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of FDI165。Horizontal Direct Investment164。in the same industry165。Vertical Direct Investment164。Backward forward61721 Capital arbitrage 165。Background165。Profitability / Interest rate 164。Capitalabundant—capitalscarce countries 164。Large financial MNCs164。Portfolio investment and FDI—same direction165。deficiency22 Monopolistic Advantage 165。Stephen 165?!?International Operations of National Firms: A Study of Direct Foreign Investment》165。Background22 Monopolistic Advantage 165。Technological Advantage165。managerial skills 165。Input Advantage 165。Market Advantage