Potential targets: An analysis of stock price reactions to acquisition program announcements

Stockholders of potential targets experience a statistically significant wealth gain of 0.59% over the 3-day window surrounding the acquisition program announcement. Potential targets are defined as those firms that subsequently receive bids. Using alternative definitions, such as a portfolio of all firms in the industry of the target or firms within the target industry with a higher probability of receiving a bid as predicted by a maximum likelihood logit model, yield qualitatively similar results. These findings suggest that events, such as program announcements, release significant merger related information well before a target is formally approached with implications for wealth effects at subsequent bids. As with normal targets, the likelihood of receiving a bid for targets that are part of a broad-based program of acquisitions increases in the level of agency problems, managerial inefficiency and in the proportion of tangible assets in the target.

The accuracy of IMF crises nowcasts

The International Monetary Fund (IMF) provides loans to countries in economic crises as a lender of last resort. IMF loan approvals are tied to policy reforms and quantitative targets that reflect the IMF’s crisis assessment. An extensive literature scrutinizes the efficacy of IMF loan programs, instead, we examine the accuracy of the IMF’s crisis assessments (nowcasts) that predicate program designs. Analyzing an unprecedented 602 IMF loan programs from 1992 to 2019, we contradict previous findings that IMF nowcasts are generally optimistic. Disentangling the structure of the IMF’s nowcast bias, we find the IMF systematically overestimates high-growth recoveries GDPs, while low-growth recoveries for low-income countries (LICs) are underestimated. In contrast, non-LICs’ nowcasts exhibit no statistically significant optimistic and pessimistic bias. Interestingly, shorter nowcast horizons do not improve accuracy, and GDP growth nowcasts improved substantially since 2013, while inflation nowcasts remain inefficient. We also isolate the sources of IMF nowcast inefficiencies according to ((i) program objectives, ((ii) program conditionality type, ((iii) geographic regions, ((iv) global crises, and ((v) geopolitics (elections, conflicts, and disasters).     

导播技术在教育节目中的应用

目前,现代远程教育、网络教育、开放教育、终身教育发展十分迅速、广泛。教育节目的制作中,导播的地位越来越重要。导播技术在教育节目中的应用也显得十分重要。导播技术不仅仅是一种纯技术的应用,更重要的是结合现代的教育理念,制作出信息量充足、符合教育规律的高水平教育节目。在直播节目中一个至关重要的环节解释导播环节。笔者结合教育节目的制作现状分析探讨了导播技术在教育节目中的应用。     

北部湾经济发展给广西高职教育带来的机遇与挑战

北部湾经济的发展，将带动广西经济的大发展，同样给广西高等职业教育带来了良好的发展机遇，但也面临着困难和挑战。积极采取应对措施，是广西高等职业教育义不容辞的责任。     

淮海经济区的城市经济联系格局分析

运用重力模型和综合客运模型,对淮海经济区城市间的经济联系势能及经济联系流强度进行测度,据此分析该区的城市经济辐射与经济隶属情况.结果表明,淮海经济区城市间的经济联系势能结构表现为以徐州、商丘、临沂、淮安为重要节点呈放射状分布.经济联系流强度的空间分异格局以徐州为中枢,形成徐州、济宁、临沂、阜阳、蚌埠五大网络结点,构成"开"字型架构.经济联系势能和经济联系流强度在徐州与周边城市的联系上表现出明显的一致性.最终将淮海经济区划分为核心、汴商、莱泰、临照、盐淮5个城市经济区.     

The effect of voluntary brownfields programs on nearby property values: Evidence from Illinois

Brownfields are properties whose redevelopment is hampered by known or suspected contamination and by concerns about associated liability. Because failing to redevelop brownfields may negatively affect welfare and the environment, a number of states have created voluntary programs to reduce liability risks and encourage redevelopment of brownfields. For clean or remediated properties, the state certifies that owners of such sites are not subject to federal or state liability under certain conditions. Certification could increase nearby property values because of decreased contamination risk and amenities associated with redeveloping the brownfield. This paper focuses on the Site Remediation Program in Illinois, and estimates the effect of brownfields certification on nearby property values. Employing several strategies to account for unobserved and time-varying variables that may be correlated with certification, I find that the entry and certification of a brownfield 0.25 miles away raises the value of a property by about 1% compared to an otherwise identical property.     

Toward a more practical approach to evaluating programs: The Multi‐Objective Realization approach

Emerging trends indicate that programs are being used to deliver benefits that may not be fully harnessed from single sets of uncoordinated projects. To support this movement, it is essential to have suitable measurement frameworks to assess the contribution of these activities and supply decision makers with valuable data on whether their objectives are being realized. This paper introduces the Multi‐Objective Realization Method (MORE) to help measure the strategic contributions of programs. The main principles of MORE underline the importance of a formal strategy to elicit and develop program objectives and to frame those objectives within defined measurement dimensions.     

以关天规划为契机推进宝鸡特大城市建设的理性思考

建设特大城市,这是宝鸡2009-2020年发展的总体规划之一。本文主要通过四个方面,理性的分析了宝鸡作为关天经济区的副中心,建设特大城市的基础、目标、挑战及实现途径,为我们描绘出一副宝鸡未来的美好蓝图。     

市政建设项目后评价成功度研究

市政建设项目后评价能够提高决策投资管理水平,可以加强对项目的管理,制约项目参与方的行为。本文介绍了市政建设项目后评价的体系,评价内容和评价特点,分析了市政建设项目后评价的方法,并重点分析了市政建设项目后评价成功度方法。     

创业机会理论研究综述

创业机会一直是创业研究领域的核心问题。近十几年来,学者们对创业机会的内涵、来源以及创业机会的识别和评价等问题进行了大量研究,并取得了不少有价值的研究成果。在此基础上,着重对创业机会的相关研究进行了梳理、阐释和总结,对个别关键问题进行了多角度的认识,并指出创业机会研究存在的不足和进一步的研究方向。     

Economic design of one-sided screening procedures based on a correlated variable with all parameters unknown

Summary Economic design of one-sided screening procedures for improving outgoing product quality based on a screening variable is considered for the case with all parameters unknown. It is assumed that the performance and screening variables are jointly normally distributed and that costs are incurred by screening inspection, acceptance of an imperfect item, and disposition of a rejected one. A method for finding optimal cutoff value based on the predictive distribution is presented.     

未来中国区域经济发展空间战略新棋局

十二五以来,中国区域发展总体进入相对均衡时期,中西部地区发展势头良好,东北地区振兴初见成效。在区域经济增长的新常态下,通过对区域经济增长阶段的有效组合,可以形成区域接力增长态势,在中西部地区培育新的增长极来接力东部地区的发展。未来支撑中国区域经济发展的梯度化多层次格局为:经济支撑带—新战略区域和潜在新战略区域—城市新区。未来中国区域经济发展战略新棋局的实现将更多地依赖经济手段和法律手段这两种区域政策作用的发挥。     

以教学评估为契机,加强高校教师队伍建设

近年来,"评估"一词已成为中国高等教育领域的一个高频词汇,这是中国高等教育发展的客观需要。高校教师在教学评估中的主要地位,对于搞好高校教学评估工作无疑具有重要的作用。是否具有一支高水平的师资队伍,是衡量一所高校办学水平的标准。因此,高校应该以教学评估为契机,不断加强教师队建设。     

Two ge neral classes of search designs for factor screening experiments with factors at three levels

In this paper, we are presenting general classes of factor screening designs for identifying a few important factors from a list of m (≥ 3) factors each at three levels. A design is a subset of 3^m possible runs. The problem of finding designs with small number of runs is considered here. A main effect plan requires at least (2m + 1) runs for estimating the general mean, linear and quadratic effects of m factors. An orthogonal main effect plan requires, in addition, the number of runs as a multiple of 9. For example, when m=5, a main effect plan requires at least 11 runs and an orthogonal main effect plan requires 18 runs. Two general factor screening designs presented here are nonorthogonal designs with (2m− 1) runs. These designs, called search designs permit us to search for and identify at most two important factors out of m factors under the search linear model introduced in Srivastava (1975). For example, when m=5, the two new plans given in this paper have 9 runs, which is a significant improvement over an orthogonal main effect plan with 18 runs in terms of the number of runs and an improvement over a main effect plan with at least 11 runs. We compare these designs, for 4≤m≤ 10, using arithmetic and geometric means of the determinants, traces, and maximum characteristic roots of certain matrices. Two designs D1 and D2 are identical for m=3 and this design is an optimal design in the class of all search designs under the six criteria discussed above. Designs D1 and D2 are also identical for m=4 under some row and column permutations. Consequently, D1 and D2 are equally good for searching and identifying one important factor out of m factors when m=4. The design D1 is marginally better than the design D2 for searching and identifying one important factor out of m factors when m=5, … , 10. The design D1 is marginally better than the D2 for searching and identifying two important factors out of m factors when m=5, 7, 9. The design D2 is somewhat better than the design D1 for m=6, 8. For m=10, D1 is marginally better than D2 w.r.t. the geometric mean and D2 is marginally better than D1 w.r.t. the arithmetic mean of the maximum characteristic roots.     

城市化对经济增长推动作用的经济学分析

经过国内理论界20多年来的研究与争论,已经基本上就我国存在低度城市化的问题方面达成了共识.但是对于城市化对经济增长的作用机理研究得仍然不够.文章以城市化对经济增长有推动作用这个已经达成共识的结论为阐述的观点,以宏观经济学、微观经济学的理论为基础,力图达到对城市化对于经济增长推动的作用机理进行系统的阐述.     

创业机会的识别与开发研究——以微软与谷歌的案例比较

创业机会的识别、开发和利用既是小企业成功创业的重要法宝,也是大公司持续成长的永恒课题。本文以微软与谷歌公司为案例研究对象,选择两大技术型企业的核心业务进行追溯性解剖,揭示影响机会识别和开发的四大关键因素：个人特征、创业者网络、战略匹配、愿景与文化,从而验证了机会识别与开发的概念性模型。     

武器装备性能评估及指标测量方法浅论

为了解决某些武器装备系统在交装时未提供性能评估及指标测量方法的问题,提出了按功能分解的方法。文章简要介绍了武器装备系统性能评估步骤及指标测量方法。     

全面剖析经济增加值(EVA)

系统地阐述了经济增加值(EVA)的基本理论,在与传统业绩评价指标进行对比的基础上总结了其优越性;并通过设置奖金银行账户来建立激励薪酬机制,以此来全面地认识和了解经济增加值。     

Longitudinal analysis of entrepreneurship and competitiveness dynamics in Latin America

This study analyzes the relationship between entrepreneurial dynamics in Latin-American countries and the level of competitiveness these countries show. Based on the research conducted by Wennekers et al. [Small Business Economics, 24(3):293–309, 2005] that demonstrates a U-shaped relationship between the country’s rate of entrepreneurship and its level of competitiveness and economic development, we hypothesize that Latin-American countries have a descending behaviour under the U-shaped curve approach. The results from three regression models support this hypothesis and suggest that competitiveness and economic growth deter entrepreneurial dynamics on Latin-American countries. We discuss that Latin-American countries need to improve some structural factors to achieve a high level of entrepreneurial dynamics.

城市扩展过程中的波核影响及其经济学分析

城市产生的过程就是经济核通过经济波对区域内其他经济体的辐射过程,经济波辐射强度的差异形成水平不同的城市个体,经济核随距离远近不同而形成不同状态的中心性影响强度,城市个体通过经济的和空间的联系形成城市体系.在排除政府干预的条件下,城市外围空间的扩展过程遵循经济规则,在谋求效用最大、实现地租均衡以及边际比较中实现形成城市的外围扩展空间.