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We show that the 2016 Brexit Referendum had multi-faceted consequences for corporate America, shaping employment, investment, divestitures, R&D, and savings. The unexpected vote outcome led US firms to cut jobs and investment within US borders. Using establishment-level data, we document that...
Persistent link: https://www.econbiz.de/10013309901
We thank Lakshmi Aiyar, Shawn Cole, Stijn Claessens, Oded Galor, Adair Morse, Mark Rosenzweig, Jeremy Stein, as well as participants in seminars at the IMF, the NBER Political Economy, Corporate Finance, and Growth Workshops, M.I.T., Northwestern University, the University of Chicago, the WFA...
Persistent link: https://www.econbiz.de/10013152442
region. We find that features of a country associated with more trade with either Japan or the United States also tend to be … associated with more DFI from Japan or the United States. U.S. economic relations with Japan and Western Europe provide an … important exception. Despite U.S. concern about its trade deficit with Japan, we find Japan to be much more open to the United …
Persistent link: https://www.econbiz.de/10012763473
Within Japanese multinational firms, parent exports from Japan to a foreign region are positively related to production … in that region by affiliates of that parent, given the parent's home production in Japan and the region's size and income …
Persistent link: https://www.econbiz.de/10012778835
manufacturers, and the fact that some of the most popular Japanese car models are assembled both in Japan and the U.S. We find … evidence that the Japan-assembled cars on average sell for more than those built in the U.S., but the estimated difference is … difference between the Japanese and U.S. built cars. For Hondas and more recent models of Toyotas, the Japan-built cars are no …
Persistent link: https://www.econbiz.de/10013066220
opposite tendency. Taking population, per capita income, factor endowments, and distance into account, we find Japan to be more …
Persistent link: https://www.econbiz.de/10013225821
Recent empirical work has examined the extent to which international trade fosters international spillovers' of technological information. FDI is an alternate, potentially equally important channel for the mediation of such knowledge spillovers. I introduce a framework for measuring...
Persistent link: https://www.econbiz.de/10013226164
Japan suggests that foreign firms sell five to six times more in Japan than is commonly believed. Previous studies severely … underestimated the stock of FDI in Japan due to poor data. Second, after finding that even after adjusting for various factors the … level of FDI in Japan is still low, the paper explores explanations for this phenomenon. A second main conclusion is that …
Persistent link: https://www.econbiz.de/10013082414
Recent theories of economic geography suggest that firms in the same industry may be drawn to the same locations because proximity generates positive externalities or 'agglomeration effects.' Under this view, chance events and government inducements can have a lasting influence on the...
Persistent link: https://www.econbiz.de/10013219983
The U.S. Bureau of Economic Analysis (BEA) estimates the return on investments of foreign subsidiaries of U.S. multinational companies over the period 1982--2006 averaged 9.4 percent annually after taxes; U.S. subsidiaries of foreign multinationals averaged only 3.2 percent. Two factors distort...
Persistent link: https://www.econbiz.de/10012759325