《2016企业特有资产，金融市场发展和美国跨国公司增长》.pdf

NBER WORKING PAPER SERIES FIRM-SPECIFIC RESOURCES, FINANCIAL-MARKET DEVELOPMENT AND THE GROWTH OF U.S. MULTINATIONALS Susan Feinberg Gordon Phillips Working Paper 9252 /papers/w9252 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2002 We wish to thank Wayne Ferson, Robert McDonald, Vojislav Maksimovic, Raymond Mataloni, Oguzhan Ozbas, John Popham, Antoinette Schoar, Lemma Senbet, Scott Shane, Peter Wysocki, Bernie Yeung, William Zeile and seminar participants at Boston College, the Center for Economic Studies, Department of Commerce, MIT finance and organizations seminars and the University of South Carolina for helpful comments. The statistical analysis of firm-level data on U.S. multinational corporations reported in this study was conducted at the International Investment Division, Bureau of Economic Analysis, United States Department of Commerce, under arrangements that maintained legal confidentiality requirements. Views expressed are those of the authors and do not necessarily reflect those of the Department of Commerce or the National Bureau of Economic Research. © 2002 by Susan Feinberg and Gordon Phillips. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals Susan Feinberg and Gordon Phillips NBER Working Paper No. 9252 October 2002 JEL No. F1, G3