Is there useful information in the ‘use of proceeds’ disclosures in IPO prospectuses?

This study contributes evidence on the valuation relevance of the ‘use of proceeds’ disclosure in the initial public offering (IPO) prospectus. This article develops a classification of ‘use of proceeds’ disclosures that aims to capture information embedded in the disclosures relating to the purpose (growth, production, financing) and amount committed to specific assets. These measures are then related to IPO underpricing, survival prediction and expected and realised prospects of the IPOs. The results suggest the ‘use of proceeds’ disclosure categories have incremental information over other sources of information for underpricing, for predicting firm survival and in the case of some disclosure categories, for investors’ evaluation of the firms’ prospects and risks in the early years after listing.     

A dynamic model of growth phases and survival in international business-to-business new ventures: The moderating effect of decision-making logic

The growth and survival of international new ventures (INVs) has not been the subject of extensive in-depth qualitative study and our understanding of their decision-making is deficient. On the basis of empirical analyses in a small and open economy, a dynamic model was developed that explains the growth phases through which INVs pass as they mature in the high-technology business-to-business field. The model also recognizes rapid advancement, survival crises, and retrenchment. Propositions were devised regarding the impact of opportunities, resources and capabilities, entrepreneurial orientation, and learning on growth phases and survival. A novel finding is that the decision-making logic moderates the impact of these factors. These findings have important implications for industrial marketing scholars and practitioners.     

Does inflation kill? Exposure to food inflation and child mortality

Unlike extreme malnutrition shocks, such as famine and drought which grab the attention of the media, international aid organizations and policymakers, malnutrition due to food price hikes are often neglected and their impacts on children are not well known. It is well established that malnutrition during the critical periods of early life – between conception and the first 1000 days after birth – has lasting consequences on health and mortality. In this paper, using a uniquely constructed data from Ethiopia that takes advantage of high-frequency local retail food prices, we examine the impact of early life exposure to food price inflation on child mortality. Following survival events since conception, we estimate the causal impact of exposure to inflation during in-utero and infancy. The results show that exposure to a 10 percent inflation in staple food prices during in-utero decreases the survival of children under the age of five by about 5.4 percent. We also find that the impacts are non-linear depending on the specific month of exposure and substantially vary by observable characteristics and the type of staple food.     

贸易关系持续时间的研究进展

双边贸易中贸易零值的大量存在引发了学者们对贸易持续时间影响因素的特别关注。贸易关系的持续时间从一个新视角研究了贸易的动态行为,是贸易增长中集约边际的重要组成部分,较长的贸易持续时间可以促进贸易的持续平稳发展。本文从贸易关系持续时间的特征事实、理论解释、计量模型的选取及影响因素分析等四个方面对相关文献进行了梳理,对比和评析了相关研究的结论与方法,在此基础上得出了启示及未来研究方向。     

基于生存分析模型的企业生存问题及其影响因素研究综论

文章从基于生存分析模型的企业生存问题研究框架着手,对现有文献进行了系统梳理,总结了当前企业生存问题研究中常用的方法和模型,归纳了可能影响企业生存的主要因素,并提出了未来的研究方向。     

Predicting default risk under asymmetric binary link functions

In this article we propose the use of an asymmetric binary link function to extend the proportional hazard model for predicting loan default. The rationale behind this approach is that the symmetry assumption that has been widely used in the literature could be considered as quite restrictive, especially during periods of financial distress. In our approach we allow for a flexible level of asymmetry in the probability of default by the use of the skewed logit distribution. This enable us to estimate the actual level of asymmetry that is associated with the data at hand. We implement our approach to both simulated data and a rich micro dataset of consumer loan accounts. Our results provide clear evidence that ignoring the actual level of asymmetry leads to seriously biased estimates of the slope coefficients, inaccurate marginal effects of the covariates of the model, and overestimation of the probability of default. Regarding the predictive power of the covariates of the model, we have found that loan-specific covariates contain considerably more information about the loan default than macroeconomic covariates, which are often used in practice to carry out macroprudential stress testing.     

中国企业OFDI持续时间的生存分析

中国企业OFDI发展迅速,中国企业“走”得远的同时,“走”了多久成了值得探讨的问题。本文利用生存分析模型对中国企业OFDI持续时间数据进行全样本和分层研究,应用K—M乘积限法研究中国海外子公司持续时间,应用COX比例风险模型分析哪些东道国宏观与企业微观因素对持续时间产生影响。     

论增进高职院校价值观教育实效的三个途径

德育工作的一个重要方面是引导大学生形成正确的价值观,思想政治理论课教学是这一过程中不可或缺的组成部分. 要增进大学生价值观教育的针对性和实效性,至少有三个重要途径:一是积极帮助学生克服约拿情结,培育生存自信和学习兴趣;二是想方设法加强教师和学生之间的互信互动,完善翻转式课堂教学模式;三是不断收集并整理教学数据和信息,优化教学主题和内容.     

劳动供给剩余条件下的比较优势理论质疑

比较优势理论自提出以来,一直是世界各国进行国际贸易,获取经济利益,推行贸易自由化的核心理论,主流经济学将比较优势理论作为各国参与世界分工的理论基础。但是现实中一国在存在劳动力供给剩余的条件下按照比较优势理论却未取得经济的进步与增长,从而引发对该理论有效性的争论。本文试图在分析劳动供给剩余条件下比较优势理论对一国国际贸易的影响,提出在劳动供给剩余条件下,比较优势理论与一定的保护贸易存在某种内在的联系。     

Book Reviews

Self-consistent (SC) iterative algorithms will be proposed to non-parametrically estimate the cause-specific cumulative incidence functions in a multiple decrement, doubly censored context. Double censoring is defined to include both left and right censored observations, in addition to exact observations. The algorithms are a generalization of the classical univariate algorithms of Efron and Turnbull. Unlike any previous competing risk models proposed in the literature to date, the proposed algorithms will be fully non-parametric while also explicitly allowing for the possibility of masked modes of failure, whereby failure is known only to occur due to a subset from the set of all possible causes. In short, the method is useful in any actuarial application that encounters censored and/or masked risks. The paper concludes by showing how the method can be applied to employee benefits modeling.