Foreign to all but fluent in many: The effect of multinationality on shock resilience
研究了跨国经营程度如何影响企业对外部冲击的韧性，利用新冠疫情作为自然实验，发现跨国经营虽增加系统性风险，但也提升冲击韧性，但这种优势会随时间减弱。
The sudden COVID-19 pandemic sent shockwaves through international markets. This paper studies the relation between multinationality and risk. While IB literature agrees that internationalization, in times of relative stability, increases systematic risk, we argue that internationalization also improves resilience against exogenous shocks. Leveraging the sequential COVID-waves as a unique empirical laboratory, we show that although multinationality causes liability of foreignness that increases systematic risk, it also generates an asset of multinationality that enhances shock resilience. Yet this advantage of internationalized firms gradually erodes as less internationalized firms learn about the shock and investors adapt their valuations to the post-shock reality.