Patterns of International Capital Raisings

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Gozzi, Juan Carlos
dc.contributor.author
Levine, Ross
dc.contributor.author
Schmukler, Sergio L.
dc.date.accessioned
2012-05-31T21:12:03Z
dc.date.available
2012-05-31T21:12:03Z
dc.date.issued
2008-08
dc.date.lastModified
2021-04-23T14:02:32Z
dc.description.abstract
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.
en
dc.identifier
http://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings
dc.identifier.uri
http://hdl.handle.net/10986/6806
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper No. 4687
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTING
dc.subject
AGENCY COSTS
dc.subject
AGENCY PROBLEMS
dc.subject
AMOUNT OF CAPITAL
dc.subject
ASSET PRICES
dc.subject
ASSET PRICING
dc.subject
ASSET-BACKED SECURITIES
dc.subject
BALANCE SHEET
dc.subject
BALANCE SHEETS
dc.subject
BANK LENDING
dc.subject
BARRIERS TO CAPITAL
dc.subject
BOND ISSUANCES
dc.subject
BOND ISSUES
dc.subject
BOND MARKETS
dc.subject
BOND SALES
dc.subject
BONDS
dc.subject
BROKERS
dc.subject
CAPITAL ACCOUNT
dc.subject
CAPITAL ACCOUNT LIBERALIZATION
dc.subject
CAPITAL ACCOUNT LIBERALIZATIONS
dc.subject
CAPITAL CONTROLS
dc.subject
CAPITAL FLOWS
dc.subject
CAPITAL MARKETS
dc.subject
CAPITAL RAISING
dc.subject
CAPITAL STRUCTURE
dc.subject
COMMERCIAL PAPER
dc.subject
COMMERCIAL PAPER ISSUES
dc.subject
CORPORATE CAPITAL
dc.subject
CORPORATE DEBT
dc.subject
CORPORATE FINANCE
dc.subject
CORPORATE FINANCING
dc.subject
CORPORATE GOVERNANCE
dc.subject
CORPORATE GOVERNANCE FRAMEWORK
dc.subject
CORPORATE INSIDERS
dc.subject
CORPORATE PERFORMANCE
dc.subject
COST OF CAPITAL
dc.subject
COUNTRY DUMMIES
dc.subject
CRISES IN EMERGING MARKETS
dc.subject
CROSS-BORDER CAPITAL
dc.subject
CROSS-BORDER ISSUES
dc.subject
DEBT
dc.subject
DEBT CAPITAL
dc.subject
DEBT ISSUANCE
dc.subject
DEBT ISSUANCES
dc.subject
DEBT ISSUE
dc.subject
DEBT ISSUES
dc.subject
DEBT MARKET
dc.subject
DEBT MARKETS
dc.subject
DEBT MATURITIES
dc.subject
DEBT MATURITY
dc.subject
DEBT OFFERINGS
dc.subject
DEBT SECURITIES
dc.subject
DEBTS
dc.subject
DEPOSITARY RECEIPTS
dc.subject
DEPOSITORY
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPING COUNTRY
dc.subject
DEVELOPING ECONOMIES
dc.subject
DEVELOPMENT ECONOMICS
dc.subject
DIVIDEND
dc.subject
DIVIDEND YIELDS
dc.subject
DOMESTIC BOND
dc.subject
DOMESTIC CAPITAL
dc.subject
DOMESTIC CAPITAL MARKETS
dc.subject
DOMESTIC DEBT
dc.subject
DOMESTIC MARKET
dc.subject
DOMESTIC MARKETS
dc.subject
DOMESTIC SECURITIES
dc.subject
DOMESTIC STOCK
dc.subject
DUMMY VARIABLE
dc.subject
DUMMY VARIABLES
dc.subject
DYNAMIC ANALYSIS
dc.subject
EMERGING ECONOMIES
dc.subject
EMERGING MARKET
dc.subject
EMERGING MARKET EQUITY
dc.subject
EMERGING MARKETS
dc.subject
EQUITIES
dc.subject
EQUITY CAPITAL
dc.subject
EQUITY HOLDINGS
dc.subject
EQUITY ISSUANCE
dc.subject
EQUITY ISSUANCES
dc.subject
EQUITY ISSUE
dc.subject
EQUITY ISSUES
dc.subject
EQUITY MARKET
dc.subject
EQUITY MARKETS
dc.subject
EQUITY OFFERINGS
dc.subject
EQUITY PORTFOLIOS
dc.subject
EQUITY SECURITIES
dc.subject
EUROBOND
dc.subject
EXCLUSIONS
dc.subject
EXPENDITURES
dc.subject
EXPLOITATION
dc.subject
EXPORTS
dc.subject
FINANCIAL ADVISORS
dc.subject
FINANCIAL CAPITAL
dc.subject
FINANCIAL CRISES
dc.subject
FINANCIAL DEVELOPMENT
dc.subject
FINANCIAL GLOBALIZATION
dc.subject
FINANCIAL MANAGEMENT
dc.subject
FINANCIAL MARKETS
dc.subject
FINANCIAL STUDIES
dc.subject
FINANCIAL SUPPORT
dc.subject
FIRM PERFORMANCE
dc.subject
FIRM VALUATION
dc.subject
FIXED COSTS
dc.subject
FOREIGN ASSETS
dc.subject
FOREIGN CAPITAL
dc.subject
FOREIGN FIRMS
dc.subject
FOREIGN INSTITUTIONAL INVESTORS
dc.subject
FOREIGN INVESTORS
dc.subject
FOREIGN MARKETS
dc.subject
FOREIGN OWNERSHIP
dc.subject
FOREIGN STOCKS
dc.subject
FUTURE RESEARCH
dc.subject
GLOBAL CAPITAL
dc.subject
GLOBAL CAPITAL MARKETS
dc.subject
GLOBALIZATION
dc.subject
GROWTH RATE
dc.subject
HOME COUNTRIES
dc.subject
HOME COUNTRY
dc.subject
HOME MARKET
dc.subject
HOME MARKETS
dc.subject
INCOME
dc.subject
INCOME GROUP
dc.subject
INCOME LEVEL
dc.subject
INDEBTEDNESS
dc.subject
INITIAL PUBLIC OFFERINGS
dc.subject
INSTITUTIONAL INVESTORS
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL CAPITAL
dc.subject
INTERNATIONAL CAPITAL MARKET
dc.subject
INTERNATIONAL CAPITAL MARKETS
dc.subject
INTERNATIONAL CORPORATE GOVERNANCE
dc.subject
INTERNATIONAL DEBT
dc.subject
INTERNATIONAL DIVERSIFICATION
dc.subject
INTERNATIONAL EQUITY
dc.subject
INTERNATIONAL FINANCE
dc.subject
INTERNATIONAL FINANCIAL INTEGRATION
dc.subject
INTERNATIONAL INVESTORS
dc.subject
INTERNATIONAL MARKETS
dc.subject
INTERNATIONAL SALES
dc.subject
INTERNATIONAL SECURITIES
dc.subject
INTERNATIONAL TRADE
dc.subject
INVESTING
dc.subject
INVESTMENT BANKS
dc.subject
INVESTMENT BARRIERS
dc.subject
INVESTMENT CAPITAL
dc.subject
INVESTMENT FINANCING
dc.subject
INVESTMENT FUNDS
dc.subject
IPO
dc.subject
ISSUANCE
dc.subject
ISSUANCES
dc.subject
LEGAL ENVIRONMENTS
dc.subject
LOCAL MARKET
dc.subject
LOCAL MARKETS
dc.subject
LOCAL STOCK EXCHANGES
dc.subject
LOCAL STOCK MARKETS
dc.subject
LONG-TERM DEBT
dc.subject
MACROECONOMICS
dc.subject
MARKET COMPETITION
dc.subject
MARKET INTEGRATION
dc.subject
MARKET LIQUIDITY
dc.subject
MARKET PERFORMANCE
dc.subject
MARKET SEGMENTATION
dc.subject
MARKET VALUE
dc.subject
MATURITY
dc.subject
MIDDLE-INCOME ECONOMIES
dc.subject
MORTGAGE
dc.subject
MORTGAGE-BACKED SECURITIES
dc.subject
MUTUAL FUNDS
dc.subject
OWNERSHIP STRUCTURE
dc.subject
PORTFOLIO
dc.subject
PORTFOLIO ALLOCATION
dc.subject
PORTFOLIOS
dc.subject
POTENTIAL INVESTORS
dc.subject
PRIVATE BOND
dc.subject
PRIVATE MARKETS
dc.subject
PRIVATE PLACEMENTS
dc.subject
PROFITABILITY
dc.subject
PROTECTION OF MINORITY SHAREHOLDER
dc.subject
PUBLIC EQUITY
dc.subject
PUBLIC MARKET
dc.subject
PUBLIC MARKETS
dc.subject
PUBLIC SECTOR BOND
dc.subject
REAL ESTATE
dc.subject
REAL ESTATE INVESTMENT
dc.subject
REGULATORY AGENCIES
dc.subject
REGULATORY BARRIERS
dc.subject
RETURN
dc.subject
RETURN ON ASSETS
dc.subject
RETURNS ON EQUITY
dc.subject
RISK SHARING
dc.subject
SALE OF SECURITIES
dc.subject
SECURITIES
dc.subject
SECURITIES MARKETS
dc.subject
SHARE OF CAPITAL
dc.subject
SHARE OF EQUITY
dc.subject
SHORT-TERM DEBT
dc.subject
STOCK EXCHANGE
dc.subject
STOCK EXCHANGES
dc.subject
STOCK MARKET
dc.subject
STOCK MARKETS
dc.subject
STOCK PRICES
dc.subject
STOCK RETURNS
dc.subject
STOCKS
dc.subject
TERMS OF CAPITAL
dc.subject
TOTAL DEBT
dc.subject
TRADE DIVERSION
dc.subject
TRANSACTION
dc.subject
TRANSPARENCY
dc.subject
TRUSTS
dc.subject
VALUATION
dc.subject
VALUATIONS
dc.subject
VOLATILITY
dc.subject
WORLD MARKETS
dc.title
Patterns of International Capital Raisings
en
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2008/08/9745120/patterns-international-capital-raisings
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-4687
okr.identifier.externaldocumentum
000158349_20080807081753
okr.identifier.internaldocumentum
9745120
okr.identifier.report
WPS4687
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/08/07/000158349_20080807081753/Rendered/PDF/WPS4687.pdf
en
okr.sector
Finance :: General finance sector
okr.theme
Other financial and private sector development,Small and medium enterprise support
okr.topic
Finance and Financial Sector Development :: Microfinance
okr.topic
Economic Theory and Research
okr.topic
Finance and Financial Sector Development :: Access to Finance
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Macroeconomics and Economic Growth
okr.unit
Development Research Group (DECRG)
okr.volume
1 of 1

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