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Capital Markets, Ownership and Distance.

Abstract:

This paper uses a new data-set to examine how internal capital markets and foreign ownership affect investment. Our data allow us to compare investment behaviour of listed subsidiaries with stand-alone firms while controlling for investment opportunities of parent and subsidiary firms. We evaluate how the size of ownership and the geographical proximity of majority owners to their subsidiaries affect firm investment efficiency. We find that the investment of subsidiaries is more sensitive to ...

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Publisher:
Centre for Economic Performance, LSE
Host title:
CEP Discussion Papers
Series:
CEP Discussion Papers
Publication date:
2006-01-01
Language:
English
UUID:
uuid:07826a7b-1dd1-402e-b276-0029d93a30bf
Local pid:
oai:economics.ouls.ox.ac.uk:11759
Deposit date:
2011-08-16

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