赴美IPO：热潮再起

2014年6月11日下午,美国堪萨斯城一个私人机场候机厅内,43岁的智联招聘CFO郭健民和他的路演团队正在与远在万里之外的墨尔本大股东召开电话会议。这日,这家目前中国最大的网络招聘平台要在这个机场里完成首次公开募股（IPO）的股票定价和股票配售工作,以为第二天智联正式登陆纽交所作准备。     

美国市场形势好转

<正>美国劳工节过后,飓风给美国市场造成的沉闷 气氛似乎缓和。原油和汽油价格有所回落、股市强劲 上涨、灾区部分炼油厂即将恢复生产。但美国专家警 告说,能源市场的不确定因素仍然很多,油价上行的 可能依然大于下降。     

Relevance of U.S.-GAAP for Japanese companies

We use differences in U.S.-GAAP and Japanese-GAAP accounting measures to evaluate the value-relevance of U.S.-GAAP reports. We show data provided in U.S.-GAAP financial statements of Japanese firms is value-relevant beyond that contained in domestic-GAAP statements. Our results complement extant research and support the proposition that U.S. reporting methods provide value-relevant data. Understanding the value-relevance of data from Japanese firms is important in its own right because of the major role these firms play in intenational markets. We also provide evidence on significant transnational firms that voluntarily provide U.S.-GAAP statements.     

U.S. International Equity Investment

Using a comprehensive data set of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross‐lists on a U.S. exchange. Correcting for selection biases, cross‐listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. Much of this increased U.S. investment is purchased in the foreign market, implying that the cross‐listing effect reflects something more fundamental about a firm than easier acquisition of its securities. We also demonstrate that cross‐listing is an important determinant of U.S. international investment at the country level and describe easy‐to‐implement methods for including a cross‐listing variable as an endogenous control.     

Retiree health care benefits: strategies for a changing workforce.

Demographic, economic and cultural trends foretell a dramatically different environment for retiree health care coverage. This article will focus on the redesign of retiree health benefits to meet the retirement objectives of employers and employees, anticipate changing demographics, and respond to changes in Medicare and other government initiatives, including the Consumer Bill of Rights. The material will discuss recent design trends, including managed care, and present results of a study the author co-authored for the Kaiser Family Foundation on changes in retiree health plans.     

小企业:美银行的新宠

如果说目前存在着对小企业的信贷紧缩,或者说银行在此业务上的竞争程度降低了,那绝不会是真的,尤其在那些大银行里."我不那么认为,"PNC(美国一个大金融财团-译者注)的CEO琼·古丽(Joan Gulley)说,"虽然存在紧缩开支的现象,但就整个环境来说还是充满竞争的."     

The U.S. listing gap

Relative to other countries, the U.S. now has abnormally few listed firms. This “U.S. listing gap” is consistent with a decrease in the net benefit of a listing for U.S. firms. Since the listing peak in 1996, the propensity to be listed is lower for all firm size categories and industries, the new list rate is low, and the delist rate is high. The high delist rate accounts for 46% of the listing gap and the low new list rate for 54%. The high delist rate is explained by an unusually high rate of acquisitions of publicly listed firms.     

Toward a National Market System for U.S. Exchange–listed Equity Options

In its response to the 1975 Congressional mandate to implement a national market system for financial securities, the Securities and Exchange Commission (SEC) initially exempted the option market. Recent dramatic changes in the structure of the option market prompted the SEC to revisit this issue. We examine a sample of actively traded, multiply listed equity options to ask whether this market's characteristics appear consistent with the goals of producing economically efficient transactions and facilitating “best execution.” We find marked changes between June 2000, when quotes are often ignored, and January 2002, when the market more closely resembles a national market.     

Designing a U.S. Market for CO2

The United States may soon have a market for carbon. If so, that market will grow out of a cap-and-trade system like the EU's Emissions Trading System for CO₂ or the U.S. Acid Rain Program for SO₂.
This article reviews the historical performance of these two markets, with particular focus on how the flexibility afforded by, as well as restrictions on, the "banking" and borrowing of allowances has affected the evolution of prices. While both markets have generally functioned well, four episodes are used to illustrate the importance of designing the rules to encourage such flexibility.
The 2005 opening of the EU CO₂ market was marked by a surprisingly high price, one that resulted from a delay in institutions with long positions in allowances ("longs") bringing supply to the market.
The 2007 close of the first phase produced a sharp divergence between the spot price at the end of 2007 and the futures price for 2008, reflecting the restriction against carrying over (or "banking") allowances from one phase to the next.
The U.S. SO₂ market's transition to a tighter system in 2000 avoided such a divergence by allowing unlimited banking of allowances into the second phase.
In 2005-2006, the U.S. SO₂ market experienced a surprising price spike attributable to a combination of changing fundamentals and institutional features (notably, the tax treatment of "longs") that undermined the flexibility of the bank.     

Support for rational expectations models with U.S. data

This paper compares simplified versions of three macroeconomic models: the Income-Expenditure model, the St. Louis model, and the Rational Expectations model. Nominal income and inflation rate reduced form equations that nest all three theories are fitted to U.S. quarterly data for period 1951: 4 to 1980: 2. Tests of exclusion restrictions indicate that: (1) Potential output affects the inflation rate but not nominal income. (2) non-stationary parameters characterize the inflation equation but not the nominal income equation, (3) Money affects the inflation rate quicker during periods characterized by volatile money growth rates and by low values of Lucas π parameter. These findings suggest that the Rational Expectations model best describes the data.     

Return on capital analysis: U.S.-based multinational corporations versus U.S. domestic corporations

We study the difference between U.S.-based multinational corporations (MNCs) and U.S. domestic corporations (DCs) in terms of management efficiency with return on capital as the measure of management efficiency. We use a fixed effect model to account for heterogeneity and/or the time-specific effect and find that MNCs have lower management efficiency than DCs, which holds after we control for the effects of firm size, GDP growth rate, and growth opportunity on management efficiency. One reason for the low efficiency is the MNCs’ inability to manage their assets well relative to DCs. We also find that there is an inverted U-shaped relationship between return on capital and degree of internationalization, which implies an optimal degree of internationalization. Our result does not confirm the recently proposed three-stage model.     

Evaluating a Long-Term Livable Communities Strategy in the U.S.

What are the requirements for successful, long-term, livable community strategies in the US? In early 2007, the Institute for Alternative Futures (IAF) was commissioned to offer a forward-looking review of the Livable Communities strategy of AARP, originally, the American Association of Retired Persons (with 37 million members, AARP is the largest non-profit organization in the US) [1]. This article summarizes the process and results of that project. It constitutes a case study in the evaluation of a large organization's plans from a strategic foresight perspective. Findings from this investigation suggest that many large-scale trends in the U.S., including urban sprawl, rising energy costs, climate change, and fiscal challenges are likely to work against efforts to make communities more livable. On the basis of these findings, IAF recommended that the association take a broad approach to livability, developing strategies that counter these negative trends while also improving the lives of older people. AARP is one of the best suited organizations to make such a long-term commitment.     

进军中国澳门的美国赌业大亨

何厚铧立意要开放澳门的博彩业经营权,引入国际财团 在人们的印象中,中国的澳门特别行政区与"声名狼藉"的美国拉斯维加斯一样,除了赌博,似乎没有别的产业.今年2月,澳门地区政府向全球公开招标博彩业经营权,三张牌照中,除了原澳门赌业大王何鸿燊获得其中一张外,其余两张均落入美国拉斯维加斯赌业大亨手中.对于出乎意外的揭标结果,人们想知道的是,澳门政府究竟想把特区引向何方?     

美国证监会和小企业—小企业筹资及相应联邦证券法规指南

解答小企业疑问的几条途径 SEC试图通过它(所制定)的规则和监管来满足小企业的要求。它也会通过电话、信件或者电子邮件来回答小企业的问题，提供非正式的指导。SEC提供了很多渠道，以方便小企业……     

活跃的美国社区金融

社区金融活动在美国的经济金融运行中占据了相当重要的地位,这些以社区银行为代表的区域性的金融机构在大状银行的市场竞争压力下获得了活跃的发展空间.     

关于美国次贷危机的思考

2008年3月,美国著名投资银行雷曼兄弟宣布破产倒闭,标志着美国次贷危机正式爆发,进而像多米诺骨牌一样,深度影响全球主要经济体的经济发展和金融秩序.     

美国“管理层讨论与分析”及对我国的借鉴

良好的公司治理结构是管理层诚实尽责披露信息的内在保证。对管理层己知的趋势和不确定性信息披露出现的问题，表面上是由于规则的漏洞，根源则在于公司治理不佳和诚信程度不高。……