Economic freedom and IPO underpricing

This paper examines how the difference in institutional environments constitutes differential IPO underpricing across countries. Using the Heritage Foundation＇s Index of Economic Freedom （IEF） as a proxy for the heterogeneous institutional environment, and a sample of 3728 IPOs from 22 countries and regions over the period 1993--2014, we find that countries with higher economic freedom have significantly less serious IPO underpricing problems. Moreover, we find that among the 10 economic freedom factors covered by theIEF, financial freedom related factors play a more important role in reducing the IPO underpricing problem. Finally, consistent with the market sentiment hypothesis, we find strong evidence that pre-IPO market sentiment influences IPO firstday returns, and that the IPO underpricing problem is less severe when the market is bearish.

Impact of Labor Mobility on Economic Growth:A Comparative Study between Egypt and Vietnam

This paper will discuss how labor mobility accelerates economic growth based on a comparative study between Egypt and Vietnam during the period of2009 to 2019 from the Index of Economic Freedom.This paper is based on analyzing the four main pillars of economic freedom.Using the Heritage Foundation to assess the labor mobility in both Egypt and Vietnam,both countries were considered as mostly unfree with an overall score of 52.5% with a world rank of 144 and an overall score of 55.3% with a world rank of 128,respectively.Lastly,this paper will investigate,propose,and recommend ways for Vietnam and Egypt to accelerate their growths via restructuring the labor market during the period of 2008 till 2018.

Nexus of governance,macroeconomic conditions,and financial stability of banks:a comparison of developed and emerging countries

The study aims to explore the impact of governance and macroeconomic conditions on financial stability in developed and emerging countries.The study sample comprised 122 countries from 2013 to 2020,and a comprehensive set of variables was used to construct the financial stability index(FSI).The results of the two-step system GMM analysis,robust with D–K regression,indicate that interest rate,GDP growth,voice and accountability,political stability and absence of violence/terrorism,government effectiveness,regulatory quality,and control of corruption have a positive and statistically significant impact on financial stability.However,inflation,money supply,and the rule of law have adverse and insignificant effects on financial stability.Notably,the findings vary between developed and emerging countries due to differences in governance and macroeconomic conditions and their role in financial stability.The study concludes that regulatory governance and macroeconomic conditions are crucial for financial stability.These outcomes are significant for central banks,academia,and policymakers,as they emphasize the need for stable financial systems and sustainable,balanced growth through governance and macroeconomic conditions.

The Normative Connotation and Legal Guarantee of Market Economy in China’s Constitution

At this stage,the market economy has become an important force to promote China’s economic development.Consolidating the core of market economic development,namely,economic equality and economic freedom,is an inevitable requirement for upholding and improving China’s basic economic system,and it is also an important aspect of the country’s strong guarantee for market economic development.Therefore,it is necessary to research the meaning of the market economy in the constitution,and at the same time clarify the constitutional norms’obligation to guarantee the implementation of state agencies to provide adequate constitutional guarantees for the development of the market economy.