STOCK-MARKET VIEWS OF CORPORATE MULTINATIONALISM - SOME EVIDENCE FROM ANNOUNCEMENTS OF INTERNATIONAL JOINT VENTURES

This study examines trends in U.S. international joint ventures and describes the U. S.-foreign partnerships. To analyze the profitability of US. international joint ventures, it develops a data set of all such ventures from 1969-1989 and indicates their nature and trends. It then investigates the effects of announcements of international joint ventures on common stock returns. It also determines whether the gains or losses affected by the announcements of cross-border alliances are related to the economic status of the host countries and foreign partners, the specific industries, and the number of participating firms in these joint ventures.