Underwriter Lock-up Releases, Initial Public Offerings and After-market Performance

The lock‐up agreement between an underwriter and an issuing firm's principals prohibits sale of securities for a period of time following the offering date. Investment banks must support the stock following an offering. The lock‐up assures investors that the restricted shares will not enter the market, at least for a period of time. Negative abnormal returns prior to the lock‐up release show that unrestricted investors liquidate positions prior to the scheduled lock‐up release. Negative abnormal returns are more robust for firms that are not influenced by SEC Rule 144 than for firms that are.     

Takeover Prediction and Portfolio Performance: A Note

This paper empirically tests whether it is possible to generate abnormal returns from investing in a portfolio of predicted successful takeover targets. Portfolios are formed on the basis of predictions from models similar to those estimated by Palepu (1986). However, unlike Palepu (1986), the portfolios in this paper are formed using a decision rule that results in smaller portfolios with higher average takeover probabilities. This provides a stronger test of whether share prices reflect future takeover probabilities. The results show that while the models have significant explanatory power, the portfolios fail to beat the return on the market over a 12-month holding-period.     

Anomalies and stock returns: Australian evidence

Prior research has identified the existence of several cross‐sectional patterns in equity returns, commonly referred to as effects. This paper tests for the existence of a number of well‐known effects using data from the Australian equities market. Specifically, we investigate the size effect, book‐to‐market effect, earnings‐to‐price effect, cashflow‐to‐price effect, leverage effect and the liquidity effect. An additional aim of this paper is to investigate the capability of the Fama–French model in explaining any observed effects. We document a size, book‐to‐market, earnings‐to‐price and cashflow‐to‐price effect but fail to find evidence of a leverage or liquidity effect. Although our findings indicate that the Fama–French model can partially explain some of the observed effects, we conclude that its performance is less than satisfactory in Australia.     

基于供应链管理的库存控制策略研究

库存不仅影响到某一节点企业的成本,而且严重削弱了供应链整体的运作效率和竞争力。文章分析了供应链中影响库存放大的各种可能因素,提出了较为可行的库存控制措施。     

商业广告心理效应的社会情境因素分析

消费者行为是在一定情境或背景下产生的,其中,社会情境中的广告心理效应是最重要的情境性影响因素。为增强商业广告心理效应,应充分把握产品选择的差异性、休闲方式的差异性、信息处理的差异性以及购物方式的差异性等因素,使商业广告成为一个意义生成和享用的过程。     

美国实施反倾销贸易政策的动因、绩效与启示

文章通过对美国反倾销贸易保护活动特征的分析,探讨了美国实施反倾销贸易保护政策的动因及其相关影响因素的强度,并对其经济效应进行了分析。反倾销贸易保护措施的实施往往受到利益集团的牵制,对一国整体福利来说并不一定有利。因此,在全球竞争中,为提高贸易效率,各国应建立更加开放的贸易体制。     

考虑表面效应板状微结构的力学行为进展

该文综述了纳米力学研究中的表面效应与板状微结构力学行为研究现状和进展,并作了一定的评价,介绍了最新的表面效应研究理论模型和方法,并对未来表面效应的理论研究进行了预测和展望。     

存款准备金率调整及其效应分析

针对我国中央银行近期多次提高存款准备金率的现象,本文首先回顾了我国存款准备金制度的历史沿革,进而对存款准备金调整从正反两个方面予以效应分析,认为近期调整带来了冻结资金效果明显、对金融市场影响温和及告示效应逐渐呈现的正面效应,同时也表现出继续上调空间有限、发挥效用有限和制度内容不完善等负面效应,并在此基础上提出了完善差别存款准备金制度和重视多种宏观政策工具组合使用等对策.     

蓝色贸易壁垒的双重效应及两手策略

蓝色贸易壁垒是一种新型的国际贸易壁垒,其产生是社会、经济、科技发展的产物.蓝色贸易壁垒具有双重效应,既有负面影响,也有正面影响.我们要以两手策略来应对,即一手对外积极应战,一手对内苦练内功,两手都要硬,就不难突破蓝色贸易壁垒.     

邓小平外交思想的理论价值

邓小平外交思想是邓小平理论的重要组成部分，是当代中国外交的理论基础和指导方针。这一思想在继承马列主义、毛泽东思想的基础上，结合时代特征和中国国情，与时俱进，丰富和发展了马克思主义的时代观、国家学说和政治学理论，拓展了和平共处五项原则的适用范围，为解决中国的和平统一和国际争端找到了有效途径，具有重要的理论价值。