"By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that...

Since 1977, and in some cases starting before that, most East Asian countries' export patterns in manufacturing have been transformed from industry distributions typical of developing countries to distributions more like those of advanced countries. The process of change in most cases started...

Within Japanese multinational firms, parent exports from Japan to a foreign region are positively related to production in that region by affiliates of that parent, given the parent's home production in Japan and the region's size and income level. This relationship is similar to that found for...

Despite the persistent fears that production abroad by U.S. multinationals reduces employment at home, there has, in fact, been almost no aggregate shift of production or employment to foreign countries. Some continuing shifts to foreign locations by U.S. manufacturing firms have been largely...

Recent theoretical developments have incorporated endogenous multinational firms into the general-equilibrium model of trade. One simple taxonomy separates the theory into vertical' models in which firms geographically separate activities by stages of production and horizontal' models of...