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International market segmentation and Eurodebt issues |
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| Authors: | Stavros B Thomadakis Nilufer Usmen |
| Institution: | (1) Department of Economics and Finance, Baruch College, CUNY, 1070, Lexington Avenue, 10010 New York, NY;(2) Department of Finance/Economics, Faculty of Management, Rutgers University, 92 New Street, 07102 Newark, NJ |
| Abstract: | Implications of capital market segmentation for international capital structure (ICS)—capital structure consisting of equity issued in one country and debt issued in another—are examined. Necessary conditions for the emergence of ICS are analyzed under two options for debt issues (foreign debt and Eurodebt) and comparisons are made. It is shown that in cases where the project cannot support an ICS including foreign debt Eurobonds can be issued and would be profitable. |
| Keywords: | capital market segmentation international capital structure Eurobond issues |
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