Why Has IPO Underpricing Changed over Time

Abstract This paper is the first study to examine the financial contagion from the U.S., Japanese and Chinese markets to Asian markets during the Global Financial Crisis (GFC) and Covid-19 Pandemic Crisis. We employ the DCC-EGARCH methodology and daily data of stock returns from 2005 to 2021 to estimate the time-varying correlations and the volatilities of stock markets. Our results show that the correlation between the U.S. and Japanese markets with emerging Asian ones is quite high, implying the interdependence between these markets. Furthermore, we find significant contagion effects from the U.S. equity market to markets in both advanced and emerging economies during the GFC. Nonetheless, during the Covid-19 pandemic, only 3 out of 10 Asian emerging markets had experienced the contagion from the U.S. Our findings also suggest that contagion effects are not strongly related to the level of global integration and Asian markets seem to be more affected by the contagion from Japan and China.

https://www.tandfonline.com/doi/pdf/10.1080/23322039.2022.2051824?needAccess=true

Financial contagion during global financial crisis and covid–19 pandemic: the evidence from dcc–garch model

The study examines the determinants and consequences of firm-level Sustainable Development Goals (SDG) disclosure using a sample of 6941 firm-year observations from 30 countries during 2016–2019. Based on 17 SDG indicators developed by the United Nations (UN), the study forms an SDG Disclosure Index. The findings reveal that approximately 48.40% of firms in the sample had active stakeholder engagement programs, 53.90% maintained a sustainability committee, and 62.60% issued sustainability reports. The findings indicate that Environmental, Social and Governance (ESG) performance, stakeholder engagement, and the issuance of standalone sustainability reports positively influence firm-level SDG disclosure. Moreover, the study finds a positive association between higher levels of SDG disclosure and increased firm value. Our findings are robust using a battery of robustness tests. Given the growing global focus on SDGs and the extent of SDG disclosure by firms, this study's findings hold significant implications for decision-makers and other stakeholders. 

Determinants and consequences of sustainable development goals disclosure: International evidence

Climate change is a phenomenon that is sometimes denied or trivialized. However, in recent years, we have faced extreme phenomena such as fires, floods, excessive temperatures, etc. which affect our physical and mental condition and the environment, often leading to significant material damage. To understand these problems and highlight the meteorological and phenomenological changes encountered in the last decade, time series were web-scraped and analyzed from several open data sources: weather news broadcast in Romania, air quality, temperature, etc. The extraction and organization of data recorded between 2009 and 2023 are formulated as a framework that can be reproduced and replicated to continue the monitoring. The exploratory analysis of the categorical and numerical data highlights intricate patterns and correlations within meteorological conditions across regions and seasons. From temperature trends to air quality fluctuations, the study underscores the dynamic interplay of weather phenomena, paving the way for informed forecasting and deeper climate research. At the same time, data processing includes Latent Dirichlet Allocation, K-prototype clustering analysis, in addition to K-means clustering with dimensional reduction techniques, all of which are employed to further reveal the extreme phenomena in news and regions with higher occurrence. Therefore, in this paper, we propose a data processing framework for multiple datasets and analytics, extracting valuable information on climate change and identifying the exposed regions to extreme phenomena. 

Understanding Climate Change and Air Quality over the Last Decade. Evidence from News and Weather Data Processing

Multiple cleaner strategies are being devised by governments worldwide to incorporate approaches aligning with sustainable development goals (SDGs), placing particular emphasis on the modal shift from unimodal road to intermodal railroad (IRR) freight transportation. This shift is gaining traction due to its documented positive impact on environmental, economic, and social sustainability. However, adopting IRR freight transportation in emerging economies faces hurdles, primarily attributable to inherent modal shift risks (MSRs). Addressing these MSRs requires the implementation of modal shift solutions (MSSs). This study aims to prioritize the MSSs to mitigate the impact of MSRs in IRR adoption, focusing on achieving SDGs with a case study conducted in the Indian logistics sector. The study is structured into four phases. The first phase identifies 37 sub-MSRs, categorized into seven main MSRs, accompanied by the 39 MSSs for IRR freight transportation adoption. The second phase employs the spherical fuzzy Bayesian best-worst method (SF-BBWM) to assess the relative weights of main and sub-MSRs. The third phase uses the spherical fuzzy C-means clustering (SF-CMC) algorithm to identify crucial MSSs. Finally, the fourth phase utilizes the spherical fuzzy combinative distance-based assessment (SF-CODAS) to prioritize these crucial MSSs. From the identified MSSs, pivotal solutions include developing an integrated physical IRR network across the freight transport chain and fostering relationships between stakeholders through long-term contracts and strategic partnerships. The available results are discussed to facilitate logistics stakeholders' understanding of the implementation of MSSs aligning with SDGs to mitigate the impact of MSRs. 

Prioritizing solutions to mitigate the risks due to adoption of intermodal railroad freight transportation for achieving sustainable development goals

Sustainable development goal reporting: Contrasting effects of institutional and organisational factors

The equity market returns and volatility spillover from the US and Japanese markets to Asian frontier markets

In the US and other world markets, book building is a dominant mechanism for the issue of shares in initial public offerings (IPOs). A distinguishing feature of the book building mechanism is the discretionary power granted to underwriters to allocate sha

Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market

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Papers

Sustainable development goal reporting: Contrasting effects of institutional and organisational factors

The equity market returns and volatility spillover from the US and Japanese markets to Asian frontier markets

Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market