Discussion: Corporate International Diversification and Market Assigned Measures of Risk and Diversification

Alan Rugman

Journal of Financial and Quantitative Analysis, 1975, vol. 10, issue 4, 651-652

Abstract: This paper by Hughes, Logue, and Sweeney offers an excellent summary of recent theoretical work on the advantages of multinational firms in providing opportunities for international diversification. In addition, some interesting empirical tests of an international version of the capital asset pricing model (IAPM) are reported. Neither of these topics is original as several writers have explored the theoretical advantages of the multinational firm providing international diversification, including this discussant [1]. The IAPM has been tested by Solnik [2] and others who find that systematic risk is lower in international financial markets than in domestic ones.

Date: 1975
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