haku: @author Rahman, M. / yhteensä: 5
viite: 4 / 5
| Tekijä: | Rahman, M. |
| Otsikko: | Investment opportunities and multinationality: Evidence from capital structure changes |
| Lehti: | Journal of Financial Research
1997 : Vol. 20:3, p. 423-434 |
| Asiasana: | INVESTMENT MULTINATIONAL BANKING SHAREHOLDERS |
| Kieli: | eng |
| Tiivistelmä: | I examine shareholder valuation effects of capital structure changes for multinational (MNC) and domestic (DC) corporations. The internalizing the market for their assets across national borders. If the financing decision is related to the rents from future investments, MNCs may have differential valuation affects to capital structure cahanges vis-a-vis DCs. I find that MNCs have lower (greater) excess returns for debt-for-equity (equity-for-debt) exchanges than DCs. The cross-sectional analyses show that the valuation effects are differentially related to the investment opportunities of MNCs and DCs. |
SCIMA