An Empirical Study of the Impact of CEO Characteristics on New Firms' Time to IPO*

An initial public offering (IPO) is one of the most critical events in the life of a firm. As the IPO market continues to attract attention from both entrepreneurs and investors, research examining the relationship between the firm's characteristics and its IPO performance is growing. In this paper, we use the upper echelon perspective to empirically examine the relationship between the firm's chief executive officer (CEO) and the firm's time to IPO, a relationship that has so far received little attention. Using data obtained from 237 IPOs in the U.S. software industry, we found that the CEO's prior executive experience, network, and age are significantly related to the new firm's time to IPO. This study extends the understanding of the important role of the CEO in the IPO and provides investors greater insight into those variables that influence the speed with which firms go public.     

如何将科学保粮技术应用于实际仓储的分析

粮食安全问题是关系到国计民生的重要问题,因此从确保我国粮食安全出发,除了宏观进行调控及一些相关的手段外,科学保证粮食安全仓储就显得由为重要了.随着科学保粮技术的不断发展粮食流通体制改革日益深化的今天,粮食仓储企业在但在具体的实践中面临着许多实际问题,我们应该对科学保粮技术在国内外的发展及应用进行科学综合分析,以便将科学保粮技术在今后的粮食仓储工作中得以更好的实际应用.     

质量的产能约束、信息不对称与大销量倾向:以食品安全为例

食品安全关系到每一个人的健康与生存,但以乳品为代表的食品类企业却往往忽视质量控制而热衷于销量扩张.本文从技术约束和信息不对称的角度对此给出了一种解释.分析表明:竞争压力未必是解释该现象的关键因素;只要产品的市场容量较大、并且在投资不足的前提下提供优质产品的产能相对较小,即使没有竞争的压力,厂商在质量控制上的投资也不充分,而且总是热衷于低价大销量的营销方式,后者被消费者视为投资充分的不完美信号.增强监管无法从根本上改变厂商投资不足且追逐大销量的现状,但能增加厂商高投资的可能性、提高产品的平均质量.我们的结论在一定程度上吻合乳品等国内食品企业高速扩张但忽视质量控制的现状.     

重视发挥音乐教育在高校素质教育中的特殊作用

如何贯彻落实“德智体美等全面发展”的教育方针，找到美育和艺术教育在学校教育中应有的位置，发挥它在培养健全人格中的特殊价值，是一个值得深思的问题。本试从音乐教育的角度简要论述其在素质教育中的特殊作用，以期引起大家的进一步思考。     

我国混合动力客车产业发展对策研究——基于SWOT的分析

混合动力客车(HEB)作为节能环保的新型交通工具已成为客车产业的发展趋势。在我国混合动力客车的发展还处于成长阶段。采用SWOT分析方法,分析研究我国的混合动力客车产业发展,并针对现状提出相关建议。     

我国零售业发展中的“大卖场”现象剖析

近年来,我国的零售业发展迅速,大卖场更是成为发展的热点之一。本文分析了大卖场在我国的发展现状;从商品策略、竞争对手和利润源等三方面对大卖场的市场竞争模式进行了剖析;指出要实现大卖场在我国的可持续发展,必须努力实现三个转变。     

中国的机构投资者的预测能力研究

从2001年4月20日开始,中央电视台<中国证券>栏目每天早晨报道我国70家大券商关于当天股票市场涨跌情况的预测.通过对这些预测的研究,本文发现中国机构投资者的预测能力不强.他们的预测大都基于市场前一天的盈亏,近乎于正反馈反应.此外,本文还发现股市下跌对机构投资者的预测的影响比股市上涨大.本文认为,中国机构投资者预测能力不强的主要原因可能是缺乏经验.     

对顺康雍乾时期扶农政策的考察

本文通过对顺治至乾隆年间,政府鼓励农民垦荒,减轻农民经济负担,增强社会保障等措施考察,探讨清政府对发展农业、扶助农民发展生产所做的努力。     

幸福指数测量方法研究

本文从幸福的根本内涵谈起,叙述了不同学科对幸福的度量方法并对它们进行了比较、辨析,然后详细介绍了经济学对幸福的测量过程,力求把幸福指数测量的思想脉络梳理清晰,希望能对幸福指数的研究有所帮助。     

FDI location choice of Chinese multinationals in East and Southeast Asia: Traditional economic factors and institutional perspective

This paper investigates the factors determining foreign direct investment (FDI) location choices of Chinese multinational firms. We developed a conceptual framework that synthesizes traditional economic factors and institutional perspective. Then several hypotheses were developed in line with the framework and empirically tested using panel data of Chinese outward FDI to eight economies in East and Southeast Asia across a time period of thirteen years. Our findings suggest that institutional factors demonstrate a higher level of significance, complexity and diversity in determining FDI location choice in comparison with economic factors, while both types of factors influence the FDI location choice of Chinese multinational firms. We also found that the FDI location choices of Chinese firms have a dynamic nature, as statistical evidence indicates a heterogeneous response of Chinese FDI towards different economic groups and during different time periods.