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Liquidity Benefits From Underpricing: Evidence from Initial Public Offerings Listed at Karachi Stock Exchange

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  • Malik Muhammad Shehr Yar

    (Pakistan Institute of Development Economics, Islamabad)

  • Attiya Yasmin Javid

    (Pakistan Institute of Development Economics, Islamabad)

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    Abstract

    This study empirically investigates the impact of foreign capital and governance on the economic growth by employing country level data from 1984 to 2010 for Asian developing countries. Governance; foreign aid and FDI positively affect the growth (per capita income) however, higher levels of debt are associated with slow growth rates. Results of the study are statistically highly significant and in accordance to prior expectations and economic theory. The robustness of the results is confirmed by performing the sensitivity analysis.

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    File URL: http://www.pide.org.pk/pdf/Working%20Paper/WorkingPaper-101.pdf
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    Bibliographic Info

    Paper provided by Pakistan Institute of Development Economics in its series PIDE-Working Papers with number 2014:101.

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    Length: 50 pages
    Date of creation: 2014
    Date of revision:
    Handle: RePEc:pid:wpaper:2014:101

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    Keywords: External Debt; Foreign Aid; Governance; FDI; Economic Growth;

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