Levine, RossDidier, TatianaSchmukler, Sergio L.2015-07-202015-07-202015-07https://hdl.handle.net/10986/22234How 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-USCC BY 3.0 IGODOMESTIC BONDDEPOSITCAPITAL MARKETSINTERNATIONAL FINANCIAL INTEGRATIONEQUITY ISSUANCELIABILITYFOREIGN CAPITALACCOUNTINGINFORMATIONAL ASYMMETRIESINTERNATIONAL CAPITALSTOCKVALUATIONINTERESTDUMMY VARIABLESEMERGING ECONOMIESPRIVATE CREDITEXCHANGESTOCK MARKETISSUANCESLIQUIDITYEQUITY MARKETPOLITICAL ECONOMYMATURITY STRUCTUREDEBT ISSUANCESMARKET SIZECAPITAL STRUCTUREEQUITY FINANCINGDEPOSIT MONEY BANKSBONDSDISCOUNTASYMMETRIC INFORMATIONHOME MARKETBOND FINANCINGDUMMY VARIABLEINTERNATIONAL BANKCASH FLOWSBOND ISSUERSMATURITYPRIVATE BONDFOREIGN MARKETSLONG-TERM DEBTLIQUID MARKETSDEBT CAPACITYBOND ISSUANCESAMOUNT OF CAPITALMARKET LIQUIDITYCAPITAL ALLOCATIONBOND ISSUERINITIAL PUBLIC OFFERINGSPUBLIC DEBT MARKETMARKET DEVELOPMENTFINANCIAL STUDIESDOMESTIC CAPITALCONTRACTSBOND MARKET CAPITALIZATIONBOND ISSUANCECORPORATE BOND MARKETEMERGING MARKETFINANCIAL INSTITUTIONSMARKETSDEBTCAPITAL MARKETRETURNPRIMARY MARKETSPUBLIC FINANCEINTERNATIONAL ECONOMICSBOND ISSUINGBANK CREDITEQUITY MARKET CAPITALIZATIONGROSS DOMESTIC PRODUCTEQUITIESFINANCIAL SYSTEMRETURN ON ASSETSFINANCEBANK POLICYTAXESBROKERSINVESTMENT DECISIONSINFORMATION ASYMMETRYEQUITY ISSUESIPOINVESTMENT BANKSEQUITYTRANSACTIONSECURITIES MARKETSINVESTORSISSUERS OF SECURITIESVALUATIONSBOND MARKETSOWNERSHIP STRUCTUREINTERNATIONAL TRADEDOMESTIC MARKETSPUBLIC OFFERINGSFINANCIAL STRUCTURESMARKET CAPITALIZATIONFUTURECOMMERCIAL PAPERRETURNSCAPITAL RAISINGEXCHANGESCAPITAL MARKET ACTIVITYBOND MARKETCAPITALIZATIONRISK EXPOSUREDEBT SECURITIESISSUANCEFIRM PERFORMANCEOFFSHORE FINANCIAL CENTERSCORPORATE INVESTMENTBALANCE SHEETMARKETSTOCK MARKET DEVELOPMENTSECURITIESPUBLIC DEBTINSURANCEDEBT-EQUITYECONOMIC DEVELOPMENTDEBT MARKETFINANCIAL LIBERALIZATIONCAPITAL MARKET DEVELOPMENTCORPORATE BONDSEMERGING MARKET EQUITYSECURITYFINANCIAL DEVELOPMENTACCOUNTING STANDARDSEQUITY MARKETSFINANCIAL MARKETINVESTMENTBONDDOMESTIC EQUITYCORPORATE BONDMARKET EQUITYBALANCE SHEETSFINANCIAL MARKETSCORPORATE BOND MARKETSEQUITY ISSUANCESFINANCIAL STRUCTUREINVESTMENTSLENDINGCONSUMER PRICE INDEXSTOCK RETURNSMATURITIESDOMESTIC CAPITAL MARKETPROFITSCAPITAL MARKET FINANCINGLABOR MARKETSFINANCIAL SYSTEMSLIABILITIESFOREIGN EQUITYSTOCK EXCHANGESINTERNATIONAL MARKETSCASH FLOWFINANCIAL SECTOR DEVELOPMENTSTOCK MARKETSCORPORATE GOVERNANCEDOMESTIC BOND MARKETSWorking PaperWorld Bank10.1596/1813-9450-7353