Patterns of International Capital Raisings

This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 199...

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Main Authors: Gozzi, Juan Carlos, Levine, Ross, Schmukler, Sergio L.
Format: Policy Research Working Paper
Language:English
Published: World Bank, Washington, DC 2012
Subjects:
IPO
Online Access:http://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings
http://hdl.handle.net/10986/6806
id okr-10986-6806
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ACCOUNTING
AGENCY COSTS
AGENCY PROBLEMS
AMOUNT OF CAPITAL
ASSET PRICES
ASSET PRICING
ASSET-BACKED SECURITIES
BALANCE SHEET
BALANCE SHEETS
BANK LENDING
BARRIERS TO CAPITAL
BOND ISSUANCES
BOND ISSUES
BOND MARKETS
BOND SALES
BONDS
BROKERS
CAPITAL ACCOUNT
CAPITAL ACCOUNT LIBERALIZATION
CAPITAL ACCOUNT LIBERALIZATIONS
CAPITAL CONTROLS
CAPITAL FLOWS
CAPITAL MARKETS
CAPITAL RAISING
CAPITAL STRUCTURE
COMMERCIAL PAPER
COMMERCIAL PAPER ISSUES
CORPORATE CAPITAL
CORPORATE DEBT
CORPORATE FINANCE
CORPORATE FINANCING
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE FRAMEWORK
CORPORATE INSIDERS
CORPORATE PERFORMANCE
COST OF CAPITAL
COUNTRY DUMMIES
CRISES IN EMERGING MARKETS
CROSS-BORDER CAPITAL
CROSS-BORDER ISSUES
DEBT
DEBT CAPITAL
DEBT ISSUANCE
DEBT ISSUANCES
DEBT ISSUE
DEBT ISSUES
DEBT MARKET
DEBT MARKETS
DEBT MATURITIES
DEBT MATURITY
DEBT OFFERINGS
DEBT SECURITIES
DEBTS
DEPOSITARY RECEIPTS
DEPOSITORY
DEVELOPING COUNTRIES
DEVELOPING COUNTRY
DEVELOPING ECONOMIES
DEVELOPMENT ECONOMICS
DIVIDEND
DIVIDEND YIELDS
DOMESTIC BOND
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKETS
DOMESTIC DEBT
DOMESTIC MARKET
DOMESTIC MARKETS
DOMESTIC SECURITIES
DOMESTIC STOCK
DUMMY VARIABLE
DUMMY VARIABLES
DYNAMIC ANALYSIS
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET EQUITY
EMERGING MARKETS
EQUITIES
EQUITY CAPITAL
EQUITY HOLDINGS
EQUITY ISSUANCE
EQUITY ISSUANCES
EQUITY ISSUE
EQUITY ISSUES
EQUITY MARKET
EQUITY MARKETS
EQUITY OFFERINGS
EQUITY PORTFOLIOS
EQUITY SECURITIES
EUROBOND
EXCLUSIONS
EXPENDITURES
EXPLOITATION
EXPORTS
FINANCIAL ADVISORS
FINANCIAL CAPITAL
FINANCIAL CRISES
FINANCIAL DEVELOPMENT
FINANCIAL GLOBALIZATION
FINANCIAL MANAGEMENT
FINANCIAL MARKETS
FINANCIAL STUDIES
FINANCIAL SUPPORT
FIRM PERFORMANCE
FIRM VALUATION
FIXED COSTS
FOREIGN ASSETS
FOREIGN CAPITAL
FOREIGN FIRMS
FOREIGN INSTITUTIONAL INVESTORS
FOREIGN INVESTORS
FOREIGN MARKETS
FOREIGN OWNERSHIP
FOREIGN STOCKS
FUTURE RESEARCH
GLOBAL CAPITAL
GLOBAL CAPITAL MARKETS
GLOBALIZATION
GROWTH RATE
HOME COUNTRIES
HOME COUNTRY
HOME MARKET
HOME MARKETS
INCOME
INCOME GROUP
INCOME LEVEL
INDEBTEDNESS
INITIAL PUBLIC OFFERINGS
INSTITUTIONAL INVESTORS
INTERNATIONAL BANK
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKET
INTERNATIONAL CAPITAL MARKETS
INTERNATIONAL CORPORATE GOVERNANCE
INTERNATIONAL DEBT
INTERNATIONAL DIVERSIFICATION
INTERNATIONAL EQUITY
INTERNATIONAL FINANCE
INTERNATIONAL FINANCIAL INTEGRATION
INTERNATIONAL INVESTORS
INTERNATIONAL MARKETS
INTERNATIONAL SALES
INTERNATIONAL SECURITIES
INTERNATIONAL TRADE
INVESTING
INVESTMENT BANKS
INVESTMENT BARRIERS
INVESTMENT CAPITAL
INVESTMENT FINANCING
INVESTMENT FUNDS
IPO
ISSUANCE
ISSUANCES
LEGAL ENVIRONMENTS
LOCAL MARKET
LOCAL MARKETS
LOCAL STOCK EXCHANGES
LOCAL STOCK MARKETS
LONG-TERM DEBT
MACROECONOMICS
MARKET COMPETITION
MARKET INTEGRATION
MARKET LIQUIDITY
MARKET PERFORMANCE
MARKET SEGMENTATION
MARKET VALUE
MATURITY
MIDDLE-INCOME ECONOMIES
MORTGAGE
MORTGAGE-BACKED SECURITIES
MUTUAL FUNDS
OWNERSHIP STRUCTURE
PORTFOLIO
PORTFOLIO ALLOCATION
PORTFOLIOS
POTENTIAL INVESTORS
PRIVATE BOND
PRIVATE MARKETS
PRIVATE PLACEMENTS
PROFITABILITY
PROTECTION OF MINORITY SHAREHOLDER
PUBLIC EQUITY
PUBLIC MARKET
PUBLIC MARKETS
PUBLIC SECTOR BOND
REAL ESTATE
REAL ESTATE INVESTMENT
REGULATORY AGENCIES
REGULATORY BARRIERS
RETURN
RETURN ON ASSETS
RETURNS ON EQUITY
RISK SHARING
SALE OF SECURITIES
SECURITIES
SECURITIES MARKETS
SHARE OF CAPITAL
SHARE OF EQUITY
SHORT-TERM DEBT
STOCK EXCHANGE
STOCK EXCHANGES
STOCK MARKET
STOCK MARKETS
STOCK PRICES
STOCK RETURNS
STOCKS
TERMS OF CAPITAL
TOTAL DEBT
TRADE DIVERSION
TRANSACTION
TRANSPARENCY
TRUSTS
VALUATION
VALUATIONS
VOLATILITY
WORLD MARKETS
spellingShingle ACCOUNTING
AGENCY COSTS
AGENCY PROBLEMS
AMOUNT OF CAPITAL
ASSET PRICES
ASSET PRICING
ASSET-BACKED SECURITIES
BALANCE SHEET
BALANCE SHEETS
BANK LENDING
BARRIERS TO CAPITAL
BOND ISSUANCES
BOND ISSUES
BOND MARKETS
BOND SALES
BONDS
BROKERS
CAPITAL ACCOUNT
CAPITAL ACCOUNT LIBERALIZATION
CAPITAL ACCOUNT LIBERALIZATIONS
CAPITAL CONTROLS
CAPITAL FLOWS
CAPITAL MARKETS
CAPITAL RAISING
CAPITAL STRUCTURE
COMMERCIAL PAPER
COMMERCIAL PAPER ISSUES
CORPORATE CAPITAL
CORPORATE DEBT
CORPORATE FINANCE
CORPORATE FINANCING
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE FRAMEWORK
CORPORATE INSIDERS
CORPORATE PERFORMANCE
COST OF CAPITAL
COUNTRY DUMMIES
CRISES IN EMERGING MARKETS
CROSS-BORDER CAPITAL
CROSS-BORDER ISSUES
DEBT
DEBT CAPITAL
DEBT ISSUANCE
DEBT ISSUANCES
DEBT ISSUE
DEBT ISSUES
DEBT MARKET
DEBT MARKETS
DEBT MATURITIES
DEBT MATURITY
DEBT OFFERINGS
DEBT SECURITIES
DEBTS
DEPOSITARY RECEIPTS
DEPOSITORY
DEVELOPING COUNTRIES
DEVELOPING COUNTRY
DEVELOPING ECONOMIES
DEVELOPMENT ECONOMICS
DIVIDEND
DIVIDEND YIELDS
DOMESTIC BOND
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKETS
DOMESTIC DEBT
DOMESTIC MARKET
DOMESTIC MARKETS
DOMESTIC SECURITIES
DOMESTIC STOCK
DUMMY VARIABLE
DUMMY VARIABLES
DYNAMIC ANALYSIS
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET EQUITY
EMERGING MARKETS
EQUITIES
EQUITY CAPITAL
EQUITY HOLDINGS
EQUITY ISSUANCE
EQUITY ISSUANCES
EQUITY ISSUE
EQUITY ISSUES
EQUITY MARKET
EQUITY MARKETS
EQUITY OFFERINGS
EQUITY PORTFOLIOS
EQUITY SECURITIES
EUROBOND
EXCLUSIONS
EXPENDITURES
EXPLOITATION
EXPORTS
FINANCIAL ADVISORS
FINANCIAL CAPITAL
FINANCIAL CRISES
FINANCIAL DEVELOPMENT
FINANCIAL GLOBALIZATION
FINANCIAL MANAGEMENT
FINANCIAL MARKETS
FINANCIAL STUDIES
FINANCIAL SUPPORT
FIRM PERFORMANCE
FIRM VALUATION
FIXED COSTS
FOREIGN ASSETS
FOREIGN CAPITAL
FOREIGN FIRMS
FOREIGN INSTITUTIONAL INVESTORS
FOREIGN INVESTORS
FOREIGN MARKETS
FOREIGN OWNERSHIP
FOREIGN STOCKS
FUTURE RESEARCH
GLOBAL CAPITAL
GLOBAL CAPITAL MARKETS
GLOBALIZATION
GROWTH RATE
HOME COUNTRIES
HOME COUNTRY
HOME MARKET
HOME MARKETS
INCOME
INCOME GROUP
INCOME LEVEL
INDEBTEDNESS
INITIAL PUBLIC OFFERINGS
INSTITUTIONAL INVESTORS
INTERNATIONAL BANK
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKET
INTERNATIONAL CAPITAL MARKETS
INTERNATIONAL CORPORATE GOVERNANCE
INTERNATIONAL DEBT
INTERNATIONAL DIVERSIFICATION
INTERNATIONAL EQUITY
INTERNATIONAL FINANCE
INTERNATIONAL FINANCIAL INTEGRATION
INTERNATIONAL INVESTORS
INTERNATIONAL MARKETS
INTERNATIONAL SALES
INTERNATIONAL SECURITIES
INTERNATIONAL TRADE
INVESTING
INVESTMENT BANKS
INVESTMENT BARRIERS
INVESTMENT CAPITAL
INVESTMENT FINANCING
INVESTMENT FUNDS
IPO
ISSUANCE
ISSUANCES
LEGAL ENVIRONMENTS
LOCAL MARKET
LOCAL MARKETS
LOCAL STOCK EXCHANGES
LOCAL STOCK MARKETS
LONG-TERM DEBT
MACROECONOMICS
MARKET COMPETITION
MARKET INTEGRATION
MARKET LIQUIDITY
MARKET PERFORMANCE
MARKET SEGMENTATION
MARKET VALUE
MATURITY
MIDDLE-INCOME ECONOMIES
MORTGAGE
MORTGAGE-BACKED SECURITIES
MUTUAL FUNDS
OWNERSHIP STRUCTURE
PORTFOLIO
PORTFOLIO ALLOCATION
PORTFOLIOS
POTENTIAL INVESTORS
PRIVATE BOND
PRIVATE MARKETS
PRIVATE PLACEMENTS
PROFITABILITY
PROTECTION OF MINORITY SHAREHOLDER
PUBLIC EQUITY
PUBLIC MARKET
PUBLIC MARKETS
PUBLIC SECTOR BOND
REAL ESTATE
REAL ESTATE INVESTMENT
REGULATORY AGENCIES
REGULATORY BARRIERS
RETURN
RETURN ON ASSETS
RETURNS ON EQUITY
RISK SHARING
SALE OF SECURITIES
SECURITIES
SECURITIES MARKETS
SHARE OF CAPITAL
SHARE OF EQUITY
SHORT-TERM DEBT
STOCK EXCHANGE
STOCK EXCHANGES
STOCK MARKET
STOCK MARKETS
STOCK PRICES
STOCK RETURNS
STOCKS
TERMS OF CAPITAL
TOTAL DEBT
TRADE DIVERSION
TRANSACTION
TRANSPARENCY
TRUSTS
VALUATION
VALUATIONS
VOLATILITY
WORLD MARKETS
Gozzi, Juan Carlos
Levine, Ross
Schmukler, Sergio L.
Patterns of International Capital Raisings
relation Policy Research Working Paper No. 4687
description This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 1991 to 2005, accounting for 35 percent of all capital raised through security issuances, the paper has three main findings. First, 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 distributional implications of financial globalization. Second, 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 domestic ones. Third, after firms start accessing international markets, they significantly increase the amount raised in domestic markets, suggesting that international and domestic markets are complements.
format Publications & Research :: Policy Research Working Paper
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
publisher World Bank, Washington, DC
publishDate 2012
url http://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings
http://hdl.handle.net/10986/6806
_version_ 1764401122387165184
spelling okr-10986-68062021-04-23T14:02:32Z Patterns of International Capital Raisings Gozzi, Juan Carlos Levine, Ross Schmukler, Sergio L. ACCOUNTING AGENCY COSTS AGENCY PROBLEMS AMOUNT OF CAPITAL ASSET PRICES ASSET PRICING ASSET-BACKED SECURITIES BALANCE SHEET BALANCE SHEETS BANK LENDING BARRIERS TO CAPITAL BOND ISSUANCES BOND ISSUES BOND MARKETS BOND SALES BONDS BROKERS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ACCOUNT LIBERALIZATIONS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAPITAL RAISING CAPITAL STRUCTURE COMMERCIAL PAPER COMMERCIAL PAPER ISSUES CORPORATE CAPITAL CORPORATE DEBT CORPORATE FINANCE CORPORATE FINANCING CORPORATE GOVERNANCE CORPORATE GOVERNANCE FRAMEWORK CORPORATE INSIDERS CORPORATE PERFORMANCE COST OF CAPITAL COUNTRY DUMMIES CRISES IN EMERGING MARKETS CROSS-BORDER CAPITAL CROSS-BORDER ISSUES DEBT DEBT CAPITAL DEBT ISSUANCE DEBT ISSUANCES DEBT ISSUE DEBT ISSUES DEBT MARKET DEBT MARKETS DEBT MATURITIES DEBT MATURITY DEBT OFFERINGS DEBT SECURITIES DEBTS DEPOSITARY RECEIPTS DEPOSITORY DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DIVIDEND DIVIDEND YIELDS DOMESTIC BOND DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC DEBT DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES DOMESTIC STOCK DUMMY VARIABLE DUMMY VARIABLES DYNAMIC ANALYSIS EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET EQUITY EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY HOLDINGS EQUITY ISSUANCE EQUITY ISSUANCES EQUITY ISSUE EQUITY ISSUES EQUITY MARKET EQUITY MARKETS EQUITY OFFERINGS EQUITY PORTFOLIOS EQUITY SECURITIES EUROBOND EXCLUSIONS EXPENDITURES EXPLOITATION EXPORTS FINANCIAL ADVISORS FINANCIAL CAPITAL FINANCIAL CRISES FINANCIAL DEVELOPMENT FINANCIAL GLOBALIZATION FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL STUDIES FINANCIAL SUPPORT FIRM PERFORMANCE FIRM VALUATION FIXED COSTS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN FIRMS FOREIGN INSTITUTIONAL INVESTORS FOREIGN INVESTORS FOREIGN MARKETS FOREIGN OWNERSHIP FOREIGN STOCKS FUTURE RESEARCH GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBALIZATION GROWTH RATE HOME COUNTRIES HOME COUNTRY HOME MARKET HOME MARKETS INCOME INCOME GROUP INCOME LEVEL INDEBTEDNESS INITIAL PUBLIC OFFERINGS INSTITUTIONAL INVESTORS INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CORPORATE GOVERNANCE INTERNATIONAL DEBT INTERNATIONAL DIVERSIFICATION INTERNATIONAL EQUITY INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL SALES INTERNATIONAL SECURITIES INTERNATIONAL TRADE INVESTING INVESTMENT BANKS INVESTMENT BARRIERS INVESTMENT CAPITAL INVESTMENT FINANCING INVESTMENT FUNDS IPO ISSUANCE ISSUANCES LEGAL ENVIRONMENTS LOCAL MARKET LOCAL MARKETS LOCAL STOCK EXCHANGES LOCAL STOCK MARKETS LONG-TERM DEBT MACROECONOMICS MARKET COMPETITION MARKET INTEGRATION MARKET LIQUIDITY MARKET PERFORMANCE MARKET SEGMENTATION MARKET VALUE MATURITY MIDDLE-INCOME ECONOMIES MORTGAGE MORTGAGE-BACKED SECURITIES MUTUAL FUNDS OWNERSHIP STRUCTURE PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIOS POTENTIAL INVESTORS PRIVATE BOND PRIVATE MARKETS PRIVATE PLACEMENTS PROFITABILITY PROTECTION OF MINORITY SHAREHOLDER PUBLIC EQUITY PUBLIC MARKET PUBLIC MARKETS PUBLIC SECTOR BOND REAL ESTATE REAL ESTATE INVESTMENT REGULATORY AGENCIES REGULATORY BARRIERS RETURN RETURN ON ASSETS RETURNS ON EQUITY RISK SHARING SALE OF SECURITIES SECURITIES SECURITIES MARKETS SHARE OF CAPITAL SHARE OF EQUITY SHORT-TERM DEBT STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKETS STOCK PRICES STOCK RETURNS STOCKS TERMS OF CAPITAL TOTAL DEBT TRADE DIVERSION TRANSACTION TRANSPARENCY TRUSTS VALUATION VALUATIONS VOLATILITY WORLD MARKETS This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 1991 to 2005, accounting for 35 percent of all capital raised through security issuances, the paper has three main findings. First, 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 distributional implications of financial globalization. Second, 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 domestic ones. Third, after firms start accessing international markets, they significantly increase the amount raised in domestic markets, suggesting that international and domestic markets are complements. 2012-05-31T21:12:03Z 2012-05-31T21:12:03Z 2008-08 http://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings http://hdl.handle.net/10986/6806 English Policy Research Working Paper No. 4687 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research