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International Financial Integration Through Equity Markets

International Financial Integration Through Equity Markets
Main title
International Financial Integration Through Equity Markets
electronic resource
Nature of contents
Series statement
IMF Working Papers
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 institu
Table Of Contents
Content; I. Introduction; II. Data; III. Methodology; IV. Internationalization: Country-Level Perspective; V. Internationalization: Firm-Level Perspective; VI. Conclusions; Figures; 1. Internationalization Process; 2. Internationalization Process; 3. Distribution of Countries According to International Activity; 4. Distribution of Firm Characteristics for Domestic and International Firms; Tables; 1. Stock Market Internationalization by Region; 2a. Stock Market Internationalization and Country Characteristics; 2b. Stock Market Internationalization and Country Characteristics3a. Country-Level Regressions-All Countries3b. Country-Level Regressions-Developing Countries; 4. Differences Across Firms and Countries; 5. Probit Regressions; 6. Cox Regressions; 7. Differences in Firm Characteristics Between International and Domestic Firms; Appendix Tables; 1. Series Description and Data Sources; 2. Number of International and Domestic Firms by Country; 3. Industry Classification; 4. Fixed-Effect Country-Level Regressions; References