Capital raising in the Arab World
Joint Authors
Lorente, Juan Jose Cortina
Ismail, Suha
Schmukler, Sergio L.
Source
Economic Research Forum : Working Paper Series
Issue
Vol. 2017, Issue 1075-1171 (31 Dec. 2017), pp.1-32, 32 p.
Publisher
Economic Research Forum for the Arab Countries Iran and Turkey
Publication Date
2017-12-31
Country of Publication
Egypt
No. of Pages
32
Main Subjects
Sociology and Anthropology and Social Work
Topics
Abstract EN
This paper provides a first documentation of how firms in Arab countries use equity, corporate bond, and syndicated loan markets to obtain finance.
We compile a large dataset at the transaction-level of issuance in domestic and international markets over the 1991-2014 period.
The analysis focuses on 12 Arab nations, but covers 719,242 transactions from 96 different countries.
We find that while the total amounts raised, relative to GDP, in equity and syndicated loan markets stand relatively well with respect to other regions in the world, corporate bond issuance activity lags behind.
Yet, corporate bond financing as a share of total debt has gained relative importance over time.
Arab debt displays very long maturities at issuance, which is driven by larger shares of bonds and loans issued for infrastructure and long-term investment purposes than other regions in the world.
Corporate bonds in Arab countries also involve large deal sizes and hold low levels of credit risk.
Whereas equity issuances primarily take place in domestic markets, Arab bonds and loans are mostly issued internationally.
American Psychological Association (APA)
Lorente, Juan Jose Cortina& Ismail, Suha& Schmukler, Sergio L.. 2017. Capital raising in the Arab World. Economic Research Forum : Working Paper Series،Vol. 2017, no. 1075-1171, pp.1-32.
https://search.emarefa.net/detail/BIM-777265
Modern Language Association (MLA)
Lorente, Juan Jose Cortina…[et al.]. Capital raising in the Arab World. Economic Research Forum : Working Paper Series No. 1075-1171 (Dec. 2017), pp.1-32.
https://search.emarefa.net/detail/BIM-777265
American Medical Association (AMA)
Lorente, Juan Jose Cortina& Ismail, Suha& Schmukler, Sergio L.. Capital raising in the Arab World. Economic Research Forum : Working Paper Series. 2017. Vol. 2017, no. 1075-1171, pp.1-32.
https://search.emarefa.net/detail/BIM-777265
Data Type
Journal Articles
Language
English
Notes
Includes appendices : p. 15-32
Record ID
BIM-777265