First offshore bond issuances and firm valuation

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annif.suggestionsbonds|financial markets|enterprises|finance|internationalisation|international corporations|security market|international market|valuation|money market|enen
annif.suggestions.linkshttp://www.yso.fi/onto/yso/p18594|http://www.yso.fi/onto/yso/p7536|http://www.yso.fi/onto/yso/p3128|http://www.yso.fi/onto/yso/p1406|http://www.yso.fi/onto/yso/p3866|http://www.yso.fi/onto/yso/p14953|http://www.yso.fi/onto/yso/p12456|http://www.yso.fi/onto/yso/p9857|http://www.yso.fi/onto/yso/p15139|http://www.yso.fi/onto/yso/p6215en
dc.contributor.authorDimic, Nebojsa
dc.contributor.authorOrlov, Vitaly
dc.contributor.authorPiljak, Vanja
dc.contributor.departmentfi=Ei tutkimusalustaa|en=No platform|-
dc.contributor.facultyfi=Laskentatoimen ja rahoituksen yksikkö|en=School of Accounting and Finance|-
dc.contributor.orcidhttps://orcid.org/0000-0002-0560-5071-
dc.contributor.orcidhttps://orcid.org/0000-0002-2066-5208-
dc.contributor.organizationfi=Vaasan yliopisto|en=University of Vaasa|
dc.date.accessioned2022-12-21T14:17:40Z
dc.date.accessioned2025-06-25T13:41:46Z
dc.date.available2022-12-21T14:17:40Z
dc.date.issued2022-06-25
dc.description.abstractDoes the first offshore bond initial public offering (BIPO) affect firm valuation? By using a sample of US firms we document the dynamics of the firm valuation in response to initial offshore bond issuance. We find that offshore BIPOs have a positive short-term effect on US firms' valuations. The effect varies in firm characteristics, timing, and the location of the issue. Positive valuation effect is further confirmed by using difference-in-differences analysis approach, where offshore bond issuers are compared with their domestic counterparts. Additionally, firms with a strong need for external funds and growth prospects accelerate their offshore public debt market entry.-
dc.description.notification© 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).-
dc.description.reviewstatusfi=vertaisarvioitu|en=peerReviewed|-
dc.format.bitstreamtrue
dc.format.contentfi=kokoteksti|en=fulltext|-
dc.format.extent16-
dc.identifier.olddbid17435
dc.identifier.oldhandle10024/14914
dc.identifier.urihttps://osuva.uwasa.fi/handle/11111/2565
dc.identifier.urnURN:NBN:fi-fe2022122173188-
dc.language.isoeng-
dc.publisherElsevier-
dc.relation.doi10.1016/j.irfa.2022.102246-
dc.relation.funderMarcus Wallenbergin Säätio and Arvopaperi Foundation-
dc.relation.funderOP-Pohjola Group Research Foundation-
dc.relation.grantnumber201800057-
dc.relation.grantnumber201600054-
dc.relation.ispartofjournalInternational Review of Financial Analysis-
dc.relation.issn1873-8079-
dc.relation.issn1057-5219-
dc.relation.urlhttps://doi.org/10.1016/j.irfa.2022.102246-
dc.relation.volume83-
dc.rightsCC BY 4.0-
dc.source.identifierWOS:000851062700010-
dc.source.identifierScopus:85133585129-
dc.source.identifierhttps://osuva.uwasa.fi/handle/10024/14914
dc.subjectBond IPO-
dc.subjectDebt structure-
dc.subjectInternational bond market-
dc.subjectTobin's q-
dc.subject.disciplinefi=Laskentatoimi ja rahoitus|en=Accounting and Finance|-
dc.titleFirst offshore bond issuances and firm valuation-
dc.type.okmfi=A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä|en=A1 Peer-reviewed original journal article|sv=A1 Originalartikel i en vetenskaplig tidskrift|-
dc.type.publicationarticle-
dc.type.versionpublishedVersion-

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