The pricing of real estate investment trust initial public offerings

This paper examines the pricing of Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs). Unlike standard corporations, evidence suggests that REIT IPOs are correctly priced in the initial market. Significant negative initial-day return for mortgage REITs is found to be a function of using the bid price to calculate returns for those securities, which trade initially over the counter (OTC). If the bid-ask average or the ask price is used in calculating returns, any apparent overpricing disappears. Additionally, we find that once transactions costs are considered, an investor is better off purchasing a REIT on the offering.     

投资者有望加快投资节奏

2012年,在中国VC/PE市场整体低迷形势下,一方面投资机构普遍面临募资与退出困境,投资活跃度也大幅下降。而另一方面,在此前全民PE热潮中高涨的企业投资市盈率也在寒冬中理性回归,投资市场有望触底反弹日前,ChinaVenture投中集团对境内外数十家GP     

Externalities of public firm presence: Evidence from private firms' investment decisions

Public firms provide a large amount of information through their disclosures. In addition, information intermediaries publicly analyze, discuss, and disseminate these disclosures. Thus, greater public firm presence in an industry should reduce uncertainty in that industry. Following the theoretical prediction of investment under uncertainty, we hypothesize and find that private firms are more responsive to their investment opportunities when they operate in industries with greater public firm presence. Further, we find that the effect of public firm presence is greater in industries with better information quality and in industries characterized by a greater degree of investment irreversibility. Our results suggest that public firms generate positive externalities by reducing industry uncertainty and facilitating more efficient private firm investment.     

The networking function of investment banks: Evidence from private investments in public equity

We examine investment banks' networking function in capital markets, using a sample of Private Investments in Public Equity (PIPEs). We argue that investment banks develop relationships with investors through repeat dealings, and that investment banks' networks of relationship investors form the basis of their networking function. We find that investment banks, especially those with larger investor networks, help issuers attract investors. Correspondingly, an issuer that desires more investors is more likely to hire an investment bank than place the shares directly. We also find that issuers pay higher fees to hire investment banks with larger investor networks. Our empirical findings suggest that the networking function of investment banks is important in securities offerings.     

浅析制约我国汽车消费信贷发展的原因

根据美国通用汽车对中国市场所作的预测,2000年至2005年,中国的轿车需求将保持20%至25%的年增长,其中私家车将保持33%的发展水平;目前中国有购车能力的家庭为700万户,到2005年这个数字将提高到4200万户;到2010年,中国有可能成为全球第三大汽车市场,占全球份额的6%,仅次于美国和日本;到2025年,中国汽车市场的规模将达到目前美国的规模.……     

On investment in funds

Abstract

The purpose of this paper is to determine how large a capital risk a monetary institution is incurring by receiving capital payments under obligation to yield a fixed guaranteed interest until a prescribed date, even if the market rate of interest should fall below the rate guaranteed, and to investigate to what extent the risk is decreased if it is possible to invest the payment first received at a rate of interest exceeding the rate guaranteed.     

投资清洁技术,跟着政策走——风能产业的政策利好和投资机遇

《国际融资》杂志近期参加了多个有关清洁技术的论坛,这些论坛特别强调了清洁技术作为新的增长点的商机和前景,还特别指出了商机和政策支持的不可分性,即所有与环保有关的技术,最终都要靠政策来推动,没有政策的推动就难以发展（参看本栏目文章《清洁技术产业渐成PE／VC投资热点》）。具体到近年来发展较快的风能产业,有关的政策解读更明确,特别是2008年年底以来,在国际金融危机发生的过程当中,很多国家和政府宣布要大大增加可再生能源和低碳或者清洁技术的公共财政投入,以刺激经济增长并增加就业岗位,而中国的政策利好也是不断（参看本栏目文章《风能产业的政策利好和投资机遇》     

Smooth investment

In the classical portfolio optimization problem considered by Merton, the resulting constant proportion investment plan requires a diffusive trading strategy. This means that, within any arbitrarily small time interval, the investor must impractically both buy and sell stocks. We study the problems of a mean-square and a power utility investor for whom the trading strategy is constrained to be smooth, i.e. nondiffusive. This means that over sufficiently small time intervals, the investor is either a seller or a buyer of stocks. The mathematical framework is built around quadratic objectives such that trading activity is punished quadratically. Mean-square utility is quadratic, and power utility is covered by quadratic punishment of distance to Merton’s power utility portfolio. We present semi-explicit solutions and, in a series of numerical illustrations, show the impact of trading constraints on the portfolio decision over the investment horizon.     

海洋投资或成下一个投资新风口

中国海域、海岛开发现状 由于海洋环境的特殊性,海洋不是人类的居住环境,人们总觉得海洋开发离自己比较遥远,企业对海洋资源开发与利用也不知如何下手.但随着国际上对海洋资源的一些开发新案例相继出现,中国对海洋资源的开发利用也呈现多样化的趋势.比如一些国家正在研发水下房屋建设,迪拜已推出了水下别墅项目,各种海上游乐设施和海上运动项目已被人民广泛接受,海洋的开发类型越来越多,不但有传统的海洋产业在蓬勃发展,而且又在不断产生新的海洋产业.     

Endogenous networks in investment syndication

As an effective investment strategy, investors often invest jointly in a company by forming a syndicate. The unique feature of this paper is that it endogenizes the formation of an investment syndicate. We provide a theory on the endogenous formation of networks in investment syndication and analyze how several key factors such as risk aversion, productivity, risk and cost affect incentive and syndicated investment. We also apply the theory to venture capital investment and identify empirical evidence in support of it.     

Multi-agent investment in incomplete markets

The problem of the expected utility maximization in incomplete markets for a single agent is well understood in a fairly general setting. This paper studies the problem for the multi-agent case. For this case a cooperative investment game is posed as follows: firstly collect all agents capital together at the initial time, then invest the total capital in a trading strategy, and finally divide the terminal wealth of the trading strategy and each of them gets a part. We give a characterization of Pareto optimal cooperative strategies and a characterization of situations where cooperation strictly Pareto dominates non cooperation, and prove that the core of the cooperative investment game is non-empty under mild conditions using Scarf theorem.Received: August 2003, Mathematics Subject Classification (1991): 91B28, 91A12, 60H30JEL Classification: G11, C71This work is supported by the National Natural Science Foundation of China under grant 10201031. It is a pleasure for the author to express his sincere thanks to an anonymous referee for valuable suggestions.     

以创新的投资模式投资创新企业

天津海泰科技投资管理有限公司公司（以下简称海泰投资）成立于1997年。成立10年来,一直致力于高新技术企业和创新企业的投资。海泰投资秉承小心求证、大胆实践的投资风格,崇尚系统思考、以人为本的管理理念,以创新的投资模式投资创新企业。     

细品“民间投资36条”

5月中旬,国务院发布了《国务院关于鼓励和引导民间投资健康发展的若干意见》,即民间投资36条。《意见》重申2005年颁布的非公36条的基本精神,鼓励和引导民间资本进入法律法规未明确禁止准入的行业和领域。要求创造公平竞争、平等准入的市场环境,对各类投资主体同等对待,不得单对民间资本设置附加条件。     

On irreversible investment

This paper presents a new and general approach to the theory of irreversible investment. We show that the optimal policy is a base capacity policy and derive general monotone comparative statics results. When the operating profit function is supermodular, the base capacity increases monotonically with the exogenous shock; and firm size is decreasing in the user cost of capital. Last but not least, the paper provides a general existence theorem for optimal policies.     

地铁投资加速

1863年,"伦敦大都会铁路"作为世界上第一条地铁开通之时,人们或许不会想到,这种后来被国际公认的"绿色出行"方式所带来的不仅仅是交通的便捷,它正改变着一座座城市的面貌。而对于已经经历了50多年发展历程的中国地铁来说,现在正是"最好的时代"。9月5、6日两天,国家发改委公布了新近批复的25个城市轨道交通建设项目:其中,常州、厦门、兰州、太原、石家庄等城市获准修建地铁,哈尔滨、上海等城市新增或调整城轨的建设方案也获得批准。事实上,发改委并非一夜之间突击批复城轨项目。早在今年5月,常州、厦门、兰州3地轨交规划获批的消息便已见诸报端;太原和石家     

双向市场的趋势投资

有关市场的一个新交易工具,期指准备了十年,希望未来利用双向交易获利的企业一定要记住：我们只是市场趋势的追随者。     

印度投资攻略

2009年,中印双边贸易额突破了430亿美元,年均增长率达到25%以上,预计2015年双边贸易额将达到2400亿美元,相当于中美贸易在2005~2006年的规模.此外,中国企业在印度建成的基础设施项目超过100亿美元,行业遍布电力、电信与轨道交通等.     

The investment manifesto

A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are not necessarily risk factors; characteristics-based factor models are linear approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not necessarily mean mispricing; measurement errors in covariances are likely to blame. Most important, risks do not “determine” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining” anomalies.