From Local to Global: Offshoring and Asset Prices

• 成果类型: Article
• 署名作者: Bretschera, Lorenzo
• 署名单位: University of Lausanne; Swiss Finance Institute (SFI)
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.4393
• 发表日期: 2023
• 页码: 1420-1448
• 关键词: finance; asset pricing; International finance; Macro finance

摘要

Industries differ in the extent to which they can offshore their production. I document that industries with low offshoring potential carry a sizeable risk premium compared with industries with high offshoring potential, suggesting that the possibility to offshore affects industry risk. A two-country dynamic trade model in which offshoring allows firms to securemarket share against foreign competitors can rationalize the empirical findings.