haku: @indexterm Evaluation / yhteensä: 1041
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| Tekijä: | Doukas, J. A. Padmanabhan, P. |
| Otsikko: | The Operational Hedging Properties of Intangible Assets: the Case of Non-voluntary Foreign Asset Selloffs |
| Lehti: | Journal of international financial management & accounting
2002 : AUTUMN, VOL. 13:3, p. 183-213 |
| Asiasana: | HEDGING INTANGIBLE ASSETS CASE STUDIES EVALUATION |
| Kieli: | eng |
| Tiivistelmä: | In this paper the authors examine the valuation effects and long-term performance of US multinational firms involved in forced transfers of their foreign operating assets during the 1965-88 period. The evidence suggests that the operational hedging ability of the firm to address country risk (nationalization threats) is related to the lev of its intangible assets. While it is well known that firms with high levels of intangible assets prefer foreign direct investment, the authors' results show that intangible assets have hidden properties of protection against country risk as well. The authors document significantly negative abnormal returns only for divesting firms with low levels of intangible assets, but not for firms with high levels of intangible assets. |
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