Download or read book Essays on International Corporate Finance written by Dev Raj Mishra and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Two essays on international corporate finance written by Dan Wei and published by . This book was released on 2002 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Corporate Finance written by Fabricio R R. D'Almeida and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Corporate Finance written by Julio César Riutort and published by . This book was released on 2011 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Two Essays in International Corporate Finance written by Daniel Greiner and published by . This book was released on 1998 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Corporate Finance written by Patrick M. Stanton and published by . This book was released on 2019 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in International Corporate Finance and Investment Banking written by Amar Gande and published by . This book was released on 1997 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.

Download or read book Three Essays in International Corporate Finance and Banking written by Gergana L. Kostova and published by . This book was released on 2014 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on International Corporate Finance written by Burcin Col and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Download or read book Essays on International Macroeconomics and Corporate Finance written by Yi Huang and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Managing International Risk written by Richard J. Herring and published by Cambridge University Press. This book was released on 1983-06-30 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The point of departure for this book is the fundamental assertion that managers of international enterprises must cope not only with the hazards that jeopardize the success of ordinary domestic transactions but also with additional perils that are uniquely international. Two of the most important of these are the risk of a breakdown in the rules and practices that govern international trade and investment flows, and country risk - the risk that a sovereign power will interfere with the repatriation of profits, interest payments, principal repayments, or the control of foreign assets. The issues addressed include the prospects for foreign exchange crises, trade wars, international banking crises, and oil shortages; the factors that generate economic, political, and social risk; organizational strategies for mitigating country risk; and the scope for insuring against international risks. The contributors include academic experts from the fields of economics and finance and distinguished practitioners from international corporations, financial institutions, and international agencies.

Download or read book Three Essays in Corporate Governance and Corporate Finance written by Elvis Alexander Hernandez Perdomo and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on International Corporate Finance written by Jisok Kang and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Three Essays on Empirical Asset Pricing in International Equity Markets written by Birgit Charlotte Müller and published by Springer Gabler. This book was released on 2021-08-20 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this Open-Access-book three essays on empirical asset pricing in international equity markets are presented. Despite being of fundamental economic and scientific importance, international financial markets have remained considerably underresearched until today. In the first essay, the role of firm-specific characteristics is analyzed for the momentum effect to exist in international equity markets. The second essay investigates the validity, persistence, and robustness of the newly discovered capital share growth factor across international equity markets as proposed by Lettau et al. (2019) for the U.S. market. Lastly, the third and final essay studies stock market reactions of European vendor banks to distressed loan sale announcements.

Download or read book Essays in Corporate Finance and International Asset Pricing written by Xiangdong Mao and published by . This book was released on 2000 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Banking and Corporate Finance written by Philipp Schnabl and published by . This book was released on 2008 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on topics in banking and corporate finance. The first essay analyzes whether equity holdings of international lenders affect the transmission of credit supply shocks from developed countries to emerging markets. I exploit the 1998 Russian debt default as an exogenous credit supply shock to international lenders and trace out the impact on bank lending in Peru. I find that after the shock international lenders with equity holdings in Peruvian banks increased financing to banks in Peru, while international lenders without equity holdings reduced financing to banks in Peru. This effect could be driven either by differential credit supply from international lenders or by heterogeneity in credit demand across banks. I control for credit demand by examining firms that have loans from both banks with international equity holders and banks without international equity holders and find evidence for the credit supply explanation. The change in credit supply has real effects: I find a lower bankruptcy rate among firms borrowing from banks with international equity holders than among firms borrowing from banks without international equity holders. These results suggest that equity holdings of international lenders mitigate the transmission of credit supply shocks to emerging markets.