The valuation of the foreign income of US multinational firms: a growth opportunities perspective
研究美国跨国公司外国收入与股票超额回报的关系，发现外国收入变化对回报的影响大于国内收入，且这种差异与国内外增长机会不同有关。
We demonstrate the value-relevance of foreign earnings for US multinational firms by examining the associations between annual abnormal stock performance and changes in firms′ domestic and foreign incomes. For 2570 tirm-year observations between 1985 and 1993, both foreign and domestic earnings changes have significant positive associations with annual excess return measures: however, the association coefficient on foreign income is significantly larger than the association coefficient on domestic income. We demonstrate this larger association coefficient for foreign income is consistent with differences in growth opportunities between domestic and foreign operations.