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Firm-level analysis of the international diversification of small integrated stock markets: Ireland 1999-2007

  • Berrill, Jenny
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    Domestic market indices may not be domestic in the pure sense of the word if they contain a large number of multinational corporations (MNCs). This is particularly relevant in a small open economy like Ireland. This paper shows that Ireland's strong position in attracting FDI has resulted in the domestic market index (the ISEQ index) becoming a marginal measure of the Irish corporate sector. Further results show that Ireland is gaining international exposure through foreign MNCs but this foreign exposure is not directly related to the regions where these firms do business.

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    Article provided by Elsevier in its journal Research in International Business and Finance.

    Volume (Year): 24 (2010)
    Issue (Month): 2 (June)
    Pages: 172-189

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    Handle: RePEc:eee:riibaf:v:24:y:2010:i:2:p:172-189
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    1. Solnik, B H, 1974. "The International Pricing of Risk: An Empirical Investigation of the World Capital Market Structure," Journal of Finance, American Finance Association, vol. 29(2), pages 365-78, May.
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    7. F Barry & C Kearney, 2006. "MNEs and industrial structure in host countries: a portfolio analysis of Irish manufacturing," Journal of International Business Studies, Palgrave Macmillan, vol. 37(3), pages 392-406, May.
    8. Fang Cai & Francis E. Warnock, 2004. "International diversification at home and abroad," International Finance Discussion Papers 793, Board of Governors of the Federal Reserve System (U.S.).
    9. Kalok Chan & Allaudeen Hameed & Sie Ting Lau, 2003. "What if Trading Location Is Different from Business Location? Evidence from the Jardine Group," Journal of Finance, American Finance Association, vol. 58(3), pages 1221-1246, 06.
    10. Hughes, John S. & Logue, Dennis E. & Sweeney, Richard James, 1975. "Corporate International Diversification and Market Assigned Measures of Risk and Diversification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 10(04), pages 627-637, November.
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