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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w11023 |
来源ID | Working Paper 11023 |
Internationalization and the Evolution of Corporate Valuation | |
Ross Levine; Sergio L. Schmukler | |
发表日期 | 2005-01-10 |
出版年 | 2005 |
语种 | 英语 |
摘要 | By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that Tobin's "q" does not rise after internationalization, even relative to firms that do not internationalize. Instead, "q" rises significantly one year before internationalization and during the internationalization year. But, then "q" falls sharply in the year after internationalization, relinquishing the increases of the previous two years. To account for these dynamics, we show that market capitalization rises one year before internationalization and remains high, while corporate assets increase during internationalization. The evidence supports models stressing that internationalization facilitates corporate expansion, but challenges models stressing that internationalization produces an enduring effect on "q" by bonding firms to a better corporate governance system. |
主题 | Financial Economics ; Financial Markets ; International Economics ; International Finance ; International Factor Mobility |
URL | https://www.nber.org/papers/w11023 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568658 |
推荐引用方式 GB/T 7714 | Ross Levine,Sergio L. Schmukler. Internationalization and the Evolution of Corporate Valuation. 2005. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w11023.pdf(239KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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