The effect of reference point prices on mergers and acquisitions

Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a peak price. Conversely, bidder shareholders react more negatively as the offer price is influenced upward toward a peak. Merger waves occur when high returns on the market and likely targets make it easier for bidders to offer a peak price. Parties thus appear to use recent peaks as reference points or anchors to simplify the complex tasks of valuation and negotiation.     

Liquidity risk and stock returns around the world

The recent global financial crisis demonstrates that market liquidity is a prominent systematic risk globally. We find that local liquidity risk, in addition to the local market, value and size factors, demands a systematic premium across stocks in 11 developed markets. This local pricing premium is smaller in countries where the country-level corporate boards are more effective and where there are less insider trading activities. We also discover that global liquidity risk is a significant pricing factor across all developed country market portfolios after controlling for global market, value, and size factors. The contribution of this risk to the return on a country market portfolio is economically and statistically significant within and across regions.     

产业经济学及相关领域的前沿问题研究——第七届产业经济学与经济理论国际研讨会观点综述

本文对第七届产业经济学与经济理论国际研讨会的主要学术观点进行了综述。涉及博弈论研究方法的最新进展,新兴产业发展趋势,以及与互联网产业相关的产业经济分析,垄断与竞争新形势下企业竞争策略的创新,国内外产业经济学相关领域的理论和现实研究等内容,反映了当前国内外产业经济学研究的最新进展和动态。     

企业纵向战略联盟动因:一个行业层面的分析

本文以我国22个行业中407家公司为样本,从行业层面对企业纵向战略联盟组建的动因进行了分析.结果表明,行业的成长性对纵向战略联盟的组建显著正相关,行业资本密度、进入壁垒则对纵向战略联盟的组建显著负相关.实证结果显示,行业盈利水平、成本压力与纵向战略联盟的组建影响不大.     

谈岩滩电厂AGC的避振策略及负荷分配

通过对AGC进行升级改造,加入机组避振策略,能够让机组处于良好的工况下运行。避振策略包括设定单机禁止运行区、尽量少穿越振动区、小负荷分配策略、联合振动区判别等。改造后的AGC系统不仅满足调度的调峰要求,还减少了设备的磨损,对岩滩电厂经济运行有明显的促进作用。     

低碳供应链初探

在能源短缺和环境污染已成为世人极为关注的大环境下,研究低碳供应链的相关问题,符合节能减排、发展低碳经济的环保理念。文中根据供应链、低碳的概念探讨低碳供应链的内涵,讨论低碳供应链的基本特征,提出低碳度这一评价指标与之相应的指标体系,在此基础上进行了低碳供应链的集成、可见性与流程的初步设计的探讨。     

刍议中小城市排水体制

结合工程实际探讨排水体制问题,提出了在中小城市的旧的城区改造过程中应遵循和推行的合流制排水系统以及排水体制问题。     

浅析国有企业人性化管理存在的问题

引言 "人性化管理"是在研究人的心理和行为规律的基础上,采用非强制性方式,在员工心目中产生一种潜在说服力,从而把组织意志变为个人的自觉行动,究其本质,是一种"以人为中心"的柔性管理.区别与"以规章制度为中心"的刚性管理.     

离散型随机变量数学期望的求法探究

离散型随机变量的数学期望的解法是一个重要内容.离散型随机变量在计算中和生活实际中都有着广泛的应用.离散型随机变量的数学期望的解法多种多样、灵活多变,具有一定的规律性和技巧性.本文对离散型随机变量数学期望的求法技巧进行了深入探讨.