The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act

The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from this increased bias, as optimism is more positively associated with proxies for firm visibility and investment banking revenues when analysts are involved in the IPO process.     

现代国防科研发展规律与管理方法

分析与探讨了现代国防科研发展规律及其科研管理方法。根据科学技术发展规律及国内外国防科研发展历史,深入分析了国防科研宏观发展规律、微观发展规律、及现代国防科研特点,获得了推动国防科研发展的本质规律及现代国防科研高度专业化与综合化的特点。依据现代国防科研发展规律及其特点,探讨了国防科研管理要在管理体制、法律法规、管理理论及信息化管理等方面改革与提高方法,论述了现代国防科研管理人员应具备的素质要求。研究结果对现代国防科研管理具有一定借鉴作用。     

嘉兴区域产业技术创新战略联盟建设研究——基于产业集群的视角

产业集群是浙江经济快速发展的主要动力,区域产业集中可形成集聚效应,使企业成本节约、促进行业互补和推动技术创新。产业技术创新战略联盟是一种新型的产业技术创新组织和创新型产学研合作模式,研究基于嘉兴现有集群产业,推动建设嘉兴区域产业技术创新战略联盟,对嘉兴区域创新体系建设具有非常重要意义。     

Does Foreign Direct Investment Affect the Growth of Local Firms？ The Case of China＇s Electrical and Electronics Industry

Does foreign direct investment(FDI) into developing countries affect the growth of local firms in host countries? Using a dataset of 38 sectors in China’s electrical and electronics industry,in this paper,we analyze whether FDI has a positive effect on local firms,with technology spillovers,added value and increasing total factor productivity,or a negative, market stealing,effect.Estimating the relationship between growth of local firms and investment of foreign firms,our results show that FDI is likely to have a negative impact on the growth of local firms in sectors with large disparities in technology and less experience in business.Therefore,local firms lacking in technology need to find markets with no competition from foreign firms or determine strategies to compensate technology disparities.     

Sewers,wastewater and newspapers: the early environmental debate on water pollution in Turku,Finland, 1887–1934

Abstract

A century ago, city dwellers became increasingly aware of urban environmental problems caused by the waste products of industry and the growing population. Like elsewhere in Europe, water pollution became an acute issue also in the city of Turku, in south west Finland, The sewer system built after 1895 discharged all the municipal and rapidly increasing industrial wastewater untreated into the River Aura in the centre of the city, As a result, the quality of the river water worsened rapidly, and the first complaint on this was published in the local newspaper in 1899. In this study we document the press debate on river water quality and wastewater problems in the local newspapers of Turku for the period from 1887 to 1934, when the plan for a wastewater treatment plant was finally completed (the plant was, however, not built until 1966). The failure of the city administrators to present any solution to the river pollution problem caused the first major public environmental debate in the city at the turn of the 20^th century. Our results show that (1) sewers were recognized by newspapers as the primary cause of worsened river water quality, (2) the necessity of a wastewater treatment plant was understood long before the actual plan was drawn up, (3) the local industries were hardly ever criticized in public for water pollution, and (4) the initiative for improvements was considered to be the responsibility of the city administrators. The debate in the local press was often hectic, many decades before the 1960s, when the environmental debate is commonly said to have started.     

酒泉风电产业发展现状和对策研究

酒泉风能资源丰富,风电产业发展迅猛,目前风电装机容量已达到了一定的规模,但在风电开发、电网输送、市场消纳、经济、技术等方面存在一定的问题,通过分析制约酒泉风电发展因素,提出切实可行的对策促进酒泉风电科学、有序发展。     

基于制度安排的高新技术企业产学研合作研究

科技管理和教育管理体制缺陷、利益共享和风险分担机制不完善、产学研配套体制不健全和政府错位是高新技术企业产学研合作中科研成果与市场需求脱节和产学研合作层次较低、深度不高、科技成果转化率低以及产学研合作动力缺失的主要原因。文章认为,应以优化制度安排为突破点,构建以激励机制、保障机制、引导机制和协调机制四位一体的产学研合作支撑体系,促进产学研合作的持续稳定发展,实现我国经济发展方式转变和建设创新型国家的目标。     

广东现代服务业全要素生产率研究

本文利用Malmquist指数法,对广东2000～2008年现代服务业全要素生产率进行了测算。结果显示,广东现代服务业的快速增长并非源于要素使用效率的提高,而是得益于要素投入的增长;但各经济区差异较大,珠三角和西翼经济区现代服务业TFP高于全省平均水平,且现代服务业加速增长的同时,增长方式向集约型方式转变;而东翼经济区和山区现代服务业TFP不升反降,经济增长仍然主要依靠要素投入的增长。     

既有建筑节能改造项目政府决策机制研究综述

既有建筑节能改造是推进生态文明城市建设、实现“3060”“双碳”目标的内在要求,其有序发展离不开政府决策的有效引导。基于市场运行视角,从EPC模式、激励政策、节能技术、改造策略等方面梳理国内外市场运行理论研究成果。基于决策视角,从决策方法、决策机制、决策优化等方面概述国内外项目决策理论研究成果。总结了国内外既有建筑节能改造市场运行特征。鉴于目前国内外既有建筑节能改造决策理论研究的匮乏性,综合考虑既有建筑节能改造项目理念的先进性、使用与改造的重叠性及维护与改善的兼顾性等特性,剖析既有建筑节能改造项目政府决策的特殊性,论证既有建筑节能改造项目政府决策机制研究的理论意义与实践价值。     

Pyrrhic victories – anticipating the closedown effect

Previous studies with empirical evidence on social responsible driven closedowns have identified a productivity increase effect that occurs during the process of organizational closedowns, known as the closedown effect. Our proposition is that this effect can be anticipated as a consequence of a closedown decision. Encountering four different non social responsible closedown cases, of various durations, we statistically test this proposition. Further, we identify a need for an analytical distinction of the phases of the closedown process, in terms of the primary ‘advanced notice period’ and the secondary ‘countdown period’. Based on the analysis, and with this distinction, we are able to conclude that the productivity increase effect can be anticipated during the countdown period. The comparably longer time frame in the Studding case provides the strongest support for our proposition. From the analysis we suggest hypotheses for further research.