This study examines the leverage policies of multinational corporations (MNCs) in comparison to those of domestic corporations (DCs). Prior studies document that MNCs have relatively low leverage levels. However, our analysis of U.S. firms over the period 1982-2006 reveals that the leverage...

For a large sample of 48 countries, we find robust evidence that strong creditor rights are associated with low long-term leverage across countries. We further find that strong creditor protection lowers long-term debt issuance, the extent to which investments are financed with long-term debt,...

Korean Abstract: 본 연구는 국가간(혹은 자본시장간) 기업가치를 비교함으로써 세계 자본시장의 통합ㆍ분할 정도를 판단하는 접근법을 제안한다. 이 접근법은 국가간 주가수익률 비교에 초점을 맞추는 기존 세계 자본시장...

Korean Abstract: 본 논문은 35개국의 1998~2004년간 기업자료를 바탕으로 투자-현금흐름 민감도가 자금조달제약을 반영하는 측정치인가를 분석한다. 미국기업들을 대상으로 한 최근 선행연구들은 투자-현금흐름 민감도가...

Using a sample of 261 U.S. multinationals over the period 1984 to 2002, we examine the relation between exchange rate changes and the profitability of foreign operations. We find that the impact of exchange rate changes on foreign operations' profitability is not statistically significant in the...

The importance of cash-flow uncertainty in payout policy has received little attention in empirical studies, while survey studies such as Linter (1956) and Brav, Graham, Harvey and Michaely (2005) indicate its importance. We conduct comprehensive analysis of its importance in payout policy. With...

This paper investigates the relation between credit risk and stock return for publicly traded firms in the Pakistan Stock Exchange (PSX) over the period 2000-2017. Using credit ratings as a proxy for credit risk, we find that this relation is negative in Pakistan, as low-rated stocks (i.e.,...

This study identifies a J-shaped relation between dividends and firm value. On average, top-dividend-payers are valued higher than all other firms, while non-dividend-payers are valued higher than low-dividend-payers. This J-shaped relation is highly stable over time as it is observed in nearly...

Korean Abstract: 본 연구는 한국을 포함한 OECD 29개국 1973년-2010년의 연간자료를 이용하여 인구구조 변화가 주식의 기본가치변수(fundamental variable)에 미치는 영향을 분석한다. 인구구조변수로는 주요 주식투자연령층의 비중을...