An Investigation of the Relationship between Multinational Companies' Attributes and the Market Effects of Sfas No. 52
نویسنده
چکیده
This study examines the relationship between firms' attributes and the market effects of SFAS No. 52. The accumulation of abnormal residuals during the eleven-day test period is used as a dependent variable and the firms' size and leverage as independent variables. The results suggest that the market effects of SFAS No. 52 depend on firm size and leverage. Stock price changes are directly attributed to the increase in contractual constraints defined in terms of political costs and financial information.
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