| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10225 |
| 来源ID | Working Paper 10225 |
| World Markets for Raising New Capital | |
| Brian J. Henderson; Narasimhan Jegadeesh; Michael S. Weisbach | |
| 发表日期 | 2004-01-12 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Financial markets are increasingly integrated globally. We examine the extent to which firms from different countries rely on alternative sources of capital, the locations where they raise capital, and the factors that affect these choices. During the 1990-2001 period, firms raised about $25.9 trillion of new capital, including $4.7 trillion from abroad. International debt issuances are substantially more common than equity, accounting for over 90% of the international security issues, and about 20% of all public debt issues. In contrast, international equity issues account for about 4.4% of all international security issues, and about 6% of all equity issues during our sample period. Market timing considerations appear to be very important in security issuance decisions. Firms all around the world are more likely to issue equity prior to periods of low market returns. Most of the cross-border equity is issued in the U.S. and the U.K., and these issues tend to occur in 'hot' markets and prior to relatively low market returns. Finally, firms issue more debt when interest rates are lower, and issue debt overseas when interest rates in the place of issue are lower than they are at home. |
| 主题 | Financial Economics ; Corporate Finance ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w10225 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567853 |
| 推荐引用方式 GB/T 7714 | Brian J. Henderson,Narasimhan Jegadeesh,Michael S. Weisbach. World Markets for Raising New Capital. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10225.pdf（619KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
