2020.12.4-12.6，我院博士生齐彤线上参加由清华大学五道口金融学院国家金融研究院国际金融与经济研究中心（CIFER）与清华大学金融科技研究院跨境数字资本研究中心（IDC）联合举办的2020国际贸易争端与全球化重构学术研讨会（2020 International Conference on US-China Trade Disputes and Reforms in Globalization）在会上汇报文章：
Outward Direct Investment as a Shelter from External Trade Policy Shocks: Firm-Level Investigation of the U.S.-China Trade War
论文摘要：
This study examines the effects of an external policy shock from the U.S.-China trade war on firms’ value. We first provide a simple model and then put the predictions into a test. Our results indicate that firms conducting outward direct investment (ODI) in the United States have significantly positive stock returns around the date of the outbreak of the trade war as compared with the negative impact of exporting firms. Moreover, we find that this “shelter effect” from ODI is more pronounced for sectors targeted by additional tariffs as well as for production-oriented ODI projects, while it is weaker for high-tech industries and state-owned companies.
图片来源：https://mp.weixin.qq.com/s/yBbazXpZfdKuI94rQCP3Vw
