Year-end Sale % OFF 
Abstract
should be cautious about following A-L's lead. Jacquillat and Solnik [7] raised the question that interests practitioners: do multinationals (MNCs) provide investors with diversification? Their answer was negative. A-L's contrasting and quite modest claim was that investors recognize the composition of the real activities of U. S. MNCs. They based this conclusion on a two-stage analysis of regressions of stock-price returns, using a two-index international market model (IMM):
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