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This study aggregates prior research on the speed of adjustment (SOA) towards target capital structure, which is characterized by its heterogeneous findings. Therefore, the statistical procedures of meta-regression analysis are applied for the first time in this line of research. Summarizing...
Persistent link: https://www.econbiz.de/10012912163
Emerging market corporations have significantly increased their borrowing in international markets after the global financial crisis. We show that this expansion was led by large-denomination bond issuances (bonds with face values exceeding US$300 million, and often exceeding US$500 million)....
Persistent link: https://www.econbiz.de/10012906397
This article presents in a rigorous manner a methodological approach for the calculation of the discount rate in emerging markets. This calculation requires a robust estimation of country risk. In addition, it requires to identify explicitly and rigorously the academic relationship between the...
Persistent link: https://www.econbiz.de/10013138963
The competitive advantages of foreign direct investment can be largely dependent on location. In this study, we develop an innovative model to deal with this crucial step for any multinational involved in expanding its operations abroad. The model has a pure financial perspective and is based on...
Persistent link: https://www.econbiz.de/10013056435
Using a simple theoretical model, this paper argues that an increase in foreign presence, which refers to the level of foreign investment in a given domestic firm, can affect the leverage of domestic firms. We apply the model to explore the link between foreign presence and leverage with...
Persistent link: https://www.econbiz.de/10013043606
Measuring the impact of political risk on investment projects is one of the most vexing issues in international business. One popular approach is to assume that the sovereign yield spread captures political risk and to augment the project discount rate by this spread. We show that this approach...
Persistent link: https://www.econbiz.de/10013015661
Some projects take time to build or are slow to yield cash flows. This may impact the dynamics of investment and liquidity management, although few studies test their financial implications. We exploit the peculiar advantages of copper mines as a laboratory to identify cash-flow sensitivities....
Persistent link: https://www.econbiz.de/10012970749
Using firm-level data on ASEAN5, this paper studies the differential effects of macrofinancial and structural factors on corporate saving behavior through the lens of external financing dependence. The finding suggests that non-financial corporations in ASEAN5 have been subject to binding...
Persistent link: https://www.econbiz.de/10013252059
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