Corporate Investment in Emerging Markets PDF (Adobe DRM) download by Delong Li

Corporate Investment in Emerging Markets

INTERNATIONAL MONETARY FUND
Publication date: December 2015
ISBN: 9781513581996
Digital Book format: PDF (Adobe DRM)

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We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel originating from changes in the costs of external borrowing and (ii) a real options channel-reflecting firms' option values to delay investment. We find evidence of the coexistence of both channels. Financially weaker firms reduce investment by more in response to higher interest rates or volatility, while firms with stronger balance sheets become less willing to invest after volatility spikes. Furthermore, the intensity of the financing channel diminishes for firms in countries with lower public debt, higher foreign reserves, or deeper financial markets.
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Corporate Investment in Emerging Markets PDF (Adobe DRM) download by Delong Li
INTERNATIONAL MONETARY FUND, December 2015
ISBN: 9781513581996
EAN:  9781513581996
PDF (Adobe DRM)
List Price: $4.50 eBook price: $3.99
Corporate Investment in Emerging Markets ePub (Adobe DRM) download by Delong Li
INTERNATIONAL MONETARY FUND, December 2015
ISBN: 9781513502328
EAN:  9781513502328
ePub (Adobe DRM)
List Price: $4.50 eBook price: $3.99