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Trade Networks and Firm Value: Evidence from the U.S.-China Trade War
15:30-17:00, Friday, June 11, 2021
I-206, Boxue Building, DUFE
or Tencent Meeting (Meeting ID: 213 838 550)
) to join.
Dr. Yi Huang was the associate professor of International Economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies, Geneva. He was granted the Ph.D. in International Macroeconomics and Finance from London Business School. Dr. Yi Huang's research interests lie at the intersection of International Macroeconomics and Finance, Credit Market, Labor and Finance, Entrepreneurship and Fintech. His work has been published in Review of Economic Studies, Journal of Finance, Management Science and other journals.
We study the financial impact of the 2018-2019 U.S.-China trade war on firms engaged in global supplychains. Around the dates when higher tariffs were announced, U.S. firms depending more on exports to and imports from China experienced larger declines in market values. Guided by a model that identifies various direct and indirect trade channels through which tariffs affect firms' profits, we examine the transmission of tariff shocks through firms' suppliers and customers. We confirm our results by exploiting the within-firm variation in product exposure based on two tariff lists and a positive trade negotiation as a reverse experiment.
For more information of the seminar, scan the following QR code(s) to join Tencent QQ group (904 544 292) or WeChat group named "IAER Seminar (2)", please.
WeChat Group (QR code is valid until 6/14/2021)