We investigate the causal impact of equity market liberalizations in the period 1980-1997 on sectoral export performance across 91 countries. The increased availability of external finance has boosted trade of industries that intensively use relationship-specific inputs, and lowered exports of...

In this paper, we provide evidence that expanding firms tend to serve new markets which are geographically close and culturally related to their prior export destinations. We quantify the impact of this spatial pattern using a Chinese firm-level data set. To ensure an exogenous set of potential...