An Econometric Analysis of U.S. Foreign Direct Investment
构建了一个对外直接投资的理论模型，并用美国公司过去二十年的数据检验了该模型。研究发现市场规模和要素成本（劳动力和资本）是投资决策的重要因素，同时美元短期波动的预期也会影响投资时机。
This paper constructs a theoretical model of foreign direct investment and examines the extent to which the model can explain the level of outward direct investment by U.S. companies over the last two decades. The authors find that market size and factor costs, both labor and capital, are important factors in the investment decision. Instrumental variable estimation is used to demonstrate that the expectation of short-run fluctuations in the dollar also influences the timing of investment. Copyright 1996 by MIT Press.