Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

亚投行威胁全球治理体系

2015年4月初,美国谴责英国加入中国倡导的亚投行(AIIB)一事,引发了人们对长年伴随政策制定者及经济学家的一系列问题的关注:谁在主管全球经济治理?谁制定并管理规则?规则的制定该由多国参与吗?停滞的进步中国对部分国家发放贷款备受争议;关于亚投行发展方向及各参与国所起作用的问题广受关注。但是,美国对这一新机构以及中国在其中所扮演角色所持的     

全球及区域金融安全网:欧洲和亚洲的经验

正许多学者的研究表明,1970年代国际货币体系的解体和随后出现的金融全球化是导致经济周期波动性增大的原因。在过去的20年中,许多国家都曾经因为金融危机而导致经济出现大幅波动,例如1997年的亚洲金融危机,2008年的全球金融危机和2009年的欧债危机。因此,国家都越来越迫切地需要金融安全网,以保护经济体免受短期冲击。国际货币基金组织(IMF)提供的是全球层面的金融安全网,国家间和区域     

作为经济寡头统治的贤能政治——新自由主义制度下“平等”的市场化

本文认为"贤能政治"意识形态已经变成经济寡头统治,在当今新自由主义文化中用以偷偷摸摸获得认可的主要手段。本文用三节来分析"贤能政治"概念的演变过程以及当今含义。第一节探讨贤能政治观念可能存在的谬误。第二节追踪该概念在社会理论学界内外传播的若干重要时刻,从阿兰·福克斯和迈克尔·杨在20世纪50年代最初诋毁性使用这一概念,到丹尼尔·贝尔在20世纪70年代赞许地接受这个概念,一直到20世纪80年代新保守主义智库广泛使用这一概念为止。第三节分析了贤能政治被用来作为新自由主义政治修辞和公共话语的使用情况。焦点集中在该术语在最近英国文化中引起的反响,讨论了"贤能感觉"的说法在卡梅伦"志向国家"话语中的操作方式。贤能政治已经成为旨在把平等观念市场化的话语。     

世界的七块拼图

在非洲出生的格莱美获奖歌手Angelique Kidjo（安洁莉克·琪蒂欧）挑选出了她最喜欢的六个目的地和一件艺术品。