금융 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.

1. 일시: 2019년 11월 28일 (목), 16:00~17:30
2. 장소: 9호관 7층, 9708호 강의실
3. 강사: Clemens Otto 교수 (Singapore Management University)
4. 주제: The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains
5. 연구분야: 금융
* Lecture will be delivered in English.

[Abstract]
We study the impact of upstream tariffs on downstream investment in US manufacturing firms. Our estimates imply that a 10% decrease of all manufacturing import tariffs would translate into an increase in downstream investment by about 1% to 2%. We also find that lower upstream tariffs are followed by higher downstream employment, greater output, increased total factor productivity, and a higher return on capital. To address the concern that upstream tariffs may be endogeneous to downstream growth opportunities, we conduct a difference-in-differences analysis that exploits tariff revisions following multinational trade agreements. Extending our analysis beyond import tariffs, we further use the sudden increase in Chinese import penetration in an instrumental variable estimation and show that higher import competition upstream leads to increased investment downstream.