International market segmentation and Eurodebt issues

Stavros B. Thomadakis, Nilufer Usmen

Research output: Contribution to journalArticlepeer-review


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.

Original languageEnglish
Pages (from-to)339-354
Number of pages16
JournalReview of Quantitative Finance and Accounting
Issue number4
StatePublished - Dec 1995


  • Eurobond issues
  • capital market segmentation
  • international capital structure


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