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The Added Bonus of Foreign Investments : Global Mutual Funds and Multinational Firm Returns
Jiao, Wei - 2023
We find that active global mutual funds in the U.S. can use foreign information to select U.S. multinationals’ stocks. To invest internationally, these funds collect information from the foreign countries where they invest. Such foreign information helps funds invest in U.S. multinationals...
Persistent link: https://www.econbiz.de/10014350922
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Catering Through Globalization : Cross-border Expansion and Misallocation in the Global Mutual Fund Industry
Cheng, Si - 2020
Efficient financial globalization should reward high-skilled financial institutions and punish low-skilled institutions …. We show that the globalization of the mutual fund industry in the beginning of the century has exhibited the opposite … pattern: low-skilled companies can benefit from globalization by catering to the demand of unsophisticated investors for …
Persistent link: https://www.econbiz.de/10012852435
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Global Mispricing Matters
Jiang, Fuwei; Tang, Guohao; Yu, Jiasheng - 2023
stock returns around the world …
Persistent link: https://www.econbiz.de/10014254257
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Corporate Valuation in an International Context with the Global CAPM from a German Perspective
Ruiz de Vargas, Santiago - 2018
The article proposes to apply the global CAPM instead of the traditional CAPM (local CAPM) used in the practice of enterprise valuation, because the increasing integration of capital markets requires a model with an international context and the local CAPM only assumes an exclusively national...
Persistent link: https://www.econbiz.de/10012928170
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Fund manager skill in an era of globalization : offshore concentration and fund performance
Bai, John Jianqiu; Tang, Yuehua; Wan, Chi; Yüksel, H. Zafer - In: Journal of financial economics 145 (2022) 2,1, pp. 18-40
Persistent link: https://www.econbiz.de/10013473812
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The Dark Side of Globalization : Evidence from the Impact of COVID-19 on Multinational Companies
Guedhami, Omrane; Knill, April M.; Megginson, William L.; … - 2021
The COVID-19 pandemic has led to economic and health crises (“twin crises”) worldwide. Using a sample of firms from 74 countries over the period January to August 2020, we examine stock price reactions of multinational corporations (MNCs) and purely domestic companies (DCs) to the crisis. We...
Persistent link: https://www.econbiz.de/10013222093
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Brexit : Short-Term Stock Price Effects and the Impact of Firm-Level Internationalization
Oehler, Andreas - 2017
We perform an event study analysis to determine short-term abnormal stock returns following the Brexit referendum. Moreover, we examine whether firm-level internationalization helps explaining abnormal returns. We find that stocks of firms with higher proportions of domestic sales realized more...
Persistent link: https://www.econbiz.de/10012962337
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Does foreign information predict the returns of multinational firms worldwide?
Finke, Christian; Weigert, Florian - 2015 - This version: September 2015
We investigate whether value-relevant foreign information only gradually dilutes into stock prices of multinational firms worldwide. Using an international sample of firms from 22 developed countries, we find that a portfolio strategy based on firms' foreign sales information yields future...
Persistent link: https://www.econbiz.de/10011344380
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The Multinational Return Premium : An Investor Perspective
Jang, Yeejin - 2020
Using the monthly returns of 37,854 firms in 23 developed markets over the period 1990-2015, we document that multinational companies earn higher returns than domestic companies by 24 basis points per month. This finding is further confirmed by using a sample of 18,996 U.S. firms over the period...
Persistent link: https://www.econbiz.de/10012854786
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Market Volatility Risk and Stock Returns around the World : Implications for Multinational Corporations
Liang, Samuel Xin - 2020
We investigate the pricing of market volatility risk as a risk factor – the innovation risk and as a characteristic risk – the level risk. We find that the pricing of the country-level (local) market volatility risk factor is not robust across 21 developed markets and that the global market...
Persistent link: https://www.econbiz.de/10012857113