Option implied volatilities and the cost of issuing equity

The structure of a firm-commitment Seasoned Equity Offering (SEO) resembles a put-option underwritten by an investment bank syndicate (Smith, 1977). Employing implied volatilities from issuers’ stock options as a direct forward-looking measure, this paper examines the impact of expected price risk around SEO issue dates on the direct cost of issuing equity. Using a comprehensive sample of 1208 SEOs between 1996 and 2009, we find issuers with higher option implied volatilities raise less external equity capital and pay higher investment bank fees in the stock market, ceteris paribus. The effect of implied volatility on the investment bank fees is stronger for larger issuers with lower pre-SEO abnormal realized stock volatilities, and for SEOs with higher expected price pressures around issue dates. These relationships are robust to adjustments for correlations among control variables, sample selection bias and also simultaneous determination of offer size and SEO fees.     

The cost of capital and optimal financing policy in a dynamic setting

This paper revisits the Modigliani–Miller propositions on the optimal financing policy and cost of capital in a dynamic setting. In an environment without taxes and bankruptcy costs, the results are generally consistent with the Modigliani–Miller Propositions 1 and 2. However, the first proposition should be presented and interpreted more carefully, as given firm characteristics, there is only one optimal capital structure. Thus, a firm’s capital structure is relevant. A relaxation of assumptions about either taxes or bankruptcy costs leads to conclusions that are generally different from those in Modigliani and Miller (1958). The model predicts that leverage and sales-to-capital ratios decrease but firm size and capital stock increase with the subjective discount factor of the firm’s manager if there are taxes and bankruptcy costs. The empirical analysis supports these predictions.     

Macro-Networks: An application to euro area financial accounts

This paper develops a financial network, designated the “Macro-Network”, that depicts the connections between the main financial and non-financial sectors of the economy in the various financial instruments of the euro area. The Macro-Network comprises of linkages across financial and non-financial sectors in each country. These country-level sector networks are then connected by the cross-border links between the individual banking sectors. Using the Macro-Network to simulate financial shocks, we find that the propagation effects depend on the underlying network structure, which evolves over time. After the financial crisis, bilateral linkages contracted sharply, reflecting the surge in counterparty risk and the de-leveraging processes. Nonetheless, our analysis suggests that even after this process, vulnerabilities remained in the euro area financial system, while a more diversified portfolio of cross-border exposures might mitigate the shock effects. We identify sectors which are most relevant for the propagation of financial shocks in the Macro-Network.     

产学研合作模式下光电专业改革探讨

从产学研合作教育的历史出发,结合光电专业的特点,从人才培养方案、教学内容、方法和手段、考核方式等多方面对产学研合作教育改革进行了探讨,对产学研合作教育的运行和发展提出有益的思路。     

工程建设中业主方项目管理存在的问题及对策

本文对目前业主方在项目管理过程中存在风险管理意识淡薄,对监理单位的管理不规范,不重视进度控制,不重视安全控制等问题进行了探讨,并针对这些存在的问题提出了一些对策。     

土建工程现场管理优化策略分析

本文在分析目前土建工程现场管理主要内容及所存在问题的基础上,对优化土建工程现场管理提出合理化建议。     

现阶段建筑工程造价管理过程中的设计变更控制

工程变更是建筑工程造价管理过程中的一项重要内容,它是控制建设项目造价的重要的因素之一。强化工程设计变更的管理,将设计变更的工作流程化,能够有效地控制建设成本,保证工程的施工质量,并进一步实现项目管理的最终目标。文章从工程变更的含义入手,对引起工程设计变更的原因进行了阐述,并且针对相应的原因提出了一系列的控制措施。     

在电子出版中融合固定版面与流式信息的方法刍议

人们对于电子文档的使用要求越来越高,对电子应用技术的挑战越来越大。然而,电子文档固定版面和流式信息两者之间始终存在着难以调和的矛盾。本文试图找到一种新型文档模型,使得固定版面和流式信息二者能够在电子文档的出版过程中很好地融合在一起。     

高校校园企业的社会责任体系构建研究

高校商贸服务企业长期以来为高校师生提供丰富的生活服务需求,是保障校园正常运转的重要组成部分。本文在客观梳理高校商贸服务企业特点的基础上,对其社会责任体系的现状和特点作聚焦性地分析。其除了一般的社会责任之外,在营造校园文化氛围和人才培养中也承担着责任,指出小微企业的社会责任体系建设同样不容忽视。文中提出了构建完善的社会责任体系的途径,还尝试构建针对高校商贸服务企业社会责任的考核指标体系。     

浅谈体育教育专业学生教育实习——以淮阴师范学院体育学院10级学生为例

本文通过对淮阴师范学院10级体育教育专业学生教育实习的现状、影响因素等进行分析研究,归纳了高校体育教育实习的一些影响因素,并提出相应的发展对策。