| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5904 |
| 来源ID | Working Paper 5904 |
| The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunities Perspective | |
| Gordon M. Bodnar; Joseph Weintrop | |
| 发表日期 | 1997 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper demonstrates the value-relevance of foreign earnings for U.S. multinational firms by examining the associations between annual abnormal stock performance and changes in firms' domestic and foreign incomes disclosed through SEC Regulation ?210.4-08(h). For 2570 firm-year observations between 1985 and 1993, both foreign and domestic earnings changes have significant positive associations with annual excess returns measures; however, the association coefficient on foreign income is significantly larger than the association coefficient on domestic income. This indicates that foreign earnings disclosures are value-relevant and suggests that firm value is more sensitive to foreign earnings than domestic earnings. We demonstrate that this larger foreign association coefficient is consistent with differences in growth opportunities between domestic and foreign operations. To further support the growth opportunity interpretation of the results, we demonstrate that larger foreign association coefficients are not due to the influence of exchange rate changes or the result of methodological problems such as differences in the timing of foreign versus domestic earnings recognition or misspecification in the earnings expectation process. |
| 主题 | International Economics ; International Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w5904 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563398 |
| 推荐引用方式 GB/T 7714 | Gordon M. Bodnar,Joseph Weintrop. The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunities Perspective. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5904.pdf（1488KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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