The Motivation for Takeovers in the UK

Abstract:  The motives for takeovers in the UK are investigated by examining the correlations between wealth gains for the target and both acquirer wealth gains and total wealth gains. The results are sensitive to whether the gains are measured over a long or short window, the method of measuring abnormal returns, and whether controls are included for the form of the bid consideration and the sign of total bid gains. There is evidence of bids motivated by synergy, but there is also evidence of the presence of hubris and weak evidence of bids with an agency motivation. Once controls for bid consideration and the sign of total gains are introduced the explanatory power of the models increases substantially and diversity of results about bid motivation also increases.     

Valuation of restricted shares by conflicting shareholders in the Split Share Structure Reform

The recent Split Share Structure Reform launched by the government in the Chinese stock market terminates trading constraints on restricted shares. In exchange for the consent of freely traded shareholders, restricted shareholders offer them consideration mainly in the form of restricted shares. We estimate the implied discount of restricted shares to be 38.22% on average, which is in line with the empirical and theoretical findings in the literature, suggesting that the consideration is not systematically underpaid and the reform is fair at the market level. At the firm level, however, freely traded shareholders receive less consideration when their bargaining power is weaker. The impact of state shareholders on the size of consideration has been found to be non-monotonic. Consistent with the literature that state shareholders exaggerate the agency problem, they tend to exploit freely traded shareholders by offering less consideration when the latter's bargaining power is weaker. Meanwhile, state shareholders are under political pressure to carry out the reform as quickly as possible and to set a good example for other firms. They therefore refrain from offering underpaid consideration when their freely traded counterparts have strong bargaining power and are more capable of rejecting unfair schemes and substantially delaying the progress of the reform.     

在深入实施西部大开发战略中做强做精画院美术事业

在新一轮西部大开发的背景下,本文对书画院如何在新一轮西部大开发中抢抓机遇,加快画院美术事业又好又快发展,为全区文化大繁荣大发展做出新的贡献,更好地服务于宁夏经济社会科学发展、跨越式发展,进行了一些思考。     

以科学发展观谈企业工会工作的开展

随着社会的发展,企业改革不断深入,企业工会工作也面临着新情况、新问题。文章简要概括当前企业工会工作开展过程中遇到的主要问题,并从科学发展观的角度分析和寻求解决办法。     

关于高校基建管理工作的几点思考

本文针对目前高校基建项目多、投资规模大、规范要求高及管理难度增加的现状,分析了制约和影响高校基建管理工作的几方面原因,提出有利于促进基建管理工作科学发展的建议。     

以科学发展观谈企业工会工作的开展

随着社会的发展,企业改革不断深入,企业工会工作也面临着新情况、新问题。文章简要概括当前企业工会工作开展过程中遇到的主要问题,并从科学发展观的角度分析和寻求解决办法。     

网络时代开展学生思想政治工作的思考与探索

网络伴随着知识经济的浪潮,给人们的生活方式和生产方式带来了变革性的影响。如何做好大学生的思想政治教育工作,利用新形式,开拓新领域,取得新成效。是高校每一个从事思想政治教育的工作者应高度重视和认真思考、探讨的问题。     

Effects beyond click-through: Incidental exposure to web advertising

While Web advertising tends to be based on a direct response model, there is a growing debate about the brand building potentials of Web ads. Click-through rates (CTR) are disappointingly low, but Web ads can be effective at brand building in an environment where Web ads are outside of consumers' attentional focus. With this in mind we conducted two experiments. The first experiment examined the effects of incidental exposure to banner ads. Subjects who were incidentally exposed to banner ads reported greater priming effects induced by implicit memory, more favorable A_ad, and greater likelihood for the advertised brand to be included in a consideration set over no exposure to the ad. These effects were found without significant improvement on explicit memories (i.e. recall and recognition) and click-through intention. The second experiment to assess the conditions conducive to incidental exposure examined two advertising strategies: format (animated vs. static) and placement (congruency vs. incongruency). Findings suggest that the level of congruency between an advertised product and Webpage content play significant roles in affecting consumers' responses to incidentally exposed banner ads. This paper examines the results of these two experiments before discussing the implications for the role of Web ads on brand building and directions for future research.     

经济发达的农村地区养老机制的新走向及其思考——以苏州市为例

在农村家庭养老还占绝对地位的背景下,苏州农村养老出现了由家庭为主向家庭与社会并重的转变,一种区域性的农村社会养老机制正在形成。这种变化是经济社会文化综合作用的必然结果,对我国其它农村地区具有深刻的启示。苏州农村养老机制的转变还处于发展的初期,还不成熟和不稳定,需要从各个方面加以完善和提高。     

对现代经济学研究与教育中数学化倾向的辩证反思

充分依赖于数学这样的一种符号化的诉求，现代主流经济学家不仅拥有了一套统一的语言体系及共同的话语基础，而且借助于这样的一种人工语言系统又使得经济学的推理与分析过程呈现出了比自然语言更具逻辑严谨性和精确性的优势。事实上，也正是由于对数学分析方法的借助与依托，最终才使得经济学具有了科学性的外表。当然，考虑到“社会科学既是复杂的和多变的，且也很难想象其能像自然科学那样把某种经济现象从与其他社会现象的联系中解脱出来”，因而在经济学研究中，若过分地将数学的作用神化与高估，则又有可能会导致经济学的研究越来越学究式地追求普适性和抽象化。就此，文章提出了一些思考。