The Internationalization Of Equity Markets

Author : Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 428 pages
File Size : 46,8 Mb
Release : 2008-04-15
Category : Business & Economics
ISBN : 9780226260211

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The Internationalization of Equity Markets by Jeffrey A. Frankel Pdf

This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.

Author : Jeffrey A. Frankel
Publisher : Unknown
Page : 36 pages
File Size : 43,8 Mb
Release : 2010
Category : Electronic
ISBN : OCLC:1290832810

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The Internationalization of Equity Markets by Jeffrey A. Frankel Pdf

This introduction to a forthcoming NBER volume on 'The Internationalization of Equity Markets' argues that the existing finance literature has in some respects not kept pace with world trends. Most empirical studies fail to take due account of the diversity of assets offered by countries around the world, the diversity of locales in which investors live, and the diversity of institutional peculiarities that characterize the markets in which assets and investors are brought together. Four of the papers in the volume are econometric studies of asset pricing and home-country bias in internationally integrated equity markets. The other four examine such issues as emerging markets, country funds, trading volume, location, taxes, controls, and other imperfections in international markets.

Author : Juan J. Cortina,Mr. Maria Soledad Martinez Peria,Mr. Sergio L. Schmukler,Jasmine Xiao
Publisher : International Monetary Fund
Page : 62 pages
File Size : 44,5 Mb
Release : 2023-02-10
Category : Business & Economics
ISBN : 9798400233876

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The Internationalization of China’s Equity Markets by Juan J. Cortina,Mr. Maria Soledad Martinez Peria,Mr. Sergio L. Schmukler,Jasmine Xiao Pdf

China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index.

Author : Stijn Claessens,Sergio L. Schmukler
Publisher : Unknown
Page : 128 pages
File Size : 49,7 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:931669152

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International Financial Integration Through Equity Markets by Stijn Claessens,Sergio L. Schmukler Pdf

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.

Author : Anonim
Publisher : Unknown
Page : 1026 pages
File Size : 41,7 Mb
Release : 1988
Category : Corporations
ISBN : UIUC:30112064027011

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Internationalization of the Securities Markets by Anonim Pdf

Author : Joseph A. Grundfest
Publisher : Unknown
Page : 72 pages
File Size : 43,6 Mb
Release : 1990
Category : Investments, American
ISBN : STANFORD:36105062152595

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Internationalization of the World's Securities Market by Joseph A. Grundfest Pdf

Author : Stijn Claessens
Publisher : Unknown
Page : 49 pages
File Size : 50,8 Mb
Release : 2017
Category : Electronic
ISBN : OCLC:1290689408

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International Financial Integration Through Equity Markets by Stijn Claessens Pdf

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.

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 336 pages
File Size : 47,7 Mb
Release : 1986
Category : Capital market
ISBN : STANFORD:36105062227678

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The internationalization of capital markets by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Pdf

Author : David E. Ayling
Publisher : Gower Publishing Company, Limited
Page : 264 pages
File Size : 53,7 Mb
Release : 1986
Category : Business & Economics
ISBN : UCSD:31822003364650

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The Internationalisation of Stockmarkets by David E. Ayling Pdf

Author : David E. AYLING
Publisher : Unknown
Page : 224 pages
File Size : 53,8 Mb
Release : 1986
Category : Electronic
ISBN : OCLC:1192774064

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THE INTERNATIONALISATION OF STOCK MARKETS: THE TREND TOWARDS GREATER FOREIGN BORROWING AND INVESTMENT by David E. AYLING Pdf

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 336 pages
File Size : 50,6 Mb
Release : 1986
Category : Capital market
ISBN : PSU:000011961796

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The Internationalization of Capital Markets by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Pdf

Author : John Fingleton,Dirk Schoenmaker
Publisher : Springer
Page : 224 pages
File Size : 43,7 Mb
Release : 1992-11-17
Category : Business & Economics
ISBN : UOM:35128001201076

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The Internationalization of Capital Markets and the Regulatory Response by John Fingleton,Dirk Schoenmaker Pdf

With the increasing internationalization of capital markets, the growth in cross-border financial trades, and the blurring of the distinction between banking and securities transactions, regulators have been obliged to face the new challenge of increasing the international co-ordination of regulatory response to changing market conditions.

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 51,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

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International Capital Flows by Martin Feldstein Pdf

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Author : Augusto de la Torre,Sergio L. Schmukler
Publisher : Stanford University Press
Page : 232 pages
File Size : 43,5 Mb
Release : 2007
Category : Social Science
ISBN : 0804757194

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Emerging Capital Markets and Globalization by Augusto de la Torre,Sergio L. Schmukler Pdf

Emerging Capital Markets and Globalization analyzes where we stand and where we are heading on capital market development, the state and evolution of Latin American capital markets and related reforms, measuring the impact of reforms, and discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda

Author : Robert Alan Schwartz
Publisher : HarperCollins Publishers
Page : 570 pages
File Size : 51,6 Mb
Release : 1988
Category : Securities
ISBN : UCSC:32106008669548

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Equity Markets by Robert Alan Schwartz Pdf