Shareholders' Gains from Corporate Expansion to the Republics of the Former Soviet Union
研究美国企业扩张到前苏联加盟共和国如何影响股东财富，发现资产有形性影响超额收益，且管理层与股东利益一致时超额收益更高。
Recent political, economic, and social changes in the Republics of the Former Soviet Union (RFSUs) have created opportunities for US firms to expand their presence there. This study provides evidence on how shareholder wealth is affected by expansion into the RFSUs. The results show that tangibility of assets influences excess returns. Finally, the results indicate that higher excess returns are realized when managerial interests are aligned with those of shareholders.