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Internationalization and the evolution of corporate valuation [electronic resource] / Ross Levine, Sergio L. Schmukler.

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Levine, Ross

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Computer fileSeries: Working paper series (National Bureau of Economic Research : Online) ; working paper no. 11023.Publication details: Cambridge, MA : National Bureau of Economic Research, c2005.Description: 47 p. ill. 22 cmSubject(s):

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Abstract: "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 fa

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Item type	Current library	Home library	Call number	Status	Barcode
Books	Main Campus Library	University of Eastern Africa, Baraton	Spc HG 3881.5 .W57 (Browse shelf(Opens below))	Available	64877

Title from PDF file as viewed on 1/25/2005.

Includes bibliographical references.

"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 fa