Over recent decades, there has been a steady increase in cross-border financial flows around the world. First, various financial institutions including banks and institutional investors have expanded their activities geographically. In this process, they acted as an intermediary to channel funds from lenders to borrowers across national borders. Second, the more mature securities markets have gained a clear cross-border orientation.
Dating the Integration of World Equity Markets | NBER
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The increasing integration of global capital markets now makes it easier for firms to access capital outside of their home countries. Firms access international capital markets through a variety of means such as initial public offerings IPO , seasoned equity offerings SEO , cross-listings, depository receipts, special purpose acquisition companies SPACS , shelf offerings, private equity and other informal equity capital channels. Firms can also access debt resources outside their market through bank loans, and foreign bond issues. Finally, cross border flows of venture capital VC continue to increase rapidly. The objective of this Special Issue will be to explore the challenges firms face in capital markets beyond their domestic boundaries, be it equity, debt, or VC markets.