| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6158 |
| DP6158 Economic Forecasting | |
| Henry Allan Timmermann; Graham Elliott | |
| 发表日期 | 2007-03-02 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, we find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics. |
| 主题 | Financial Economics |
| 关键词 | International financial integration Internationalization Globalization of financial markets Access to capital markets |
| URL | https://cepr.org/publications/dp6158 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534996 |
| 推荐引用方式 GB/T 7714 | Henry Allan Timmermann,Graham Elliott. DP6158 Economic Forecasting. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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