Portuguese Economic Journal, 2021, Volume 20, nº 1
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- Analyzing the duration of IPOs from offering to listing using the Cox proportional hazards modelPublication . Mumtaz, Muhammad Zubair; Smith, Zachary AlexanderThis study examines the duration from the offering to the listing of IPOs issued on the Pakistan Stock Exchange (PSX) during the period lasting from 1995 to 2017. First, we analyze two regulatory regimes and identify that the listing process has improved under the SECP regime which eventually reduces the duration to listing. Second, this study explores the factors that contribute to a listing duration including the quality of an IPOs, price discovery, proportion of legal entity owned shares, market sentiment, the underwriter’s prestige, the age of the firm and the financial performance. Subsequently, we apply the Cox proportion hazards model to identify the determinants that affect the duration of IPOs. Third, this study extends the analysis to examine the importance of the regulatory regime and issuing year through frailty effects. Fourth, to examine the determinants of IPOs duration to listing we use the Extreme Bounds Analysis. Lastly, this study compares the findings with Brooks and Guo (2009) to identify and contrast the factors associated with IPO duration for developed and emerging economies. Moreover, this study confirms that the regulatory regime, offer price, ROA, price discovery mechanism, and hot activity period are the significant factors influencing the duration of IPOs in the Pakistani capital market.
- Drivers of exceptional job creation : a dynamic probit approach using portuguese firm-level dataPublication . Rodrigues, FranciscoIt is a well-established fact that a small number of firms, known as Gazelles, drive a disproportionately large amount of net job creation. This fact has attracted considerable attention from researchers, who have been focusing on trying to understand what differentiates this type of firms from their slow-growth peers. In this paper, we expand the ongoing survey on Gazelles by focusing on the Portuguese case. Particularly, we examine how is high-growth associated with the firms´ age, access to equity and external finance and the workforce human capital. We also test whether high-growth is linked with the firms´ ability to export and innovate through R&D. In this paper, we also explore whether high-growth episodes display some form of state dependency by adding a dynamic component in the form of the lagged value of the Gazelle status. As for results, we find no supporting evidence in favour of persistency, as past growth events are negatively associated with current growth. This is in line with the recent literature on the topic that points to the lack of persistence in the growth process as a consistent enough result worth of being considered as a stylized fact about Gazelles. Nevertheless, we do find that younger firms are more likely to grow at the fastest pace and that human capital is an important determinant for high-growth. Results also point to the fact that fast-growing firms were not hampered by lack of access to adequate external funding during the period, and that they relied primarily on equity to finance their growing needs. Moreover, we find that, once firms’ experience in the market is considered, being an exporter is a relevant factor when it comes to high-growth events. Similarly, the innovative capacity of firms seems to be crucial in outstanding job creation episodes. Finally, our results suggest that it is an enhanced innovative capacity, the availability of equity, as well as the ability of experienced firms to export that might set the difference between the average growth performance and the exceptional growth performance, pointing to nonlinearities in the growth process of firms.
- Directed technical change and environmental qualityPublication . Afonso, Óscar; Fonseca, Liliana; Magalhães, Manuela; Vasconcelos, Paulo B.We propose a directed technical change model with two sectors, clean and dirty, to analyze the impact of the degree of substitutability between sectors and the degree of scale effects on the environmental quality. The technological knowledge is biased towards the clean sector; i.e., the environmental quality is improved whenever the elasticity of substitution between inputs in both sectors increases and, along with that, the economy: (i) is rich in renewable capital, (ii) has higher relative supply of clean labor under scale effects, and (iii) enjoys higher relative R&D productivity in the clean sector. The improvement in the environmental quality benefits the welfare. Moreover, the growth rate is higher in the presence of scale effects.
- Financial soundness of single versus dual banking system : explaining the role of Islamic banksPublication . Nosheen; Rashid, AbdulThis paper empirically investigates the financial stability of the countries having both Islamic and conventional banks versus the countries having only conventional banks. It also examines the ability of Islamic banks to provide stability to the overall financial system. The analysis is carried out for a sample of 416 banks drawn from 39 countries over the period 1995–2014. The results provide sound evidence that the dual banking system is more stable than the single banking system. Higher stability is attributed to the presence of Islamic banks in the dual banking system. Furthermore, when only the dual banking system is investigated, the results strongly confirm the greater stability of Islamic banks as compared to their conventional counterparts. Although Islamic banks are mimicking conventional banking practices, their increased interactions with the real economy, investments in real assets, non-aggressive lending profile, and limited exposures to speculative activities make them more resilient and protected.