| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20336 |
| 来源ID | Working Paper 20336 |
| Capital Market Financing, Firm Growth, Firm Size Distribution | |
| Tatiana Didier; Ross Levine; Sergio L. Schmukler | |
| 发表日期 | 2014-07-24 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527 listed firms from 51 economies during 2003-2011. We find that only a few of the largest firms issue securities in the median country. Firms issuing bonds are even larger than those issuing equity. Moreover, issuers grow much faster than non-issuers, particularly (a) during the year of issuance, (b) among smaller and younger firms, and (c) in countries with market-based financial systems. Furthermore, the firm size distribution (FSD) of issuers behaves differently from that of non-issuers. Among issuers, smaller firms grow faster than larger ones, tightening their FSD; but among non-issuers, larger firms grow faster than smaller ones, widening their FSD. |
| 主题 | International Economics ; Globalization and International Relations ; Financial Economics ; Financial Markets ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w20336 |
| 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/578009 |
| 推荐引用方式 GB/T 7714 | Tatiana Didier,Ross Levine,Sergio L. Schmukler. Capital Market Financing, Firm Growth, Firm Size Distribution. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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