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Book Cover
Author Claessens, Stijn

Title International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global? / Claessens, Stijn
Published Washington, D.C. : The World Bank, 2007


Description 1 online resource (49 pages)
Series Policy research working papers.
World Bank e-Library.
Summary The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they 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
Bibliography Includes bibliographical references (pages 28-30)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Subject International economic integration
International business enterprises.
International business enterprises
International economic integration
Form Electronic book
Author Claessens, Stijn
Schmukler, Sergio L