The Certification Role of Large Customers in the New Issues Market

This paper examines the certification role of large customers and finds that IPO firms that have product market relationships with large customers experience higher valuation and better long-term performance compared to IPOs without such relationships. This higher valuation is more pronounced when product market relationships are able to alleviate IPO uncertainties, when the businesses of large customers and their IPO suppliers are closely related in downstream markets, and when large customers have stronger certifying abilities. Finally, we find that large customers realize significant positive abnormal returns around their suppliers’ preliminary prospectus filing dates, suggesting that some of the benefits from product market relationships accrue to large customers.     

RATIONAL TIMING OF CALLS OF CONVERTIBLE PREFERRED STOCKS

Conversion-forcing calls of convertible preferred stocks are re-examined focusing on the value of the conversion option impounded in the preferred price. This amount represents the preferred shareholder wealth potentially transferable to common stockholders. Capture of this wealth underlies the theoretical motivation for calling and forcing conversion as soon as possible. Most of the preferred issues examined exhibit nonpositive average option values throughout all but short periods; hence, no wealth transfer opportunity exists for immediate calls. Issues that exhibit positive option values are called quickly. In contrast to interpretations that have persisted for over fifteen years, our results reveal no substantial delays in calling convertible preferred stocks.     

The Reform Method of John R. Commons

We examine the extent to which neoliberal or post-neoliberal forces have been generating a new global or regional social structure of accumulation (SSA) or mode of regulation (MOR) through enhancing growth, productivity and financial stability. After outlining the contours of neoliberalism and post-neoliberalism, the record of economic performance is reviewed over the 1950s-2000s. We conclude that highly advanced capitalist economies have mostly been undergoing regime maturation while numerous nations of Asia (especially China) have been transforming their SSAs or MORs. Neoliberal or post-neoliberal institutions must necessarily be supplemented by changes in many other areas for long wave upswing to emerge.     

世行:中国房地产调控措施并未过度

正中国房地产市场调控措施并未过度,一度过热的房地产市场的趋势已经转变。世界银行中国首席经济学家韩伟森(Ardo Hansson)于四月上旬称,中国房地产市场调控措施并未过度,一度过热的房地产市场的趋势已经转变。韩伟森是在世界银行发布《中国经济季报》后发表简短讲话时做出上述表示的。他还称,3月份通货膨胀率反弹可能是暂时现象。在被问及中国是否应准备部分放     

The key issues and procedures of industrial marketing research

Industrial marketing research has failed to receive its due attention in marketing books and journals, even though the volume of transactions in industrial goods and services is more than twice that of consumer goods and services. This article provides a systematic and wide ranging review of the issues, procedures, and opportunities found in industrial marketing research.     

COMPETITIVE SEARCH,EFFICIENCY, AND MULTIWORKER FIRMS*

I study competitive search equilibrium in an environment where firms operate a decreasing‐returns production technology and hire multiple workers simultaneously. Firms post wages, possibly several of them. The equilibrium can feature wage dispersion even though all firms and workers are ex ante identical. Unlike the benchmark where firms hire a single worker, hiring is constrained inefficient. Efficiency requires that firms commit to the number of hires, pay all applicants, or pay wages that depend on the number of applicants. Under wage‐posting, the inefficiency is highest at intermediate levels of labor market tightness.