Replication material for "From Macro to Micro: Large Exporters Coping with Global Crises"

We use monthly firm-level exports and imports of French firms over 1993-2020 -- which includes two major global crises -- matched with additional administrative firm-level data. We uncover four stlized facts about the role of large firms in aggregate exports concerning 1) the granular residual of aggregate exports; 2) the loadings of large firms on common shocks; 3) the reaction of top expoters to common shocks; and 4) the channels of their stronger response. These results suggest that idiosyncratic reactions of large firms to common shocks matter for aggregate export fluctuations. The readme indicates how getting access to confidential data, the non-confidential data being provided here.本研究使用1993年至2020年间法国企业的月度企业级进出口数据——该时段涵盖两次全球性重大危机——并匹配了额外的行政企业级数据集。本研究揭示了关于大型企业在总出口中作用的四项典型化事实，分别涉及：1）总出口的粒度残差；2）大型企业对共同冲击的载荷系数；3）头部出口企业对共同冲击的反应；以及4）其更强响应的作用渠道。上述结果表明，大型企业针对共同冲击的异质性反应，会对总出口波动产生显著影响。本自述文件说明了机密数据的获取途径，非机密数据集已在此处提供。