THE USE OF INTERNATIONAL SHORT-TERM INVESTMENTS BY THE FORTUNE 100

The enormous growth in the number of American firms engaged in international business has increased the research on global financial management tremendously, with the notable exception of transcontinental working capital management. This paper is an attempt to address this issue. The focus of the paper is international marketable securities. This article reports the results of a survey of the Fortune 100. The purpose of the survey was to obtain information on the use of international short-term investments by major American firms, as well as to identify some predictors of such investment. Thus, the importance of this paper lies in its practical relevance to finance practitioners in managing the treasury function, and to academics teaching working capital management or international finance.