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BEGIN:VEVENT
UID:d75f12934a7acb96d6c4f459393881da
CATEGORIES:Seminars
CREATED:20260226T144100
SUMMARY:Lunch Seminar: Ludovic Panon - Banca d'Italia
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong>The Superstar Buyer Penalty during Financial Crises: Evidence fr
 om Firm-to-Firm Trade Data</strong></p><p>Abstract:</p><p style="text-align
 : justify;">This paper documents that firms connected with superstar buyers
  experience larger real losses from financial shocks. We identify a new cre
 dit supply shock in Italy following the onset of the sovereign debt crisis 
 in 2011. We show that exporters more exposed to fragile banks experienced a
  larger reduction in export flows between 2011 and 2015. Importantly, this 
 decline was larger for exporters connected with foreign superstar buyers pr
 ior to the shock. This amplification effect reflects foreign superstar firm
 s reallocating their purchases away from more exposed Italian exporters, wh
 ich, as a consequence, also suffered weaker employment growth.</p>
DTSTAMP:20260405T223245Z
DTSTART:20260402T130000Z
DTEND:20260402T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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