Existing studies show that markets use comparable firm multiples to price IPOs. This study explores IPO valuations in an emerging market where reliable comparable price multiples may not be readily available, or cannot be reliably identified. In particular, we examine the value relevance of...

There is growing concern that the COVID-19 pandemic may have severe, adverse effects on the health care sector, a sector of the economy that historically has been somewhat shielded from the business cycle. In this paper, we study one aspect of this issue by estimating the magnitude of the...

The purpose of this study is to analyze the structure of debts in different aged group, as well as executive pension arrangements. For whom aged under 50 categorizes as the junior executive group, while for whom aged above 50 categorizes as the senior executive group. The dataset is selected...

This paper proposes a methodology for identifying urban areas that combines subjective assessments with machine learning, and applies it to India, a country where several studies see the official urbanization rate as an under-estimate. For a representative sample of cities, towns and villages,...

This study empirically tests the substitution effect outlined in theoretical bivariate signaling models using a Canadian IPO setting. We first show that retained ownership and the provision of management earnings forecasts are credible (value-relevant) signals for our sample of IPOs, and that...

The objective of this study is to examine the market valuation of environmental capital expenditure investment related to pollution abatement in the pulp and paper industry. The total environmental capital expenditure of $8.7 billion by our sample firms during 1989-2000 supports the focus on...

The application process is critical to the targeting of disability programs because disability, relative to other tags, is difficult to observe and costly to verify. We study the effect of application costs on the targeting of disability programs using the closings of Social Security...

This paper takes a fresh look at growth convergence in India, combining insights from macroeconomics and urban economics. It departs from the existing literature in three ways. First, the paper assesses growth patterns across districts and across places below the district level instead of taking...

This paper develops a tractable method to identify urban areas and applies it to India, where urbanization is messy. Google Earth images are assessed subjectively to determine whether a stratified large sample of Indian cities, towns and villages, as officially defined, are urban or rural in...