Information, Credit Risk, Lender Specialization and Loan Pricing: Evidence from the DIP Financing Market

We provide an empirical support for theories of lender specialization using the recently developed market for Debtor-in-Possession (DIP) financing. The legal environment in which DIP financing operates represents a natural laboratory for testing determinants of lending specialization (e.g. lender choice). We find that the choice of lender is not driven by credit risk, but by information considerations and that this lending specialization has loan pricing effects. In short, banks (non-bank lenders) lend to more (less) transparent firms and at lower (higher) loan spreads. Our results are consistent with the interpretation that banks provide important and useful services.

The Economics of Stock Exchange Listing Fees and Listing Requirements

This paper investigates the once and future role of listing fees. We consider the theory of listing fees and why such a pricing structure initially evolved. We show how capital market developments have changed the desirability, and even viability, of this pricing structure. We then analyze the economics of listing fees. While providing revenue to the exchange, listing fees impose large (opportunity) costs, and we analyze this trade-off, presenting evidence from the New York Stock Exchange. We also discuss what types of listing requirements make economics sense for exchanges (or perhaps regulators) to impose on companies. Finally we consider whether listing fees will continue to survive. Journal of Economic Literature Classification Numbers: G10, G18, K22, K23.     

整体上市金潮涌动

国内玻纤的老大巨石集团开始坐不住了，因为近期国内玻纤制造企业排名前三位之一的重庆国际复合材料有限公司（后简称为重庆复合）私募融资9500万美元．其中包括美国凯雷投资集团的6500万美元投资。由于竞争对手受到了海外基金的青睐．所以巨石集团也开始进行海外私募融资。巨石集团是国内上市公司中国玻纤（SH600176）的控股子公司．和重庆复合形似神不似。重庆复合作为云天化（SH600096）的控股子公司．云天化下属三大产业包括化肥、有机化工和玻纤，玻纤只是云天化产业发展的“三架马车“之一。玻纤产业只占云天化销售收入和利润的30％左右．根据中国证监会相关政策．重庆复合很容易在未来实现海外分拆上市。而巨石集团就大不同．其玻纤产业占中国玻纤营业收入和净利润的80％以上，未来分拆无望。因此国内玻纤龙头巨石集团海外私募遇到难题。[编者按]     

Liquidity and Stock Exchange Listing

This study examines the pattern of stock price behavior for a sample of 71 firms that moved from NASDAQ and NASDAQ/NMS to the American Stock Exchange (AMEX) between 1982 and 1987. The study tests the liquidity gains hypothesis, which states that investors expect liquidity gains for the less liquid over-the-counter stocks but not for their more liquid counterparts after their listing on the AMEX. The results support the hypothesis by showing a significant difference between the two groups of stocks on the day the AMEX announced approval of the listing. Thus, companies with low liquidity are the largest beneficiaries of listing. The evidence provides little support for the anomalous negative pattern of returns during the post-listing period reported in previous studies.     

搜狐将海外上市进行到底

正如人们所知道的,搜狐有一个比较成功的原始积累,但是它的海外上市却不那么顺畅     

上市陷阱

Tom Toy:美国西北大学工商管理硕士,RacRim Venture Parnters的执行董事,数家著名网络业界公司的董事会成员.曾担任Technology Funding的合伙人兼执行董事、投资委员会主席,美国银行在硅谷和芝加哥分部的副总裁.     

Debt Specialization

This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsamples—large rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets.     

上市南非

南非曾经是一个神秘的国家.一个政治风云起伏跌宕的国家.但1994年发生历史性巨变后,南非以新的形象出现在世界舞台上,发展经济成为这个国家的主题.     

红与黑中国金融业海外之旅

中国加入WTO,外资银行纷纷进入中国大陆的同时,中共十六大报告也鼓励中国金融业走向海外。海外上市固然可以扩大中国金融业的影响,增强中国金融机构竞争力,但是也必须保持清醒,目前我国金融业要真正走出去还面临着巨大的挑战。     

海外上市与我国银行业的发展

进入新世纪,伴随着我国经济强有力的增长,国内企业融资需求也极为迫切,海外上市掀起一个又一个的高潮。为了迎合这一趋势,海外很多交易所（包括纽约证券交易所、伦敦证券交易所,甚至韩国、日本等国家的证券交易所）都纷纷到中国推销其融资制度和融资环境。海外上市,并不简单意味着融资渠道的拓宽,更是企业国际化的基础。国际大型企业的发展经验表明,经营的国际化,与融资渠道的国际化是密不可分的。然而,与一般工业企业相比,海外上市对于我国银行业而言更具有现实意义。     

Short Sales and Option Listing Decisions

We find that stocks with higher levels of prelisting short activity have a greater probability of option listing. These results are driven by the prelisting short activity of market makers, which suggests that exchanges believe that stocks with greater short selling will provide option market makers a better opportunity to hedge with short sales in the spot market. We also confirm that after options are listed, stocks with more prelisting short activity have more option trading activity. These results indicate that option exchanges strategically list options for stocks they believe with generate high trading volume thereby maximizing the profits of exchange members.     

Seller Over-Pricing and Listing Contract Length: The Effects of Endogenous Listing Contracts on Housing Markets

This paper examines how seller pricing decisions influence listing contract length and how these decisions affect price and liquidity in housing markets. Because list price affects broker effort required to sell the property, brokers respond to seller overpricing by increasing the negotiated listing contract length. At the same time, sellers respond to longer listing contracts by adjusting their list price strategy. Both list price and length of marketing time affect broker sales effort and therefore a property’s realized selling price and liquidity. Analysis of house transaction data from Virginia indicates that greater over-pricing by sellers prompts brokers to pursue longer listing contracts, which subsequently lengthen marketing time but increase selling price. The results reveal a novel transmission mechanism from higher list price (which induces longer contracts) to selling price and liquidity.     

上市的美丽

大名鼎鼎的Aldus公司,桌面出版业PageMaker 软件的发明者,起初由Atex公司出来的Aldus公司由6人小组创建.领头者为保罗·白瑞德(Paul Brainerd),他投资10万美元.另外5名工程师不出资,同意以Atex原来一半的薪金投入工作.     

纳斯达克上市规则

1999年以来,中华网、新浪网以及亚信等中国概念股在纳斯达克陆续上市. 同时我国在积极筹划二板市场,使得纳斯达克已在中国成为热点话题.纳斯达克往往被我国证券业内人士称为二板市场.     

Multiple Listing Service Subsidies and Economic Efficiency

In an earlier article in this journal, Sefton and Yavas (1995) concluded that subsidizing a monopoly multiple listing service (MLS) can be efficient when the curvature of the representative consumer's demand function leads to overshifting. This paper extends their analysis to a multiple-consumer demand model. It shows that, for the generalized demand configuration considered here, in general, there is no Pareto superior MLS subsidy supportable by nondiscriminatory MLS consumer taxes when the Pareto ranking is imposed without the Hicks–Kaldor compensation principle.     

张恩照:改革,必须成功--中国建设银行行长张恩照谈建行股份制改造

中国建设银行众望所归地入选首批股份制改造试点的国有银行之列,她的一举一动都受到海内外的广泛关注,而作为中国建设银行行长的张恩照先生,也就成了万众瞩目的焦点人物。在2004年新春到来之前,张恩照行长接受了本刊的专访。     

可转债上市及转股日的异常收益探讨

本文对可转债上市及转股日前后异常收益分析表明，上市初期累计异常收益与现金流因子成显著正相关，与营运因子成非显著负相关。本文认为，上市初期可转债累计异常收益部分由可转债本身因素来决定，部分由市场的非有效性与心理因素来决定。而转换期前后的累计异常收益完全是由市场的非有效性与心理因素决定的。在转换期前后，公司基本面信息与转债条款信息已在定价中得到反映，转换期前后累计异常收益完全与这些信息无关，可转债价格的异常变化也与这些因素无关。