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 he...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.展开更多
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 ...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.展开更多
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 inevita...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.展开更多
文摘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.
文摘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.
文摘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.
