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The Superstar Buyer Penalty during Financial Crises: Evidence from Firm-to-Firm Trade Data

Author

Listed:
  • Basco, Sergi
  • Panon, Ludovic
  • Sette, Enrico

Abstract

This paper documents that firms connected with superstar buyers experience larger real losses when hit by financial shocks. Using Italian loan-level data, we show that firms most affected by the credit crunch induced by the 2011 sovereign debt crisis reduced exports more sharply. Importantly, export declines were larger for exporters connected with foreign superstar buyers prior to the shock. This amplification is explained by superstar buyers disproportionately reallocating purchases away from exposed suppliers, which also experienced lower sales and employment. Partial-equilibrium aggregation implies that this superstar penalty explains around one-third of the aggregate negative effect of the credit supply shock.

Suggested Citation

  • Basco, Sergi & Panon, Ludovic & Sette, Enrico, 2026. "The Superstar Buyer Penalty during Financial Crises: Evidence from Firm-to-Firm Trade Data," CEPR Discussion Papers 21608, Centre for Economic Policy Research.
    • Handle: RePEc:cpr:ceprdp:21608
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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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