Within‐Country Growth Options Versus Across‐Country Switching Options in Foreign Direct Investment
研究了汇率不确定性和市场增长不确定性下，分散在不同国家的投资（跨国转换期权）与集中在一国的投资（国内增长期权）如何影响企业价值，并发现前者在汇率不确定性高时更有价值，后者在市场增长不确定性高时更有价值。
This article considers the value associated with foreign direct investment under different types of uncertainty related to the international context. We examine how configuring foreign direct investments differently within and across countries provides the firm with flexibility under exchange rate uncertainty and market growth uncertainty. We find that across‐country switching options embedded in investments dispersed across countries are more associated with higher firm value under high exchange rate uncertainty, while within‐country growth options embedded in those concentrated within countries are more associated with higher market growth uncertainty. We also find that across‐country switching options call for higher ownership levels, while within‐country growth options require lower ownership levels in international investment portfolio.