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- Publisher Website: 10.1016/j.jinteco.2023.103811
- Scopus: eid_2-s2.0-85171806244
- WOS: WOS:001083686000001
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Article: Trade networks and firm value: Evidence from the U.S.-China trade war
Title | Trade networks and firm value: Evidence from the U.S.-China trade war |
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Authors | |
Keywords | Event study Firm value Global value chains Offshoring Trade policy |
Issue Date | 25-Aug-2023 |
Publisher | Elsevier |
Citation | Journal of International Economics, 2023, v. 145 How to Cite? |
Abstract | We study the financial implications of the 2018–2019 U.S.-China trade war for global supply chains. Around the dates when higher tariffs are announced, U.S. firms that depend more on exports to and imports from China experience larger declines in market value, with the negative effect spilling over to the affected firms' suppliers and customers through production networks. The trade war effect is mainly concentrated among U.S. firms that sell to Chinese customers with low R&D intensity or outsource to Chinese differentiated input suppliers. We also exploit the within-firm variation in tariff exposure according to the detailed product lists and conduct a reverse experiment based on the 2019 trade talks. To explain the findings, we propose a theoretical model that highlights how complex trade structures shape shareholder wealth. |
Persistent Identifier | http://hdl.handle.net/10722/337425 |
ISSN | 2023 Impact Factor: 3.8 2023 SCImago Journal Rankings: 4.583 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Huang, Yi | - |
dc.contributor.author | Lin, Chen | - |
dc.contributor.author | Liu, Sibo | - |
dc.contributor.author | Tang, Heiwai | - |
dc.date.accessioned | 2024-03-11T10:20:46Z | - |
dc.date.available | 2024-03-11T10:20:46Z | - |
dc.date.issued | 2023-08-25 | - |
dc.identifier.citation | Journal of International Economics, 2023, v. 145 | - |
dc.identifier.issn | 0022-1996 | - |
dc.identifier.uri | http://hdl.handle.net/10722/337425 | - |
dc.description.abstract | <p>We study the financial implications of the 2018–2019 U.S.-China trade war for global supply chains. Around the dates when higher tariffs are announced, U.S. firms that depend more on exports to and imports from China experience larger declines in market value, with the negative effect spilling over to the affected firms' suppliers and customers through production networks. The trade war effect is mainly concentrated among U.S. firms that sell to Chinese customers with low R&D intensity or outsource to Chinese differentiated input suppliers. We also exploit the within-firm variation in tariff exposure according to the detailed product lists and conduct a reverse experiment based on the 2019 trade talks. To explain the findings, we propose a theoretical model that highlights how complex trade structures shape shareholder wealth.<br></p> | - |
dc.language | eng | - |
dc.publisher | Elsevier | - |
dc.relation.ispartof | Journal of International Economics | - |
dc.subject | Event study | - |
dc.subject | Firm value | - |
dc.subject | Global value chains | - |
dc.subject | Offshoring | - |
dc.subject | Trade policy | - |
dc.title | Trade networks and firm value: Evidence from the U.S.-China trade war | - |
dc.type | Article | - |
dc.identifier.doi | 10.1016/j.jinteco.2023.103811 | - |
dc.identifier.scopus | eid_2-s2.0-85171806244 | - |
dc.identifier.volume | 145 | - |
dc.identifier.eissn | 1873-0353 | - |
dc.identifier.isi | WOS:001083686000001 | - |
dc.identifier.issnl | 0022-1996 | - |