Determinants of Expected Short-term Export Performance Improvement: An Empirical Study of Industrial Exporters

Abstract Building on the institutional economics perspective, we study how local firms in an emerging economy exploit institutional voids by sourcing inputs from industries with a large informal economy. We argue that this allows them to build a cost-related competitive advantage and leverage it both to export and to enhance export performance. The empirical study uses a unique dataset compiled by the Mexican authorities covering manufacturing plants between 2005 and 2012. Our results indicate that firms operating in industries that procure from industries with an extensive informal economy are more likely to export and to have better export performance.

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An Empirical Study on Short-term Causality Between Real Estate Policy and Real Estate market price

Regional Industry Review ◽

10.33932/rir.44.2.6 ◽

2021 ◽

Vol 44 (2) ◽

pp. 123-143

Author(s):

Hyun Ju Kang ◽

Deok Hee Hahn

Keyword(s):

Real Estate ◽

Empirical Study ◽

Market Price ◽

Real Estate Market ◽

Short Term

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An empirical study of IPO underpricing: Evidence from Chinese stock market

Corporate Ownership and Control ◽

10.22495/cocv12i1p10 ◽

2014 ◽

Vol 12 (1) ◽

pp. 139-152 ◽

Cited By ~ 1

Author(s):

Tianxiang Xu ◽

Yujie Zhao

Keyword(s):

Empirical Study ◽

Information Asymmetry ◽

Initial Public Offerings ◽

Initial Public Offering ◽

Chinese Stock Market ◽

Short Term ◽

Ipo Underpricing ◽

Public Offerings ◽

Public Offering ◽

Different Characteristics

Initial public offerings, as one of the most important activities for firms, have raising massive amount of researches. Regarding China, the stock markets are experiencing a massive level of IPO underpricing, which leads to trillions of dollars leaved on the table. This study is conducted for the question why Chinese IPO are so heavily underpriced and the determinants of IPO underpricing, also the possibility of IPO be underpriced in China. We confirm again that Chinese IPOs are heavily underpriced and the average underpricing level is about 110%. Further, Chinese IPO will experience a negative short term return starting from 10 days after listing, and there are significantly different characteristics for state owned IPOs and private IPOs. This study finds that information asymmetry, proportion of state owned share and risk are the mainly determinants of IPO underpricing in China. Additionally, one of the biggest reason that Chinese initial public offering is underpriced so much is because of government participation, since we find that firms with larger proportion of government state owned shares will be more underpriced.

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