Publicly‐traded emerging market affiliates of large multinational corporations (headquartered and mostly also listed in developed markets) have shown remarkably good performance over the last 14 years. These affiliates combined high performance with lower volatility, outperforming both their local market and the wider emerging markets, but not at the expense of significant greater down‐side volatility. Their performance during the financial crisis was particularly good, compared to both their local markets and the developed markets, and especially so in Asia. In our analysis, we suggest two main reasons for this outperformance: improved corporate governance and a stabilizing role of the parent companies. Both seem critical specifically in financial crises. These may give these affiliates a clear comparative advantage over their local competitors that should endure in the foreseeable future.