ICEF/LFE Research Seminar by Olga Kuzmina (NES)

On Thursday, April 14 at 4.40 pm, room 3211 (Shabolovka str. 26) ICEF and LFE held the Research Seminar in Finance.
Speaker: Olga Kuzmina (NES)
Theme: "Capital Structure and Exporting: Evidence from Import Tariff Changes" joint with Natalya Vochkova

Abstract: We investigate how foreign market entry through exporting affects capital structure of firms. To identify the causal effect of interest we use variation in foreign countries import tariffs that are plausibly exogenous to domestic firms. We find that reaching export markets increases firms' leverage, suggesting that diversification can be achieved even through random export transactions, and is an important channel in reducing firm cash flow volatility. The results of the paper highlight the importance of examining operating strategies as integral determinants of corporate financing policies, as well as contribute to the debate on the riskiness of export transactions in the international economics literature.

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