5期

最新文章

• Foreign earnings management of US multinational companies: The role of decision rights AI翻译
  作者：Huang, Jing
  作者单位：Virginia Polytechnic Institute & State University
  摘要：US multinational corporations (MNCs) need to allocate decision rights between parent companies and subsidiaries to manage global operations. This article examines how the allocation of decision rights affects foreign earnings management of MNCs. I find that the extent of foreign earnings management increases when parents retain centralized decision rights. But internal cross-border frictions, between parents and their foreign subsidiaries, and the external local legal environment in which fore...
• The impact of climate risk on firm performance and financing choices: An international comparison AI翻译
  作者：Huang, Henry He; Kerstein, Joseph; Wang, Chong
  作者单位：Yeshiva University; Hong Kong Polytechnic University
  摘要：Increasingly adverse climatic conditions have created greater systematic risk for companies throughout the global economy. Few studies have directly examined the consequences of climate-related risk on financing choices by publicly listed firms across the globe. We attempt to do so using the Global Climate Risk Index compiled and published by Germanwatch (Kreft & Eckstein, 2014), which captures at the country level the extent of losses from extreme weather events. As expected, we find the like...
• Cross-border venture capital investments: The impact of foreignness on returns AI翻译
  作者：Buchner, Axel; Espenlaub, Susanne; Khurshed, Arif; Mohamed, Abdulkadir
  作者单位：University of Passau; University of Manchester; Alliance Manchester Business School; Cranfield University
  摘要：Against the background of the growing internationalization of venture capital (VC) investing, this is the first global comparison of the returns generated by individual domestic and cross-border deals. We examine investments worldwide during 1971-2009 and find that cross-border investments significantly underperform compared with equivalent domestic investments. Returns are negatively affected by geographic distances, cultural disparities, and institutional differences between the home and hos...
• Does corporate hedging attract foreign institutional investors? Evidence from international firms AI翻译
  作者：Massa, Massimo; Zhang, Lei
  作者单位：INSEAD Business School; Nanyang Technological University; University of Queensland
  摘要：We study how corporate hedging affects the demand of foreign institutional investors. We collect measures of foreign exchange hedging and interest rate hedging for a comprehensive sample of international companies. We document a strongly positive relationship between foreign institutional demand and corporate hedging. The effect of hedging is concentrated in the demand of non-bank-affiliated investors, whereas bank-affiliated investors are less sensitive to it. The impact of hedging on foreign...
• The interplay of national distances and regional networks: Private equity investments in emerging markets (vol 49, pg 371, 2018) AI翻译
  作者：Mingo, Santiago; Morales, Francisco; Dau, Luis Alfonso
  作者单位：Universidad Adolfo Ibanez; University of Colorado System; University of Colorado Boulder; Northeastern University
• The role of earnout financing on the valuation effects of global diversification AI翻译
  作者：Barbopoulos, Leonidas G.; Danbolt, Jo; Alexakis, Dimitris
  作者单位：University of Glasgow; University of Edinburgh; University of Edinburgh
  摘要：This article examines the impact of earnout financing on the value of acquiring firms engaged in cross-border acquisitions (CBAs), using a dataset of UK, US, Canadian and Australian firms from 1992 to 2012. The results show that firms initiating international business operations via earnout-financed CBAs enhance their value more than acquirers in (a) domestic acquisitions and (b) remaining CBAs by established multinational corporations (MNCs). Our findings demonstrate the superiority of earnou...