STOCK MARKET RECOGNITION OF MULTINATIONALITY OF A FIRM AND INTERNATIONAL EVENTS
实证检验美国股票市场是否识别企业的跨国经营程度以及影响跨国公司股价的国际事件，结果支持市场确实会考虑这些因素。
This paper presents the results of empirical tests on a necessary condition for the diversification service hypothesis: market recognition of the multinationality of a firm and the existence of international factors. Employing both a two‐ factor international market model and residual analyses, this study examines whether the US stock market considers the multinationality of a firm and inter‐ national events which are expected to affect the price of MNCs' stock. The residual analysis is conducted over a period which includes both fixed and floating exchange rates. Results from both analyses support the hypothesis that the US stock market does recognize the multinationality of a firm.