Foreign Currency–Denominated Debt: An Empirical Examination*
2003; University of Chicago Press; Volume: 76; Issue: 4 Linguagem: Inglês
10.1086/377029
ISSN1537-5374
Autores Tópico(s)Auditing, Earnings Management, Governance
ResumoIn recent years, as the global economy has become increasingly integrated, there has been a dramatic increase in the number of firms that have some business activity outside their country of incorporation.Such foreign involvement ranges from simple import or export activity to more complicated decisions including integrated global sourcing, production, and competition.These multinationals face many different product and capital markets, a myriad of legal regimes, political risks, and exchange rate uncertainty.We have little understanding of how this affects the financing patterns of multinational firms.In this article, we study a sample of large U.S. firms and examine their decision to issue foreign cur-
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