This paper conducts an in-depth critique of previous research on international joint venture instability by pointing out its major limitations: lack of clear conceptualizations and consistent operationalizations, lack of clarity in the relationship with performance, static focus on the eventual...

We estimate variance decompositions of the real exchange rates for 19 individual currencies based on a present-value relation. We document substantial heterogeneity across forecasting horizons and currencies regarding the determinants of exchange rates. At short horizons, the dominant force is...

We estimate variance decompositions of the real exchange rates for 19 currencies based on a present-value relation. We document substantial heterogeneity across forecasting horizons and currencies. At short horizons, the dominant force is predictability of the future spot rates. At long...

We empirically test the proposition that foreign direct investors should use joint ventures with local firms for their first investment in unfamiliar markets. By tracking the expansion paths of Japanese investors in the US, we find no evidence that the growth of Japanese firms which first...