The Offshoring Return Premium

• 成果类型: Article
• 署名作者: Hoberg, Gerard; Moon, S. Katie
• 署名单位: University of Southern California; University of Colorado System; University of Colorado Boulder
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2017.2929
• 发表日期: 2019
• 页码: 2876-2899
• 关键词: Offshoring; Outsourcing; risk premia; stock returns; firm organization; global trade network; Consumption risk

摘要

We use 10-K filings to construct novel text-based measures of the extent to which U.S. firms are exposed to three offshore activities: the sale of output, purchase of input, and ownership of producing assets. Our main result is that selling output abroad is associated with higher stock returns, especially when output is sold to more central nations in the real trade network. In contrast, offshore input serves as a hedge. Our findings are consistent with the conclusion that aggregate quantity shocks are the primary source of the return premium we document in the global trade network.