The returns to multinationality are estimated as the value of “operating flexibility.” Empirical measures of the return of multinationality require a precise specification of the extensiveness of the MNC's transnational network to measure the degree of multinationality. This precise,...

This study examines the relationship between market valuation and the geographic scope of U.S. multinational corporations' (MNCs) foreign operations by focusing on the importance of the location of MNC operations. The location factors utilized here capture the degree of segmentation/integration...

This paper examines the impact of operational hedges of US multinational corporations (MNCs) on their exchange rate exposure. The two important contributions of this study are: First, it documents the importance of operational hedges as significant determinants of exchange rate risk, as measured...