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How 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...
Persistent link: https://www.econbiz.de/10012571775
This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. International issues tend to be...
Persistent link: https://www.econbiz.de/10012557091
By documenting the evolution of Tobin's q before, during, and after firms internationalize, the authors provide evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, they find that...
Persistent link: https://www.econbiz.de/10012553757
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...
Persistent link: https://www.econbiz.de/10012552479
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, Levine and Schmukler find that...
Persistent link: https://www.econbiz.de/10012573307
This paper studies the extent to which access to domestic and international bond markets and syndicated loan markets and switches across them impact corporate debt maturity. Using world issuance activity during 1991-2014, the paper shows that different markets provide financing at different...
Persistent link: https://www.econbiz.de/10012570874
This paper documents how economies in the East Asia and Pacific (EAP) region have integrated financially with the rest of the world since the 1990s. First, the region is increasingly more connected with itself and with other economies. Although economies in the North capture the bulk of the...
Persistent link: https://www.econbiz.de/10012570940
This paper documents how firms in Arab countries issue equity, corporate bonds, and syndicated loans in domestic and international markets to obtain financing and grow. Using a new data set on issuance activity and firm performance, the paper finds that capital raising through these markets has...
Persistent link: https://www.econbiz.de/10012570957
This paper describes how Latin America and the Caribbean has been integrating financially with countries in the North and South since the 2000s. The paper shows that the region is increasingly more connected with the rest of the world, even relative to gross domestic product. The region's...
Persistent link: https://www.econbiz.de/10012571932
Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. This paper examines two important, concurrent dimensions of financial globalization:...
Persistent link: https://www.econbiz.de/10012554536