Notice of Manuscript Submission Fee
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Kenneth L. Trefftzs Student Award for Outstanding Paper in Finance
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JFQ volume 9 issue 6 Back matter
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Other Announcements
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Announcements
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JFQ volume 9 issue 5 Cover and Front matter
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JFQ volume 9 issue 6 Cover and Front matter
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JFQ volume 9 issue 2 Cover and Front matter
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Direct Investment, Research Intensity, and Profitability
The large amount of foreign direct investment by U. S. firms in recent years suggests that such firms had a high internal rate of return on investment abroad. In this paper we attempt to explain this high rate of return. We conclude that direct investors tend to be in research-intensive industries and that their profitability is associated with research and development, rather than with direct investment itself. By investing abroad, or exporting, they increase the expected return to research activity. Thus, the internal rate of return on foreign direct investment exceeds average rates of return observed in foreign economies. Since direct investors in manufacturing are typically research-intensive, this result suggests why capital may flow from countries with high rates of return to those with lower observed rates of return.
The Market Model Applied to European Common Stocks: Some Empirical Results
Revised May, 1973.