World markets for raising new capital

• 成果类型: Article
• 署名作者: Henderson, Brian J.; Jegadeesh, Narasinihan; Weisbach, Michael S.
• 署名单位: National Bureau of Economic Research; Seton Hall University; Emory University; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2005.08.004
• 发表日期: 2006
• 页码: 63-101
• 关键词: international debt issues; international equity issues; Market timing

摘要

We examine the extent to which firms from different countries rely on alternative sources of capital, the locations in which they raise capital, and the factors that affect these choices. During the 1990-2001 period, firms raised about $25.3 trillion of new capital, including $4.9 trillion from abroad. International debt issuances are substantially more common than equity issuances, with debt (equity) issues accounting for 87% (9%) of all securities issued internationally, and about 20% (12%) of all public debt issuances. Market timing considerations appear to be important in security issuance decisions in most countries. (c) 2006 Elsevier B.V. All rights reserved.