TY  - JOUR
AU  - Gozzi,Juan Carlos
AU  - Levine,Ross
AU  - Schmukler,Sergio L.
TI  - Patterns of International Capital Raisings
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14961
PY  - 2009
Y2  - May 2009
UR  - http://www.nber.org/papers/w14961
L1  - http://www.nber.org/papers/w14961.pdf
N1  - Author contact info:
Juan Carlos Gozzi Valdez
Department of Economics
Brown University
64 Waterman Street
Providence, RI 02912
E-Mail: Juan_Carlos_Gozzi_Valdez@brown.edu

Ross Levine
Department of Economics
Brown University
64 Waterman Street
Providence, RI 02912
Tel: 401/863-2170
E-Mail: ross_levine@brown.edu

Sergio Schmukler
The World Bank
MSN MC3-301
1818 H Street, N.W.
Washington, DC 20433
Tel: 202-458-4167
Fax: 202-522-3518
E-Mail: Sschmukler@worldbank.org
AB  - This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major patterns stand out. (1) 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 cross-firm heterogeneity in financial globalization. (2) 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 those in domestic markets. (3) Firms continue to issue securities both abroad and at home after accessing international markets, suggesting that international and domestic markets are complements, not substitutes. Existing theories do not fully account for these patterns.
ER  -