Patterns of International Capital Raisings

This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occ...

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Main Authors:	Gozzi, Juan Carlos, Levine, Ross, Schmukler, Sergio L.
Format:	Journal Article
Language:	EN
Published:	2012
Subjects:	Current Account Adjustment Short-term Capital Movements F320 International Lending and Debt Problems F340 International Financial Markets G150
Online Access:	http://hdl.handle.net/10986/5799

id	okr-10986-5799
recordtype	oai_dc
spelling	okr-10986-57992021-04-23T14:02:23Z Patterns of International Capital Raisings Gozzi, Juan Carlos Levine, Ross Schmukler, Sergio L. Current Account Adjustment Short-term Capital Movements F320 International Lending and Debt Problems F340 International Financial Markets G150 This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the cross-firm heterogeneity in financial globalization. (2) Changes in firm performance following equity and debt issuances in international markets are qualitatively similar to those following domestic issuances, suggesting that capital raisings abroad are not intrinsically different from those in domestic markets. (3) Firms continue to issue securities both abroad and at home after accessing international markets, suggesting that international and domestic markets are complements, not substitutes. Existing theories do not fully account for these patterns. 2012-03-30T07:34:36Z 2012-03-30T07:34:36Z 2010 Journal Article Journal of International Economics 00221996 http://hdl.handle.net/10986/5799 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	EN
topic	Current Account Adjustment Short-term Capital Movements F320 International Lending and Debt Problems F340 International Financial Markets G150
spellingShingle	Current Account Adjustment Short-term Capital Movements F320 International Lending and Debt Problems F340 International Financial Markets G150 Gozzi, Juan Carlos Levine, Ross Schmukler, Sergio L. Patterns of International Capital Raisings
relation	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description	This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the cross-firm heterogeneity in financial globalization. (2) Changes in firm performance following equity and debt issuances in international markets are qualitatively similar to those following domestic issuances, suggesting that capital raisings abroad are not intrinsically different from those in domestic markets. (3) Firms continue to issue securities both abroad and at home after accessing international markets, suggesting that international and domestic markets are complements, not substitutes. Existing theories do not fully account for these patterns.
format	Journal Article
author	Gozzi, Juan Carlos Levine, Ross Schmukler, Sergio L.
author_facet	Gozzi, Juan Carlos Levine, Ross Schmukler, Sergio L.
author_sort	Gozzi, Juan Carlos
title	Patterns of International Capital Raisings
title_short	Patterns of International Capital Raisings
title_full	Patterns of International Capital Raisings
title_fullStr	Patterns of International Capital Raisings
title_full_unstemmed	Patterns of International Capital Raisings
title_sort	patterns of international capital raisings
publishDate	2012
url	http://hdl.handle.net/10986/5799
_version_	1764396340092076032

Patterns of International Capital Raisings

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