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Firms need to incur substantial sunk costs to break in foreign markets, yet many give up exporting shortly after their rst experience, which typically involves very small sales. Conversely, other new exporters shoot up their foreign sales and expand to new destinations. We investigate a simple theoretical mechanism that can rationalize these patterns. A rm(More)
Up-to-date information about CPR's research projects and other activities is available from our World Wide Web site at www-cpr.maxwell.syr.edu. All recent working papers and Policy Briefs can be read and/or printed from there as well. Abstract The recent general equilibrium theory of trade and multinationals emphasizes the importance of third countries and(More)
Recent work by Anderson and van Wincoop (2003) establishes an empirical mod-eling strategy which takes full account of the structural, non-(log-)linear impact of trade barriers on trade in new trade theory models. This framework has never been used to evaluate and quantify the role of endogenous preferential trade agreement (PTA) membership for trade. Apart(More)
Previous empirical work on the determinants of preferential trade agreement (PTA) membership assumes a country's PTA participation to leave other countries' willingness to participate unaffected. More precisely, the presumption is that new PTAs do neither influence the formation of other new PTAs in the future nor do they affect the subsequent enlargement(More)
a Department of Finance, Mendoza College of Business, University of Notre Dame, Notre Dame, IN 46556, USA b Kellogg Institute for International Studies, University of Notre Dame, USA c CESifo Munich, Germany d ETH University, KOF, Zurich, Switzerland e CEPR, United Kingdom f Ifo Institute, Germany g WIFO, Austria h Centre for Globalization and Economic(More)
This paper formulates an empirical model to estimate the impact of endogenous new regional trade agreement (RTA) membership on trade structure. The likelihood of new RTA membership is influenced by economic fundamentals such as country size, factor endowments, and trade and investment costs. In a sample of country-pairs covering mainly the OECD economies we(More)
a r t i c l e i n f o JEL classification: F1 F2 Keywords: Bilateral investment treaties Foreign direct investment Multinational firms Free trade agreements International trade Similar to bilateral or regional preferential trade agreements (PTAs), bilateral investment treaties (BITs) have proliferated over the past 50 years. The purpose of this study is to(More)
OBJECTIVES To estimate the effect of SLE disease activity, observed over a 12-month period, on the risk of irreversible organ damage and mortality, adjusted for potential confounding factors. METHODS Patients were enrolled into a prospective cohort study and followed up from 1991. This study retrospectively analyses the data captured in the prospective(More)
WHAT IS ALREADY KNOWN ABOUT THIS SUBJECT * The increasing evidence of the anti-inflammatory action of statins has stimulated interest in whether these might be beneficial in disease management of rheumatoid arthritis (RA), a chronic diseases characterized by high levels of inflammation. * The TARA trial (McCarey 2004) suggested a significant reduction in(More)