Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms

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C. Edward Fee; Charles J. Hadlock; Joshua R. Pierce;
  • Journal: The Review of Financial Studies,volume 22,issue 6 6,pages2,361-2,392
  • Related identifiers: doi: 10.1093/rfs/hhn059

We find a significant positive relation between a firm's advertising spending in the United States and its contemporaneous foreign cash flow. This relation holds even after controlling for factors that should be related to the optimal level of domestic advertising, and ... View more
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