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Global Banking$
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Roy C. Smith, Ingo Walter, and Gayle DeLong

Print publication date: 2012

Print ISBN-13: 9780195335934

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780195335934.001.0001

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Global Equity Markets

Global Equity Markets

Chapter:
(p.93) Chapter 5 Global Equity Markets
Source:
Global Banking
Author(s):

Roy C. Smith

Ingo Walter

Gayle Delong

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195335934.003.0005

This chapter discusses the extraordinary growth in international stocks. Issuers tap international stock markets to increase the pool of available funds, lower costs of raising capital, expand their investor base, and/or avoid domestic regulatory complications. Investors move to international markets to improve portfolio performance and to lower risks. Both groups' interests have been furthered by the erosion of regulatory barriers, including exchange controls, limits on ownership, limits on participation in domestic markets, and obstructive listing and trading practices. Capital market integration is leading to a single world equity market. Investment houses stand prepared to make markets twenty-four hours a day in selected stocks. The infrastructure for such activity is being consolidated, sharpened, and challenged by new opportunities and competitive pressures.

Keywords:   capital market integration, regulatory barriers, international stock markets

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