Domestic profit advantages of multinational firms
Article Abstract:
Corporate data drawn from Federal Trade Commission records is used to determine whether profits from the domestic operations of multinational corporations are higher than the profits of their non-multinational domestic competitors. Domestic profits are regressed on industry and firm-specific characteristics, including multi-nationality. The results indicate that multinational corporations do have profit advantages over domestic corporations when the multinational also has foreign operations in the same industry.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1987
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Earnings innovations, earnings persistence, and stock returns
Article Abstract:
The impact of unexpected earnings on stock returns and their correlation with revisions in future earnings is examined. The expected future earnings are derived from a univariate time-series model. By examining the valuation implications of the time-series nature of earnings, a new dimension in the information content of earnings is discovered. The results of the tests suggest that reactions of stock returns to unexpected earnings are not excessively volatile.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1987
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Market structure and market value
Article Abstract:
No consistent link between traditional market structure variables and market-value-based estimates of profits is obvious after allowing for the intangible capital effects of R & D, advertising, and the effects of growth. This finding is at odds with previous research, but it is consistent with the 'contestable markets' theory that there is no simple relation between the number and relative size of firms and competition.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1985
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