Re‐assessing the long‐term underperformance of UK Initial Public Offerings

Previous work has identified that IPOs underperform a market index, and the purpose of this paper is to examine the robustness of this finding. We re‐examine the evidence on the long‐term returns of IPOs in the UK using a new data set of firms over the period 1985–92, in which we compare abnormal performance based on a number of alternative methods including a calendar‐time approach. We find that, using an event‐time framework, there are substantial negative abnormal returns to an IPO after the first 3 years irrespective of the benchmark used. However, over the 5 years after an IPO, abnormal returns exhibit less dramatic underperformance, and the conclusion on negative abnormal returns depends on the benchmark applied. Further if these returns are measured in calendar time, we find that the (statistical) significance of underperformance is even less marked.     

Statistics by Gender: Measures to Reduce Gender Bias in Agricultural Surveys

Statistics by gender has been the concern of policy makers in the recent past years. The demand on data disaggregated by gender has led the survey statistician to collect data and tabulate statistics by gender. In this paper, some measures will be suggested to avoid and reduce gender bias for data collection and tabulation in agricultural surveys.     

浅析土建施工中存在的问题及解决对策

改革开放以来,在国家的号召下,我国的土建施工得到了快速发展,与此同时,土建施工工艺和技术也有较大发展,但是,施工质量问题也日益加重,越来越被人们所关注。本文针对土建施工中存在的问题进行了分析并提出了相应的预防措施。     

浅析施工现场存在的问题及管理措施

施工企业若想在日趋白热化的市场竞争中获得应得份额,就必须优化现场管理。同时,十几年来形成的基础、主体、竣工三部到位等级核定与巡回抽查相结合的工程质量监督运行方式,随着我国经济体制改革的深化和社会主义市场经济体制的逐步建立,也出现了诸多的矛盾和问题。所以,建立良好的质量监督体系关系着建筑施工企业发展的命脉。为此,从两方面揭示问题的普遍性和严重性,并提出了改进办法。     

宽带无线接入网中的RS编译码硬件解决方案

提出了欧氏算法和IDFT相结合的RS码流式解码方案,并在FPGA芯片上予以实现。计算机仿真和实测表明,该方案在GF(28)的符号速率可达50MHz以上,最大延时为640ns,满足了高速宽带无线接入网中抗干扰编译码的需求。     

材料科学发展面临的挑战及其发展方向

就材料技术领域的现状、发展特点、存在的问题、面临的挑战作了概述，介绍了材料科学与工程领域的研究方向，并就国家的材料科技战略进行了简要推介。     

论政府在国有资产营运机构治理中的作为

政府在国有资产营运机构治理中有着重要的作用。本文基于政府在经济活动中的地位与作用,明确提出政府是国资营运机构治理中的重要相关利益者,并强调在国资营运机构的治理中应建立有效且有限的政府。     

Equity Rights Issues in Spain: Flotation Costs and Wealth Effects

This paper analyses the flotation costs and the share price reaction of equity offerings in Spain. The results report a positive relationship between relative flotation costs and the underwriting of an issue, and a negative relationship between such costs and ownership concentration. Fixed flotation costs and a negative relationship with the gross offer proceeds are also observed. On average, there is a negative share price reaction on the date of the 'previous communication' to the Comisión Nacional del Mercado de Valores . The different sub-samples analysed according to the underwriting of the issue and the discount offered reveal no statistical differences.     

Information systems project management decision making: The influence of experience and risk propensity

Managing information systems (IS) projects is a notoriously difficult task. The project manager is a crucial player in a successful IS development project. This research examines how a project manager's prior experience and risk propensity influence his or her decision making. An experiment was conducted that showed that both experience and risk propensity have significant influence on the decisions made.     

Future S&T management policy issues—2025 global scenarios

This article presents four scenarios depicting science and technology (S&T) management dilemmas of the next two decades. The scenarios concern the balance between risk and promise, between the need to steer the directions of S&T, to minimize risk, and the need to maintain a free and unconstrained S&T agenda. These scenarios were constructed in the third year of the Millennium Project's study of this topic. The scenarios were formed in an interactive process with the project's international participants. The key policies that were found to be useful in all of the scenarios include (1) when considering the possibility of the misuse of weapons of mass destruction by terrorists, include the possibility of misuse by a single individual, acting alone; (2) establish mechanisms and techniques for making possible the explicit unintended consequences of scientific research and technology, including malicious uses; (3) for desirable technologies, where it may not be possible to avoid significant risks, develop mitigation strategies in parallel; (4) teach science ethics.