equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the …

Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have … significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from … financial globalization (such as additional funding, broad diversification, and deeper financial systems), the positive effects …