Much Ado About Nothing? The Economic Impact of US Foreign Trade Mission Participation

Schnietz Karen E. () and Schüller Douglas A.
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Schnietz Karen E.: Jones Graduate School of Management, MS 531, Rice University, 6100 South Main Street, Houston, TX 77005-1892, USA. Tel: (713) 285-5388; Fax: (713) 285-525
Schüller Douglas A.: Rice University

Business and Politics, 1999, vol. 1, issue 2, 155-178

Abstract: The activist foreign trade missions of the Clinton Administration are intended to open strategically important, but often difficult-to-enter, emerging markets to US foreign investment with government-to-government negotiations. Some research streams suggest that participation in a trade mission should benefit firms, while others suggest that participation should have no discernible benefit. This paper performs several event studies to analyze the stock return of a portfolio of the publicly traded firms participating in trade missions from 1993 to 1996. It finds that participants did not experience positive or significant abnormal stock returns as a result of mission participation, regardless of how the event date is defined or the data segmented.

Date: 1999
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DOI: 10.1515/bap.1999.1.2.155

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