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Using Equity Market Reactions to Infer Exposure to Trade Liberalization / Andrew N. Greenland, Mihai Ion, John W. Lopresti, Peter K. Schott.
- Format:
- Book
- Author/Creator:
- Greenland, Andrew N.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w27510.
- NBER working paper series no. w27510
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We propose a method for identifying exposure to changes in trade policy based on asset prices that has several advantages over standard measures: it encompasses all avenues of exposure, it is natively firm-level, it yields estimates for both goods and service producers, and it can be used to study reductions in difficult-to-quantify non-tariff barriers in a way that controls naturally for broader macroeconomic shocks. Applying our method to two well-studied US trade liberalizations provides new insight into service sector responses to trade liberalizations as well as dramatically different responses among small versus large firms, even within narrow industries.
- Notes:
- Print version record
- July 2020.
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