Revisiting Internal Capital Market Efficiency: A Strategic View

The authors gratefully acknowledge the helpful comments and suggestions received from Marie-Ann Betschinger, Ludovic Dibiaggio, Timothy B. Folta, Tobias Kretschmer, Patrick Musso, and Frédéric Le Roy on earlier versions of this research. This article has greatly benefited from the excellent guidance of Senior Editor Evan Rawley and the constructive feedback of three anonymous reviewers. In this article, Ghahhar Zavosh is the first author. Olivier Bertrand and Samira Fallah contributed equally to this article and should be regarded as co-second authors.