Essays In International Corporate Finance
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Essays On International Corporate Finance
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Author : Dev Raj Mishra
language : en
Publisher:
Release Date : 2001
Essays On International Corporate Finance written by Dev Raj Mishra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Essays In International Corporate Finance
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Author : Fabricio R R. D'Almeida
language : en
Publisher:
Release Date : 2017
Essays In International Corporate Finance written by Fabricio R R. D'Almeida and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Essays In International Corporate Finance
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Author : Patrick M. Stanton
language : en
Publisher:
Release Date : 2019
Essays In International Corporate Finance written by Patrick M. Stanton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Corporate profits categories.
Essays In International Corporate Finance
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Author : Julio César Riutort
language : en
Publisher:
Release Date : 2011
Essays In International Corporate Finance written by Julio César Riutort and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation consists of three essays in international corporate finance. It studies the impact of aggregate conditions and the institutional environment on the behavior of publicly traded firms from a broad sample of countries. In the first essay I argue that when credit constraints are widespread, as may be the case in countries with poor investor protection, we should not necessarily expect small firms' investment to be more sensitive to monetary contractions or negative aggregate shocks. A simple model of investment with credit constraints shows that for this pattern to occur we need a high enough level of investor protection. The empirical evidence is broadly consistent with the hypothesis. In periods of tight credit conditions, small firms from countries with high creditor protection contract their investment rate more than large firms, while there is no significant difference in the investment contraction of small and large firms in from low creditor protection countries. In the second essay I explore to what extent the effect of legal origin on payout policy, ownership concentration, and valuation has been stable through time. The results suggest that previously established results should be taken with caution, and cast doubts on their strength. In particular, it appears that corporate characteristics are converging across countries, and legal origin is not longer an important determinant of them. In the final essay I study to what extent capital raising in international markets is related to firms' ability to react to financial shocks. I provide a complete descriptive picture of the main patterns in the use of international financing between 1990 and 2009,study how issuers and non-issuers grow during financial crises, and how their growth is related to the aggregate conditions in the economy and their past financing behavior. Firms that raise capital internationally have a lower correlation with the local GDP growth, and grow more during local financial crises; however this relationship depends on the overall degree of development of the country and is highly dependent on the determinants of the issuance decision. The descriptive analysis show that international capital raising is pervasive in most countries, but the firms doing so differ depending on the development of their country of origin.
Essays In International Corporate Finance And Investment Banking
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Author : Amar Gande
language : en
Publisher:
Release Date : 1997
Essays In International Corporate Finance And Investment Banking written by Amar Gande and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Two Essays In International Corporate Finance
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Author : Daniel Greiner
language : en
Publisher:
Release Date : 1998
Two Essays In International Corporate Finance written by Daniel Greiner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with International business enterprises categories.
Two Essays On International Corporate Finance
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Author : Dan Wei
language : en
Publisher:
Release Date : 2002
Two Essays On International Corporate Finance written by Dan Wei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporations categories.
Three Essays In International Corporate Finance And Banking
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Author : Gergana L. Kostova
language : en
Publisher:
Release Date : 2014
Three Essays In International Corporate Finance And Banking written by Gergana L. Kostova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Three Essays On International Corporate Finance
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Author : Burcin Col
language : en
Publisher:
Release Date : 2012
Three Essays On International Corporate Finance written by Burcin Col and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
"This thesis consists of three essays on issues that affect valuation and capital allocation decisions of multinational companies (MNCs). The first essay explores the valuation consequences of tax avoidance using an international sample of cross-border mergers that involve tax haven targets and/or acquirers. Cross-border mergers with haven-based firms offer a refined setting to study the valuation implications of tax avoidance. Firms can achieve tax savings through these transactions in two ways: 1) selling to an acquirer based in a tax haven, hence making the newly created multinational a haven resident or 2) setting up a subsidiary in these locations by targeting a tax haven firm. Using the data on cross-border M&As for the period from 1989 to 2010, we find that the announcement returns to targets and acquirers of tax haven firms are lower relative to a control sample of non-tax motivated M&As.
Essays On International Corporate Finance
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Author : Jisok Kang
language : en
Publisher:
Release Date : 2016
Essays On International Corporate Finance written by Jisok Kang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The first chapter examines whether and how concentrated stock markets dominated by a small number of large firms affect economic growth. Using data from 47 countries worldwide relating to the period 19892013, I show that a countrys stock market concentration is negatively related to capital allocation efficiency, which results in sluggish IPO activity, innovation, and economic growth. These findings suggest that the structure of a concentrated stock market indicates insufficient funds for emerging, innovative firms; discourages entrepreneurship; and is ultimately detrimental to economic growth. In the second chapter, we challenge the finding of Weld, Michaely, Thaler, and Benartzi (2009). They find that the average nominal price of stocks listed on New York Stock Exchange and American Stock Exchange has been approximately $25 since the Great Depression and that this nominal price fixation is primarily a U.S. or North American phenomenon. Using a larger data set from 38 countries, we show that the nominal share prices of most stocks in every country are meanreverting and their best predictor is the beginning of sample period nominal stock prices. We demonstrate that corporate actions maintain these nominal stock price anchors. The third chapter investigates the executive pay gap between public and private firms. We find that the executive pay gap escalates when there is less supply in potential competent executives, when shareholders power is stronger, and when a stricter rule on monitoring and disclosure is enacted. These findings largely support the view of the competitive executive labor market hypothesis that executive compensation is determined by market forces and increases when executives bear additional risk. The findings are inconsistent with the argument of the entrenchment hypothesis.