The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions
研究美国企业国际收购公告对股价的影响，发现首次跨国扩张的股东收益不显著，而已在目标国运营的企业股东收益为负，但进入新行业或欠发达市场时收益更大。
ABSTRACT This study presents direct evidence on the effect of international acquisitions on stock prices of U.S. bidding firms. Shareholders of MNCs not operating in the target firm's country experience significant positive abnormal returns at the announcement of international acquisitions. Shareholders of U.S. firms expanding internationally for the first time experience insignificant positive abnormal returns, while shareholders of MNCs operating already in the target firm's country experience insignificant negative abnormal returns. The abnormal returns are larger when firms expand into new industry and geographic markets—especially those less developed than the U.S. economy. The evidence is consistent with the theory of corporate multinationalism, predicting an increase in the firm's market value from the expansion of its existing multinational network.