Deep Trade Agreements and Firm Ownership in GVCs
研究了优惠贸易协定及其深度如何影响企业间的所有权联系，特别是全球价值链中的纵向和横向投资，发现深度协定促进纵向投资而减少横向投资。
Abstract This paper focuses on the effect of preferential trade agreements and their depth on firm-to-firm ownership, in particular, along global value chains. It measures shareholder–affiliate ownership links at the country-sector-pair level to distinguish between vertical and horizontal links. The findings show that preferential trade agreements boost vertical international investment links (both backward and forward) while reducing horizontal investment. Deep preferential trade agreements stimulate investment particularly for sector pairs, where a high input specificity prevails.