This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Globalization and Firms' Financing Choices: Evidence from Emerging Economies Author info | Abstract | Publisher info | Download info | Related research | Statistics Sergio Schmukler
Esteban Vesperoni
Additional information is available for the following
registered author(s):
This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access international capital markets. We find that debt-equity ratios do not increase after financial liberalization. Debt maturity shortens for the average firm when countries undertake financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number
388.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length: pages
Date of creation: 01 May 2001Date of revision:
Handle: RePEc:wdi:papers:2001-388Contact details of provider: Postal: 724 E. University Ave. Wyly Hall, Floor 1, Ann Arbor, Michigan 48109-1234 Phone: 734 615 4566 Fax: (734) 763-5850 Email: Web page: http://www.wdi.umich.edu More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Patricia Loh).
Keywords: financing choices ; financial structure ; financial integration ; financial globalization ; international financial markets ; Other versions of this item:
Find related papers by JEL classification: F1 - International Economics - - Trade G1 - Financial Economics - - General Financial Markets G3 - Financial Economics - - Corporate Finance and Governance
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Rene M. Stulz, 1999.
"Globalization of Equity Markets and the Cost of Capital ,"
NBER Working Papers
7021, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Diamond, Douglas W, 1991.
"Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt ,"
Journal of Political Economy ,
University of Chicago Press, vol. 99(4), pages 689-721, August.
[Downloadable!] (restricted)
Errunza, Vihang R. & Miller, Darius P., 2000.
"Market Segmentation and the Cost of the Capital in International Equity Markets ,"
Journal of Financial and Quantitative Analysis ,
Cambridge University Press, vol. 35(04), pages 577-600, December.
[Downloadable!]
Dani Rodrik & Andres Velasco, 1999.
"Short-Term Capital Flows ,"
NBER Working Papers
7364, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Graciela L. Kaminsky & Carmen M. Reinhart, 1996.
"The twin crises: the causes of banking and balance-of-payments problems ,"
International Finance Discussion Papers
544, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions:
Reinhart, Carmen & Kaminsky, Graciela, 1999.
"The twin crises: The causes of banking and balance of payments problems ,"
MPRA Paper
14081, University Library of Munich, Germany.
[Downloadable!] Graciela L. Kaminsky & Carmen M. Reinhart, 1999.
"The Twin Crises: The Causes of Banking and Balance-of-Payments Problems ,"
American Economic Review ,
American Economic Association, vol. 89(3), pages 473-500, June.
[Downloadable!] (restricted) Demirguc-Kunt, Asli & Levine, Ross, 1999.
"Bank-based and market-based financial systems - cross-country comparisons ,"
Policy Research Working Paper Series
2143, The World Bank.
[Downloadable!]
Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999.
"A new database on financial development and structure ,"
Policy Research Working Paper Series
2146, The World Bank.
[Downloadable!]
Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984.
"Corporate financing and investment decisions when firms have information that investors do not have ,"
Working papers
1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
[Downloadable!]
Diamond, Douglas W, 1991.
"Debt Maturity Structure and Liquidity Risk ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 106(3), pages 709-37, August.
[Downloadable!] (restricted)
Morris, James R, 1976.
"On Corporate Debt Maturity Strategies ,"
Journal of Finance ,
American Finance Association, vol. 31(1), pages 29-37, March.
[Downloadable!] (restricted)
Kim, E Han & Singal, Vijay, 2000.
"Stock Market Openings: Experience of Emerging Economies ,"
Journal of Business ,
University of Chicago Press, vol. 73(1), pages 25-66, January.
[Downloadable!] (restricted)
Paul Krugman, 1999.
"Balance Sheets, the Transfer Problem, and Financial Crises ,"
International Tax and Public Finance ,
Springer, vol. 6(4), pages 459-472, November.
[Downloadable!] (restricted)
Laurence Booth, 2001.
"Capital Structures in Developing Countries ,"
Journal of Finance ,
American Finance Association, vol. 56(1), pages 87-130, 02.
[Downloadable!] (restricted)
Other versions: Myers, Stewart C. & Majluf, Nicholas S., 1984.
"Corporate financing and investment decisions when firms have information that investors do not have ,"
Journal of Financial Economics ,
Elsevier, vol. 13(2), pages 187-221, June.
[Downloadable!] (restricted)
Myers, Stewart C, 1984.
" The Capital Structure Puzzle ,"
Journal of Finance ,
American Finance Association, vol. 39(3), pages 575-92, July.
[Downloadable!] (restricted)
Ricardo J. Caballero & Arvind Krishnamurthy, 1998.
"Emerging Market Crises: An Asset Markets Perspective ,"
NBER Working Papers
6843, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Ricardo J. Caballero & Arvind Krishnamurthy, 1999.
"Emerging Markets Crisis - An Asset Markets Perspective ,"
IMF Working Papers
99/129, International Monetary Fund.
Ricardo Caballero & Arvind Krishnamurthy, 1998.
"Emerging Market Crises: An Asset Markets Perspective ,"
Working papers
98-18, Massachusetts Institute of Technology (MIT), Department of Economics.
Ricardo Caballero & Arvind Krishnamurthy, 1999.
"Emerging Market Crises: An Asset Markets Perspective ,"
Working papers
99-23, Massachusetts Institute of Technology (MIT), Department of Economics.
Hargis, Kent & Ramanlal, Pradipkumar, 1998.
"When Does Internationalization Enhance the Development of Domestic Stock Markets? ,"
Journal of Financial Intermediation ,
Elsevier, vol. 7(3), pages 263-292, July.
[Downloadable!] (restricted)
Maurice Obstfeld, 1998.
"The Global Capital Market: Benefactor or Menace? ,"
Center for International and Development Economics Research, Working Paper Series
1026, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
[Downloadable!]
Other versions:
Maurice Obstfeld, 2000.
"The Global Capital Market: Benefactor or Menace? ,"
International Finance
0004001, EconWPA.
[Downloadable!] Maurice Obstfeld, 1998.
"The Global Capital Market: Benefactor or Menace? ,"
NBER Working Papers
6559, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Maurice Obstfeld., 1998.
"The Global Capital Market: Benefactor or Menace? ,"
Center for International and Development Economics Research (CIDER) Working Papers
C98-098, University of California at Berkeley.
Obstfeld, Maurice, 1998.
"The Global Capital Market: Benefactor or Menace? ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 12(4), pages 9-30, Fall.
[Downloadable!] (restricted) Reinhart, Carmen & Calvo, Guillermo, 2000.
"When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options ,"
MPRA Paper
6982, University Library of Munich, Germany.
[Downloadable!]
Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1995.
"Stock market development and firm financing choices ,"
Policy Research Working Paper Series
1461, The World Bank.
[Downloadable!]
Alexander, Gordon J. & Eun, Cheol S. & Janakiramanan, S., 1988.
"International Listings and Stock Returns: Some Empirical Evidence ,"
Journal of Financial and Quantitative Analysis ,
Cambridge University Press, vol. 23(02), pages 135-151, June.
[Downloadable!]
Caprio Jr., Gerard & Demirguc-Kunt, Asli, 1997.
"The role of long term finance : theory and evidence ,"
Policy Research Working Paper Series
1746, The World Bank.
[Downloadable!]
Other versions: Raghuram G. Rajan & Luigi Zingales, 1994.
"What Do We Know About Capital Structure? Some Evidence from International Data ,"
NBER Working Papers
4875, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Miller, Darius P., 1999.
"The market reaction to international cross-listings:: evidence from Depositary Receipts1 ,"
Journal of Financial Economics ,
Elsevier, vol. 51(1), pages 103-123, January.
[Downloadable!] (restricted)
Asli Demirgüç-Kunt & Vojislav Maksimovic, 1998.
"Law, Finance, and Firm Growth ,"
Journal of Finance ,
American Finance Association, vol. 53(6), pages 2107-2137, December.
[Downloadable!] (restricted)
Bhide, Amar, 1993.
"The hidden costs of stock market liquidity ,"
Journal of Financial Economics ,
Elsevier, vol. 34(1), pages 31-51, August.
[Downloadable!] (restricted)
Myers, Stewart C., 1984.
"Capital structure puzzle ,"
Working papers
1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
[Downloadable!]
Fabio Schiantarelli & Fidel Jaramillo, 2002.
"Access to Long Term Debt and Effects on Firms' Performance: Lessons from Ecuador ,"
RES Working Papers
3153, Inter-American Development Bank, Research Department.
[Downloadable!]
Henry, Peter Blair, 2000.
"Do stock market liberalizations cause investment booms? ,"
Journal of Financial Economics ,
Elsevier, vol. 58(1-2), pages 301-334.
[Downloadable!] (restricted)
McKinnon, Ronald I & Pill, Huw, 1997.
"Credible Economic Liberalizations and Overborrowing ,"
American Economic Review ,
American Economic Association, vol. 87(2), pages 189-93, May.
[Downloadable!] (restricted)
Jeanne, Olivier, 2000.
"Debt Maturity and the Global Financial Architecture ,"
CEPR Discussion Papers
2520, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Stephen R. Foerster & G. Andrew Karolyi, 1999.
"The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States ,"
Journal of Finance ,
American Finance Association, vol. 54(3), pages 981-1013, 06.
[Downloadable!] (restricted)
Neumeyer, Pablo Andres, 1998.
"Inflation-stabilization risk in economies with incomplete asset markets ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 23(3), pages 371-391, November.
[Downloadable!] (restricted)
Alexander, Gordon J & Eun, Cheol S & Janakiramanan, S, 1987.
" Asset Pricing and Dual Listing on Foreign Capital Markets: A Note ,"
Journal of Finance ,
American Finance Association, vol. 42(1), pages 151-58, March.
[Downloadable!] (restricted)
Ross Levine, 1990.
"Financial structure and economic development ,"
International Finance Discussion Papers
381, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions: Demirguc - Kunt, Asli & Maksimovic, Vojislav & DEC, 1994.
"Capital structures in developing countries : evidence from ten countries ,"
Policy Research Working Paper Series
1320, The World Bank.
[Downloadable!]
Geert Bekaert & Campbell R. Harvey, 2000.
"Foreign Speculators and Emerging Equity Markets ,"
Journal of Finance ,
American Finance Association, vol. 55(2), pages 565-613, 04.
[Downloadable!] (restricted)
Other versions: Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1999.
"Institutions, financial markets, and firm debt maturity ,"
Journal of Financial Economics ,
Elsevier, vol. 54(3), pages 295-336, December.
[Downloadable!] (restricted)
Demirguc-Kunt, Ash & Maksimovic, Vojislav, 1996.
"Stock Market Development and Financing Choices of Firms ,"
World Bank Economic Review ,
Oxford University Press, vol. 10(2), pages 341-69, May.
Jason Furman & Joseph E. Stiglitz, 1998.
"Economic Crises: Evidence and Insights from East Asia ,"
Brookings Papers on Economic Activity ,
Economic Studies Program, The Brookings Institution, vol. 29(1998-2), pages 1-136.
[Downloadable!]
Stewart C. Myers, 1984.
"Capital Structure Puzzle ,"
NBER Working Papers
1393, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Myers, Stewart C., 1977.
"Determinants of corporate borrowing ,"
Journal of Financial Economics ,
Elsevier, vol. 5(2), pages 147-175, November.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio L., 2002.
"Explaining the migration of stocks from exchanges in emerging economies to international centers ,"
Policy Research Working Paper Series
2816, The World Bank.
[Downloadable!]
Other versions:
Claessens, Stijn & Kingebiel, Daniela & Schmukler, Sergio L., 2002.
"Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres ,"
Working Papers
UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2002.
"Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres ,"
CEPR Discussion Papers
3301, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Federico Guerrero & Elliott Parker, 2006.
"Financial Liberalization and Corporate Debt Maturity in Thailand, 1993-97 ,"
Working Papers
06-001, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
[Downloadable!]
Kristin J. Forbes, 2005.
"The Microeconomic Evidence on Capital Controls: No Free Lunch ,"
NBER Working Papers
11372, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Federico Guerrero, 2006.
"Early-Stage Globalization and Corporate Debt Maturity: The Case of South Korea, 1980-94 ,"
Working Papers
06-016, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
[Downloadable!]
Access and
download statistics Did you know? RePEc also has a blog .
This page was last updated on 2009-12-15.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .