From Local to Global: Offshoring and Asset Prices

被引：3
|
作者：
Bretschera, Lorenzo [1 ]
机构：
[1] Univ Lausanne, Swiss Finance Inst, Ctr Econ Policy Res, Dept Finance, CH-1015 Lausanne, Switzerland
来源：
MANAGEMENT SCIENCE | 2023年 / 69卷 / 03期
基金：
美国安德鲁·梅隆基金会;
关键词：
finance; asset pricing; international finance; macro finance; CROSS-SECTIONAL TEST; HOME BIAS; RISK; COMPETITION; TRADE; GLOBALIZATION; INVESTMENT; RETURNS; IMPACT; COSTS;
D O I：
10.1287/mnsc.2022.4393
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Industries differ in the extent to which they can offshore their production. I document that industries with low offshoring potential carry a sizeable risk premium compared with industries with high offshoring potential, suggesting that the possibility to offshore affects industry risk. A two-country dynamic trade model in which offshoring allows firms to securemarket share against foreign competitors can rationalize the empirical findings.
引用
收藏
页码：1420 / 1448
页数：29
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