RT Journal Article
SR Electronic
T1 U.S. Multinationals as Vehicles for International Diversification
JF The Journal of Investing
FD Institutional Investor Journals
SP 67
OP 75
DO 10.3905/joi.2000.319441
VO 9
IS 4
A1 Stephen E. Christophe
A1 Richard W. McEnally
YR 2000
UL https://pm-research.com/content/9/4/67.abstract
AB The authors consider whether investors can obtain the benefits of global diversification by purchasing the equity of U.S. multinational corporations. They find that USMNC returns tend to move with the swings of the U.S. market, irrespective of the location of their foreign operations, so they provide little in the way of global diversification. Other investment vehicles available to U.S. investors such as ADRs are more highly correlated with the returns in foreign markets.