International Diversification and Firm Value
利用包含地理分部会计信息的估值模型，发现跨国公司比纯国内公司估值更高，且差异源于整体运营而非仅海外业务，初步证据支持定价泡沫解释。
In this paper the impact of multinationalism is examined using a valuation model incorporating geographically segmented accounting information. The results indicate that multinational companies are more highly valued than their domestic counterparts and that the valuation difference lies in all their operations and not just their foreign operations. The value advantage of MNCs appears too large to be realistically explained by cost of capital reductions and would support either that high value firms become multinationals, rather than MNCs gaining valuation benefits from foreign investments, or a pricing fad. Preliminary results support the latter explanation.