Stock market integration, cost of equity capital, and corporate investment: Evidence from Brazil
以巴西为案例，研究股票市场一体化对资本成本和企业投资的影响，发现一体化通过降低资本成本促进融资，但仅对治理良好的企业有投资促进作用。
Abstract We study the effect of stock market integration on the cost of capital and investment, using Brazil as a case study. We show that integration, as proxied by foreign ownership, has a positive impact on the financing side by reducing cost of capital. On the output side, we find that integration increases corporate investment, but only for well‐governed firms. We contribute to the debate on the pros and cons of financial globalization, particularly by providing evidence of important linkages between financial integration and real economic activity.