Ramirez, Andres; Kwok, Chuck C.Y. - In: Journal of Multinational Financial Management 20 (2010) 4-5, pp. 251-271
Portfolio theory suggests that because of diversification benefits, multinational corporations (MNCs) should have lower risk and therefore could have more debt. Empirical studies, however, have repeatedly shown that MNCs from the US face higher risks and have lower debt levels. Burgman (1996)...
