Exit Options in Corporate Finance: Liquidity versus Incentives

This paper provides a first study of the optimal design of active monitors'exit options in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal incentives to monitor the issuer may involve restricting the monitor's right to sell her claims on the firm's cash-flow early. But the monitor will then require a liquidity premium for holding such an illiquid claim. In general, therefore, there will be a trade off between incentives and liquidity. The paper highlights a fundamental complementarity between speculative monitoring in financial markets (which increases the informativeness of prices) and active monitoring inside the firm: in financial markets where price discovery is better and securities prices reflect the fundamentals of the issuer better, the incentive cost of greater liquidity may be smaller and active monitoring incentives may be preserved. The paper spells out the conditions under which more or less liquidity is warranted and applies the analysis to shed light on common exit provisions in venture capital financing.     

混凝土渠道糙率原型观测

糙率是渠道水力设计的关键技术参数之一，其值的准确选取决于已建工程原型观测成果的类比。选择3条不同衬砌特性的混凝土渠道进行糙率原型观测，对观测方法及步骤做了较详细描述；计算出了3条渠道的糙率，对其存在误差进行了分析探讨，可为今后进一步开展相关课题研究积累经验并供同行参考。     

METROPOLITAN HOUSE PRICES IN SOUTH AFRICA: DO THEY CONVERGE?

The question this paper investigates is whether or not different metropolitan areas each constitute a separate housing market or whether or not there is a single South African housing market. Theory on the Law of One Price suggests that if products or geographic areas belong in the same market, their absolute prices must converge, so that their relative prices are stationary. By using cross-sectional time series data of five metropolitan areas, the paper tests for the Law of One Price by applying the Im, Pesaran and Shin panel unit root test. The paper finds strong evidence of convergence in large middle-segment house prices and weaker support for convergence in medium middle-segment house prices. In addition, the paper finds no evidence for convergence in small middle-segment house prices. This suggests the existence of a national market for large and possibly middle-segment houses in metropolitan areas, but separate metropolitan markets for small middle-segment houses. In addition, the paper estimates the speed of convergence and finds that large middle-segment house prices converge within two to seven quarters, while the speed of convergence for medium middle-segment house prices in three of the five areas is five to eight quarters.     

土卡河水电站施工导截流设计

针对土卡河水电站枢纽布置、河道的水文气象条件及坝址区河谷地形等综合因素,介绍土卡河水电站施工导流方案、导流标准以及导流程序设计。根据现场交通条件和实际情况,进行截流设计,并将实际截流发生情况与设计进行比较。     

一种新型高速数字锁相环的研究

本文针对传统方法实现的数字锁相环(DPLL)工作速率低的问题,通过对一种典型的DPLL的分析,找出影响其工作速率的主要因素,研究并提出了一种全新的高速实现方法,并在实验室进行了数据传输位同步提取实验。     

重庆双龙湖富营养化限制性因素确定试验研究

双龙湖是浅水型城市湖泊,一度为重富营养化湖泊。综合治理后水体仍处于中-富营养化。探求富营养化限制性因素对于防治双龙湖富营养化、维护双龙湖水质至关重要。本文通过双龙湖藻类增长潜力试验研究,确定双龙湖富营养化限制性因素是磷,这对于采取适宜管理措施修复水体、保持水质具有重要意义,为湖泊治理、水环境保持提供科学依据。     

Wage and Price Inflation in Poland in the Period of Transition: The Cointegration Analysis

The paper focuses on the long run relationships between wages, prices and labour productivity in the Polish economy by applying recent developments in the field of multivariate cointegration analysis. We followed modeling strategy which is suggested by Greenslade et al. (1999) and present all stages of the analysis which leads to the fully economically identified system of equations representing long run relationships. The investigation is based on the quarterly data from 1992.1 to 1999.2 which covers the period of transition of the Polish economy from the centrally planned system towards the market one. Basing on the empirical results we can argue that wages (costs) were one of the main forces driving inflation in Poland during that period. Also labor productivity proved to be stimulated by the increase of the real wages. On the other hand the hypothesis concerning the relationship between wages and unemployment was rejected by the data.