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Credit Constraints, Heterogeneous Firms, and International Trade
Manova, Kalina - National Bureau of Economic Research (NBER) - 2008
development increases countries' exports above and beyond its impact on overall production. Firm selection into exporting accounts … for a third of the trade-specific effect, while two thirds are due to reductions in firm-level exports. Second …, financially advanced economies export a wider range of products and their exports experience less product turnover. Finally, while …
Persistent link: https://www.econbiz.de/10005720470
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Financial Development and the Choice of Trade Partners
Chan, Man Lung; Manova, Kalina - National Bureau of Economic Research (NBER) - 2013
What determines the choice of countries' trade partners? We show theoretically and empirically that financial market imperfections affect the number and identity of exporters' destinations. Bigger economies with lower trade costs are more attractive markets because they offer higher export...
Persistent link: https://www.econbiz.de/10010951412
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Firm Exports and Multinational Activity Under Credit Constraints
Wei, Shang-Jin; Manova, Kalina; Zhang, Zhiwei - National Bureau of Economic Research (NBER) - 2011
This paper provides firm-level evidence that credit constraints restrict international trade flows and affect the sectoral pattern of multinational activity. Using detailed customs data from China, we show that foreign affiliates and joint ventures have better export performance than private...
Persistent link: https://www.econbiz.de/10008876852
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Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
Chor, Davin; Manova, Kalina - National Bureau of Economic Research (NBER) - 2010
limited access to trade credit, or have few collateralizable assets. Exports of financially vulnerable industries were thus … more sensitive to the cost of external capital than exports of less vulnerable industries, and this sensitivity rose during …
Persistent link: https://www.econbiz.de/10008619288
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Firms and Credit Constraints along the Global Value Chain: Processing Trade in China
Manova, Kalina; Yu, Zhihong - National Bureau of Economic Research (NBER) - 2012
exports are classified as ordinary trade, import-and- assembly processing trade (processing firm sources and pays for imported …
Persistent link: https://www.econbiz.de/10011163837
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Market Size, Division of Labor, and Firm Productivity
Chaney, Thomas; Ossa, Ralph - National Bureau of Economic Research (NBER) - 2012
We generalize Krugman's (1979) 'new trade' model by allowing for an explicit production chain in which a range of tasks is performed sequentially by a number of specialized teams. We demonstrate that an increase in market size induces a deeper division of labor among these teams which leads to...
Persistent link: https://www.econbiz.de/10010821787
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International Trade, Multinational Activity, and Corporate Finance
Foley, C. Fritz; Manova, Kalina - National Bureau of Economic Research (NBER) - 2014
An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across countries, the role of financial constraints, and the use of internal capital markets are...
Persistent link: https://www.econbiz.de/10010951398
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Are Trade Linkages Important Determinants of Country Vulnerability to Crises?
Forbes, Kristin - National Bureau of Economic Research (NBER) - 2001
competitiveness statistic, which uses 4-digit industry information to calculate how each crisis affects exports from other countries …. Empirical results suggest that countries which compete with exports from a crisis country and which export to the crisis country …
Persistent link: https://www.econbiz.de/10005089253
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Matching Capital and Labor
Berk, Jonathan B.; Binsbergen, Jules H. van; Liu, Binying - National Bureau of Economic Research (NBER) - 2014
We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...
Persistent link: https://www.econbiz.de/10010950822
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R&D and the Incentives from Merger and Acquisition Activity
Phillips, Gordon M.; Zhdanov, Alexei - National Bureau of Economic Research (NBER) - 2012
We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in...
Persistent link: https://www.econbiz.de/10010785637