Capital inflows, equity issuance activity, and corporate investment

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dc.contributor.authorCalomiris, Charles W.
dc.contributor.authorLarrain, Mauricio
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2025-01-20T22:21:30Z
dc.date.available2025-01-20T22:21:30Z
dc.date.issued2021
dc.description.abstractThis paper uses issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment. It shows that foreign inflows are strongly correlated with country-level issuance. The relation especially reflects the behavior of large firms. To identify supply-side shocks, capital inflows into each country are instrumented with exogenous changes in other countries' attractiveness to foreign investors. Shifts in the supply of foreign capital are important drivers of increased equity inflows. Instrumented contemporaneous and lagged capital inflows lead large firms to raise new equity, which they use to fund investment.
dc.fuente.origenWOS
dc.identifier.doi10.1016/j.jfi.2019.100845
dc.identifier.eissn1096-0473
dc.identifier.issn1042-9573
dc.identifier.urihttps://doi.org/10.1016/j.jfi.2019.100845
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/94652
dc.identifier.wosidWOS:000652532100003
dc.language.isoen
dc.revistaJournal of financial intermediation
dc.rightsacceso restringido
dc.subjectCapital flows
dc.subjectCorporate financing
dc.subjectEmerging markets
dc.subjectDomestic investors
dc.subjectForeign investors
dc.subjectUse of funds
dc.subject.ods08 Decent Work and Economic Growth
dc.subject.ods09 Industry, Innovation and Infrastructure
dc.subject.ods01 No Poverty
dc.subject.ods10 Reduced Inequality
dc.subject.odspa08 Trabajo decente y crecimiento económico
dc.subject.odspa09 Industria, innovación e infraestructura
dc.subject.odspa01 Fin de la pobreza
dc.subject.odspa10 Reducción de las desigualdades
dc.titleCapital inflows, equity issuance activity, and corporate investment
dc.typeartículo
dc.volumen46
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
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