02103cas a2200253 a 4500 AALejournalIMF009320 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867022 1018-5941 BD-DhAAL BD-DhAAL Schmukler, Sergio. International Financial Integration Through Equity Markets : Which Firms from Which Countries Go Global? / Sergio Schmukler, Stijn Claessens. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Claessens, Stijn. IMF Working Papers; Working Paper ; No. 2007/138 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/138/001.2007.issue-138-en.xml IMF e-Library