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Cash windfalls and acquisitions
Von Beschwitz, Bastian - 2016
Persistent link: https://www.econbiz.de/10011459477
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What Drives Investment-Cash Flow Sensitivity around the World? An Asset Tangibility Perspective
Moshirian, Fariborz - 2020
Motivated by ongoing debates on investment-cash flow sensitivity (ICFS) and its documented decline and disappearance in … channels: investment intensity and cash flow persistence. As the share of tangible capital, investment and cash flow … capital, have higher investment rates and more persistent cash flows, their ICFS is more stable. The results support our …
Persistent link: https://www.econbiz.de/10012857107
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Multinational Firms, Internal Capital Markets, and the Value of Global Diversification
Sturgess, Jason - 2012
Over the period 1980-2007 multinational firms' investment grew four times faster than worldwide GDP. Yet the evidence … multinational firms' investment and global diversification have significantly increased over the past three decades …
Persistent link: https://www.econbiz.de/10013114610
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Multinational Firms, International Diversification, Value, and Governance
Sturgess, Jason - 2012
This paper presents evidence that subsidiaries of multinational firms have higher valuations than locally matched firms. Using a unique sample of 251 UK multinational firms and 4,676 subsidiaries, the paper finds that multinational firms achieve, on average, an international diversification...
Persistent link: https://www.econbiz.de/10013116775
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Annual Stock Returns vs. Capital Expenditure and Earnings : International Evidence
Inci, A. Can - 2009
. Corporate governance and other control mechanisms seem to persuade managers to make better investment decisions …
Persistent link: https://www.econbiz.de/10013153342
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Path Dependence or Convergence? The Evolution of Corporate Ownership Around the World
Yeh, Andy - 2016
We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...
Persistent link: https://www.econbiz.de/10013004147
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An Overview of Collateralization Fundamentals & the ISDA Credit Support Annex
Burgess, Nicholas - 2018
In this paper we discuss the continued transition of financial markets towards trade standardization and the clearing of transactions, outlining the role of central clearing counterparties CCPs in reducing systemic and idiosyncratic risk. We contrast this with a discussion on bespoke non-cleared...
Persistent link: https://www.econbiz.de/10012932874
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Investor Protection and Choice of Share Issuance Mechanism
McLean, R. David - 2013
Legal investor protection is associated with how firms choose to issue shares. The likelihood of private placements relative to rights offerings increases with investor protection, as does the likelihood of public offerings relative to both private placements and rights offerings. These findings...
Persistent link: https://www.econbiz.de/10013094630
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Cash Savings from Net Equity Issues, Net Debt Issues, and Cash Flows : International Evidence
Seifert, Bruce - 2013
rates are positively related to investment opportunities, R&D intensity, multinational status, and whether firms are located …
Persistent link: https://www.econbiz.de/10013087338
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Globalization, Governance, and the Returns to Cross-Border Acquisitions
Ellis, Jesse A. - 2011
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...
Persistent link: https://www.econbiz.de/10013131906