Международный институт экономики и финансов

Совместный научный семинар МИЭФ и ЛФЭ, Olga Kuzmina (NES)

В четверг, 14 апреля в 16.40 в ауд. 3211 (ул. Шаболовка, 26) прошел совместный научный семинар МИЭФ и ЛФЭ по финансам. 
Докладчик: Olga Kuzmina (NES)
Тема доклада: "Capital Structure and Exporting: Evidence from Import Tariff Changes" совместно с Natalya Vochkova

Тезисы доклада:
 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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