This 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, defined as those with large market value of equity. To identify supply-side shocks, capital inflows into each country are instrumented with exogenous...
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2018/04/12
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Documento de trabalho sobre pesquisa de políticas
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WPS8405
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1
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1
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2018/04/12
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Disclosed
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Capital inflows, equity issuance activity, and corporate investment
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equity issuance
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