The Offshoring Return Premium
利用10-K文件构建文本指标，衡量美国企业离岸销售、采购和资产持有的程度，发现海外销售带来更高股票回报，而海外采购起对冲作用。
We use 10-K filings to construct novel text-based measures of the extent to which U.S. firms are exposed to three offshore activities: the sale of output, purchase of input, and ownership of producing assets. Our main result is that selling output abroad is associated with higher stock returns, especially when output is sold to more central nations in the real trade network. In contrast, offshore input serves as a hedge. Our findings are consistent with the conclusion that aggregate quantity shocks are the primary source of the return premium we document in the global trade network. The online appendix is available at https://doi.org/10.1287/mnsc.2017.2929 . This paper was accepted by Lauren Cohen, finance.