Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds

This paper analyzes the issue costs and initial pricing of bonds in the international market. In particular, we investigate the determinants of three components of issue costs: underwriter fee, underwriter spread (the difference between the offering price and the guaranteed price to the issuer), and underpricing (the difference between the market price and the offering price). Total underwriter compensation increases with the bonds' credit risk and maturity, but it is insignificantly related to issue size. Interestingly, underwriters appear to price some issue characteristics directly (by adjusting the fee) and other characteristics indirectly (by setting the guaranteed price). The two compensation components (fee and spread) are negatively related to each other. We provide evidence that this trade-off is consistent with income tax considerations, as well as with two-tier pricing by underwriters. We find no evidence of underpricing.     

Does an Industry Effect Exist for Initial Public Offerings?

We examine the impact of initial public offerings (IPOs) on rival firms and find that the valuation effects are insignificant. This insignificant reaction can be explained by offsetting information and competitive effects. Significant positive information effects are associated with IPOs in regulated industries and the first IPO in an industry following a period of dormancy. Significant negative competitive effects are associated with larger IPOs in competitive industries, those in relatively risky industries, those in high‐performing industries, and those in the technology sector. IPO firms that use the proceeds for debt repayment appear to represent a more significant competitive threat to rival firms relative to IPO firms that use their proceeds for other purposes.     

Empirical Investigation on China＇s Private Enterprises Performance Change Before and After Listing

This paper evaluates the performance change of the private enterprises listed on China＇s two exchanges during 2 years before and after listing in the period of 1996-2001. It is concluded that earning ability, real sales and financing are significantly improved, while only profitability decline a little bit after the private firms listed. In addition, we find that IPO private firms have appreciably better performance than that of BS ones as well as the financing condition becomes finer, which is relative to both the attributes of the private enterprises and Chinese regulatory rules. Therefore, we figured out that the outcome of private firms listing is positive, and China＇s economic reform will be a step-by-step process.     

中小企业股票市场化发行定价的半参数自组织模型与实证

随着深圳交易所中小企业板块的正式启动，我国中小企业新股发行的市场化定价方式必将启用。本文采用基于自组织数据挖掘GMDH算法的半参数模型的定价方法，将GMDH算法与半参数模型方法结合起来。不仅利用计算机的自动拟合优选最优复杂度模型，从而大大简化了非参数部分估计。创造了半参数模型崭新的实现方式，并达到了理想的定价效果，而且可以发挥半参数模型的特有优势。进行模型结构分析。经过实证和检验证明了这种模型用于我国股票发行定价的有效性和合理性。为完全市场化股票发行方式下确定股票的发行价格提供了新的方法。     

中国企业海外上市问题及其对策研究

随着全球化发展步伐的加快,我国也更加积极地参与全球经济体系,越来越多的中国公司开始进入海外证券市场筹集资金。中国企业海外上市在取得成绩的同时,也存在很多的问题。本文分析了中国企业海外上市存在的问题以及认识上的误区,并针对这些问题提出了相应的对策和建议。     

我国风险投资探讨——基于德国的经验借鉴

文章由德国风险投资业发展过程与成败经验作为借鉴,就我国风险投资业进行了初步的探讨,提出适合我国发展风险投资业的政策和建议,对我国风险投资业的健康发展有其重要的现实指导意义。     

中国股市IPO抑价实证分析

股市IPO抑价问题一直受到学术界的普遍关注。本文回顾了近年来IPO抑价的各种理论，比较了我国和其他国家的股市IPO抑价程度，并对IPO的抑价因素进行了实证分析。通过实证分析发现，我国股票发行存在较高的超额报酬率。过度的投机，信息披露的不完善、非流通比率较高等因素是我国IPO抑价程度较为严重的主要原因。     

创业投资机构对其支持企业IPO抑价度的影响

本文介绍了国外关于创业投资机构如何影响企业IPO抑价度的主要理论,在此基础上以我国的中小企业板上市公司为研究对象,通过比较分析发现与非创投支持企业相比创投支持企业有着更高的抑价度,进一步地研究表明该现象可用Am it et.al.[1]提出的逆向选择理论来解释。     

投资银行声誉与IPO超额回报率相关分析

国外理论与实证研究表明,投资银行声誉与IPO超额回报率负相关。本文选择2002~2006年在沪深证券市场发行上市的股票为样本,同时考虑股票发行定价方式及股权分置等证券市场制度改革的影响,分时段、分市场进行分析,结果显示,声誉型投资银行相对普通投资银行所承销的股票具有较高的平均抑价率,就声誉型投资银行内部而言,其声誉水平与IPO抑价率呈负相关,但其关系并不显著,即投资银行声誉假说在我国不成立。     

基于模糊优化模型下的IPO投资选择的研究与应用

针对影响新股投资决策的因素的不确定性,尝试把模糊优化模型应用到新股投资决策中,对新股的价值做了更加科学、合理的评价,简化了投资决策过程,得出更加有效的结论,以便于降低投资者的投资风险。给出了实例分析,得到了简便易懂的结果,具有较强的可靠性和实用性,将为投资者进行投资决策提供理论和实践指导。