Internationalization and firm valuation: New evidence from first offshore bond issuances of US firms
Series
School of Finance Working Paper Series
Type
working paper
Author(s)
Abstract (De)
Does internationalization affect firm valuation? To answer this question, literature mainly considers firms from around the world internationalizing by issuing equity in the USA, whereas the current study focuses on US firms that internationalize by issuing debt in overseas markets. This paper provides evidence on theories of internationalization and capital structure, finding that overseas corporate debt offerings have a positive short-term effect on US firms’ valuations. The effect varies in firm characteristics, timing, and the location of the issue. Additionally, firms with a strong need for external funds and growth prospects accelerate their offshore public debt market entry.
Language
English
Keywords
Internationalization
Debt Structure
Segmentation
Tobin’s q
HSG Classification
contribution to scientific community
Publisher
SoF-HSG
Subject(s)
Division(s)
Eprints ID
253517
File(s)![Thumbnail Image]()
open.access
Name
Q__SOF_WP_Papers_18_03_Orlov et al_Internationalization and firm valuation.pdf
Size
641.79 KB
Format
Adobe PDF
Checksum (MD5)
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