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Capital Markets, Ownership and Distance

Abstract:

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

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Publisher:
Centre for Economic Performance
Publication date:
2006-01-01
UUID:
uuid:f6260259-0cb5-4d0f-b3c1-095a4202ad92
Local pid:
oai:eureka.sbs.ox.ac.uk:594
Deposit date:
2011-05-19

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