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Shareholder Benefits from Corporate International Diversification
16 references·16 citing·32 second hopsampled
Shareholder Benefits from Corporate International Diversification (1984)Shareholder Benefits from Corporate Inter…The Adjustment of Stock Prices to New Information (2003)The Adjustment of Stock Price…The market for corporate control (1983)The market for corporate cont…International Portfolio Choice and Corporation Finance: A Synthesis (1983)International Portfolio Choic…Culture's Consequences: International Differences in Work-Related Values. (1983)Culture's Consequences: Inter…The relationship between return and market value of common stocks (1981)The relationship between retu…Misspecification of capital asset pricing (1981)Misspecification of capital a…Measuring security price performance (1980)Measuring security price perf…Foundations of Finance. (1977)Foundations of Finance.Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS (1972)THE EFFECT OF THE FIRM'S CAPI…The capital asset pricing model: Some empirical tests (1972)The capital asset pricing mod…International Corporations: The Industrial Economics of Foreign Investment (1971)International Corporations: T…International Diversification of Investment Portfolios (1970)International Diversification…The Adjustment of Stock Prices to New Information (1969)The Adjustment of Stock Price…THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 (1968)THE PERFORMANCE OF MUTUAL FUN…State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms (2014)State ownership, institutiona…The relationship between corporate diversification and corporate social performance (2012)The relationship between corp…The Effect of Context-Related Moderators on the Internationalization-Performance Relationship: Evidence from Meta-Analysis (2009)The Effect of Context-Related…Regional diversification and firm performance (2008)Regional diversification and …The effect of context-related moderators on the internationalization-performance relationship: Evidence from meta-analysis (2007)The effect of context-related…Foreign direct investment, diversification and firm performance (2003)Foreign direct investment, di…Multinationality, product diversification, and profitability of emerging US small- and medium-sized enterprises (2002)Multinationality, product div…FOREIGN ACQUISITIONS IN CENTRAL AND EASTERN EUROPE: OUTCOMES OF PRIVATIZATION IN TRANSITIONAL ECONOMIES. (2000)FOREIGN ACQUISITIONS IN CENTR…Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures (2000)Asymmetric information and jo…Cross-border mergers and acquisitions (1999)Cross-border mergers and acqu…Can the Gains from International Diversification Be Achieved without Trading Abroad? (1999)Can the Gains from Internatio…Systematic Risk of the Multinational Corporation (1998)Systematic Risk of the Multin…Location Specificity and the Transferability of Downstream Assets to Foreign Subsidiaries (1997)Location Specificity and the …Divestment of foreign production operations (1997)Divestment of foreign product…Exchange rate variability and the riskiness of U.S. multinational firms: Evidence from the breakdown of the Bretton Woods system (1996)Exchange rate variability and…A Market Performance Comparison of U.S. Firms Active in Domestic, Developed and Developing Countries (1990)A Market Performance Comparis…Portfolio Selection: Efficient Diversification of Investments (1959)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)An Intertemporal Capital Asset Pricing Model (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)An Empirical Evaluation of Accounting Income Numbers (1968)Using daily stock returns (1985)Event Studies in Economics and Finance (1997)Introductory Econometrics for Finance (2008)The Behavior of Stock-Market Prices (1965)On Persistence in Mutual Fund Performance (1997)Dividend Policy, Growth, and the Valuation of Shares (1961)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Efficient Capital Markets: II (1991)Capital Market Equilibrium with Restricted Borrowing (1972)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Separation of Ownership and Control (1983)Management ownership and market valuation (1988)Agency Theory: An Assessment and Review (1989)A Survey of Corporate Governance (1997)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Law and Finance (1998)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Noise Trader Risk in Financial Markets (1990)Culture and the Self: Implications for Cognition, Emotion, and Motivation (1991)Universals in the Content and Structure of Values: Theoretical Advances and Empirical Tests in 20 Countries (1992)The weirdest people in the world? (2010)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1983Culture's Consequences: International Differences in Work-Related Values.15,062 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1968THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–19644,330 cited
  • 1983The market for corporate control4,145 cited
  • 1969The Adjustment of Stock Prices to New Information3,625 cited
  • 1980Measuring security price performance3,330 cited
  • 2003The Adjustment of Stock Prices to New Information3,063 cited
  • 1972The capital asset pricing model: Some empirical tests2,705 cited
  • 1971International Corporations: The Industrial Economics of Foreign Investment2,236 cited
  • 1983International Portfolio Choice and Corporation Finance: A Synthesis1,447 cited
  • 1981Misspecification of capital asset pricing1,286 cited
  • 1972THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS1,130 cited
  • 1970International Diversification of Investment Portfolios1,130 cited

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  • 1977Foundations of Finance.1,128 cited
  • Cited by

    • 1998Systematic Risk of the Multinational Corporation374 cited
    • 1999Can the Gains from International Diversification Be Achieved without Trading Abroad?365 cited
    • 1997Location Specificity and the Transferability of Downstream Assets to Foreign Subsidiaries340 cited
    • 2008Regional diversification and firm performance302 cited
    • 2012The relationship between corporate diversification and corporate social performance289 cited
    • 2000Asymmetric information and joint venture performance: theory and evidence for domestic and international joint ventures275 cited
    • 2002Multinationality, product diversification, and profitability of emerging US small- and medium-sized enterprises248 cited
    • 2007The effect of context-related moderators on the internationalization-performance relationship: Evidence from meta-analysis227 cited
    • 2014State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms225 cited
    • 2003Foreign direct investment, diversification and firm performance225 cited
    • 1997Divestment of foreign production operations225 cited
    • 2000FOREIGN ACQUISITIONS IN CENTRAL AND EASTERN EUROPE: OUTCOMES OF PRIVATIZATION IN TRANSITIONAL ECONOMIES.207 cited
    • 1996Exchange rate variability and the riskiness of U.S. multinational firms: Evidence from the breakdown of the Bretton Woods system206 cited
    • 1990A Market Performance Comparison of U.S. Firms Active in Domestic, Developed and Developing Countries197 cited
    • 1999Cross-border mergers and acquisitions188 cited
    • 2009The Effect of Context-Related Moderators on the Internationalization-Performance Relationship: Evidence from Meta-Analysis180 cited