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Multinationals And The Gains From International Diversification
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Book Synopsis Multinationals and the Gains from International Diversification by : Patrick F. Rowland
Download or read book Multinationals and the Gains from International Diversification written by Patrick F. Rowland and published by . This book was released on 2002 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: One possible explanation for home bias is that investors may obtain indirect international diversification benefits by investing in multinational firms rather than by investing directly in foreign markets. This paper employs mean-variance spanning tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. We find that in most countries and most time periods, the portfolio of domestic stocks spans the risk and return opportunities of a portfolio that includes domestic and multinational stocks. However, there is weak evidence that U.S. multinationals provided global diversification benefits in the full 1984-92 sample and in the post-1987 subsample. We also find that the addition of foreign market indices to a domestic portfolio - inclusive of multinationals - provides diversification benefits. The economic importance of the shift of the portfolio frontier - measured as the utility gain from diversification - varies considerably from market to market and often reflects the benefits of large short positions in certain markets.
Book Synopsis Multinationals and the Gains from International Diversification by : Patrick F. Rowland
Download or read book Multinationals and the Gains from International Diversification written by Patrick F. Rowland and published by . This book was released on 1998 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: One possible explanation for home bias is that investors may obtain indirect international diversification benefits by investing in multinational firms rather than by investing directly in foreign markets. This paper employs mean-variance spanning tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. We find that in most countries and most time periods, the portfolio of domestic stocks spans the risk and return opportunities of a portfolio that includes domestic and multinational stocks. However, there is weak evidence that U.S. multinationals provided global diversification benefits in the full 1984-92 sample and in the post-1987 subsample. We also find that the addition of foreign market indices to a domestic portfolio - inclusive of multinationals - provides diversification benefits. The economic importance of the shift of the portfolio frontier - measured as the utility gain from diversification - varies considerably from market to market and often reflects the benefits of large short positions in certain markets.
Book Synopsis International Diversification and the Multinational Enterprise by : Alan M. Rugman
Download or read book International Diversification and the Multinational Enterprise written by Alan M. Rugman and published by Lexington, Mass. ; Toronto : Heath. This book was released on 1979 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investor Benefits from International Diversification by : Mikael Gustafsson
Download or read book Investor Benefits from International Diversification written by Mikael Gustafsson and published by . This book was released on 1985 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Diversification at Home and Abroad by : Fang Cai
Download or read book International Diversification at Home and Abroad written by Fang Cai and published by . This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is an established fact that investors favor the familiar%u2014be it domestic securities or, within a country, the securities of nearby firms%u2014and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of portfolio allocations, we provide new evidence of investors%u2019 international diversification motive. In particular, our analysis of the security-level U.S. equity holdings of foreign and domestic institutional investors indicates that institutional investors reveal a preference for domestic multinationals (MNCs), even after controlling for familiarity factors. We attribute this revealed preference to the desire to obtain %u201Csafe%u201D international diversification. We then show that holdings of domestic MNCs are substantial and, after accounting for this home-grown foreign exposure, that the share of %u201Cforeign%u201D equities in investors%u2019 portfolios roughly doubles, reducing (but not eliminating) the observed home bias.
Book Synopsis Are the Gains from Foreign Diversification Diminishing? by : Karen K. Lewis
Download or read book Are the Gains from Foreign Diversification Diminishing? written by Karen K. Lewis and published by . This book was released on 2012 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: How important is foreign diversification? In this paper, we re-examine this question motivated by findings from the literature about foreign companies that are listed on US exchanges. Specifically, domestic portfolios including cross-listed stocks can provide the same diversification as foreign market returns without the need for US investors to go abroad. At the same time, the betas of these foreign stock returns against the US market increase after cross-listing, suggesting diversification worsens over time. In this paper, we assess the impact of these changes on foreign diversification for a US investor. We test for and estimate breaks in the sensitivity of individual foreign stocks listed on US exchanges. We find that roughly half of the changes in betas arise from greater integration between the U.S. and the companies' home markets, not in the companies betas themselves. Moreover, the gains from diversifying into these stocks has declined over time -- National Bureau of Economic Research web site.
Book Synopsis Market Recognition of Multinationals' International Diversification by : Md. Jawadur Rahim Zahid
Download or read book Market Recognition of Multinationals' International Diversification written by Md. Jawadur Rahim Zahid and published by . This book was released on 1997 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Diversification Through Investment in Multinational Companies by : Catalina Ursu
Download or read book International Diversification Through Investment in Multinational Companies written by Catalina Ursu and published by . This book was released on 2018 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Gains from International Diversification Revisited by : Patrick F. Rowland
Download or read book The Gains from International Diversification Revisited written by Patrick F. Rowland and published by . This book was released on 1997 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Diversification Under Estimation Risk by : Cheol S. Eun
Download or read book International Diversification Under Estimation Risk written by Cheol S. Eun and published by . This book was released on 1986 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International diversification and the U.S. multinational corporation by : Craig Hicklin Harrel
Download or read book International diversification and the U.S. multinational corporation written by Craig Hicklin Harrel and published by . This book was released on 1981 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Perspectives on the International Diversification of Multinational Enterprises by : Yi Li
Download or read book New Perspectives on the International Diversification of Multinational Enterprises written by Yi Li and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuit of international markets and resources from foreign sources has increased dramatically across the globe during the past three decades, and the academic study of international diversification has increased concurrently. Although scholars have studied several areas of international diversification research, there are still some unsolved problems, and new theoretical perspectives are needed to advance the field. In this thesis, I derive comprehensive models of international diversification by examining these variables through new perspectives. Based on positive organisational scholarship, configurational and institutional perspectives, I build new theoretical frameworks to fill gaps in international diversification research. This dissertation comprises three studies. Each of the studies examines different angles of international diversification, and the three individual research papers are intertwined to provide a coherent and integrated framework for this thesis. In Study 1, I elaborate a theoretical framework advancing the generalisation of international diversification research in emerging economies. Previous studies mainly focus on international diversification of multinational enterprises (MNEs) from well-developed countries, but largely ignored international diversification of emerging economy MNEs. To fill this research gap, Study 1 captures how Top Management Teams' (TMT) industrial and institutional factors influence mixed foreign direct investment (FDI), an important type of international diversification especially for emerging economy firms. Following the positive organisational scholarship perspective, I examine the positive influence of TMT functional diversity on emerging economy firms' likelihood of conducting mixed FDI. Furthermore, the effect of TMT functional diversity on mixed FDI is contingent on the social context of the TMT, competitive condition of the industry, and institutional development of firm locality. As an extension to Study 1, Study 2 evaluates the impact of various international diversification strategies on firms' internationalisation performance in the context of emerging economies. Within the configurational perspective, Study 2 investigates equifinal paths for emerging economy firms to achieve strategic fit (in the form of desired internationalisation performance) through configurations of the TMT's structure, international diversification strategy, and environmental condition. Within fuzzy-set analysis, the empirical results support my proposition about configurations of strategic fit in an emerging economy firm's international diversification, and multiple equifinal strategic-fit paths have been found. In Study 3, I extend the literature by developing arguments for performance benefits of institutional diversification strategies of MNEs. Existing studies have largely overlooked host-country institutional differences when considering the effects of different foreign countries on the MNE performance. I seek to fill this research gap by teasing out the effects of institutional diversification, and building theory on the relationship between different types of institutional diversification and MNE performance. Based on new institutional economics and comparative institutionalism, I divide institutional diversification into two main types: vertical institutional diversification and horizontal institutional diversification. I propose that the degree of vertical institutional diversification will have a negative effect on the MNE performance, while the scope of this diversification will serve to strengthen this negative effect. For horizontal institutional diversification, I propose that the MNE's degree of this diversification will have a positive effect on its performance, and its scope weakens this positive effect.
Book Synopsis The Empirical Investigation of Potential Gains from International Diversification by : Mehdi Hojjat
Download or read book The Empirical Investigation of Potential Gains from International Diversification written by Mehdi Hojjat and published by . This book was released on 19?? with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sources of Gains from International Portfolio Diversification by : José Campa
Download or read book Sources of Gains from International Portfolio Diversification written by José Campa and published by . This book was released on 2004 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Benefits of International Diversification by : Lorne N. Switzer
Download or read book The Benefits of International Diversification written by Lorne N. Switzer and published by . This book was released on 2015 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the benefits of international diversification for US investors, while accounting for market development, corporate governance, market cap effects, and structural change across countries over period August 1996-July 2013. Improved risk adjusted returns are obtained from a diversified portfolio consisting of a mix of developed and emerging countries. Additionally, we find that diversification benefits are not significant for most of the small-cap foreign assets when an investor already holds position in corresponding countries large-cap assets. Diversification benefits based on the governance effectiveness of a country's companies are not ubiquitous. We find that economically significant improvements in risk-return performance can be attained by adding large caps of developed countries with high and low overall Governance Metrics International (GMI) ratings and large and small caps of emerging countries with low overall GMI ratings to the investment universe containing the assets of common law developed countries. However, diversification benefits are economically significant only for large and small caps of low GMI emerging countries when short selling is not allowed.
Book Synopsis International Diversification with Large- and Small-Cap Stocks by : Wei Huang
Download or read book International Diversification with Large- and Small-Cap Stocks written by Wei Huang and published by . This book was released on 2015 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: To the extent that investors diversify internationally, large-cap stocks receive the dominant share of fund allocation. Increasingly, however, returns to large-cap stocks or stock market indices tend to co-move, mitigating the benefits from international diversification. In contrast, stocks of locally oriented, small companies do not exhibit the same tendency. In this paper, we assess the potential of small-cap stocks as a vehicle for international portfolio diversification during the period 1980-1999. We show that the extra gains from the augmented diversification with small-cap funds are statistically significant for both in-sample and out-of-sample periods and remain robust to the consideration of market frictions.
Book Synopsis Indirect International Diversification Through U.S. Multinational Firms by : William LeRoy Beedles
Download or read book Indirect International Diversification Through U.S. Multinational Firms written by William LeRoy Beedles and published by . This book was released on 1978 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
