Research

Publications 

• Multiproduct Firms, Horizontal Mergers, and International Trade, Online Appendix (with Michael Irlacher and Michael Koch), Forthcoming at Review of Economics and Statistics. 

• Mergers, Firm Size, and Volatility in a Granular Economy, Appendix (with Han (Steffan) Qi), Review of Economic Dynamics, 55: 101254, 2025.

• Mitigating Information Frictions in Trade: Evidence from Export Credit Guarantees (with Natasha Agarwal, Magnus Lodefalk, Aili Tang, Sofia Tano, and Zheng Wang), Journal of International Economics, 145: 103831, 2023.

• Cross-border Networks and Knowledge Spillovers for Foreign Entry (with Chih-Sheng Hsieh), Economic Inquiry, 60(4): 1730-1756, 2022.

• FDI on the Move: Cross-border M&A and Migrant Networks (with Huanhuan Zheng), Review of World Economics, 158: 947-985, 2022. 

• Financial Frictions and Trade Intermediation: Theory and Evidence, European Economic Review, 119: 567-593, 2019. 

• Gradualism in the GATT: Strategic Tariff Bargaining and Forward Manipulation, Review of International Economics, 27: 220-239, 2019. 

• Financial Development and the Choice of Trade Partners (with Kalina Manova), Journal of Development Economics, 116: 122-145, 2015.  

• The Assimilation of Hong Kong Immigrants in Canada, Pacific Economic Review, 19: 439-465, 2014. 

Working Papers

• Wage Setting in Multiproduct Firms (with Michael Irlacher, Michael Koch, and Luca Macedoni)

This paper reveals a new determinant of wage markdowns at the firm level, namely, the product scope. Using matched employer-employee data on Danish manufacturing firms, we document a negative elasticity between wages and firm scope, which is of a similar magnitude but opposite sign to the firm-size wage premium. Additional empirical evidence suggests that workers are compensated by increased job security at multiproduct firms. We rationalize the scope wage discount using a theory in which workers value the internal labor market offered by multiproduct firms, as they can switch across product lines instead of leaving the firm. This internal flexibility makes product scope an amenity in itself, giving multiproduct firms the monopsony power to offer lower wages. Our findings have important implications for understanding labor market dynamics in times of rising concentration, especially from the contributions of large multiproduct firms.