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Internationalization and the evolution of corporate valuation
Levine, Ross - 2005
"By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that...
Persistent link: https://www.econbiz.de/10010522397
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Finance, inequality, and poverty : cross-country evidence
Beck, Thorsten - 2004
"While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions...
Persistent link: https://www.econbiz.de/10010522996
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Law and firms' access to finance
Beck, Thorsten - 2004
"This paper contributes to the literature on how a country's legal origin influences the operation of its financial system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two channels through which legal origin may influence the...
Persistent link: https://www.econbiz.de/10010523108
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Competition Laws, Governance, and Firm Value
Levine, Ross; Chen, Lin; Xie, Wensi - National Bureau of Economic Research - 2021
Do antitrust laws influence corporate valuations? We evaluate the relationship between firm value and laws limiting firms from engaging in anticompetitive agreements, abusing dominant positions, and conducting M&As that restrict competition. Using firm-level data from 99 countries over the...
Persistent link: https://www.econbiz.de/10012585392
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International Finance
Obstfeld, Maurice - 1986
time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign …
Persistent link: https://www.econbiz.de/10012476993
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The International Transmission and Effects of Fiscal Policies
Frenkel, Jacob A. - 1986
In recent years the world economy has been subject to large and unsyncronized changes in fiscal policies, high and … builds on a two-country model of the world economy which is applied to the analysis of the transmission and effects of …
Persistent link: https://www.econbiz.de/10012477278
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The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy
Frenkel, Jacob A. - 1984
This paper analyses the effects of fiscal policies on rates of interest and wealth in the world economy. Uncertainty … exert real effects. It is shown that a current budget deficit(resulting from a tax cut) raises world rates of interest. On … transmission. In the long run, a higher steady-state value of government debt raises the steady-state world rate of interest but …
Persistent link: https://www.econbiz.de/10012477559
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Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization
Obstfeld, Maurice - 1984
This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...
Persistent link: https://www.econbiz.de/10012477560
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Budget Deficits and Rates of Interest in the World Economy
Frenkel, Jacob A. - 1984
This paper deals with the international transmission of the effects of budget deficits on world rates of interest and … spending. The model assumes a two-country world within which capital markets are integrated, individuals behave rationally, and … horizon was finite. This formulation generates asimple pattern of aggregate behavior of the two-country world, and it assures …
Persistent link: https://www.econbiz.de/10012477738
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Covered Interest Parity Deviations : Macrofinancial Determinants
Cerutti, Eugenio M. - 2019
For several decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely--even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macrofinancial...
Persistent link: https://www.econbiz.de/10012480075