The influence of people on the performance of IPO firms

Until the mid-1990s, the study of initial public offerings (IPOs) fell mainly under the purview of the finance literature. Within the last 10 years, however, management and entrepreneurship scholars have delved more into this subject area, as well. This article summarizes research examining IPO firms that has appeared in management and entrepreneurship journals, highlighting in particular the influence of individuals (namely executives and boards of directors) on IPO firm outcomes.     

股指期货的推出对股票市场的影响

我国推出股指期货的背景 股指期货是一种以股票价格指数作为标的物的金融期货合约。由于股票指数基本上能代表整个市场股票价格变动的趋势和幅度,上世纪70年代以后人们开始尝试着将股票指数改造成一种可交易的期货合约并利用它对所有股票套期保值,规避系统风险,于是股指期货应运而生。目前,国内生产总值（GDP）排名前21位的国家或地区,除中国外都有股指期货。中国已成为全球第四大经济体,如此庞大的经济体没有股指期货市场,在世界上是罕见的。     

Examining the impact of managerial involvement with social media on exporting firm performance

The growth of social media presents international businesses and marketers with unprecedented risks and challenges. Marketers are becoming aware of the threat of losing control over their message and are also beginning to realize the potential of social media as a marketing tool. Based on export managers’ beliefs about social media use outcomes, as well as their attitudes, intention to use, and actual use of these applications of Web 2.0, three groups of Spanish exporters are identified according their managerial involvement with social media tools: ‘potential in SM’, ‘initiated in SM’, and ‘expert in SM’. Considering other firm characteristics and type of sector, these three clusters of exporting firms are fully characterized and their relationship with firm performance is determined. From these results, relevant implications emerge for academic researchers, entrepreneur-managers and policy-makers.     

非传统媒体趋势的影响

互联网已经成为网民获取行业资讯的主要渠道,互联网广告的增长已经超越了传统媒体的增长。随着网络广告投放的不断增长,富媒体的广告投放的增长也是非常迅猛的,并且已经成为了网络广告的主要形式。     

The impact of trading restrictions and margin requirements on stock index futures

Stock index futures in Chinese market have consistently diverged from their theoretical values. In this paper, we try to provide some explanations by proposing an equilibrium model. Although the model itself does not provide analytical solutions, it enables us to conduct extensive numerical studies and compare them with our empirical results on two major Chinese market indices, CSI300 and SSE50. Our results show that the divergence of stock index futures prices from their theoretical values may be due to various trading and regulatory constraints, such as position limits and margin requirements, which play significant roles in Chinese market.     

The impact of social media conversations on consumer brand choices

This paper estimates the impact of social media conversations on consumer valuation of brand characteristics and demand for carbonated soft drinks (CSDs). We formulate a random coefficient, discrete choice model of consumer demand that includes social media conversations, and estimate it matching Nielsen sales data on carbonated soft drinks to social media conversations on Facebook, Twitter, and YouTube. Empirical results indicate that consumers’ conversations about brands and nutritional aspects of CSDs have a significant impact on their valuation of brand characteristics and ultimately on their choices of CSDs. These findings have important implications not only for firms using social media as a strategic tool for effective brand promotion and product design but also for public health policies aimed at reducing the consumption of sugary beverages and high-calorie foods.     

The impact of crisis events on the stock returns volatility of international airlines

This paper adopts the generalized autoregressive conditional heteroskedasticity model to examine the relationship between the weekly returns of shares of the international airlines in 1996–2010. It also incorporates major international crisis events and observes the influence of different aspects on the volatility of returns of company shares. Different events exhibit significantly different regional volatility impulses in the countries in which the airlines are located. The Asian financial crisis enhances the returns volatility effects of Asian airline companies. The global financial crisis significantly intervenes with the returns volatility of airline companies around the world. The results suggest that major international events may all have risk effects on the returns on the share prices of airlines.     

The impact of service innovation on firm performance

This study empirically examines the impact of service innovation on performance in developing countries such as China. We construct a more integrative model linking service innovation, service quality and performance and collect 277 samples in the Chinese tourism sector. The findings are: First, service innovation affects firm performance through direct and indirect paths where service quality plays a positive mediating role, and the direct impact is larger than the indirect one; Secondly, the innovation mode is cost-reductive, which focuses on eliminating internal cost rather than improving service quality; Third, the assessment of service quality emphasizes the dimensions of assurance and reliability.     

The impact of stock split handling rules on returns: Evidence from Canada

Canadian and US stock split handling rules differ. In the US, buying shares is inconvenient before the ex‐date. In Canada, sellers face a miniscule probability of a big loss if the split is cancelled between the ex‐date and payable date. On the ex‐date, Canadian stock returns are positive and the proportion of seller‐initiated trading declines. After the payable date, returns are negative and the proportion of seller‐initiated trading increases. For cross‐listed shares, effects of US and Canadian rules are offsetting as returns are insignificant. We conclude that rules associated with a remote possibility of large losses affect investor behaviour. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.     

The impact of global factors on stock market movements in emerging market economies

Global factors are becoming increasingly important as a cause of international capital fl ows. It is nearly impossible for some countries to protect themselves from outside infl uences on their fi nancial markets. This paper investigates the extent to which various global factors such as stock market volatility, international liquidity and global interest rate levels impact on the effective fi nancial market exchange rates of selected emerging market economies. These results are compared with effects on the fi nancial market exchange rates of the United States, the United Kingdom and Germany.     

Analyst coverage network and stock return comovement in emerging markets

This paper shows that analyst coverage networks (ACN) play an important role in explaining stock return commonalities across Latin American stocks. First, pairs of stocks connected by analysts exhibit higher comovement and excess comovement. Second, firms easily traded by foreign investors are more strongly affected by common coverage. Third, international analysts are an important source of across-country excess comovement. Finally, by creating the network at the brokerage house level and exploiting exogenous changes in ACN around the MSCI LATAM Index reviews, this study addresses endogeneity concerns related to the effect of ACN on commonalities.     

The impact of innovation on economic performance in services

This article empirically explores the relationship between innovation and economic performance in services at the firm level. The empirical analysis is based on a unique longitudinal firm-level data set, which matches the Italian Community Innovation Survey (CIS II) data (1993–1995) and a set of economic indicators provided by the Italian System of Enterprise Account (1993–1998). In particular the empirical analysis aims at assessing whether the presence of innovation and the amount of resources devoted to innovation are able to explain the economic performance of firms in the service sector. The results presented show that innovating firms out perform non-innovating firms in terms of productivity levels and economic growth. Productivity is also found to be linked to the amount of innovation expenditures, especially those devoted to the acquisition and internal development of new software.     

The impact of service innovation on firm-level financial performance

This article empirically investigates if firms focusing on service innovation perform better financially than firms not focusing on service innovation. Analysis of the financial performance of 3575 Norwegian firms in the manufacturing industries supports the proposition that firms focusing on service innovation have significantly higher growth of operating results than firms not focusing on service innovation. However, this proposition is not supported in a corresponding analysis of 1132 Norwegian firms in the service industries. We elaborate on these results by investigating a variety of performance measures and by comparing the effects of service innovation between manufacturing and service industries. The article contributes to the service innovation measurement literature and to a better general understanding of the determinants of service innovation performance effects.     

成交量变动对股票价格波动影响的实证研究

股票市场上,股价与成交量是两个最为根本的变量。资产定价是现代金融的核心问题,众多国外学者对股票市场的研究都是以辨别股价和成交量两者之间的关系为核心的。他们的研究结果表明,股票市场上成交量与股价的关系能间接反映市场参与者的交易特点、交易习惯、信息流入市场的速度,在市场中的传播速度,以及市场的公开程度,交易规模,交易规则设置合理性等市场特征。只有极少数国内学者对股票价格与成交量之间的关系进行研究。     

Whose firm is it anyway? Analyzing ownership effects on IPO performance

This study revisits current practice that ownership holding at IPO has a homogeneous impact on IPO performance. Using signalling theory, we develop and test a conceptual model explaining the relationships between the aggregated ownership structure and IPO price premium. We argue that aggregated ownership has a direct effect on issue price premium, and offer specific hypotheses on the effect of the shares sold during the offering by each type of owner on IPO performance. We use archival data from a sample of US firms that issued IPOs between 1996 and 2000 and find a significant direct effect of ownership configuration, namely, heterogeneity in effect of each ownership type on IPO performance as well as interaction effects between different ownership types. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.     

高春辉:孤独的站长

挺过互联网的十年,一个创业者经历的幸运、得到、失去、挫折以及穿越谁还记得高春辉?网上搜索他的新闻,最新消息是2008年在网上谈创业,再往前的2006年,是他的一个好消息,手机之家被太平洋商业网络公司收购了,价格