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Rudakov V., Yudkevich M. M.
International Higher Education. 2021. No. 105 (Winter). P. 23-24.
In bk.: International Research Conference “GSOM Emerging Markets Conference-2020”. St. Petersburg State University Graduate School of Management, 2020. P. 364-366.
Burova A., Penikas H. I., Popova S.
Bank of Russia Working Paper Series. Серия докладов об экономических исследованиях. Банк России, 2020. No. 66.
Dear colleagues,you are invited to atttend Department of Applied Economics' academic seminar to be held on 26 November at 1:00 pmZoom conference https://zoom.us/j/92388632988Speaker - Ekaterina Kazakova, PhD, Assistant Professor of our Department.Topic of her presentation is " The Structure of Multinational Sales under Demand Risk "Resume:" This paper analyzes the effects of demand risk on the location and sales structure of multinational firms. We build a structural model of horizontal FDI with firms that are heterogeneous in terms of risk aversion and productivity. Firms decide on the location of their production plants, the set of countries to serve from these plants, and the volume of sales for each plant. These decisions hinge both on the expected demand for each market and the correlation structure of demand realizations across destination markets. Ceteris paribus, markets that offer better hedging opportunities to multinationals induce larger sales and are more attractive locations for production. We use firm-level data for German multinational companies to estimate firm-specific risk aversion coefficients as well as other model parameters. We find that multinationals are heterogeneously risk averse. Finally, in a counterfactual analysis, we show how a reduction in tariffs for goods imported into China changes the trade flows to the other countries, the sign of the change depending on the correlation structure "Working language - English.