{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,15]],"date-time":"2026-05-15T13:21:29Z","timestamp":1778851289150,"version":"3.51.4"},"reference-count":52,"publisher":"Oxford University Press (OUP)","issue":"7","license":[{"start":{"date-parts":[[2021,10,1]],"date-time":"2021-10-01T00:00:00Z","timestamp":1633046400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/academic.oup.com\/journals\/pages\/open_access\/funder_policies\/chorus\/standard_publication_model"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2022,6,21]]},"abstract":"<jats:title>Abstract<\/jats:title>\n               <jats:p>We show that mutual funds worldwide provide substantial international exposure through their domestic holdings of multinationals. The international exposure of domestic funds increases, on average, by 32 percentage points when we consider international corporate diversification. We find that funds with higher indirect international exposure perform better in both the cross-section and the time series. This effect is primarily driven by the fund managers\u2019 ability to invest in multinationals, rather than the performance of those multinationals. Our findings support the hypothesis that international diversification from multinationals reduces the transaction and information costs of investing abroad.<\/jats:p>\n               <jats:p>Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.<\/jats:p>","DOI":"10.1093\/rfs\/hhab103","type":"journal-article","created":{"date-parts":[[2021,9,30]],"date-time":"2021-09-30T15:26:33Z","timestamp":1633015593000},"page":"3337-3372","source":"Crossref","is-referenced-by-count":35,"title":["How Global Is Your Mutual Fund? International Diversification from Multinationals"],"prefix":"10.1093","volume":"35","author":[{"given":"Irem","family":"Demirci","sequence":"first","affiliation":[{"name":"Nova School of Business and Economics"}]},{"given":"Miguel A","family":"Ferreira","sequence":"additional","affiliation":[{"name":"Nova School of Business and Economics, CEPR, and ECGI"}]},{"given":"Pedro","family":"Matos","sequence":"additional","affiliation":[{"name":"Darden School of Business, University of Virginia"}]},{"given":"Clemens","family":"Sialm","sequence":"additional","affiliation":[{"name":"University of Texas at Austin and NBER"}]}],"member":"286","published-online":{"date-parts":[[2021,10,1]]},"reference":[{"key":"2022062107232848300_B1","doi-asserted-by":"crossref","first-page":"313","DOI":"10.1016\/S0022-1996(03)00015-1","article-title":"Information costs and home bias: An analysis of US holdings of foreign equities","volume":"62","author":"Ahearne,","year":"2004","journal-title":"Journal of 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