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http://ssrn.com/abstract=1933777
 
 

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The Multinational Advantage


Drew D. Creal


University of Chicago - Booth School of Business - Econometrics and Statistics

Leslie A. Robinson


Dartmouth College - Tuck School of Business

Jonathan L. Rogers


University of Colorado at Boulder - Leeds School of Business

Sarah L. C. Zechman


University of Chicago - Booth School of Business

September 1, 2014

Fama-Miller Working Paper
Chicago Booth Research Paper No. 11-37

Abstract:     
Using a confidential dataset, we evaluate whether the degree of foreign operations affects U.S. multinational corporation (MNC) value by comparing actual value to imputed value for these firms. We control for differences in discount rates and expected growth rates across countries and industries through time with benchmark firms matched on these dimensions. This isolates the value effects of organizing otherwise independent activities within a multinational network. Our analyses offer robust evidence of a MNC value premium relative to a benchmark portfolio of independent firms operating in the same country-industry footprint as the MNC.

Number of Pages in PDF File: 49

Keywords: firm valuation, segment reporting, international accounting, multinational corporations

JEL Classification: F23, G32, G34, M41

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Date posted: September 28, 2011 ; Last revised: September 20, 2014

Suggested Citation

Creal, Drew D. and Robinson, Leslie A. and Rogers, Jonathan L. and Zechman, Sarah L. C., The Multinational Advantage (September 1, 2014). Fama-Miller Working Paper; Chicago Booth Research Paper No. 11-37. Available at SSRN: http://ssrn.com/abstract=1933777 or http://dx.doi.org/10.2139/ssrn.1933777

Contact Information

Drew D. Creal
University of Chicago - Booth School of Business - Econometrics and Statistics ( email )
Chicago, IL 60637
United States
Leslie Robinson
Dartmouth College - Tuck School of Business ( email )
Hanover, NH 03755
United States
603-646-4018 (Phone)
Jonathan L. Rogers
University of Colorado at Boulder - Leeds School of Business ( email )
419 UCB
Boulder, CO 80309-0419
United States
Sarah L. C. Zechman (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
(773)702-7136 (Phone)
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