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MULTINATIONALITY, SIZE, AND THE MARKET PERFORMANCE
Olgun Fuat Sahin People&Global Business Association 2004 Global Business and Finance Review Vol.9 No.2
This study provides empirical evidence regarding the market performance of US based Multinational Enterprises (MNEs) for the period 1992 to 1999. The results suggest that the excess returns on MNE portfolios, formed based on the degree of multinationality, do not follow a curvilinear pattern. The risk-adjusted performance of MNEs is also examined by using the Fama French Three Factor Model. It is found that most of the abnormal performance is concentrated among small and medium size MNEs.