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Country-by-country reporting aims to curb tax avoidance by multinational corporations and increase transparency in the tax system. This paper provides the first evidence of the effect of country-by-country in developing countries, focusing on the market response of the African stock market to...
Persistent link: https://www.econbiz.de/10015075540
In the last decades, labor rights violations and tangible environmental challenges have caused companies to come under increasing society’s pressure to achieve environmental and social goals. Using a novel dataset on worldwide industrial disasters and companies (allegedly) involved in them, I...
Persistent link: https://www.econbiz.de/10013211107
In this paper we investigate the main features of the domestic and cross-border corporate acquisitions involving 38 European countries in the period 2003-2010. The analysis is based on characteristics of takeover transactions such as the type of transaction, relative value of the deal, payment...
Persistent link: https://www.econbiz.de/10013018655
We find that active global mutual funds in the U.S. can use foreign information to select U.S. multinationals’ stocks. To invest internationally, these funds collect information from the foreign countries where they invest. Such foreign information helps funds invest in U.S. multinationals...
Persistent link: https://www.econbiz.de/10014350922
The valuation of synergy is vital to the success of any merger, however, given current valuation methodologies and the complexity of the task; it is also the most challenging element of merger and acquisition pricing. Conventional valuation methods assume that sales figures and market share of...
Persistent link: https://www.econbiz.de/10015224213
The recent dramatic fall in oil prices has led to extensive capital rationing in international oil companies, and subsequent fierce competition between resource extraction countries to attract scarce investment. This situation is not adequately addressed by the large literature on international...
Persistent link: https://www.econbiz.de/10011657111
Ceding ownership to outside investors provides a control dilemma for founders. In less developed capital markets with weaker formal institutions, we argue that retained founder director ownership can lower the transaction costs of external capital. Our argument rests on incomplete contracting...
Persistent link: https://www.econbiz.de/10013329998
This paper starts by unveiling a strong empirical regularity: multinational corporations exhibit higher stock market returns and earning yields than non-multinational firms. Within non-multinationals, exporters exhibit higher earning yields and returns than firms selling only in their domestic...
Persistent link: https://www.econbiz.de/10011158362
We investigate theoretically and empirically the relationship between the geographic structure of a multinational corporation and its risk premium. Our structural model suggests two channels. On the one hand, multinational activity offers diversification benefits: risk premia should be higher...
Persistent link: https://www.econbiz.de/10011150299
Présentés selon la prochaine norme internationale, les investissements directs de la France affichent des résultats différents de ceux établis suivant la méthodologie actuelle. Les flux entrants et sortants sont ainsi réduits en moyenne de 30 milliards par an depuis 1999 et leur...
Persistent link: https://www.econbiz.de/10009207467