How Firms Use Corporate Bond Markets under Financial Globalization

This paper studies how firms from developed and developing countries have used domestic and international corporate bond markets since the 1990s. We find that debt issues in domestic and international markets have different characteristics. International issues tend to be larger, of shorter maturity...

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Main Authors:	Gozzi, Juan Carlos, Levine, Ross, Martinez Peria, Maria Soledad, Schmukler, Sergio L.
Format:	Journal Article
Language:	en_US
Published:	Elsevier 2015
Subjects:	bond markets capital markets capital structure debt issues financial internationalization financial globalization
Online Access:	http://hdl.handle.net/10986/22703

id	okr-10986-22703
recordtype	oai_dc
spelling	okr-10986-227032021-04-23T14:04:10Z How Firms Use Corporate Bond Markets under Financial Globalization Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L. bond markets capital markets capital structure debt issues financial internationalization financial globalization This paper studies how firms from developed and developing countries have used domestic and international corporate bond markets since the 1990s. We find that debt issues in domestic and international markets have different characteristics. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns persist even when analyzing issues by firms from countries with more developed domestic markets and higher financial integration and when comparing issues conducted by the same firm in different markets. These findings are consistent with the existence of frictions that segment domestic and international corporate bond markets and with these markets providing distinct financial services. 2015-09-29T16:51:28Z 2015-09-29T16:51:28Z 2015-04-21 Journal Article Journal of Banking and Finance 0378-4266 http://hdl.handle.net/10986/22703 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Elsevier Publications & Research Publications & Research :: Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	bond markets capital markets capital structure debt issues financial internationalization financial globalization
spellingShingle	bond markets capital markets capital structure debt issues financial internationalization financial globalization Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L. How Firms Use Corporate Bond Markets under Financial Globalization
description	This paper studies how firms from developed and developing countries have used domestic and international corporate bond markets since the 1990s. We find that debt issues in domestic and international markets have different characteristics. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns persist even when analyzing issues by firms from countries with more developed domestic markets and higher financial integration and when comparing issues conducted by the same firm in different markets. These findings are consistent with the existence of frictions that segment domestic and international corporate bond markets and with these markets providing distinct financial services.
format	Journal Article
author	Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L.
author_facet	Gozzi, Juan Carlos Levine, Ross Martinez Peria, Maria Soledad Schmukler, Sergio L.
author_sort	Gozzi, Juan Carlos
title	How Firms Use Corporate Bond Markets under Financial Globalization
title_short	How Firms Use Corporate Bond Markets under Financial Globalization
title_full	How Firms Use Corporate Bond Markets under Financial Globalization
title_fullStr	How Firms Use Corporate Bond Markets under Financial Globalization
title_full_unstemmed	How Firms Use Corporate Bond Markets under Financial Globalization
title_sort	how firms use corporate bond markets under financial globalization
publisher	Elsevier
publishDate	2015
url	http://hdl.handle.net/10986/22703
_version_	1764451818789666816

How Firms Use Corporate Bond Markets under Financial Globalization

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