How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective

This paper is focused on the cost of raising capital in Germany. A cross-sectional analysis of flotation cost data for 117 IPOs over the years 1993–1998 is presented. We find average flotation costs to be 7.77 percent of gross proceeds, while underwriting fees average 5.01 percent. Our results extend the literature in two important directions. First, contrary to the conventional economies of scale view we find marginal spreads to be rather constant in gross proceeds and to be higher for more risky and more complex offerings. Fixed costs amount to 5 to 9 percent of underwriting fees. Second, by applying a principal component analysis we find issue size, an issuer risk factor, and an offering method complexity factor to have an economicaly meaningful impact on underwriting fees.     

LABOUR SUPPLY ESTIMATION AND PUBLIC POLICY

Abstract. Economists devote considerable energies towards refining their econometric techniques to overcome difficulties connected with conducting empirical research. Despite advances in technique. it is not clear whether further refinement in this direction is worthwhile for policy purposes. It may be that no further amount of statistical adjustment of inadequate data will increase understanding, and that better data is simply necessary to add to our knowledge. But rarely is sufficient credit paid to new forms of data. In short, econometric technique is emphasized to the neglect of data innovation, as if new data were merely lying about waiting for an ingenious suggestion for use. This paper surveys advances of the last twenty five years in estimating labour supply for policy purposes with a view towards appreciating the relative contribution of both improvements in econometric technique as well as developments of new data.
After briefly detailing the key parameters which economists have sought to estimate, we describe the early 'first generation' research (circa 1970), which is plagued by problems of unobservable variables, measurement errors, truncation and selectivity bias, and non linear budget constraints. 'Second generation' research constitute attempts to resolve one or more of these difficulties, and the respective contribution of econometric technique and new data is acknowledged and assessed, including the contribution of data generated by large scale social experiments in which participants are randomly assigned to different guaranteed income plans and their labour supply behaviour measured.     

Stability and Segregation in Group Formation

This paper presents a model of group formation based on the assumption that individuals prefer to associate with people similar to them. It is shown that, in general, if the number of groups that can be formed is bounded, then a stable partition of the society into groups may not exist. (A partition is defined as stable if none of the individuals would prefer be in a different group than the one he is in.) However, if individuals' characteristics are one-dimensional, then a stable partition always exists. We give sufficient conditions for stable partitions to be segregating (in the sense that, for example, low-characteristic individuals are in one group and high-characteristic ones are in another) and Pareto efficient. In addition, we propose a dynamic model of individual myopic behavior describing the evolution of group formation to an eventual stable, segregating, and Pareto efficient partition. Journal of Economic Literature Classification Numbers: C72, H41.     

公共物品供给主体的多元化研究

我国公共物品供给正在从政府一元化供给模式向政府、私营部门和非营利部门共同参与的多元化供给模式转变,这是政府公共物品供给模式回应经济主体多元化的转变。政府、私人组织和非营利组织在公共物品供给过程中,既存在竞争关系,也存在合作关系。最优制度安排的标准就是在多中心体制中寻求静态的稳定性和动态的适应性,以综合的供给模式实现公共物品供给的最优架构,达到效率和公平的统一。     

绿色中药产业初见成效 发展任重道远——对汉中市部分中药产业重点发展县的调查

近年来,汉中市实施＂发展绿色产业,建设绿色汉中＂的战略,中药产业逐渐成为汉中经济发展新的增长极。为了解汉中中药产业的发展情况以及银行业机构金融服务支持情况,笔者先后深入勉县、留坝、佛坪等中药材生产形成一定规模的县域,采取与当地政府部门、银行业机构座谈,深入农户中药材种植基地和实地察看加工企业等方式进行了专题调研,分析了其中问题并提出相关建议。     

“Ideas” driven growth: the OECD evidence

This paper estimates the parameters of the ideas production function crucial to recent ideas-driven growth models. Using U. S. patents granted to residents in OECD countries to generate the stock of commercially used ideas, we provide evidence for two main findings. First, at the level of the production of ideas, we find evidence of increasing returns to scale in the stock of ideas and number of researchers, but marginal decreasing returns in each one of these factors. Second, we provide evidence of the association between ideas growth and economic growth for the OECD as a whole in the long run.JEL Classification: 031, 040The author would like to thank the helpful comments made by two anonymous referees, and by the editor, of the PEJ. The helpful discussions with Professor Mário Rui Silva are grateful acknowledged, too.     

高端技术技能人才贯通培养基础阶段的语文教学探索

语文是最重要的交际工具,是人类文化的重要组成部分。“高端技术技能人才贯通培养试验项目”基础教育阶段的语文教学要以全面提高语文素养为宗旨,在课程设置上满足复合型人才的要求,并通过教学设计建构激发学习动力的开放型学习体系,培养学生终身学习的能力,促进学生身心和谐发展。     

论药品专利和公共健康问题——以人权和“价值平衡”理论为视角

WTO建立的TRIPS协议将包括药品在内的一切发明都纳入可以给予专利保护的范围，这使发展中国家在解决本国因艾滋病、结核病和疟疾等传染病引起的公共健康问题时，和发达国家相关药品的专利保护之间产生冲突。从当前全球的公共健康现状出发，运用人权和“价值平衡”理论对此分析，可以得出这样的结论：作为基本人权，发展中国家人民的生命健康权应该优于知识产权加以保护。     

影响农产品加工类上市公司股价的因素分析——基于公司财务绩效的视角

以近五个季度沪深A股市场20家农产品加工类上市公司为分析样本,从公司披露的会计信息的角度出发,运用多元线性回归的研究方法分析了财务绩效对公司股价的影响。结果表明,农产品加工类上市公司的股价波动取决于公司的盈利能力和发展能力,其中影响最为显著的是每股净资产,并且公司的发展能力在对股价的影响中呈现越来越显著的趋势。     

中国区域经济差距研究综述

近年来中国东、中、西部地区经济差距有逐渐扩大的趋势,再次引起了政府和学术界的关注。中央在十八大明确提出要实施全国经济协调发展战略,让不同地区的人民都能实现中国梦。实现中国梦的第一前提是公平。而区域差距的扩大显然有违公平原则,在这个大背景下,缩小区域差距便成为中国当前时期一个亟待解决的艰巨任务。参考大量国内外研究区域经济差距的重要文献,按照逐步深入的顺序,从区域经济差距的研究方法到中国区域差距度量和变化趋势,再到中国区域经济差距的成因和对策,依次进行概括总结,并进行了相关评述,提出了一个缩小区域差距的新思路,作为下一步研究的重点方向。