Internationalization and the evolution of corporate valuation:
"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 1989-200...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, MA
National Bureau of Economic Research
c2005
|
| Schriftenreihe: | NBER working paper series
working paper 11023 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "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 facilitates corporate expansion, but challenges models stressing that internationalization produces an enduring effect on "q" by bonding firms to a better corporate governance system"--National Bureau of Economic Research web site |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 1/25/2005 |
| Beschreibung: | 1 Online-Ressource |
Internformat
MARC
| LEADER | 00000nmm a22000001cb4500 | ||
|---|---|---|---|
| 001 | BV049074691 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 230731s2005 xxu|||| o||u| ||||||eng d | ||
| 035 | |a (ZDB-1-WBA)093224850 | ||
| 035 | |a (OCoLC)1392145439 | ||
| 035 | |a (DE-599)GBVNLM005461006 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 | ||
| 100 | 1 | |a Levine, Ross |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Internationalization and the evolution of corporate valuation |c Ross Levine, Sergio L. Schmukler |
| 264 | 1 | |a Cambridge, MA |b National Bureau of Economic Research |c c2005 | |
| 300 | |a 1 Online-Ressource | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a NBER working paper series |v working paper 11023 | |
| 500 | |a Includes bibliographical references | ||
| 500 | |a Title from PDF file as viewed on 1/25/2005 | ||
| 520 | 3 | |a "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 facilitates corporate expansion, but challenges models stressing that internationalization produces an enduring effect on "q" by bonding firms to a better corporate governance system"--National Bureau of Economic Research web site | |
| 533 | |a Online-Ausg |n Also available in print | ||
| 650 | 4 | |a Corporations |x Valuation |x Mathematical models | |
| 650 | 4 | |a Globalization |x Economic aspects |x Mathematical models | |
| 650 | 4 | |a International business enterprises |x Valuation |x Mathematical models | |
| 700 | 1 | |a Schmukler, Sergio L. |e Sonstige |4 oth | |
| 710 | 2 | |a National Bureau of Economic Research |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Levine, Ross |a Internationalization and the evolution of corporate valuation |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-034336582 | ||
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |l BSB01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |l EUV01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |l HTW01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |l FHI01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |l IOS01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1804185392782508032 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Levine, Ross |
| author_facet | Levine, Ross |
| author_role | aut |
| author_sort | Levine, Ross |
| author_variant | r l rl |
| building | Verbundindex |
| bvnumber | BV049074691 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)093224850 (OCoLC)1392145439 (DE-599)GBVNLM005461006 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03415nmm a22004811cb4500</leader><controlfield tag="001">BV049074691</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">230731s2005 xxu|||| o||u| ||||||eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)093224850</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1392145439</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005461006</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Levine, Ross</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Internationalization and the evolution of corporate valuation</subfield><subfield code="c">Ross Levine, Sergio L. Schmukler</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, MA</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">c2005</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">NBER working paper series</subfield><subfield code="v">working paper 11023</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Title from PDF file as viewed on 1/25/2005</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">"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 facilitates corporate expansion, but challenges models stressing that internationalization produces an enduring effect on "q" by bonding firms to a better corporate governance system"--National Bureau of Economic Research web site</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield><subfield code="n">Also available in print</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporations</subfield><subfield code="x">Valuation</subfield><subfield code="x">Mathematical models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Globalization</subfield><subfield code="x">Economic aspects</subfield><subfield code="x">Mathematical models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">International business enterprises</subfield><subfield code="x">Valuation</subfield><subfield code="x">Mathematical models</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Schmukler, Sergio L.</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">National Bureau of Economic Research</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Levine, Ross</subfield><subfield code="a">Internationalization and the evolution of corporate valuation</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034336582</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933</subfield><subfield code="l">EUV01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933</subfield><subfield code="l">HTW01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933</subfield><subfield code="l">FHI01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933</subfield><subfield code="l">IOS01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV049074691 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:47Z |
| indexdate | 2024-07-10T09:54:31Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034336582 |
| oclc_num | 1392145439 |
| open_access_boolean | |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| physical | 1 Online-Ressource |
| psigel | ZDB-1-WBA |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | NBER working paper series |
| spelling | Levine, Ross Verfasser aut Internationalization and the evolution of corporate valuation Ross Levine, Sergio L. Schmukler Cambridge, MA National Bureau of Economic Research c2005 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier NBER working paper series working paper 11023 Includes bibliographical references Title from PDF file as viewed on 1/25/2005 "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 facilitates corporate expansion, but challenges models stressing that internationalization produces an enduring effect on "q" by bonding firms to a better corporate governance system"--National Bureau of Economic Research web site Online-Ausg Also available in print Corporations Valuation Mathematical models Globalization Economic aspects Mathematical models International business enterprises Valuation Mathematical models Schmukler, Sergio L. Sonstige oth National Bureau of Economic Research Sonstige oth Levine, Ross Internationalization and the evolution of corporate valuation http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Levine, Ross Internationalization and the evolution of corporate valuation Corporations Valuation Mathematical models Globalization Economic aspects Mathematical models International business enterprises Valuation Mathematical models |
| title | Internationalization and the evolution of corporate valuation |
| title_auth | Internationalization and the evolution of corporate valuation |
| title_exact_search | Internationalization and the evolution of corporate valuation |
| title_exact_search_txtP | Internationalization and the evolution of corporate valuation |
| title_full | Internationalization and the evolution of corporate valuation Ross Levine, Sergio L. Schmukler |
| title_fullStr | Internationalization and the evolution of corporate valuation Ross Levine, Sergio L. Schmukler |
| title_full_unstemmed | Internationalization and the evolution of corporate valuation Ross Levine, Sergio L. Schmukler |
| title_short | Internationalization and the evolution of corporate valuation |
| title_sort | internationalization and the evolution of corporate valuation |
| topic | Corporations Valuation Mathematical models Globalization Economic aspects Mathematical models International business enterprises Valuation Mathematical models |
| topic_facet | Corporations Valuation Mathematical models Globalization Economic aspects Mathematical models International business enterprises Valuation Mathematical models |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3933 |
| work_keys_str_mv | AT levineross internationalizationandtheevolutionofcorporatevaluation AT schmuklersergiol internationalizationandtheevolutionofcorporatevaluation AT nationalbureauofeconomicresearch internationalizationandtheevolutionofcorporatevaluation |