Browsing by Author "Hewage, J.K."

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    Impact of Export Diversification on Economic Growth: Evidence from Developing Countries of Asian Region
    (Faculty of Commerce and Management Studies, University of Kelaniya, 2021) De Silva, M.R.V.; Perera, L.A.S.; Hewage, J.K.
    Export-led growth strategy has become a major concern of economic policymakers of developing countries to achieve their economic growth objectives. In this respect, the effect of export diversification has a major role to play in achieving higher and sustainable economic growth. The main focus of this study is to understand the impact of export diversification on the economic growth in developing countries of the Asian region and to identify the most suitable export strategy to achieve higher economic growth. The export herfindahl concentration index is the main variable used in this study as a proxy to measure the effect of export diversification and concentration on economic growth. The Study has employed the GMM panel estimation method to analyze the data of 33 developing countries in the Asian region from 1995 to 2019 at an annual frequency. The study has found a negative and significant relationship between the export herfindahl concentration index (H) and the GDPPC growth of the selected developing countries, which implies that there is a positive impact of export diversification on economic growth. In light of the findings it can conclude that export diversification may lead to higher and sustainable economic growth in developing countries of the Asian region.
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    Long-Run Performance and Impact of War on Risk-Return Characteristics of Initial Public Offerings in an Emerging Market: Evidence from Colombo Stock Exchange
    (9th International Conference on Business and Information (ICBI-2018), Department of Management Studies and Toc H Institute of Science and Technology, India, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2018) Hewage, J.K.; Fernando, C.S.P.K.
    This study analyses the long-run performance of 34 Sri Lankan Initial Public Offerings listed during 2000 – 2014 and focuses on the changes in risk-return characteristic since there is only handful of prior investigates regarding the impact of civil war on IPO risk-return changes relatively to developed markets. The first objective is to provide evidence on long-run underperformance or over performance. Hence, IPOs underperformed the benchmark in the long-run subject to Event-time Approach. The second objective is detecting the changes in the performance of IPOs relatively to Market-adjusted-Average Cumulative Abnormal Returns and Buy-and-Hold Abnormal Returns. Thirdly, the analysis discusses how risk-return characteristics differ between two IPO samples. Post-war IPOs appear to be less risky while pre-war IPOs revealing higher risky and subject to non-systematic risk in the long-run, yet with same magnitude of returns. Authors believe that investors can use this information to identify profitable strategies to overcome long-run underperformance