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When we analyze the use of the capm by foreign sales

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Unformatted text preview: inally, we "nd that "rms with high foreign sales are more likely to use the CAPM. Given the sharp di!erence between large and small "rms, it is important to check whether some of these control e!ects just proxy for size. It is, indeed, the case that foreign sales proxy for size. Table 1 shows that that there is a signi"cant correlation between percent of foreign sales and size. When we analyze the use of the CAPM by foreign sales controlling for size, we "nd no signi"cant di!erences. However, this is not true for some of the other co...
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