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April 14 at 4.40 pm - Research seminar by Olga Kuzmina (NES) "Capital Structure and Exporting: Evidence from Import Tariff Changes" joint with Natalya Vochkova

Venue: Shabolovka st. 26, Room 3211

On Thursday, April 14 at 4.40 pm International College of Economics and Finance will hold the Research Seminar.
Speaker: Olga Kuzmina (NES) <Curriculum Vitae>
Theme: "Capital Structure and Exporting: Evidence from Import Tariff Changes" joint with Natalya Vochkova
Venue: Shabolovka st. 26, Room 3211

Abstract: We investigate how foreign market entry through exporting affects capital structure of firms. To identify the causal effect of interest we use variation in foreign countries import tariffs that are plausibly exogenous to domestic firms. We find that reaching export markets increases firms' leverage, suggesting that diversification can be achieved even through random export transactions, and is an important channel in reducing firm cash flow volatility. The results of the paper highlight the importance of examining operating strategies as integral determinants of corporate financing policies, as well as contribute to the debate on the riskiness of export transactions in the international economics literature.

Everyone interested is welcome to attend!

See the web-page of the seminar < https://icef.hse.ru/en/announcements/180147213.html >
Pass can be ordered by:
tel. +7 (495) 772-95-90 ext. 26090
e-mail: vzheleznov@hse.ru
contact: Slava Zheleznov