The host country joint venture partner has the opportunity to appropriate its foreign partner firm's technology and other intangible skills through their joint venture operations. Such host country advantages, if realized, may contribute to the economic growth of that country. Little empirical evidence exists, however, for the presence of such skill and process spillovers. In this paper we present empirical evidence supporting this learning hypothesis using data on foreign firms' joint ventures located in Japan. These joint ventures have contributed positively to the stock returns and total factor productivity growth for the Japanese parent firms over time.