Informational externalities of initial public offerings: Does venture capital backing matter?

We examine the role of venture capital backing on informational externalities generated by IPO firms. Theoretical models predict that going public firms generate positive externalities creating a spillover effect for other firms to go public. In this paper, we posit that venture backed IPOs convey positive information about industry and this information is transferred to rival firms. We also hypothesize that intra-industry information transfer varies with rivals’ characteristics and IPO price revisions generate additional information that affects rivals’ valuation. The results show that rivals have positive valuation effects in response to venture backed IPOs and no significant reaction in response to non-venture backed IPOs. We find evidence that the effect on rival firms is stronger if they operate in less concentrated industries and have high growth opportunities. The larger the IPO proceeds, the higher the magnitude of rivals ‘valuation effects. Positive (negative) information revealed in the form of upward (downward) price revisions significantly impacts rivals’ reaction in response to venture backed IPOs.     

Vertical externalities in cigarette taxation: Do tax revenues go up in smoke?

In federal systems, where tax bases are joint property, the tax policy of one level of government affects the tax base of the other. This paper examines the interdependence of US federal and state cigarette tax rates. Our results suggest that states may reduce their cigarette tax rate by as much as 48 cents per dollar increase in the federal tax rate. Thus, a federal tax hike may reduce the amount of generated state tax revenues both directly (the overall tax rate rises and the state tax base declines), and indirectly (the state tax rate declines).     

You're always on stage, but do you know how to act?

Making presentations creates fear in most people. If at all possible, they avoid having to get up in front of an audience. But how many people think about the fact that we are constantly making informal presentations and that many of the same skills can be applied? Every team meeting, every discussion with peers, and every interaction between supervisor and subordinate is a potential presentation. Everyone can greatly enhance his or her effectiveness by applying many of the formal presentation and training techniques to these informal situations. This article explores some of the formal techniques that can be beneficially used.     

Market exit of firms: Does corruption act as grease or sand?

This paper examines whether corruption acts to “grease” or “sand” firms' exit. Corruption could facilitate exit when it is a tax that distorts markets, or it might retard exit when it empowers firms to obtain undue favors. Results, using panel data across US states and considering market exit and firms' death rates as dependent variables, show that greater corruption acts as grease rather than sand in that it facilitates firms' exit/death. In other findings, larger states, greater regulations, and more unemployment contributed to exit, as did some demographic aspects. Higher state minimum wages resulted in firms' death but not exit.     

螺旋藻:毒,还是补?

1983年,一篇题为《螺旋藻:可食用的微生物》的论文将螺旋藻推到了镁光灯前。论文提及螺旋藻的蛋白质含量相当高,达到干重的50%以上(后来研究证明为62%～68%),并且,螺旋藻中含有人体所有必需的氨基酸。螺旋藻的蛋白质要比包括大豆在内的很多植物都要好,但是比下有余比上却不足,由于部     

商业裙楼:鸡肋,机遇?

据不完全统计,在杭州城北、城南一带的裙楼空置率高达50%以上,造成这种情况的原因是开发商在规划之初对周边商业环境考虑不足,导致大量不恰当的商业裙楼出现。运营良好的裙楼收益媲美商铺,再加上它比商铺低廉的售价,对投资者来说,裙楼的机遇不可小觑。     

财务公司:向前走,向后转?

如果我国财务公司的发展仍局限于企业集团,就无法组建大型财务公司以应对国外财务公司的挑战。充分发挥自身“专业优势”,向专业金融市场挺进。这才是一条光明之路     

夏普:留下,还是消失?

今天的日本企业和1970年代的美国科技巨头有相似之处。决心适应新环境的企业可能会生存下来,并最终茁壮成长,而有些企业则会像柯达公司那样永远消失。2012年8月,愁云惨雾一直笼罩着夏普。这家拥有百年历史的科技公司的股价在5个月的时间中跌去了70%,创40年来的新低。这家自1950年之后从未有过大规模裁员,一直坚守让员工一辈子在公司工作承诺的企业,最终却不得不宣布大规模的裁员计划,至今已宣布裁员共8000人,占员工总数达14%。更不走运的是,缓解夏普资金短缺     

创业:缺钱,还是缺资源?

“我们过去给消费者留下的印象太深刻。可是,当我们试图转型的时候．没想到过去的成功却成为自己最大的阻碍。”     

会计:是技术,还是艺术?

会计是一门技术,还是一门艺术?这是许多人关注的命题. 对会计学科的认知常常是从对会计职业的感性认识开始的.那么,普通人心目中的会计是一种什么职业、什么角色呢?     

纺织业:市场回暖,好日子来临?

岁末年初,江阴东杰纺机专件有限公司、新杰纺机有限公司总经理臧晨东真是亦喜亦忧：喜的是市场需求倏忽转旺,部分产品的生产已经排到了今年5月份;忧的是大量订单来不及做,用工缺口一时达到了1／3。     

2006房地产:向左走,向右走?

2006年中国房地产行业将会进入一个相对的政策缓冲期,这是在2005年“国八条”、“新八条”等一系列宏观调控组合让人们应接不暇的背景之后的真空时期。在这个后政策时代,房地产的政策和市场走向又将如何呢?这是行业上下游企业都很关心的问题。     

防伪:忧乎,喜乎?

接触防伪这个题目,不得不面对一个现状:说起防伪,有人长叹一声难,有人大呼一声好。说难,防伪应用技术变不过造假手法,你有我也有,你贴我就贴。说好,防伪应用技术又有新的突破,"警察"就是比"小偷"高明。争论暂放一边。伪必须要防。不防老百姓不放心。不放心便要小心——有报道说:"据有关部门不久前在北京市场作过的一项调查表明,约有50%的消费者购买商品时注意有无防伪标识,他们认为,凡是有防伪标识的商品肯定是‘真货’"。此一举证,让名优企业非得顺人心地贴个防伪标识,而老百姓买到的是真是假,那     

中国联通:C计划,是风暴,还是革命?

<正>高处不胜寒:打响高端用户争夺战中国联通CDMA网络,从技术层面上看愈渐完善,并拥有GSM网络的无可比拟的通讯健康、安全、上网快的优势。但从CDMA入市开始一直停留在中低端用户层面上,未能赢得高端用户的青睐。     

Database segmentation: An alternative to recency,frequency, value?

This paper argues that recency, frequency, value (RFV), the engines of database segmentation in the voluntary sector, are by no means the only profitable approaches to database segmentation. The use of response models based on core statistical theorems offers an alternative to RFV that may be more discriminatory in targeting both those who are most likely to respond (the people we want to communicate with), and also those least likely to respond (the people we want to avoid).     

E-commerce regulation: New game,new rules?

Policy makers face many challenges to lay the foundations of a sound regulatory environment for e-commerce. These challenges reflect not only the large variety of policies that can influence e-commerce, but also the emergence of new governance issues that require international coordination. Moreover, the rapid expansion of networks has increased the potential for cross-border disputes in this area. This paper argues that competition among national regulatory regimes is unlikely to promote regulatory harmonization in the near future. The negotiation of a new set of rules at multilateral level, however, is bound to proceed at a slower pace than what would be desirable from the perspective of e-commerce firms. The paper points out that the WTO – as an obvious organization to advance the agenda of multilateral disciplines – is not in a position to deliver quick results with respect to e-commerce. The main contribution that the WTO can offer at this stage concerns the expansion of commitments under the GATS, fostering national treatment and broader market access, particularly, in telecommunications and computer-related services.     

公司责任:是责任,还是利益?

无利不起早,对于企业来说,这一点无可厚非,假使公司责任沉重得仅仅像个包袱,又有谁愿意去背呢? 2005年,刘永好忘不了他所带领的新希望集团连续经历了两次天灾人祸的冲击,正如“祸兮,福之所倚”,得益于这两次冲击,他不得不开始郑重思考“公司责任”与企业成败衰亡之间的关联。2005年6月,四川资阳、内江等地区传出猪链球菌病疫情,先后共造成38人死亡,消费者“谈猪肉色变”。有专家指出,此次猪链球菌病疫情的爆发,