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U.S. Multinationals as Vehicles for International Diversification

The authors consider whether investors can obtain the benefits of global diversification by purchasing the equity of U.S. multinational corporations. They find that USMNC returns tend to move with the swings of the U.S. market, irrespective of the location of their foreign operations, so they provide little in the way of global diversification. Other investment vehicles available to U.S. investors such as ADRs are more highly correlated with the returns in foreign markets.