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Foreign Project Financing in Segmented Capital Markets: Equity Versus Debt

Author

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  • Stavros Thomadakis
  • Nilufer Usmen

Abstract

Starting with the premise of capital structure irrelevance in each national market, the study arrives at an optimal international capital structure comprised of country A equity and country B debt in segmented international capital markets. It is also shown in such a market that risky foreign debt can enhance shareholder wealth beyond that of default-free debt. Empirical predictions are made about types of firms that are prone to issue foreign debt/equity.

Suggested Citation

  • Stavros Thomadakis & Nilufer Usmen, 1991. "Foreign Project Financing in Segmented Capital Markets: Equity Versus Debt," Financial Management, Financial Management Association, vol. 20(4), Winter.
    • Handle: RePEc:fma:fmanag:thomadakis91
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    Cited by:

    1. Aditya Keshari & Amit Gautam, 2022. "Empirical Testing of Co-integration of International Financial Markets with Reference to India, the USA, Japan, and Hong Kong," Jindal Journal of Business Research, , vol. 11(1), pages 34-43, June.
    2. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.

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