TY  - DATA
AU  - Levine,Ross
AU  - Schmukler,Sergio L.
ED  - National Bureau of Economic Research.
TI  - Internationalization and the evolution of corporate valuation
T2  - NBER working paper series
AV  - HB1 
PY  - 2005///
CY  - Cambridge, MA
PB  - National Bureau of Economic Research
KW  - International business enterprises
KW  - Valuation
KW  - Mathematical models
KW  - Corporations
KW  - Globalization
KW  - Economic aspects
N1  - Title from PDF file as viewed on 1/25/2005; Includes bibliographical references; Also available in print
N2  - "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
UR  - http://papers.nber.org/papers/W11023
ER  -