Market Timing and Capital Structure: Evidence for Dutch Firms

Summary We examine market timing and its effects on capital structures for a sample of Dutch listed firms and a sub-sample of Dutch initial public offering (IPO) firms. The results yield evidence of market timing. Stock price run-ups increase the probabilities of equity and dual issues. Further, the effects of stock price run-ups on the choices between issuance of debt, equity or both are consistent with the predictions of the market timing hypothesis. However, in contrast to the existing evidence for US firms, we do not find persistent effects of market timing on capital structures of Dutch firms. This paper has benefited from useful comments from two anonymous referees, Allard Bruinshoofd, Frank de Jong, Jeroen Ligterink, seminar participants at De Nederlandsche Bank, and discussions at the 6th ONS Analysis of Enterprise Microdata Conference (Cardiff 2005).     

A diagrammatic analysis of the market for cruising taxis

A diagrammatic approach is used to study the characteristics of the cruising taxi market. For cost modeling, both taxi operator and passenger are taken as service producers. The former provides his vehicle operation and the latter, his waiting and travel time. Market demand is defined as a function of generalized price. It is shown that under short and long run conditions a unique equilibrium exists for a deregulated industry and it corresponds to a monopolistic competition. The relations among the free market equilibrium, social optimum and second best solution are analyzed. Regulations are studied in order to find their social convenience.     

长三角和珠三角工业化进程的比较研究

本文应用劳动力空间分布的偏离份额法对长三角的上海、浙江和江苏,以及珠三角的广东从1996年到2004年的工业化进程进行分析和判断。我们发现了上海已经进入了工业化的后期阶段,浙江和江苏发展迅速,已经步入工业化的中期。而较早进入工业化中期的广东在发展中遇到了难题,原因是第一产业的劳动力比重举高不下,难以转化到其它产业中去。     

产业内贸易对浙江经济发展的效应分析

随着世界贸易格局水平的日益提高和对外开放程度的不断增强,产业内贸易发生着一系列深刻的变化,其对经济发展的影响越来越深刻。为进一步促进浙江的产业内贸易发展,对其产业内贸易的研究就有着重要的现实意义。     

海西经济区中心港口综合竞争力排序研究

以海西经济区的厦门港、福州港和泉州港三大港口的综合竞争力差异分析为主要研究内容,采用(PAM)标杆分析法,将港口综合竞争力评价指标体系分为四个准则指标,在每一个准则指标下又细化出二级指标和三级指标,选择了区位条件、港口吞吐量、港口总资产等23项三级指标(即竞争标杆)构建了港口综合竞争力评价指标体系。按照三大港口的自然条件、港口基础设施、港口发展潜力与港口客户满意度差距分析,科学评价了三大港口的综合竞争力水平。最终通过PAM模型运算得出海西经济区三大港口综合竞争力排序:厦门港、福州港、泉州港。     

Macro-level change and micro level effects: A twenty-year perspective on changing grocery shopping behaviour in Britain

In this paper we summarise key elements of retail change in Britain over a twenty-year period. The time period is that covered by a funded study into long-term change in grocery shopping habits in Portsmouth, England. The major empirical findings—to which we briefly allude—are reported elsewhere: the present task is to assess the wider context underlying that change. For example, it has frequently been stated that retailing in the UK is not as competitive as in other leading economies. As a result, the issue of consumer choice has become increasingly important politically. Concerns over concentration in the industry, new format development and market definition have been expressed by local planners, competition regulators and consumer groups. Macro level changes over time have also created market inequality in consumer opportunities at a local level—hence our decision to attempt a local-level study. Situational factors affecting consumer experiences over time at the local level involve the changing store choice sets available to particular consumers. Using actual consumer experiences thus becomes a yardstick for assessing the practical effectiveness of policy making. The paper demonstrates that choice at local level is driven by store use and that different levels of provision reflect real choice at the local level. Macro-level policy and ‘one size fits all’ approaches to regulation, it is argued, do not reflect the changing reality of grocery shopping. Accordingly, arguments for a more local and regional approach to regulation are made.     

我国各省市区利用外商直接投资绩效和潜力研究

利用外商直接投资有利于促进区域经济发展在我国已形成广泛共识,因而,如何吸引外商直接投资已成为不同地区政策制定共同关注的焦点.对不同地区利用外商直接投资绩效、潜力进行对比已成为政策制定的重要工具:与潜力类似的地区进行对比可以发现本地区利用外商直接投资绩效的好坏,与潜力、绩效好的地区比较则有利于确立本地区今后的努力方向并制定有效的改进措施.因此,对不同地区利用外商直接投资绩效、潜力进行研究具有重要意义.本文对我国各省市区利用外商直接投资绩效、潜力进行了研究,供政府部门政策制定时参考.     

全球生产网络下我国加工贸易转型升级与结构优化机制

一、全球生产网络的产生所谓全球生产网络,就是将领导厂商(跨国公司)原有的独资公司、合资公司等与外部的独立供应商、独立承包商、独立分销商及战略伙伴联盟等联系在一起,进行分工和有机结合,使分布于不同国家和区域的生产过程之间建立了以价值链为纽带的高度依存的关系。不少     

The relationship between food consumption, age and gender over time in Britain

This paper investigates the relationship between nutrition and socio-economic status among British youths. It describes the dynamics of consumption over age and time using data from the British National Food Survey (NFS) covering the period 1975-2000. Daily calories-age relationships for men and women are estimated by solving a non-linear least square model with a roughness penalty function approach. Focusing on young age groups, trends of consumption over the 25-year period of study and the cohorts effect have been explored across three classes of age. Finally, an exploration of specific trend variations in eating habits has been implemented controlling for income distribution.