Tasaneeya Viratyosin

Published/Forthcoming

The Unprecedented Stock Market Reaction to COVID-19
The Review of Asset Pricing Studies, 2020.
(joint with Scott Baker, Nicholas Bloom, Steven J. Davis, Kyle Kost, and Marco Sammon)
NBER version

Working Papers

Innovation Spillovers in Production Networks: The Role of Supply Chain Complementarities

I study the interaction between innovation and production networks. In particular, I show that partnerships along the production network impact R&D expenditure and, conversely, innovation plays a crucial role in the formation of supply chain partnerships. Empirically, I document that firms' R&D intensity increases with the R&D intensity of their partners, and this relationship is robust to instrumenting R&D expenditure on plausibly exogenous R&D tax credits. I introduce a novel dynamic heterogeneous firm model where price-setting firms across two sectors, linked through the production network, invest in innovation. In the model, product complementarity produces the sorting and feedback in R&D investment across supply chain partners observed in the data, and predicts that innovation shocks predominantly benefit highly innovative upstream and downstream firms. I validate these predictions using arguably unanticipated increases in market value attributed to patent issuances, and find these innovative firms experience increases to equity returns, sales, profits, R&D, capital expenditure, and employment following innovation shocks from their suppliers and customers. 

Local Power, Global Reach: The Influence of Deposit Market Power on International Banking
(joint with Sergey Sarkisyan)

Are US Monetary Surprises Surprising? Evidence from Global Markets
(joint with Sergey Sarkisyan and Andrew Kane)

Work in Progress

For Whom the Market Moves: The Duration of Macroeconomic and Fiscal Shocks
(joint with Max Miller)