Resident Networks and Corporate Connections: Evidence from World War II Internment Camps
利用二战日裔拘留营作为外生冲击，研究发现企业总部附近移民人口越多，企业与该国贸易、并购和销售增长越显著，揭示移民作为经济纽带的重要作用。
ABSTRACT Using customs and port authority data, we show that firms are significantly more likely to trade with countries that have a large resident population near their firm headquarters, and that these connected trades are their most valuable international trades. Using the formation of World War II Japanese internment camps to isolate exogenous shocks to local ethnic populations, we identify a causal link between local networks and firm trade. Firms are also more likely to acquire target firms, and report increased segment sales, in connected countries. Our results point to a surprisingly large role of immigrants as economic conduits for firms.