Capital market imperfections and forms of foreign operations

Article Abstract:

A model of foreign operations is used to determine a parent firm's choice between wholly owned subsidiaries and joint ventures, and the capital market imperfections is introduced into the model to capture a positive effect of the firm's net worth on investment. It is shown that parent firms with strong technological advantages can be controlling shareholders even if they take minority positions in ventures with local firms.

United States, Foreign operations, Foreign investments, Capital market, Capital markets, Varieties, Perfection, Foreign direct investment

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Investment and internal finance: asymmetric information or managerial discretion?

Article Abstract:

A study examines the impact of managerial discretion and information access on the investments and cash flow preference of companies in the Netherlands.

Netherlands, Usage, Cash flow, Information asymmetry

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Access pricing and investment with stochastically growing demand

Article Abstract:

Effects of access pricing in an open access environment on firms' investments in a network facility with stochastically growing demand are presented.

Japan, Market information - general, Computer networks, Finance, Supply and demand, Company financing, Information networks, Access charges (Telephone), Telephone access charges

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