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Ekaterina Kazakova, UMannheim Print
Friday, 19 May 2017, 12:15 - 13:15

ENTER Seminar

Ekaterina Kazakova, University of Mannheim

 Export Platforms and Multinational Demand Risk Diversification

Abstract: Multinational firms conducting horizontal FDI are subject to demand shocks in destination markets. We build a structural model of global production in which a weakly risk averse manager decides upon the location of production plants, the set of countries to serve from these plants, and the volume of sales. This decision is based not only on the magnitude of demand fluctuations but also on their correlations across foreign markets. We identify firm-specific risk aversion coefficients from the aggregate characteristics of firm's production portfolio. We estimate the model using firm-level data on German multinational companies. Our results support the existence of MNE's diversification strategies, when producing and selling abroad.

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