Publication:
Patterns of International Capital Raisings

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dc.contributor.authorGozzi, Juan Carlos
dc.contributor.authorLevine, Ross
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2012-05-31T21:12:03Z
dc.date.available2012-05-31T21:12:03Z
dc.date.issued2008-08
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings
dc.identifier.doi10.1596/1813-9450-4687
dc.identifier.urihttps://hdl.handle.net/10986/6806
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper No. 4687
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectAGENCY COSTS
dc.subjectAGENCY PROBLEMS
dc.subjectAMOUNT OF CAPITAL
dc.subjectASSET PRICES
dc.subjectASSET PRICING
dc.subjectASSET-BACKED SECURITIES
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK LENDING
dc.subjectBARRIERS TO CAPITAL
dc.subjectBOND ISSUANCES
dc.subjectBOND ISSUES
dc.subjectBOND MARKETS
dc.subjectBOND SALES
dc.subjectBONDS
dc.subjectBROKERS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL ACCOUNT LIBERALIZATIONS
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL RAISING
dc.subjectCAPITAL STRUCTURE
dc.subjectCOMMERCIAL PAPER
dc.subjectCOMMERCIAL PAPER ISSUES
dc.subjectCORPORATE CAPITAL
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE FINANCE
dc.subjectCORPORATE FINANCING
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE GOVERNANCE FRAMEWORK
dc.subjectCORPORATE INSIDERS
dc.subjectCORPORATE PERFORMANCE
dc.subjectCOST OF CAPITAL
dc.subjectCOUNTRY DUMMIES
dc.subjectCRISES IN EMERGING MARKETS
dc.subjectCROSS-BORDER CAPITAL
dc.subjectCROSS-BORDER ISSUES
dc.subjectDEBT
dc.subjectDEBT CAPITAL
dc.subjectDEBT ISSUANCE
dc.subjectDEBT ISSUANCES
dc.subjectDEBT ISSUE
dc.subjectDEBT ISSUES
dc.subjectDEBT MARKET
dc.subjectDEBT MARKETS
dc.subjectDEBT MATURITIES
dc.subjectDEBT MATURITY
dc.subjectDEBT OFFERINGS
dc.subjectDEBT SECURITIES
dc.subjectDEBTS
dc.subjectDEPOSITARY RECEIPTS
dc.subjectDEPOSITORY
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDIVIDEND
dc.subjectDIVIDEND YIELDS
dc.subjectDOMESTIC BOND
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectDOMESTIC SECURITIES
dc.subjectDOMESTIC STOCK
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectDYNAMIC ANALYSIS
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET EQUITY
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY HOLDINGS
dc.subjectEQUITY ISSUANCE
dc.subjectEQUITY ISSUANCES
dc.subjectEQUITY ISSUE
dc.subjectEQUITY ISSUES
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKETS
dc.subjectEQUITY OFFERINGS
dc.subjectEQUITY PORTFOLIOS
dc.subjectEQUITY SECURITIES
dc.subjectEUROBOND
dc.subjectEXCLUSIONS
dc.subjectEXPENDITURES
dc.subjectEXPLOITATION
dc.subjectEXPORTS
dc.subjectFINANCIAL ADVISORS
dc.subjectFINANCIAL CAPITAL
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL GLOBALIZATION
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL STUDIES
dc.subjectFINANCIAL SUPPORT
dc.subjectFIRM PERFORMANCE
dc.subjectFIRM VALUATION
dc.subjectFIXED COSTS
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN FIRMS
dc.subjectFOREIGN INSTITUTIONAL INVESTORS
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN MARKETS
dc.subjectFOREIGN OWNERSHIP
dc.subjectFOREIGN STOCKS
dc.subjectFUTURE RESEARCH
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGLOBALIZATION
dc.subjectGROWTH RATE
dc.subjectHOME COUNTRIES
dc.subjectHOME COUNTRY
dc.subjectHOME MARKET
dc.subjectHOME MARKETS
dc.subjectINCOME
dc.subjectINCOME GROUP
dc.subjectINCOME LEVEL
dc.subjectINDEBTEDNESS
dc.subjectINITIAL PUBLIC OFFERINGS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKET
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL CORPORATE GOVERNANCE
dc.subjectINTERNATIONAL DEBT
dc.subjectINTERNATIONAL DIVERSIFICATION
dc.subjectINTERNATIONAL EQUITY
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL SALES
dc.subjectINTERNATIONAL SECURITIES
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTING
dc.subjectINVESTMENT BANKS
dc.subjectINVESTMENT BARRIERS
dc.subjectINVESTMENT CAPITAL
dc.subjectINVESTMENT FINANCING
dc.subjectINVESTMENT FUNDS
dc.subjectIPO
dc.subjectISSUANCE
dc.subjectISSUANCES
dc.subjectLEGAL ENVIRONMENTS
dc.subjectLOCAL MARKET
dc.subjectLOCAL MARKETS
dc.subjectLOCAL STOCK EXCHANGES
dc.subjectLOCAL STOCK MARKETS
dc.subjectLONG-TERM DEBT
dc.subjectMACROECONOMICS
dc.subjectMARKET COMPETITION
dc.subjectMARKET INTEGRATION
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET PERFORMANCE
dc.subjectMARKET SEGMENTATION
dc.subjectMARKET VALUE
dc.subjectMATURITY
dc.subjectMIDDLE-INCOME ECONOMIES
dc.subjectMORTGAGE
dc.subjectMORTGAGE-BACKED SECURITIES
dc.subjectMUTUAL FUNDS
dc.subjectOWNERSHIP STRUCTURE
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIOS
dc.subjectPOTENTIAL INVESTORS
dc.subjectPRIVATE BOND
dc.subjectPRIVATE MARKETS
dc.subjectPRIVATE PLACEMENTS
dc.subjectPROFITABILITY
dc.subjectPROTECTION OF MINORITY SHAREHOLDER
dc.subjectPUBLIC EQUITY
dc.subjectPUBLIC MARKET
dc.subjectPUBLIC MARKETS
dc.subjectPUBLIC SECTOR BOND
dc.subjectREAL ESTATE
dc.subjectREAL ESTATE INVESTMENT
dc.subjectREGULATORY AGENCIES
dc.subjectREGULATORY BARRIERS
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS ON EQUITY
dc.subjectRISK SHARING
dc.subjectSALE OF SECURITIES
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSHARE OF CAPITAL
dc.subjectSHARE OF EQUITY
dc.subjectSHORT-TERM DEBT
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectSTOCK PRICES
dc.subjectSTOCK RETURNS
dc.subjectSTOCKS
dc.subjectTERMS OF CAPITAL
dc.subjectTOTAL DEBT
dc.subjectTRADE DIVERSION
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTRUSTS
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectVOLATILITY
dc.subjectWORLD MARKETS
dc.titlePatterns of International Capital Raisingsen
dspace.entity.typePublication
okr.crossref.titlePatterns Of International Capital Raisings
okr.date.doiregistration2025-04-10T12:25:56.077237Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid598351468313737710
okr.identifier.doi10.1596/1813-9450-4687
okr.identifier.externaldocumentum000158349_20080807081753
okr.identifier.internaldocumentum9745120
okr.identifier.reportWPS4687
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/08/07/000158349_20080807081753/Rendered/PDF/WPS4687.pdfen
okr.sectorFinance :: General finance sector
okr.themeOther financial and private sector development,Small and medium enterprise support
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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