductions in Canadian intermediate input tariffs to higher abnormal returns. The impact of U.S. tariff reductions is less clear and depends on the size of the affected firms. I also calculate the total profit increase implied by my estimates. Overall, CUSFTA increased per-period profits by around 1.2%. This was mainly driven by intermediate input tariff reductions which more than offset the negative effect of Canadian import tariff reductions. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Canada-u.s. free trade agreement Profitability Stock market event studies Trade liberalization |
| URL | https://cepr.org/publications/dp11011 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539840 |
| 推荐引用方式 GB/T 7714 | Holger Breinlich. DP11011 The Effect of Trade Liberalization on Firm-Level Profits: An Event-Study Approach. 2015. |
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