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Investment, financing constraints, and internal capital markets : evidence from the advertising expenditures of multinational firms

Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: The review of financial studies 22 (2009) 6, pp. 2361-2392

Persistent link: https://www.econbiz.de/10003866737

Managers with and without style : evidence using exogenous variation

Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: The review of financial studies 26 (2013) 3, pp. 567-601

Persistent link: https://www.econbiz.de/10009752270

Investment, Financing Constraints, and Internal Capital Markets : Evidence from the Advertising Expenditures of Multinational Firms

Fee, C. Edward - 2010

We find a significant positive relation between a firm's advertising spending in the United States and its contemporaneous foreign cash flow. This relation holds even after controlling for factors that should be related to the optimal level of domestic advertising, and it is stronger for subsets...

Persistent link: https://www.econbiz.de/10013152694