Country Risks and the Investment Activity of U.S. Multinationals in Developing Countries

Country Risks and the Investment Activity of U.S. Multinationals in Developing Countries
This paper develops a simple real options model that demonstrates the role of country-specific risk and sunk costs in determining a multinational's choice between exports and foreign investment. The hypotheses from the model are tested for the distribution of capital expenditures by U.S.-owned foreign affiliates in 29 developing countries during... READ MORE...

Publication date: October 1999
ISBN 9781451855470
$15.00

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