|e Cox Proportional<br>product _k_ as strata<br>e advantage of the<br>oreign investors to<br>led factor intensity<br> a given product to<br> period for a given<br> the corresponding<br>atory variables are<br> are in parentheses.<br>(4)<br>Lib<br>0.152***<br>(0.026)<br>-1.697***<br>(0.054)<br>0.004<br>(0.016)<br>-0.015<br>(0.059)<br>0.233***<br>(0.040)<br>-0.068***<br>(0.003)<br>0.112***<br>(0.004)<br>-0.010<br>(0.120)<br>-0.450**<br>(0.179)<br>-0.031***<br>(0.010)<br>-0.303***<br>(0.096)<br>-0.063*<br>(0.037)<br>0.448***<br>(0.134)<br>Yes<br>45,699|
|---|
|estimated using th<br>oducts by defning <br>om the comparativ<br>n country allowed f<br>istance of the revea<br>ountries exporting <br>s during the sample<br> country level with <br>ime-varying explan<br>)*time (_c∗t_0) level <br>(3)<br>All<br>0.161***<br>(0.024)<br>-1.184***<br>(0.047)<br>0.082***<br>(0.011)<br>-0.076*<br>(0.045)<br>0.008<br>(0.027)<br>-0.073***<br>(0.002)<br>0.115***<br>(0.002)<br>0.450***<br>(0.076)<br>-0.080<br>(0.103)<br>-0.030***<br>(0.007)<br>-0.147***<br>(0.054)<br>0.003<br>(0.028)<br>0.135*<br>(0.071)<br>Yes<br>85,675|
|All regressions are<br>rd rate across pr<br>orted product fr<br>nd only if a give<br>ed as Euclidean d<br> (i.e., number of c<br>er of export spell<br>an capital at the <br>l and land. All t<br>xporting country<br>(2)<br>Lib<br>0.152***<br>(0.021)<br>-1.655***<br>(0.050)<br>0.031**<br>(0.014)<br>-0.340***<br>(0.024)<br>0.126***<br>(0.037)<br>-0.069***<br>(0.002)<br>0.108***<br>(0.003)<br>Yes<br>60,903|
|_k_ from country_c_to the world market that started at time_t_0. <br> fxed efects. Estimations also allow for diferent baseline haza<br>e stock market liberalization dummy and the distance of exp<br>s of stock market liberalization dummy (which equals one if a<br>en export spell) and distance to comparative advantage (defn<br>). Product-level control variables include number of suppliers <br>orld, initial value of the export of a given product, and numb<br> capita of exporting country, interactions of physical and hum<br>rting countries’ endowments of physical capital, human capita<br>ts and not hazard ratios. Robust standard errors clustered at (e<br>evels, respectively.<br>(1)<br>All<br>0.143***<br>(0.018)<br>-1.116***<br>(0.041)<br>0.115***<br>(0.009)<br>-0.372***<br>(0.019)<br>0.109***<br>(0.019)<br>-0.073***<br>(0.002)<br>0.112***<br>(0.002)<br>Yes<br>118,542|
|The dependent variable is the hazard rate for an export spell of product<br>Hazard Model (Cox, 1972) and control for exporting-country and time<br>variable. Our main variable of interest is the interaction between th<br>exporting country. The control variables include also the direct efect<br>acquire equity stakes in domestic frms before or during the life of a giv<br>of exported product _k_ to the factor endowment of exporting country _c_<br>the world market), total value of country’s exports to the rest of the w<br>country-product pair. The remaining control variables are GDP per <br>capital intensities at the industry level, and the direct efects of expo<br>measured in the initial year of the export spell _t_0. We report coefcien<br>*, **, and *** denote statistical signifcance at the 10%, 5%, and 1% l<br>StM liberalization x Distance to comparative advantage<br>StM liberalization<br>Distance to comparative advantage<br>Number of suppliers<br>Total exports<br>Initial export<br>Number of spells<br>GDP pc<br>Physical capital x Phys. cap. intensity<br>Human capital x Hum. cap. intensity<br>Physical capital<br>Human capital<br>Land endowment<br>Exporting-country and time FE; Product stratifcation<br>Observations|

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