Foreign Ties That Bind: Cross-Border Firm Expansions and Fund Portfolio Allocation Around the World
研究发现，企业扩张到另一个国家后，会吸引更多来自该国的基金投资，这种效应显著且能帮助基金获得超额回报，揭示了企业跨境经济活动对全球金融互联的促进作用。
Abstract We investigate whether international operations enhance information links between firms and foreign investors. Exploiting novel subsidiary-level data and within-location variations, we show that, after expanding into another country, a firm attracts greater investment allocation from funds from that country than from other foreign funds. This increase is economically significant, equivalent to one-fifth of the average firm weight in a country-specific portfolio. The observed effect cannot be attributed to funds’ influence, persists even when funds are already familiar with the firm, and helps them generate superior risk-adjusted returns. Our results suggest that firms’ cross-border economic activities contribute to global financial interconnectedness.