Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
نویسندگان
چکیده
منابع مشابه
Why do foreign firms have less idiosyncratic risk than U.S. firms?
Using a large panel of firms across the world from 1991-2006, we show that the median foreign firm has lower idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in idiosyncratic risk across countries in both level and change regressions, but less so than firm characteristics. There exists a strong negative relation between idiosyncratic risk and an ind...
متن کاملCharles A. Dice Center for Research in Financial Economics Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
Using a large panel of firms across the world from 1991-2006, we show that the median foreign firm has lower idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in the level of idiosyncratic risk, but less so than firm characteristics. Idiosyncratic risk falls as government stability and respect for the rule of law improve. Idiosyncratic risk is positi...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1343177