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来源类型Working Paper
规范类型报告
DOI10.3386/w18312
来源IDWorking Paper 18312
Resident Networks and Firm Trade
Lauren Cohen; Umit G. Gurun; Christopher J. Malloy
发表日期2012-08-17
出版年2012
语种英语
摘要We demonstrate that simply by using the ethnic makeup surrounding a firm's location, we can predict, on average, which trade links are valuable for firms. Using customs and port authority data on the international shipments of all U.S. publicly-traded firms, we show that firms are significantly more likely to trade with countries that have a strong resident population near their firm headquarters. We use the formation of World War II Japanese Internment Camps to isolate exogenous shocks to local ethnic populations, and identify a causal link between local networks and firm trade links. Firms that exploit their local networks (strategic traders) see significant increases in future sales growth and profitability, and outperform other importers and exporters by 5%-7% per year in risk-adjusted stock returns. In sum, our results document a surprisingly large impact of immigrants' economic role as conduits of information for firms in their new countries.
主题International Economics ; Trade ; International Finance ; Financial Economics ; Financial Markets
URLhttps://www.nber.org/papers/w18312
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575986
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GB/T 7714
Lauren Cohen,Umit G. Gurun,Christopher J. Malloy. Resident Networks and Firm Trade. 2012.
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