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   "estimand": "Cross-sectional risk premium (portfolio alpha) of firms in low versus high shipping-cost industries, and the sign of the price of foreign productivity shock risk",
   "strategy": "Portfolio sorts on industry shipping costs and weight-to-value, with five-factor Fama-French alphas; conditional sorts on size and profitability; betas on Chinese import growth; checks of earnings-announcement returns and analyst forecast errors; a calibrated Melitz-type GE model",
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    "Shipping costs capture structural, slow-moving barriers to trade that determine exposure to globalization",
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   "convention_notes": "Table notes define how shipping costs and weight-to-value are constructed, give the sample (exchanges, SIC range, period), and state that monthly alphas are multiplied by 12 to annualize. Panels split the shipping-cost and weight-to-value sorts. The calibration tables give parameter sources and report simulated moments with Newey-West standard errors.",
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    "claim": "Shipping costs vary substantially across industries, persist over time, and correlate negatively with trade flows",
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    "claim": "The long high-SC, short low-SC portfolio earns about -7% per year, and five-factor alphas are large",
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    "claim": "The premium also holds in European stocks",
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   {
    "claim": "No evidence of mispricing from earnings-announcement returns or analyst forecast errors",
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    "claim": "The premium is concentrated among small, less profitable firms, which load negatively on Chinese import growth",
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    "claim": "The premium is stronger in industries with high trade elasticity and strong business-stealing effects, as the model predicts",
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    "claim": "With perfect risk-sharing the model fails; with limited risk-sharing consumption falls after foreign shocks",
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    "evidence_ref": "Figures 1-3, Table XIV"
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