haku: @author Levine, R. / yhteensä: 21
viite: 2 / 21
| Tekijä: | Gozzi, J.C. Levine, R. Schmukler, S.L. |
| Otsikko: | Internationalization and the evolution of corporate valuation |
| Lehti: | Journal of Financial Economics
2008 : JUN, VOL. 88:3, p. 607-632 |
| Asiasana: | international financial markets integration segmentation companies valuation theories internationalization |
| Vapaa asiasana: | cross-listing |
| Kieli: | eng |
| Tiivistelmä: | This paper provides evidence on the bonding, segmentation, and market-timing theories of internationalization (henceforth as: int-zation) by documenting the evolution of Tobin's q (here as: T's q) before, during, and after firms int-zation. It is found that T's q does not rise after int-zation, even relative to domestic firms. Instead, T's q rises significantly before and during the int-zation year, falling then sharply in the following year, quickly giving away the previous years' increases. In decomposing these dynamics, market capitalization is found to rise before int-zation and to remain high, whereas corporate assets increase during int-zation. |
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