Publication:
Capital Market Financing, Firm Growth, and Firm Size Distribution

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dc.contributor.authorLevine, Ross
dc.contributor.authorDidier, Tatiana
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2015-07-20T15:13:08Z
dc.date.available2015-07-20T15:13:08Z
dc.date.issued2015-07
dc.description.abstractHow many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. Three main patterns emerge from the analysis. (1) Only a few large firms issue equity or bonds, and among them a small subset has raised a large proportion of the funds raised during the 1990s and 2000s. (2) Issuers grow faster than non-issuers in assets, sales, and employment, that is, firms do not simply use securities markets to adjust their financial accounts. (3) The firm size distribution of issuers evolves differently from that of non-issuers, tightening among issuers and widening among non-issuers.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/07/24744318/capital-market-financing-firm-growth-firm-size-distribution
dc.identifier.doi10.1596/1813-9450-7353
dc.identifier.urihttps://hdl.handle.net/10986/22234
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7353
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectDOMESTIC BOND
dc.subjectDEPOSIT
dc.subjectCAPITAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectEQUITY ISSUANCE
dc.subjectLIABILITY
dc.subjectFOREIGN CAPITAL
dc.subjectACCOUNTING
dc.subjectINFORMATIONAL ASYMMETRIES
dc.subjectINTERNATIONAL CAPITAL
dc.subjectSTOCK
dc.subjectVALUATION
dc.subjectINTEREST
dc.subjectDUMMY VARIABLES
dc.subjectEMERGING ECONOMIES
dc.subjectPRIVATE CREDIT
dc.subjectEXCHANGE
dc.subjectSTOCK MARKET
dc.subjectISSUANCES
dc.subjectLIQUIDITY
dc.subjectEQUITY MARKET
dc.subjectPOLITICAL ECONOMY
dc.subjectMATURITY STRUCTURE
dc.subjectDEBT ISSUANCES
dc.subjectMARKET SIZE
dc.subjectCAPITAL STRUCTURE
dc.subjectEQUITY FINANCING
dc.subjectDEPOSIT MONEY BANKS
dc.subjectBONDS
dc.subjectDISCOUNT
dc.subjectASYMMETRIC INFORMATION
dc.subjectHOME MARKET
dc.subjectBOND FINANCING
dc.subjectDUMMY VARIABLE
dc.subjectINTERNATIONAL BANK
dc.subjectCASH FLOWS
dc.subjectBOND ISSUERS
dc.subjectMATURITY
dc.subjectPRIVATE BOND
dc.subjectFOREIGN MARKETS
dc.subjectLONG-TERM DEBT
dc.subjectLIQUID MARKETS
dc.subjectDEBT CAPACITY
dc.subjectBOND ISSUANCES
dc.subjectAMOUNT OF CAPITAL
dc.subjectMARKET LIQUIDITY
dc.subjectCAPITAL ALLOCATION
dc.subjectBOND ISSUER
dc.subjectINITIAL PUBLIC OFFERINGS
dc.subjectPUBLIC DEBT MARKET
dc.subjectMARKET DEVELOPMENT
dc.subjectFINANCIAL STUDIES
dc.subjectDOMESTIC CAPITAL
dc.subjectCONTRACTS
dc.subjectBOND MARKET CAPITALIZATION
dc.subjectBOND ISSUANCE
dc.subjectCORPORATE BOND MARKET
dc.subjectEMERGING MARKET
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectMARKETS
dc.subjectDEBT
dc.subjectCAPITAL MARKET
dc.subjectRETURN
dc.subjectPRIMARY MARKETS
dc.subjectPUBLIC FINANCE
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectBOND ISSUING
dc.subjectBANK CREDIT
dc.subjectEQUITY MARKET CAPITALIZATION
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectEQUITIES
dc.subjectFINANCIAL SYSTEM
dc.subjectRETURN ON ASSETS
dc.subjectFINANCE
dc.subjectBANK POLICY
dc.subjectTAXES
dc.subjectBROKERS
dc.subjectINVESTMENT DECISIONS
dc.subjectINFORMATION ASYMMETRY
dc.subjectEQUITY ISSUES
dc.subjectIPO
dc.subjectINVESTMENT BANKS
dc.subjectEQUITY
dc.subjectTRANSACTION
dc.subjectSECURITIES MARKETS
dc.subjectINVESTORS
dc.subjectISSUERS OF SECURITIES
dc.subjectVALUATIONS
dc.subjectBOND MARKETS
dc.subjectOWNERSHIP STRUCTURE
dc.subjectINTERNATIONAL TRADE
dc.subjectDOMESTIC MARKETS
dc.subjectPUBLIC OFFERINGS
dc.subjectFINANCIAL STRUCTURES
dc.subjectMARKET CAPITALIZATION
dc.subjectFUTURE
dc.subjectCOMMERCIAL PAPER
dc.subjectRETURNS
dc.subjectCAPITAL RAISING
dc.subjectEXCHANGES
dc.subjectCAPITAL MARKET ACTIVITY
dc.subjectBOND MARKET
dc.subjectCAPITALIZATION
dc.subjectRISK EXPOSURE
dc.subjectDEBT SECURITIES
dc.subjectISSUANCE
dc.subjectFIRM PERFORMANCE
dc.subjectOFFSHORE FINANCIAL CENTERS
dc.subjectCORPORATE INVESTMENT
dc.subjectBALANCE SHEET
dc.subjectMARKET
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectSECURITIES
dc.subjectPUBLIC DEBT
dc.subjectINSURANCE
dc.subjectDEBT-EQUITY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectDEBT MARKET
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCORPORATE BONDS
dc.subjectEMERGING MARKET EQUITY
dc.subjectSECURITY
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectACCOUNTING STANDARDS
dc.subjectEQUITY MARKETS
dc.subjectFINANCIAL MARKET
dc.subjectINVESTMENT
dc.subjectBOND
dc.subjectDOMESTIC EQUITY
dc.subjectCORPORATE BOND
dc.subjectMARKET EQUITY
dc.subjectBALANCE SHEETS
dc.subjectFINANCIAL MARKETS
dc.subjectCORPORATE BOND MARKETS
dc.subjectEQUITY ISSUANCES
dc.subjectFINANCIAL STRUCTURE
dc.subjectINVESTMENTS
dc.subjectLENDING
dc.subjectCONSUMER PRICE INDEX
dc.subjectSTOCK RETURNS
dc.subjectMATURITIES
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectPROFITS
dc.subjectCAPITAL MARKET FINANCING
dc.subjectLABOR MARKETS
dc.subjectFINANCIAL SYSTEMS
dc.subjectLIABILITIES
dc.subjectFOREIGN EQUITY
dc.subjectSTOCK EXCHANGES
dc.subjectINTERNATIONAL MARKETS
dc.subjectCASH FLOW
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectSTOCK MARKETS
dc.subjectCORPORATE GOVERNANCE
dc.subjectDOMESTIC BOND MARKETS
dc.titleCapital Market Financing, Firm Growth, and Firm Size Distributionen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleCapital Market Financing, Firm Growth, and Firm Size Distribution
okr.date.disclosure2015-07-02
okr.date.doiregistration2025-04-10T10:27:11.915024Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2015/07/24744318/capital-market-financing-firm-growth-firm-size-distribution
okr.globalpracticeFinance and Markets
okr.guid358221468187797236
okr.identifier.doi10.1596/1813-9450-7353
okr.identifier.externaldocumentum090224b082fcc095_2_0
okr.identifier.internaldocumentum24744318
okr.identifier.reportWPS7353
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/07/02/090224b082fcc095/2_0/Rendered/PDF/Capital0market0rm0size0distribution.pdfen
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicPrivate Sector Development::Emerging Markets
okr.topicMacroeconomics and Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.unitMacroeconomics and Growth Team, Development Research Group; and the Operations and Strategy Unit, Development Economics Vice Presidency
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relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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