Gozzi, Juan CarlosLevine, RossSchmukler, Sergio L.2012-05-312012-05-312008-08https://hdl.handle.net/10986/6806This 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.CC BY 3.0 IGOACCOUNTINGAGENCY COSTSAGENCY PROBLEMSAMOUNT OF CAPITALASSET PRICESASSET PRICINGASSET-BACKED SECURITIESBALANCE SHEETBALANCE SHEETSBANK LENDINGBARRIERS TO CAPITALBOND ISSUANCESBOND ISSUESBOND MARKETSBOND SALESBONDSBROKERSCAPITAL ACCOUNTCAPITAL ACCOUNT LIBERALIZATIONCAPITAL ACCOUNT LIBERALIZATIONSCAPITAL CONTROLSCAPITAL FLOWSCAPITAL MARKETSCAPITAL RAISINGCAPITAL STRUCTURECOMMERCIAL PAPERCOMMERCIAL PAPER ISSUESCORPORATE CAPITALCORPORATE DEBTCORPORATE FINANCECORPORATE FINANCINGCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE INSIDERSCORPORATE PERFORMANCECOST OF CAPITALCOUNTRY DUMMIESCRISES IN EMERGING MARKETSCROSS-BORDER CAPITALCROSS-BORDER ISSUESDEBTDEBT CAPITALDEBT ISSUANCEDEBT ISSUANCESDEBT ISSUEDEBT ISSUESDEBT MARKETDEBT MARKETSDEBT MATURITIESDEBT MATURITYDEBT OFFERINGSDEBT SECURITIESDEBTSDEPOSITARY RECEIPTSDEPOSITORYDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING ECONOMIESDEVELOPMENT ECONOMICSDIVIDENDDIVIDEND YIELDSDOMESTIC BONDDOMESTIC CAPITALDOMESTIC CAPITAL MARKETSDOMESTIC DEBTDOMESTIC MARKETDOMESTIC MARKETSDOMESTIC SECURITIESDOMESTIC STOCKDUMMY VARIABLEDUMMY VARIABLESDYNAMIC ANALYSISEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET EQUITYEMERGING MARKETSEQUITIESEQUITY CAPITALEQUITY HOLDINGSEQUITY ISSUANCEEQUITY ISSUANCESEQUITY ISSUEEQUITY ISSUESEQUITY MARKETEQUITY MARKETSEQUITY OFFERINGSEQUITY PORTFOLIOSEQUITY SECURITIESEUROBONDEXCLUSIONSEXPENDITURESEXPLOITATIONEXPORTSFINANCIAL ADVISORSFINANCIAL CAPITALFINANCIAL CRISESFINANCIAL DEVELOPMENTFINANCIAL GLOBALIZATIONFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL STUDIESFINANCIAL SUPPORTFIRM PERFORMANCEFIRM VALUATIONFIXED COSTSFOREIGN ASSETSFOREIGN CAPITALFOREIGN FIRMSFOREIGN INSTITUTIONAL INVESTORSFOREIGN INVESTORSFOREIGN MARKETSFOREIGN OWNERSHIPFOREIGN STOCKSFUTURE RESEARCHGLOBAL CAPITALGLOBAL CAPITAL MARKETSGLOBALIZATIONGROWTH RATEHOME COUNTRIESHOME COUNTRYHOME MARKETHOME MARKETSINCOMEINCOME GROUPINCOME LEVELINDEBTEDNESSINITIAL PUBLIC OFFERINGSINSTITUTIONAL INVESTORSINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETINTERNATIONAL CAPITAL MARKETSINTERNATIONAL CORPORATE GOVERNANCEINTERNATIONAL DEBTINTERNATIONAL DIVERSIFICATIONINTERNATIONAL EQUITYINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL INTEGRATIONINTERNATIONAL INVESTORSINTERNATIONAL MARKETSINTERNATIONAL SALESINTERNATIONAL SECURITIESINTERNATIONAL TRADEINVESTINGINVESTMENT BANKSINVESTMENT BARRIERSINVESTMENT CAPITALINVESTMENT FINANCINGINVESTMENT FUNDSIPOISSUANCEISSUANCESLEGAL ENVIRONMENTSLOCAL MARKETLOCAL MARKETSLOCAL STOCK EXCHANGESLOCAL STOCK MARKETSLONG-TERM DEBTMACROECONOMICSMARKET COMPETITIONMARKET INTEGRATIONMARKET LIQUIDITYMARKET PERFORMANCEMARKET SEGMENTATIONMARKET VALUEMATURITYMIDDLE-INCOME ECONOMIESMORTGAGEMORTGAGE-BACKED SECURITIESMUTUAL FUNDSOWNERSHIP STRUCTUREPORTFOLIOPORTFOLIO ALLOCATIONPORTFOLIOSPOTENTIAL INVESTORSPRIVATE BONDPRIVATE MARKETSPRIVATE PLACEMENTSPROFITABILITYPROTECTION OF MINORITY SHAREHOLDERPUBLIC EQUITYPUBLIC MARKETPUBLIC MARKETSPUBLIC SECTOR BONDREAL ESTATEREAL ESTATE INVESTMENTREGULATORY AGENCIESREGULATORY BARRIERSRETURNRETURN ON ASSETSRETURNS ON EQUITYRISK SHARINGSALE OF SECURITIESSECURITIESSECURITIES MARKETSSHARE OF CAPITALSHARE OF EQUITYSHORT-TERM DEBTSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK MARKETSSTOCK PRICESSTOCK RETURNSSTOCKSTERMS OF CAPITALTOTAL DEBTTRADE DIVERSIONTRANSACTIONTRANSPARENCYTRUSTSVALUATIONVALUATIONSVOLATILITYWORLD MARKETSWorld Bank10.1596/1813-9450-4687