From Local to Global: Offshoring and Asset Prices
研究发现离岸外包潜力低的行业比潜力高的行业承担显著更高的风险溢价，表明离岸外包可能性影响行业风险，并用两国动态贸易模型解释这一现象。
Industries differ in the extent to which they can offshore their production. I document that industries with low offshoring potential carry a sizeable risk premium compared with industries with high offshoring potential, suggesting that the possibility to offshore affects industry risk. A two-country dynamic trade model in which offshoring allows firms to secure market share against foreign competitors can rationalize the empirical findings. This paper was accepted by Gustavo Manso, finance. Supplemental Material: The online appendix and data files available at https://doi.org/10.1287/mnsc.2022.4393 .