“What determines the international success and failure of the firm?” is the fundamental issue in strategy (Rumelt, 1974; Peng, 2006). In emerging economies, most scholars have paid attention to how multinational enterprises (MNEs) successfully enter and compete effectively in these countries. However, relatively little is known on how firms in emerging economies develop their strategies to surv...

We examine the impact of the international diversification by banks on the value of their advice provided in cross-border merger and acquisition transactions by studying bidder returns and deal performance following 1,708 cross-border M&A deals. We find that bidders engaging a more internationally diversified financial advisor face lower stock price and synergy returns, worse deal operating per...

We examine the issue of possible portfolio diversification benefits into seven Middle-Eastern and North African (MENA) stock markets. We take the standpoint of the world investor and we construct portfolios in international and local currencies based on five optimization models and two risk measures. We then compare the portfolio out-of-sample performance based on Sharpe and Sortino ratios thro...