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While managerial mobility is ubiquitously seen as an integral part of the success in firms’ internationalization, discerning its empirical merits has been impaired by the paucity of quasi-experimental evidence, or adequate instrumental variables. To overcome these objective limitations, this paper proposes a novel identification strategy, which uses a control function based on on-the-job search theory to correct estimates for the presence of self-selected mobility flows. Our analysis confirms the finding that managers’ specific market experience matters for firms’ internationalization, especially when it derives from longer tenures at the former jobs.
Regarding the attributes of managerial knowledge, our results reveal that on-the-job earned experience is at least as effective for firms’ internationalization as in born knowledge (i.e. origins) and that managers’ personal network of customers is an important asset in managers’ fund of expertise for the expansion into new markets.
Many countries offer state credit guarantees to support credit-constrained exporters. The policy instrument is commonly justified by governments as a means to mitigating adverse outcomes of financial market frictions for exporting firms. Accumulated returns to the German state credit guarantee scheme deriving from risk-compensating premia have outweighed accumulated losses over the past 60 years. Why do private financial agents not step in and provide insurance given that the state-run program yields positive returns? We argue that costs of risk diversification, liquidity management, and coordination among creditors limit the ability of private financial agents to offer comparable insurance products. Moreover, we suggest that the government’s greater effectiveness in recovering claims in foreign countries endows the state with a cost advantage in dealing with the risks involved in large export projects. We test these hypotheses using monthly firm-level data combined with official transaction-level data on covered exports of German firms and find suggestive evidence that positive effects on trade are due to mitigated financial constraints: State credit guarantees benefit firms that are dependent on external finance, if the value at risk which they seek to cover is large, and at times when refinancing conditions on the private financial market are tight.
This paper examines how varying antidumping methodologies applied within the World Trade Organization differ in the extent to which they reduce targeted exports. We show that antidumping duties, on average, hit Chinese exporters harder than those of other targeted countries. This difference can be traced back in part to China's non-market economy status, which affects the way antidumping duties are calculated. Furthermore, we show that the type of imposed duty matters, as ad-valorem duties affect exports differently compared to specific duties or duties conditional on the export price. Overall, however, antidumping duties remain effective in reducing imports independent of market economy status.
Im Sommersemester 2022 habe ich laufende und neue Forschungsprojekte sowohl national wie auch international vorangetrieben. Schwerpunktmäßig wurde die international etablierte Global Sanctions Data Base (GSDB) in Kooperation mit Forschern aus den USA und Österreich aktualisiert und in Form einer Forschungsarbeit der Forschungsgemeinschaft bekannt gemacht. Aufgrund der erarbeiteten Expertise habe ich zahlreiche Vorträge und Interviews in Medien zu Sanktionen und deren ökonomische Wirkung gegeben. Darüber hinaus wurde ein Buchkapitel zu Sanktionen in Kooperation mit internationalen Wissenschaftlern verfasst. Ferner wurde ein neues Forschungsprojekt in Kooperation mit einem regionalen Unternehmen zur Entwicklung eines Prozesses für die THG-Bilanzierung initiiert. Zwei wissenschaftliche Publikationen (peer-reviewed) wurden finalisiert. Ferner wurden 2 neue wissenschaftliche Forschungsprojekte mit internationalen Wissenschaftlern initiiert und die Ergebnisse in Arbeitspapieren veröffentlicht. Die zugrundeliegenden Manuskripte wurden in peer-reviewed Zeitschriften eingereicht. In Kooperation mit der Universität Konstanz wurde ein Schülertag für Gymnasiasten organisiert, um die Bedeutung von Wirtschaftspolitik den Schülern näher zu bringen.