Stock price reaction to international investment and divestiture and management of currency operating exposure Kim, Yong-Cheol. Journal of Economics and Business. New York: Sep/Oct 1997.Vol.49, Iss. 5; pg. 419, 19 pgs http://proquest.umi.com/pqdweb?did=16539521&sid=9&Fmt=2&clientId=68814&RQT=3 09&VName=PQD Abstract (Document Summary) The effect of international investment on firm value and the effectiveness of expansion into or retraction from foreign operation is analyzed. Stock-price reactions, over a period of significant change in international operational decisions by the firm were examined using event study methods. The results show that decisions on international investments and divestiture have a positive stock-price reaction. However, the effect on firm value varied by industry, exchange rate changes and the degree of foreign involvement before the event.