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How Do Firms Withstand A Global Economic Shock: Evidence from Within-Firm Responses

China’s Five-Year Plans (industrial policies targeting specific industries) displace US production/employment and heighten plant closures in the same industries. The shocks were not anticipated by the U.S. stock market, but firms in the treated industries suffer valuation loss afterwards. Firms adjust by shifting production to upstream or downstream industries benefiting from the boost, or offshoring to government-endorsed industries in China. Such within-firm adjustments offset the negative shocks among firms with pre-existing toeholds in the “beneficiary” industries or production overseas, suggesting a novel role of diversification. Financial access and labor fluidity are instrumental for firms to withstand global economic shocks.


19
Oct
2023
Thursday

Session Chair: Bernard YEUNG
Emeritus Professor, National University of Singapore and Emeritus President, ABFER

8:55 am (SGT)
Admission of participants
9:00 am
How Do Firms Withstand a Global Economic Shock: Evidence from Within-Firm Responses

Vyacheslav (Slava) FOS, Professor, Hillenbrand Family Faculty Fellow, Carroll School of Management, Boston College

Co-author:
Xiao CEN, Assistant Professor, Mays Business School, Texas A&M University
Wei JIANG, Vice Dean for Faculty and Research and Asa Griggs Candler Professor of Finance, Goizueta Business School, Emory University
9:25 am
Discussion
Discussant:
Kai LI, Associate Professor, HSBC Business School, Peking University
9:50 am
Q&A
10:10 am
Session ends


Updated 10 Oct 2023

Session Format

Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.

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