This paper aims to put forward an original conceptual framework and a renewed perspective on monetary analysis applied to transnational corporations based on some of the views of Bernard Schmitt developed over the last forty years. After reviewing the terminological principles of the theory of...

The Munich Re was founded in 1880 and is from the very start till this day one of the leading insurance companies in the world. Despite its long and successfull existance the company’s history has not been reported yet in a way that fulfilled scientific criteria. This paper can be seen as a...

The Munich Re was founded in 1880 and is from the very start till this day one of the leading insurance companies in the world. Despite its long and successfull existance the company’s history has not been reported yet in a way that fulfilled scientific criteria. This paper can be seen as a...

This paper provides a theoretical formalisation of the joint-venture contract, as an alternative to Foreign Direct Investment (FDI), within a Dissipation of Intangible Assets framework. In a two-period model, we discuss how the threat of knowledge spillover shapes the boundaries of a...

This paper studies why multinational firms often share ownership of a foreign affiliate with a local partner even in the absence of government restrictions on ownership. We show that shared ownership may arise, if (i) the partner owns assets that are potentially important for the investment...

This paper examines the link between a firm's ownership of productive assets and its choice of foreign-market entry strategy. We find that, controlling for industry- and country-specific characteristics, the most productive firms (i.e., those owning the most assets) will enter through greenfield...

This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm's investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....

During the last decade, the role of multinational corporations in international trade has received a steadily increasing attention. In a wide sense, multinational corporations are reported to manage an increasing share of international trade thereby bridging the gap between production for local...