AbstractThe following sections are included:Relative Efficiency Properties of Markets and HierarchiesMultinational Firms and Market FailureIntermediate Product Markets and Vertical Direct Foreign InvesbnentHorizontal Direct Foreign Investment and the Market for Know-howInternational Capital Markets and Direct Foreign InvestmentPotential Anticompetitive Consequences of Multinational EnterpriseVertically Integrated MultinationalsThe Horizontal Expansion of Multinational FirmsEvaluationConclusionReferences
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David J. Teece (2008) studied this question.