haku: @author Errunza, V. R. / yhteensä: 9
viite: 1 / 9
« edellinen | seuraava »
| Tekijä: | Errunza, V. R. Miller, D. P. |
| Otsikko: | Market Segmentation and the Cost of Capital in International Equity Markets |
| Lehti: | Journal of Financial and Quantitative Analysis
2000 : DEC, VOL. 35:4, p. 577-600 |
| Asiasana: | MARKET SEGMENTATION CAPITAL COSTS STOCK MARKETS |
| Kieli: | eng |
| Tiivistelmä: | While theoretical models predict a decrease in the cost of capital from depositary receipt offerings, the economic benefits of this liberalization have been difficult to quantify. Using a sample of 126 firms from 32 countries, the authors document a significant decline of 42% in the cost of capital. In addition, the authors show the decline is driven by the ability of U.S. investors to span the foreign security prior to cross- listing. The authors' findings support the hypothesis that financial market liberalizations have significant economic benefits. |
« edellinen | seuraava »
SCIMA