INTERNALIZATION - AN EVENT STUDY TEST
成果类型：
Article
署名作者：
MORCK, R; YEUNG, B
署名单位：
University of Michigan System; University of Michigan
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90049-P
发表日期：
1992
页码：
41-56
关键词：
摘要：
The internalization theory of multinational firms proposes that direct international investment occurs when a firm has information-related intangible assets with public good properties. We find that firms with characteristics suggesting the presence of information-based assets experience a significantly positive stock price reaction upon announcing a foreign acquisition. On the other hand, firms apparently lacking such assets experience at best zero abnormal returns upon announcing overseas acquisitions.