| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24433 |
| 来源ID | Working Paper 24433 |
| Capital Inflows, Equity Issuance Activity, and Corporate Investment | |
| Charles W. Calomiris; Mauricio Larrain; Sergio L. Schmukler | |
| 发表日期 | 2018-03-26 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We use issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment. We show that foreign inflows are strongly correlated with country-level issuance. The relation reflects the behavior of large issuers issuing in domestic equity markets and that of firms issuing in international markets. Those larger, more liquid, and highly valued firms are the ones more likely to raise equity when their country receives capital inflows. To identify supply-side shocks, we instrument capital inflows into each country with exogenous changes in other countries’ attractiveness to foreign investors. Shifts in the supply of foreign capital are important drivers of increased equity inflows. Instrumented inflows lead a subset of firms (large domestic issuers and foreign issuers) to raise new equity, which they use mainly to fund investment. Corporate investment increases between one-tenth and four-tenths the amount of foreign equity capital entering the country. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w24433 |
| 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/582106 |
| 推荐引用方式 GB/T 7714 | Charles W. Calomiris,Mauricio Larrain,Sergio L. Schmukler. Capital Inflows, Equity Issuance Activity, and Corporate Investment. 2018. |
| 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 | ||
| w24433.pdf（1136KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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