GLOBAL EQUITY OFFERINGS, CORPORATE VALUATION, AND SUBSEQUENT INTERNATIONAL DIVERSIFICATION

• 成果类型: Article
• 署名作者: Hasan, Iftekhar; Kobeissi, Nada; Wang, Haizhi
• 署名单位: Bank of Finland; Long Island University; Long Island University Post; Illinois Institute of Technology; Rensselaer Polytechnic Institute
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.910
• 发表日期: 2011
• 页码: 787-796
• 关键词: global equity offerings; valuation; International diversification; initial public offerings

摘要

Researchers have long wondered why U.S. firms offer their equity in multiple global capital markets even though they have access to a deep domestic capital market. Based on a propensity score-matching sample of IPOs for U.S. firms from 1990 to 2003, this paper offers some potential answers. We find strong evidence that issuers who choose global equity offerings experience higher valuations at the IPO stage, as measured by Tobin's q. Our evidence also shows that global equity offerings serve as a deliberate strategic tool to increase issuers' international visibility and their propensity to diversify operationally to international markets. Copyright (C) 2010 John Wiley & Sons, Ltd.