This study identifies two categories of exploration for competence-creating subsidiaries of contemporary multinational corporations (MNCs) by taking both the subsidiary's and the MNC's existing knowledge into consideration. While subsidiary exploration not new to the MNC (SE1) brings in...

We find that value stocks are riskier because they are usually firms under distress, have high financial leverages, and face substantial uncertainty in future earnings. These risk characteristics are as powerful as size and book-to-market in explaining cross sectional differences in returns in...

Young male CEOs appear to be combative: they are 4% more likely to be acquisitive and, having initiated an acquisition, they are over 20% more likely to withdraw an offer. Furthermore, a young target male CEO is 2% more likely to force a bidder to resort to a tender offer. We argue that this...

This study focuses on the innovative performance implications of large MNCs' regional and global technological knowledge search strategies. In networked MNCs, the parent can still offer valuable knowledge to subsidiaries. The parent's and a subsidiary's knowledge becomes complementary if an MNC...

The paper analyses the implications of increasing technological complexity and organizational restructuring for the knowledge accumulation activities of the subsidiaries of multinational corporations (MNCs). An analysis of foreign-owned subsidiaries in the German pharmaceutical industry in...