The Value of U.S. MNC Earnings Changes from Foreign and Domestic Operations
The Value of U.S. MNC Earnings Changes from Foreign and Domestic Operations
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美国跨国公司海外和国内业务盈利变化的价值
DOI：
10.1086/323505
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
Stephen E. Christophe
中科院分区：
文献类型：
--
作者：
Stephen E. Christophe
本研究研究了与国内外收益变化相关的股票回报是否会根据变化的迹象而变化。有证据表明，外国（与国内）盈利的负变化与显着增加的股票回报相关。相比之下，国外和国内收入的积极变化与统计上无法区分的回报相关。对于拥有大量自由现金流的公司和具有高预期增长机会的公司来说，与外国收益负变化相对应的大关联系数尤其明显。没有证据表明国外收入的积极变化会因国外市场增长机会而带来高回报。
This study examines whether the stock return associated with changes in domestic and foreign earnings varies depending upon the sign of the change. Evidence is presented that negative foreign (vs. domestic) earnings changes are associated with significantly larger stock returns. In contrast, positive foreign and domestic earnings changes are associated with statistically indistinguishable returns. The large association coefficient corresponding to negative foreign earnings changes is especially pronounced for firms with substantial free cash flow and for firms with high anticipated growth opportunities. No evidence is found that positive foreign earnings changes result in high returns due to foreign market growth opportunities.