Entry by Foreign Firms in the United States Under Exchange Rate Uncertainty
检验了1980年代实际汇率波动对美国外国直接投资的影响，发现汇率波动与外国投资数量负相关，且对沉没成本高的行业影响更大，对日本公司投资影响最显著。
This paper tests the effects that real exchange-rate fluctuations had on foreign direct investment into the United States during the 1980s. Using a sample of foreign investments in sixty-one four-digit SIC U.S. wholesale industries, this paper finds exchange-rate volatility to be negatively correlated with the number of foreign investments that occur in these industries. This negative effect is most pronounced for industries where sunk investments in physical and intangible assets are relatively high. Although exchange rate volatility deters investment from all countries, its effect was most significant for investments by Japanese companies. Copyright 1993 by MIT Press.