MARC Record from Library of Congress

LEADER: 02019nam a22003017a 4500
001 2006619165
003 DLC
005 20060607075301.0
007 cr |||||||||||
008 060607s2006 mau sb 000 0 eng
010 $a 2006619165
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aDesai, Mihir A.
245 10 $aCapital structure with risky foreign investment$h[electronic resource] /$cMihir A. Desai, C. Fritz Foley, James R. Hines Jr..
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2006.
490 1 $aNBER working paper series ;$vworking paper 12276
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/7/2006.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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.
700 1 $aFoley, Fritz C.
700 1 $aHines, James R. Jr.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 12276.
856 40 $uhttp://papers.nber.org/papers/w12276