TY - BOOK ID - 30499495 TI - International Financial Integration Through Equity Markets : Which Firms from Which Countries Go Global? AU - Schmukler, Sergio. AU - Claessens, Stijn. AU - International Monetary Fund. PY - 2007 SN - 1462363903 1452719845 128329463X 9786613823465 1451911556 1451867026 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - International economic integration. KW - Globalization. KW - International business enterprises. KW - Finance: General KW - General Financial Markets: General (includes Measurement and Data) KW - Financial Markets and the Macroeconomy KW - Finance KW - Stock markets KW - Market capitalization KW - International capital markets KW - Capital markets KW - Financial integration KW - Stock exchanges KW - Capital market KW - Financial services industry KW - International finance KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:30499495 AB - 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 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. ER -