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Capital structure with risky foreign investment

Author: Mihir A Desai; C Fritz Foley; James R Hines; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2006.
Series: Working paper series (National Bureau of Economic Research), no. 12276.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"American multinational firms respond to politically risky environments by adjusting their capital structures abroad and at home. Foreign subsidiaries located in politically risky countries have significantly more debt than do other foreign affiliates of the same parent companies. American firms further limit their equity exposures in politically risky countries by sharing ownership with local partners and by  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mihir A Desai; C Fritz Foley; James R Hines; National Bureau of Economic Research.
OCLC Number: 69863987
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 12276.
Responsibility: Mihir A. Desai, C. Fritz Foley, James R. Hines, Jr.

Abstract:

"American multinational firms respond to politically risky environments by adjusting their capital structures abroad and at home. Foreign subsidiaries located in politically risky countries have significantly more debt than do other foreign affiliates of the same parent companies. American firms further limit their equity exposures in politically risky countries by sharing ownership with local partners and by serving foreign markets with exports rather than local production. The residual political risk borne by parent companies leads them to use less domestic leverage, resulting in lower firm-wide leverage. Multinational firms with above-average exposures to politically risky countries have 8.4 percent less domestic leverage than do other firms. These findings illustrate the impact of risk exposures on capital structure"--National Bureau of Economic Research web site.

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