Foreign Project Financing in Segmented Capital Markets: Equity Versus Debt

Stavros Thomadakis and Nilufer Usmen

Financial Management, 1991, vol. 20, issue 4

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.

Date: 1991
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