Market Power and Foreign Involvement by U.S. Multinationals
用市场估值方法研究美国大型跨国公司的市场势力与海外参与的关系，发现海外业务比国内业务带来更高的估值效应，这可能源于国内外竞争环境的差异。
This study considers the relationship between market power and multinational involvement through use of a market-valuation approach. Estimation results for a sample of large US multinationals reveal superior valuation effects due to returns from foreign as opposed to domestic operations. This finding is consistent with the hypothesis that returns from the US market tend to be less secure, and therefore less valued, than are returns from foreign markets due to both real (market size, entry barriers, etc.) and institutional (antitrust policies, etc.) differences in competitive environments. Such findings are also consistent with previous suggestions that firms develop markets abroad in order to exploit economic-rent opportunities. These findings remain tentative, however, and await verification in future studies of data from both the United States and abroad. 13 references, 1 table.