| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8600 |
| DP8600 Heterogeneous Firm-Level Responses to Trade Liberalization: A Test Using Stock Price Reactions | |
| Holger Breinlich | |
| 发表日期 | 2011-10-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper presents novel empirical evidence on key predictions of heterogeneous firm models by examining stock market reactions to the Canada-United States Free Trade Agreement of 1989 (CUSFTA). Using the uncertainty surrounding the agreement's ratification, I show that the pattern of abnormal returns of Canadian manufacturing firms was broadly consistent with the predictions of a class of models based on Melitz (2003). Increases in the likelihood of ratification led to stock market gains of exporting firms relative to non-exporters. Moreover, gains were higher in sectors with larger cuts in U.S. import tariffs. Decreases in the likelihood of ratification led to opposite stock market reactions. Results for the impact of Canadian tariff reductions are less conclusive but most specifications suggest that exporters also gained relative to non-exporters in response to such reductions. Translating stock market gains into implied profit changes, I find that CUSFTA increased expected per-period profits of exporters by around 6-7% relative to non-exporters. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Canada-u.s. free trade agreement Heterogeneous firm models Stock market event studies |
| URL | https://cepr.org/publications/dp8600 |
| 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/537437 |
| 推荐引用方式 GB/T 7714 | Holger Breinlich. DP8600 Heterogeneous Firm-Level Responses to Trade Liberalization: A Test Using Stock Price Reactions. 2011. |
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