AADIL NAKHODA
                                                                            (PDF version)
Personal Information:                                
107 Tree Frog Ln                                                               
Santa Cruz, CA 95060                                                                                                                                                                             
Office: 831-459-5774
Cell: 831-334-7402
Email: anakhoda at ucsc.edu                                             
URL:  http://people.ucsc.edu/~anakhoda

Objective: To obtain a position as a specialist in international or financial economics

Fields of Interest: International Trade, International Finance, Microeconomics, Applied Econometrics and Financial Economics

Education:
Degree    Field  Institution Date
PhD  International Economics UC Santa Cruz June 2012 (Expected)
MA  International Economics  UC Santa Cruz December 2009
BSc (Honors) Major: Economics
Minors: Mathematics, Business and
the Liberal Arts     		 Penn State May 2007

Research Papers:

 Title: The Influence of a Firm’s Financial Leverage on its International Trading Activity
Abstract: Using the BEEPS dataset from Enterprise Surveys, I study the effect of a firm`s financial leverage (percentage of assets funded by bank loans) on its decision to participate in various trading activities, such as exporting, importing and two way trading (firms that export and import). I determine that financial leverage does not inhibit firms which export only from becoming a two way trader, but it does inhibit firms which import only or operate only within the national market to become a two way trader. The effect is stronger for firms that operate only within the national market than firms that import only. This difference between firms that participate in different types of international trading activities could be attributed to the investments in intangible assets relative to tangible assets undertaken by firms that are importing foreign inputs, which makes expansion of trading activities more sensitive to its financial leverage. Since unobserved factors may influence both trading activity and financial leverage, I instrument for financial leverage using a variable that combines overdue payments to suppliers and the firm's relationship with its lender. A contribution of this paper is that it augments a model that determines the effect of financial leverage on trading activities by implementing differences between industries in their level of external dependence and asset tangibility. Hence, the effect of financial leverage is determined to vary between different trading activities in industries that exhibit different levels of external dependence and asset tangibility.
This Version: March 2012
Older Version:  Jan 2012
Other Research Papers:

Abstract:
Using the BEEPS dataset from Enterprise Surveys conducted in selected Central and Eastern European  countries and Central Asian countries, I determine the influence of extensive and intensive margins of export and export sales on the margins of import of foreign inputs by firms within EU member and non EU countries. This study is not only interesting to researchers studying the effects of regional integration but also to policymakers who may find different patterns in international trading activity by firms within a region that is becoming more integrated. I find that the influence of extensive margin of exports is signifcant on the extensive margin of imports across the two samples but the effects of the intensive margin of export sales vary. Further, as there can be reverse causality between the margins of export and import, I implement an instrumental variable estimation to add robustness to the probit and OLS estimations. In addition, regressions at the industry-level are implemented in order to introduce an exogenous variation based on the intensity of the contractual agreement between the agents. This helps to determine whether the margins of importing foreign inputs is conducive to exporting activity and export sales in industries with particular contract intensities.
This Version: Mar 2012
Older Version: Feb 2012.
Abstract:
Pressure from foreign competition on the decision to introduce new products or on production costs may influence firms to particpate in product switching activities. A firm switches products if it adds or drops products within its product range or concurrently adds and drops (churn) products. I test whether pressure from foreign competition is likely to influence firms that churn products rather than firms that i) do not undertake any product switching activity, ii) add products only, or iii) drop products only. Firms pay substantial fixed costs to switch products and its productivity levels is likely to determine such ability. I consider firms that invest in research and development activities and export their final products to be the most productive, and in comparision, firms that undertake either of the two activities to be less productive. It is expected that the more productive firms are likely to churn products than undertake other product switching activities as they are exposed to pressure from foreign competition. I also consider constraints due to uneducated labor, and industry-level characteristics such as intensity of contract between suppliers and buyers. The results suggest that pressure from foreign competition is likely to influence a firm's decision to churn products rather than add products only or undertake neither product switching activities. There is little evidence that firms facing pressure from foreign competition will churn products rather than drop products only, except for the most productive firms that invest in both research and development activities and export participation.
This Version: April 2012
Work Experience:
Caltex Oil Pakistan Limited (A subsidiary of ChevronTexaco) in Karachi, Pakistan (June-July 2003).  
Honors and Awards:
Merit-based Scholarship at UC Santa Cruz (Fall 2007- present)
Initiated into Phi Kappa Phi Honors Society (January 2006)
Edward C. Budd Award for the Best Honors Thesis in Econ Dept at Penn State (Spring 2006)
Bates White Research Experience for Undergraduates at Penn State (Fall 2006)
Enrolled in Schreyer’s Honors College at Penn State (Fall 2005- Spring 2007)
Enrolled in Honors Program in Economics Department at Penn State (Fall 2005 – Spring 2006)

Research Experience:
Research Assistant for Learning Experimental Economics Projects lab at UC Santa Cruz (Summer 2008, 2009).
Research Assistant for Prof. David Shapiro at Penn State Economics Department (Spring 2007)
Teaching Experience:
Teaching Assistant for Intermediate Microeconomics, Intermediate Macroeconomics, International Trade and Managerial Economics at UC Santa Cruz (Winter 2008 – present)
Teaching Assistant for Development Economics at Penn State (Fall 2006, Spring 2007)
Supplemental Instruction Leader in Principals of Microeconomics at the University Learning Centre at Penn State (Spring 2005 - Spring 2006)

Extracurricular Experience:  
Participation in the Executive Vice Chancellor Student Leadership Consortium  (Spring 2012)
Participation in the UCSC Graduate Leadership Certificate Program (Winter 2012- Spring 2012)
Member of the Graduate Student Commons Governing Board (Fall 2011 – present)
Graduate Student Representative for the Economics Department at the UC Santa Cruz Graduate Student Assoc. (Winter 2009 –present)
Graduate Student Representative at the UC Santa Cruz Student Fee Advisory Council (Fall 2009 – Spring 2011)

Languages:
Fluent in English and Urdu (Native)

References:
Name Relation Address   Phone   Email
Joshua Aizenman Co-advisor  UCSC 831-459-4791 jaizen at ucsc.edu
Justin Marion Co-advisor UCSC 831-459-2848  marion at ucsc.edu
Flora Bellone PhD Committee Member UNS- France 831-459-5556 bellone at unice.fr
Tyrus Miller Dean of Graduate Studies UCSC 831-459-5079 tyrus at ucsc.edu

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