Answers are grounded in this paper and cite their sources.
John S. Hughes, Dennis E. Logue, Richard James Sweeney, Corporate International Diversification and Market Assigned Measures of Risk and Diversification, The Journal of Financial and Quantitative Analysis, Vol. 10, No. 4, 1975 Proceedings (Nov., 1975), pp. 627-637
No takes yet. Share an insight, caveat, or question.
Hughes et al. (1975) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: