التفاصيل البيبلوغرافية
| العنوان: |
Foreign Ties That Bind: Cross-Border Firm Expansions and Fund Portfolio Allocation Around the World. |
| المؤلفون: |
Moshirian, Fariborz, Pham, Peter K., Tian, Shu, Wu, Eliza |
| المصدر: |
Journal of Financial & Quantitative Analysis; Jun2023, Vol. 58 Issue 4, p1768-1807, 40p |
| مصطلحات موضوعية: |
INTERNATIONAL business enterprises, ASSET allocation, BUSINESS expansion, RATE of return, INVESTMENT risk, INVESTORS, COMMERCIAL policy, GLOBALIZATION |
| مستخلص: |
We investigate whether international operations enhance information links between firms and foreign investors. Exploiting novel subsidiary-level data and within-location variations, we show that, after expanding into another country, a firm attracts greater investment allocation from funds from that country than from other foreign funds. This increase is economically significant, equivalent to one-fifth of the average firm weight in a country-specific portfolio. The observed effect cannot be attributed to funds' influence, persists even when funds are already familiar with the firm, and helps them generate superior risk-adjusted returns. Our results suggest that firms' cross-border economic activities contribute to global financial interconnectedness. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
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