Research forum on international economics : international an event study
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Date
2022
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Abstract
The internalization theory of multinational firms proposes that direct international investment occurs when firm has information related intangible assets with public good properties. We find that firms with characteristics suggesting the presences of information based assets experiences a significantly positive stock prices reaction upon announcing a foreign acquisition. on the other hand firms apparently lacking such assets experience at best zoro abnormal returns upon announcing overseas acquisitions.
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Keywords
International economics, International an event study, International investment