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Book part
Publication date: 1 January 2008

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Corporate Governance in Less Developed and Emerging Economies
Type: Book
ISBN: 978-1-84855-252-4

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Article
Publication date: 1 March 2002

Shahrokh M. Saudagaran

Summarizes three theories on the value of multinational companies: internalization, imperfect capital markets and managerial objectives (agency costs); and reviews a comprehensive…

849

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Summarizes three theories on the value of multinational companies: internalization, imperfect capital markets and managerial objectives (agency costs); and reviews a comprehensive selection of previous studies of the effects of multinationality and international diversification on firm value. Believes that globalization makes this an important area and suggests some avenues for further research.

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Managerial Finance, vol. 28 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 April 2004

Somnath Das, Shahrokh M. Saudagaran and Ranjan Sinha

A number of US firms voluntarily de‐listed their stock from the Tokyo Stock Exchange (TSE) during the years 1977–97. We examine changes in trading volume, return volatility and…

742

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A number of US firms voluntarily de‐listed their stock from the Tokyo Stock Exchange (TSE) during the years 1977–97. We examine changes in trading volume, return volatility and implicit bid‐ask spreads in the U.S. stock exchange surrounding the de‐listing, and find evidence of an increase both in trading volume and bid‐ask spreads, particularly when the analysis is conditioned upon (a) trading volume on the TSE prior to de‐listing and (b) whether the de‐listing firm had operations in Japan. We also examine the daily stock price movement of the de‐listed firms and find a significantly negative price movement at the time of the de‐listing announcement, and also around the actual date of de‐listing. The results suggest a negative price response reflecting both a temporary information effect and also a more permanent valuation effect. Preliminary tests suggest that the latter is not related to the decrease in liquidity.

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Review of Accounting and Finance, vol. 3 no. 4
Type: Research Article
ISSN: 1475-7702

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Book part
Publication date: 4 December 2012

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Finance and Development in Africa
Type: Book
ISBN: 978-1-78190-225-7

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Book part
Publication date: 6 November 2012

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Accounting in Africa
Type: Book
ISBN: 978-1-78190-223-3

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Book part
Publication date: 15 December 2011

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Accounting in Asia
Type: Book
ISBN: 978-1-78052-445-0

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Book part
Publication date: 2 December 2013

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Accounting in Central and Eastern Europe
Type: Book
ISBN: 978-1-78190-939-3

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Book part
Publication date: 1 December 2009

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Accounting in Emerging Economies
Type: Book
ISBN: 978-1-84950-626-7

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Book part
Publication date: 3 September 2014

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Accounting in Latin America
Type: Book
ISBN: 978-1-78441-067-4

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Book part
Publication date: 23 December 2010

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Research in Accounting in Emerging Economies
Type: Book
ISBN: 978-0-85724-452-9

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