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Investment Performance of U.S Based Multinational Corporations

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  • Azmi D Mikhail
  • Hany A Shawky

Abstract

The central question that is examined empirically is the in this paper is: Do MNC stocks perform better than average market?Data for thirty U.S.-based multinational obtained from the CRSP files of the University of Chicago are analysed at two levels: return and risk-return. Jensen's risk-adjusted measure of performance is the analytical tool employed.Findings at both levels of analysis strongly suggest that the MNC stocks do outperform the average market. This report is a part of an ongoing project and hence the findings are at best tentative. An attempt is now being made to differentiate on the basis of their business segmentation, scope of international asset mix, and other relevant dimensions that would shed additional light on the question.© 1979 JIBS. Journal of International Business Studies (1979) 10, 39–52

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  • Azmi D Mikhail & Hany A Shawky, 1979. "Investment Performance of U.S Based Multinational Corporations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 10(1), pages 53-66, March.
    • Handle: RePEc:pal:jintbs:v:10:y:1979:i:1:p:53-66
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    Cited by:

    1. Olibe, Kingsley O. & Michello, Franklin A. & Thorne, Jerry, 2008. "Systematic risk and international diversification: An empirical perspective," International Review of Financial Analysis, Elsevier, vol. 17(4), pages 681-698, September.
    2. Aggarwal, Raj & Berrill, Jenny & Hutson, Elaine & Kearney, Colm, 2011. "What is a multinational corporation? Classifying the degree of firm-level multinationality," International Business Review, Elsevier, vol. 20(5), pages 557-577, October.
    3. Krapl, Alain A., 2015. "Corporate international diversification and risk," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 1-13.
    4. Yong Yang & Pedro S. Martins & Nigel Driffield, 2013. "Multinational Performance and the Geography of FDI," Management International Review, Springer, vol. 53(6), pages 763-794, December.
    5. O'Hagan-Luff, Martha & Berrill, Jenny, 2015. "Why stay-at-home investing makes sense," International Review of Financial Analysis, Elsevier, vol. 38(C), pages 1-14.
    6. Berrill, Jenny & Kearney, Colm, 2010. "Firm-level internationalisation and the home bias puzzle," Journal of Economics and Business, Elsevier, vol. 62(4), pages 235-256, July.
    7. Jenny Berrill & Shengkai Sun, 2018. "An Investigation into the Benefits of Investing in Chinese Multinational Companies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(2), pages 186-209, August.
    8. Puhr, Harald & Müllner, Jakob, 2022. "Foreign to all but fluent in many: The effect of multinationality on shock resilience," Journal of World Business, Elsevier, vol. 57(6).

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