Raj, Manoj.
2006. Empirical Essays in Finance, Growth
and Institution. Doctoral Dissertation, NUS.
Thesis is a compilation of four essays looking at
various current issues. In the first essay, using industry-level data on firms
dependence on external finance and firm’s asset tangibility for 27 industries
in 42 countries, it is found that economies with higher levels of financial
development have higher export shares and trade balance in industries with more
intangible assets. Second essay provides empirical evidence to support the
hypothesis that the level of economic development matters in the estimation of
the effect of the financial sector on industry growth. Third essay using sample
of 1441 firms from 28 industries found that firms with smaller size and with
business-relation with government are more likely to appoint retired directors
in Japanese boardrooms. Fourth essay using 161 IPOs in Singapore Stock Exchange
tests the hypothesis that IPO underpricing could be influenced by herd behavior
which gets rationalized in the long run.
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