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Author: Dev Raj Mishra
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Dev Raj Mishra
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Dan Wei
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 330
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Author: Fabricio R R. D'Almeida
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Julio César Riutort
Publisher:
ISBN:
Category :
Languages : en
Pages : 284
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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.
Author: Stijn Claessens
Publisher: World Bank Publications
ISBN: 0821367013
Category : Business & Economics
Languages : en
Pages : 472
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"A Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: interest in international aspects of corporate finance, particularly specific to emerging markets, awareness of the importance of institutions in explaining global differences in corporate finance. ""In the last decade, financial economists have increasingly focused on the role of laws and institutions in explaining differences in financial development across countries. This collection will be of great use to readers interested in the emerging new paradigm in corporate governance."" Andrei Shleifer, Harvard University ""Anybody seeking to understand corporate finance and corporate governance must read the papers in this book and the literature they have spawned. The financing of firms is based on contracts and the enforcement of those contracts. Without comparing firms under different contractual systems, therefore, it is impossible to grasp fully the key factors shaping the financing and behavior of firms."" Ross Levine, Brown University ""This reader describes how law, property rights, and corporate governance contribute to financial development, as well as how private interest groups can block or support financial reform, and thereby shape the financial development of countries. It is a must read for any student of finance."" Raghuram Rajan, International Monetary Fund"
Author: R. Rajan
Publisher: Springer
ISBN: 0230306276
Category : Business & Economics
Languages : en
Pages : 183
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This book on the different aspects of international economic policy covers financial crises, reserve accumulation, capital flows and currency wars as well as issues relating to foreign direct investment and developments in China and India.
Author:
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Category : Commercial policy
Languages : en
Pages : 48
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Author: Daniel Greiner
Publisher:
ISBN:
Category : International business enterprises
Languages : en
Pages : 222
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Author: Patrick M. Stanton
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 144
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Author: Gergana L. Kostova
Publisher:
ISBN:
Category :
Languages : en
Pages : 334
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