This paper examines how the difference in institutional environments constitutes differential IPO underpricing across countries. Using the Heritage Foundation’s Index of Economic Freedom (IEF) as a proxy for the heterogeneous institutional environment, and a sample of 3728 IPOs from 22 countries and regions over the period 1993–2014, we find that countries with higher economic freedom have sign...

photocatalytic reduction of carbon dioxide to formaldehyde was investigated on four semiconductor photocatalysts (fes, fes/fes2, nio and tio2). the reaction was carried out in continues flow of co2 gas bubbled into the reactor. semiconductor photocatalysts were characterized by x-ray diffraction (xrd) and diffuse reflectance spectroscopic (drs) methods. sulfide ion was used as hole scavenger. t...

The efficient market hypothesis is one of the most important theories in finance. According to this hypothesis, a stock with sound laws, good functions, high transparencies, and extensive competitions, all valuable information timely, accurately, fully reflected trend prices including current future values enterprises. Unless there are manipulations, it would be impossible for investors gain mo...

In this research, performance of portfolios formed by use of grid strategy based on new variables (aggressive, indifference and defensive stocks) presented by Rahnamaye Roodposhti (1388), and traditional ones (growth, growth-value and value stocks), calculated with Sharpe and Treynor performance measures and tested by an Active portfolio management approach to identify the portfolios by perform...