Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds

This paper analyzes the issue costs and initial pricing of bonds in the international market. In particular, we investigate the determinants of three components of issue costs: underwriter fee, underwriter spread (the difference between the offering price and the guaranteed price to the issuer), and underpricing (the difference between the market price and the offering price). Total underwriter compensation increases with the bonds' credit risk and maturity, but it is insignificantly related to issue size. Interestingly, underwriters appear to price some issue characteristics directly (by adjusting the fee) and other characteristics indirectly (by setting the guaranteed price). The two compensation components (fee and spread) are negatively related to each other. We provide evidence that this trade-off is consistent with income tax considerations, as well as with two-tier pricing by underwriters. We find no evidence of underpricing.     

征地现状调查

２００３年７月以后，中央政府三令五申，不准滥征耕地，大肆圈地的势头得到遏制。但违规征地没有止息，耕地仍在减少，形势不容乐观，仍须从严控制。     

大坝监测自动化中的人工比测研究

阐述了人工比测的概念、方式和数据分析方法,对人工比测及数据分析中应注意的问题也进行了深入研究。     

运行电站爆破震动控制研究

结合大渡河龚咀水电站下游河床整治爆破开挖拓宽，重点研究了爆破震动对运行电站机组及其仪表的影响，探讨了爆破震动安全判据和控制标准，用了若干实际工程采用的经验指标进行对比分析，所得结论意见可供同类工程作为爆震安全控制参考。     

嘉陵江南充段水电建设带来的水土流失问题及防治措施

嘉陵江南充段正在开发建设9座水电站，工程的土方开挖、弃渣堆放等带来了严重的水土流失问题：通过工程措施、生物措施及复耕、造地措施可以很好地减轻水土流失带来的危害。     

多媒体与体育教学

传统体育教学模式有许多弊端。多媒体有鲜明的图像和生动的画面，利用其作为手段对提高教学的效果非常明显。体育课可以采用室内外相结合的教学模式。还可以利用互联网来增进师生间的沟通。     

中小型水利施工企业推行职工持股的启示

通过广西水电南宁地质勘探基础工程处推行职工持股的思路,结合广西水利施工企业目前的具体情况, 就如何推行职工持股进行探讨,并提出建议及看法。     

PROFIBUS-DP规范及其系统浅析

该文从现场总线标准的角度,描述了PROFIBUS-DP协议结构,重点介绍了各层的规范和服务定义,并给出第1层、第2层管理的进一步描述,从而为DP技术应用和产品开发提供了更有力的理论支持。     

辽宁省白石水库主要地质问题综述

本文着重就区域构造稳定性、水库渗漏、坝线比选、坝基地层岩性、坝基地质构造、坝基缓倾角结构面、坝基渗漏与渗透稳定、大坝下游冲刷坑、天然建筑材料等主要地质问题进行了综合评述。     

Intraday Lead-Lag Relationships Between the Futures-, Options and Stock Market

In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated. Due to market imperfections, one of these markets may reflect information faster. The use of high-frequency data and the choice for a small unit time interval to measure these lead-lag relations comes at the cost of some or many missing observations, causing traditional estimators to either under- or overestimate covariances and correlations. We use a new estimator to estimate lead-lag relationships between the cash AEX index, options and futures. We find that futures returns lead both options and cash index returns by approximately 10 minutes. The relationship between options and the cash market is not completely unidirectional.