We examine the effect of export activity on the pricing of initial public offerings (IPOs) and their post-IPO performance and survival. On the one hand, foreign market operations diversify a firm’s revenue base and the risk of domestic cash flow shocks and may also provide an entree into foreign sources of financing. On the other hand, export activity may bring additional risk and complexity leading to greater uncertainty about the pricing of the IPO. Indeed, relative to non-exporting IPO firms, exporting IPO firms are significantly smaller, are riskier according to standard measures, and have higher expenditures on research and development. Using a sample of 4,837 IPO firms from 1986 to 2010, we find that IPO firms with export activity have a significantly lower level of underpricing than IPO firms without export activity after controlling for all factors known to influence IPO initial returns. In addition, the risk-adjust returns of exporting IPO firms outperform non-exporting IPO firms by 55 - 122 basis points on a monthly basis over either three or five year periods after the IPO. Our initial return and long-run return results are highly robust to propensity score matching techniques which account for possible reversed causality and selection bias. Lastly, we find that exporting IPO firms have significantly higher survival rates than non-exporting IPO firms; the hazard rate of firms that export around IPO years is 54 - 71% of firms that do not export. Overall, we provide strong evidence that export activity has an economically significant effect on the valuation and subsequent performance of IPO firms.
{"title":"Export Activity, IPO Underpricing, Long-Run Performance and Survival","authors":"D. Mauer, Songqi Wang, Xiao Wang, Yilei Zhang","doi":"10.2139/ssrn.2127276","DOIUrl":"https://doi.org/10.2139/ssrn.2127276","url":null,"abstract":"We examine the effect of export activity on the pricing of initial public offerings (IPOs) and their post-IPO performance and survival. On the one hand, foreign market operations diversify a firm’s revenue base and the risk of domestic cash flow shocks and may also provide an entree into foreign sources of financing. On the other hand, export activity may bring additional risk and complexity leading to greater uncertainty about the pricing of the IPO. Indeed, relative to non-exporting IPO firms, exporting IPO firms are significantly smaller, are riskier according to standard measures, and have higher expenditures on research and development. Using a sample of 4,837 IPO firms from 1986 to 2010, we find that IPO firms with export activity have a significantly lower level of underpricing than IPO firms without export activity after controlling for all factors known to influence IPO initial returns. In addition, the risk-adjust returns of exporting IPO firms outperform non-exporting IPO firms by 55 - 122 basis points on a monthly basis over either three or five year periods after the IPO. Our initial return and long-run return results are highly robust to propensity score matching techniques which account for possible reversed causality and selection bias. Lastly, we find that exporting IPO firms have significantly higher survival rates than non-exporting IPO firms; the hazard rate of firms that export around IPO years is 54 - 71% of firms that do not export. Overall, we provide strong evidence that export activity has an economically significant effect on the valuation and subsequent performance of IPO firms.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76085981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-01-01DOI: 10.5089/9781475522419.001.A001
Jorge Iván Canales-Kriljenko, Farayi Gwenhamo, Saji Thomas
Spillovers from South Africa into the other members of the Souther Africa Customs Union (known as the BLNS for Botstwana, Lesotho, Namibia, and Swaziland) are substantial reflecting sizeable real and financial interlinkages. However, shocks to real GDP growth in South Africa do not seem to systematically affect growth developments in BLNS countries as a group. Nevertheless, vector autoregressions, which allow country-specific parameters, suggest some strong spillovers onto the smaller economies.
{"title":"Inward and Outward Spillovers in the SACU Area","authors":"Jorge Iván Canales-Kriljenko, Farayi Gwenhamo, Saji Thomas","doi":"10.5089/9781475522419.001.A001","DOIUrl":"https://doi.org/10.5089/9781475522419.001.A001","url":null,"abstract":"Spillovers from South Africa into the other members of the Souther Africa Customs Union (known as the BLNS for Botstwana, Lesotho, Namibia, and Swaziland) are substantial reflecting sizeable real and financial interlinkages. However, shocks to real GDP growth in South Africa do not seem to systematically affect growth developments in BLNS countries as a group. Nevertheless, vector autoregressions, which allow country-specific parameters, suggest some strong spillovers onto the smaller economies.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79511054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the returns to foreign and local language skills of immigrants in the Spanish labor market. Different sources of endogeneity are addressed by deriving a set of novel instruments for language proficiency through a measure of linguistic dissimilarity. Using cross-sectional data from the 2007 National Immigrant Survey of Spain (NISS), returns to language skills are estimated separately for Spanish, English, German and French proficiency. Foreign language proficiency produces high returns, which appear to be mediated through the channel of occupational choice. The results are discussed against the background of a severe foreign language skills shortage in the Spanish economy. Immigrants may deal as a supplier of foreign language proficiency in the short run. In contrast to most studies, I find no compelling evidence of a wage premium for local language proficiency.
{"title":"Returns to Local and Foreign Language Skills - Causal Evidence from Spain","authors":"Ingo E. Isphording","doi":"10.2139/ssrn.2221279","DOIUrl":"https://doi.org/10.2139/ssrn.2221279","url":null,"abstract":"This study examines the returns to foreign and local language skills of immigrants in the Spanish labor market. Different sources of endogeneity are addressed by deriving a set of novel instruments for language proficiency through a measure of linguistic dissimilarity. Using cross-sectional data from the 2007 National Immigrant Survey of Spain (NISS), returns to language skills are estimated separately for Spanish, English, German and French proficiency. Foreign language proficiency produces high returns, which appear to be mediated through the channel of occupational choice. The results are discussed against the background of a severe foreign language skills shortage in the Spanish economy. Immigrants may deal as a supplier of foreign language proficiency in the short run. In contrast to most studies, I find no compelling evidence of a wage premium for local language proficiency.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"61 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91085609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we explore the potential gains that a trade agreement (TA) can provide by regulating trade-policy uncertainty, in addition to the more standard gains from reducing the mean levels of trade barriers. We show that in a standard trade model with income-risk neutrality there tends to be an uncertainty-increasing motive for a TA. With income-risk aversion, on the other hand, the uncertainty-managing motive for a TA is determined by interesting trade-offs. For a given degree of risk aversion, an uncertainty-reducing motive for a TA is more likely to be present when the economy is more open, the export supply elasticity is lower and the economy is more specialized. Governments have stronger incentives to sign a TA when the trading environment is more uncertain. As exogenous trade costs decline, the gains from decreasing trade-policy uncertainty tend to become more important relative to the gains from reducing average trade barriers. We also derive simple
{"title":"Uncertainty and Trade Agreements","authors":"N. Limão, G. Maggi","doi":"10.1257/MIC.20130163","DOIUrl":"https://doi.org/10.1257/MIC.20130163","url":null,"abstract":"In this paper we explore the potential gains that a trade agreement (TA) can provide by regulating trade-policy uncertainty, in addition to the more standard gains from reducing the mean levels of trade barriers. We show that in a standard trade model with income-risk neutrality there tends to be an uncertainty-increasing motive for a TA. With income-risk aversion, on the other hand, the uncertainty-managing motive for a TA is determined by interesting trade-offs. For a given degree of risk aversion, an uncertainty-reducing motive for a TA is more likely to be present when the economy is more open, the export supply elasticity is lower and the economy is more specialized. Governments have stronger incentives to sign a TA when the trading environment is more uncertain. As exogenous trade costs decline, the gains from decreasing trade-policy uncertainty tend to become more important relative to the gains from reducing average trade barriers. We also derive simple","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"95 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86104607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-12-31DOI: 10.4135/9781452218458.n112
Nassef Manabilang Adiong
In this period, the Suez Canal was regarded as the navigational and trade route that connects two continents, Asia and Europe. It is an artificial (human-made) waterway system that cuts through the territories of Egypt and serves as the link between two seas - the Mediterranean Sea, from Port Said beside the Al Qabuti territory of Egypt adjacent to Port Fouad in Sinai (another Egyptian territory that was occupied by Israel from 1956 to 1982), and the Red Sea, from its city of Suez on the Gulf of Suez - as the starting point for delivering big shipments from international steam and commercial ships and mid-sized shipments from local ships.
{"title":"Suez Canal: 1250 to 1920: Middle East","authors":"Nassef Manabilang Adiong","doi":"10.4135/9781452218458.n112","DOIUrl":"https://doi.org/10.4135/9781452218458.n112","url":null,"abstract":"In this period, the Suez Canal was regarded as the navigational and trade route that connects two continents, Asia and Europe. It is an artificial (human-made) waterway system that cuts through the territories of Egypt and serves as the link between two seas - the Mediterranean Sea, from Port Said beside the Al Qabuti territory of Egypt adjacent to Port Fouad in Sinai (another Egyptian territory that was occupied by Israel from 1956 to 1982), and the Red Sea, from its city of Suez on the Gulf of Suez - as the starting point for delivering big shipments from international steam and commercial ships and mid-sized shipments from local ships.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75419452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Industry - and firm-level research into both innovations and productivity has long been limited to manufacturing. With this paper, we aim to contribute to the stream of literature that aims at extending the scope of such investigations to the services industry. To this end we analyze the innovation strategies in several service sectors in Poland in 2008 and examine their relationship to productivity. Our results show that service firms differ considerably in their innovation strategies, but that most of those strategies lead to productivity gains.
{"title":"Agglomeration in Europe in the Context of Socio-Ecological Transition","authors":"Izabela Styczyńska, Constantin Zaman","doi":"10.2139/ssrn.2191616","DOIUrl":"https://doi.org/10.2139/ssrn.2191616","url":null,"abstract":"Industry - and firm-level research into both innovations and productivity has long been limited to manufacturing. With this paper, we aim to contribute to the stream of literature that aims at extending the scope of such investigations to the services industry. To this end we analyze the innovation strategies in several service sectors in Poland in 2008 and examine their relationship to productivity. Our results show that service firms differ considerably in their innovation strategies, but that most of those strategies lead to productivity gains.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74883925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Chad-Cameroon oilfield development and pipeline project was a major attempt by the international community to leverage an extractive industries project to promote development in a fragile state. The project is notable for its size and ambition, and for the intensive participation of multilateral institutions, multinational corporations, governments, and civil society. The centerpiece of the project was an elaborate revenue management program designed to funnel oil revenues to priority sectors in Chad. However, unanticipated developments, including a deteriorating security situation, gradually eroded the Chadian government’s compliance with the program, resulting in disbursement suspensions and renegotiations. The program was prematurely terminated when the government of Chad fully prepaid its remaining financial obligations to the World Bank after just seven years of the project’s anticipated 20-30 year lifespan. Once hailed as a newly emergent model for development, the project now offers important lessons stressing the need for greater pragmatism in the future.
{"title":"Leveraging Project Finance for Development: The Chad-Cameroon Oilfield Development and Pipeline Project","authors":"G. Mitchell","doi":"10.2139/ssrn.2191114","DOIUrl":"https://doi.org/10.2139/ssrn.2191114","url":null,"abstract":"The Chad-Cameroon oilfield development and pipeline project was a major attempt by the international community to leverage an extractive industries project to promote development in a fragile state. The project is notable for its size and ambition, and for the intensive participation of multilateral institutions, multinational corporations, governments, and civil society. The centerpiece of the project was an elaborate revenue management program designed to funnel oil revenues to priority sectors in Chad. However, unanticipated developments, including a deteriorating security situation, gradually eroded the Chadian government’s compliance with the program, resulting in disbursement suspensions and renegotiations. The program was prematurely terminated when the government of Chad fully prepaid its remaining financial obligations to the World Bank after just seven years of the project’s anticipated 20-30 year lifespan. Once hailed as a newly emergent model for development, the project now offers important lessons stressing the need for greater pragmatism in the future.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83295033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The need for a pro-active more focused and more effective global mechanism to identify, control and mitigate the impact of economic and financial crisis has increasingly been felt over the last two decades. It got reinforced by not so effective IMF in terms of crisis control and mitigation as well as the occurrence and reoccurrence of several financial crises during the last few decades. Japan’s proposal to create Asian Monetary Fund (AMF), as an alternative to International Monetary Fund (IMF) in the midst of Asian Financial Crisis 1997, could be argued as an offshoot of this need. This research paper seeks to strengthen the role of IMF as a crisis control and mitigation institution and is based on two premises the effectiveness of an international institution such as the IMF is crucially dependent on the support provided by its stakeholders (such support has not been adequately leveraged in the case of the IMF) and their active participation in institutional mechanisms for averting crises, and regional trade associations could support the IMF in averting such crisis situation. The paper proposes facilitating such support through regional trade blocks, an important facilitator of regional growth, and elaborates on a mechanism in this regard involving a proposed Centre for Financial Crisis Management (CFM) under the IMF, and therefore could be known as IMF CFM.
{"title":"Making the IMF Pro-Active for a Evolving World Economic Order","authors":"Suresh P Singh","doi":"10.2139/ssrn.2188264","DOIUrl":"https://doi.org/10.2139/ssrn.2188264","url":null,"abstract":"The need for a pro-active more focused and more effective global mechanism to identify, control and mitigate the impact of economic and financial crisis has increasingly been felt over the last two decades. It got reinforced by not so effective IMF in terms of crisis control and mitigation as well as the occurrence and reoccurrence of several financial crises during the last few decades. Japan’s proposal to create Asian Monetary Fund (AMF), as an alternative to International Monetary Fund (IMF) in the midst of Asian Financial Crisis 1997, could be argued as an offshoot of this need. This research paper seeks to strengthen the role of IMF as a crisis control and mitigation institution and is based on two premises the effectiveness of an international institution such as the IMF is crucially dependent on the support provided by its stakeholders (such support has not been adequately leveraged in the case of the IMF) and their active participation in institutional mechanisms for averting crises, and regional trade associations could support the IMF in averting such crisis situation. The paper proposes facilitating such support through regional trade blocks, an important facilitator of regional growth, and elaborates on a mechanism in this regard involving a proposed Centre for Financial Crisis Management (CFM) under the IMF, and therefore could be known as IMF CFM.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80109534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The control structure over money and real assets is considered in the process of cost innovation. The work here contrasts with the first part of this paper where the emphasis was on the physical aspects of innovation. Here the emphasis is primarily on the money supply aspects of innovation. We conclude with observations on evaluation and the locus of control in the process of innovation.
{"title":"Cost Innovation: Schumpeter and Equilibrium; Part 2: Innovation and the Money Supply","authors":"M. Shubik, W. Sudderth","doi":"10.2139/ssrn.2188547","DOIUrl":"https://doi.org/10.2139/ssrn.2188547","url":null,"abstract":"The control structure over money and real assets is considered in the process of cost innovation. The work here contrasts with the first part of this paper where the emphasis was on the physical aspects of innovation. Here the emphasis is primarily on the money supply aspects of innovation. We conclude with observations on evaluation and the locus of control in the process of innovation.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"330 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73860321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article aims at providing a linguistic and comparative perspective on financial markets governance by investigating the meanings and legal categories underlying the term “securities” in a multilingual society. It first illustrates how the term “securities” is not a straightforward legal concept and requires clear definition – both at the national and transnational levels – to limit regulatory arbitrage and forum shopping phenomena that might endanger investor protection and financial stability. Subsequently, moving from the economic function of securities, the article analyses the legal techniques adopted to define the term “securities” in the United States and in selected European countries, with particular attention to France, Italy and the United Kingdom. The legal and linguistic comparison reveals hidden similarities, converging towards a common a set of shared components related to the concepts of investment, negotiability and value. Notwithstanding this common core, several discrepancies emerge when finally the study focuses on the application of EU securities law and on the legal standardisation efforts carried out by the International Organization of Securities Commissions (IOSCO). The article shows that in a globalised and multilingual society, the meanings attributed to the term “securities” have a direct impact on the overall soundness of the financial system and that any legal definition of the term must consider the implicit cognitive processes, embedded in language, that are necessary to interpret and apply securities law.
{"title":"Towards a General Framework for a Common Definition of ‘Securities’: Financial Markets Regulation in Multilingual Contexts","authors":"Giuliano G. Castellano","doi":"10.1093/ULR/17.3.449","DOIUrl":"https://doi.org/10.1093/ULR/17.3.449","url":null,"abstract":"This article aims at providing a linguistic and comparative perspective on \u0000 financial markets governance by investigating the meanings and legal \u0000 categories underlying the term “securities” in a multilingual society. It first \u0000 illustrates how the term “securities” is not a straightforward legal concept and \u0000 requires clear definition – both at the national and transnational levels – to \u0000 limit regulatory arbitrage and forum shopping phenomena that might \u0000 endanger investor protection and financial stability. Subsequently, moving \u0000 from the economic function of securities, the article analyses the legal \u0000 techniques adopted to define the term “securities” in the United States and in \u0000 selected European countries, with particular attention to France, Italy and the \u0000 United Kingdom. The legal and linguistic comparison reveals hidden \u0000 similarities, converging towards a common a set of shared components related \u0000 to the concepts of investment, negotiability and value. Notwithstanding this \u0000 common core, several discrepancies emerge when finally the study focuses on \u0000 the application of EU securities law and on the legal standardisation efforts \u0000 carried out by the International Organization of Securities Commissions \u0000 (IOSCO). The article shows that in a globalised and multilingual society, the \u0000 meanings attributed to the term “securities” have a direct impact on the \u0000 overall soundness of the financial system and that any legal definition of the \u0000 term must consider the implicit cognitive processes, embedded in language, \u0000 that are necessary to interpret and apply securities law.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74118705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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