Seasoned equity offering announcements and the returns on European bank stocks and bonds

We analyse, by means of appropriate event studies, the returns following seasoned equity offering announcements made by western European banks between 2008 and 2014. Consistently with the pertinent literature on non-financial companies, we find that shareholders experience negative returns. We highlight that the same occurs for bondholders, although not surprisingly to a smaller extent. Overall, our results show that seasoned equity offering announcements play an important signalling role also in the banking industry, despite the tight regulation and supervision by banking authorities, which should in principle reduce the impact on pricing of the information asymmetries about banks’ financial conditions.     

Underwritten Dividend Reinvestment Plans and Conflicts of Interest

We examine conflicts of interests arising from the pricing of seasoned equity offerings (SEOs) in underwritten dividend reinvestment plans (DRIPs). A DRIP is a type of SEO that enables shareholders automatically to reinvest their dividend entitlements in the issuing company's shares. The underwriters have an incentive to sell stock during the DRIP pricing period in order to hedge price risk and/or to reduce the price at which shares are issued. Using individual brokers’ transactions, we show that underwriting brokers engage in an abnormally high level of selling during the issue pricing period. Comparison of pricing period returns between stocks with underwritten DRIPs and a matched sample of non‐underwritten DRIPs shows that significantly more negative returns accrue to firms that have their issues underwritten.     

不同市场化进程下的审计收费和审计师选择——来自中国上市公司的经验证据

以2005～2009年5 934家上市公司为研究样本,研究了上市公司所处地区的市场化程度对审计收费和审计师的影响。研究发现,随着市场化程度的提高,四大会计事务所和非四大会计事务所的审计收费均有所提高,但四大与非四大的收费差距在缩小。进一步的研究表明,随着市场化进程的推进,审计收费差距的缩小可能是国有企业趋于选择四大会计师事务所的重要诱因。     

HTML5发展趋势的研究和探索

从2008年公布HTML5标准以来,行业内对其表现出了浓厚的兴趣以及产生了大量的争议,随着互联网的发展,来自各界的质疑也不断增加。本文对HTML5标准进行技术分析,结合其自身的特点以及所面临的困境与机遇,对这其进行一些研究与探索。     

配股政策的经济后果研究

本文将配股政策分为大股东认购比例、配股比例、治理结构、股利政策、投资政策五个方面,采用OLS模型、Logistic模型检验政策对企业行为特征及经营绩效的影响进行了分析研究。结果发现:配股比例高的企业融资后业绩更差;大股东认购可以明显减少企业的业绩下滑;无论什么原因造成的资金用途变更,均会造成企业业绩的显著下滑;配股后发放股利的企业比不发放股利的企业业绩好;关联交易、大股东资金侵占对企业产生负面影响。     

B2B电子商务网站SEO研究

B2B电子商务网站竞争日益激烈,网站的访问流量成为影响网站经营效益的重要因素。在众多的网站营销策略中,搜索引擎优化(SEO)是增加网站流量的重要手段,但是由于网站建设过程中存在各种问题,导致国内的B2B电子商务网站搜索引擎表现效果不尽人意。针对当前B2B网站优化存在的问题,提出了基于SEO技术的网站优化策略。