The Costs of Shared Ownership: Evidence From International Joint Ventures

(w/ C. F. Foley and J. R. Hines Jr.) Journal of Financial Economics 73, no. 2 (August 2004), 323-374. This paper is a revision of HBS Working Paper 03-017 and NBER Working Paper Series No. 9115, "International Joint Ventures and the Boundaries of the Firm."

This paper analyzes the determinants of partial ownership of the foreign affiliates of U.S. multinational firms and, in particular, the marked decline in the use of joint ventures over the last 20 years.

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