| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18312 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w18312 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575986 |
| 推荐引用方式 GB/T 7714 | Lauren Cohen,Umit G. Gurun,Christopher J. Malloy. Resident Networks and Firm Trade. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18312.pdf（307KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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