Differences in Factor Structures between U.S. Multinational and Domestic Corporations: Evidence from Bilinear Paradigm Tests

Richard A DeFusco, George C Philippatos and Dosoung Choi

The Financial Review, 1990, vol. 25, issue 3, 395-403

Abstract: This research investigates the differences in factor structure between U.S. multinational and domestic corporation. The authors use a multifactor return generating process and investigate whether the constraints imposed by the arbitrage pricing theory are upheld. Their results indicate that the factor structures governing U.S. multinational and domestic corporations are not significantly different. It does appear, however, that there are different prices attached to the risk of U.S. multinational and domestic firms. Copyright 1990 by MIT Press.

Date: 1990
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