The rise of FDI from emerging markets has become a focus of attention since the turn of the century. Over the past few years, firms from these markets have become major investors abroad, complementing their home countries‘ traditional role as recipients of FDI. To help understand this...

In a “perfect” market, Miller and Modigliani's celebrated dividend irrelevance argument holds, whereby a dividend payment or omission is identical in impact to changes in a firm's share structure. Consequently, the dividend payment itself is irrelevant to valuation; what matters is the...