Going Public and the Sale of Shares with Heterogeneous Investors: Agent‐Based Computational Modelling and Computer Simulations

In this paper we use agent‐based computational modelling and computer simulations to examine the interrelationship between different selling strategies for going public. A great deal of recent empirical evidence suggests that to maximise the revenue raised from the shares sold in the public offering, it is fundamental to choose the appropriate design for the sale which, in turn, reflects the final ownership structure. This literature establishes that the market for shares is segmented and, particularly, that firms manage the sale of shares with the purpose of discriminating between relatively small and passive investors and applicants for large potentially controlling blocks. One of the key questions in this area, then, is: How and to what extent should this heterogeneity among potential investors influence the firm's strategy for selling shares? Here we attempt to address this question from the standpoint of using agent‐based computational modelling and computer simulations. Results show that the design of the sale is an important determinant of the performance of the negotiation process through which the firm is sold. A sequential sale beginning with an initial public offering of dispersed shares, followed by a negotiated sale of a controlling block is, in general, more effective than other alternative selling strategies. Changing the negotiation protocol itself can act as an effective way of impacting upon the revenue raised and the length of the process. The interrelationship between the method of sale and the performance may also depend on the degree of cognitive accuracy that characterises the negotiating agents' mental representations of their physical and social environment.     

我国企业在奥运营销与采购中存在的问题与对策研究

随着北京2008年奥运会的临近,"奥运营销与采购"成为中外企业提升品牌价值,实现品牌飞跃的又一新途径。本文运用文献综述法总结了国内企业在进行奥运营销与采购过程中存在的问题,提出相应的营销与采购对策,以供大家探讨。     

建材产品生产企业设计院开发工作研究探析

建材产品生产企业竞争愈来愈激烈,如何寻得新的销售途径成为建材行业内人们关注的热点问题之一。设计院具有向建设单位推荐建材产品的重要功能,通过设计院来带动相关产品销售可以成为建材企业产品销售和增强其企业活力的重要举措。     

《推销技巧》项目课程设计与实践初探

在项目教学法得到各高职院校的逐步推广和不断深入的背景下,本文分析了《推销技巧》进行项目教学的可行性,并介绍了《推销技巧》的项目设计思路和运用项目教学的实践情况。     

虚拟经营——21世纪国际工程承包公司的管理方式

章阐述了虚拟经营的基本概念，介绍了国际工程承包公司今后的发展方向，由此指出虚拟经营的管理方式将成为今后工程承包公司最有效的管理方式，并叙述了承包公司实现虚拟经营的方法。     

The Puzzling Increase in the Underpricing of Seasoned Equity Offerings

Using a sample of over 3,000 seasoned equity offerings (SEOs) from 1983 to 1998, we test the hypothesis that the U.S. Securities and Exchange Commission's Rule 10b‐21, which disallows the covering of short positions with newly issued SEOs, makes pre‐offer stock prices less informative, which, in turn, causes the new seasoned equity to be priced at a discount. Consistent with the hypothesis, we find that the year the rule went into effect coincides with the year from which we begin observing significant SEO discounts. Further, we find that ex ante uncertainty and SEO discounts are positively related. We also conduct tests specifically related to short selling, and we also consider an exhaustive set of alternative explanations for the discounts. Based on all of the evidence, we conclude that it is the rule that makes issue discounts larger in the 1990s.     

Short sale constraints and the information content of trading

We examine changes in the information content of trading when short sale constraints between prohibition and restriction exist on a stock exchange. This is made possible by a unique institutional arrangement at the Stock Exchange of Hong Kong. It maintains a list of stocks which can be sold short under regulations. Stocks not on the list are prohibited from short selling. The list is revised on a quarterly basis based on predetermined criteria. We find that the probability of information-based trading (PIN) significantly increases when a stock is added to the list. Further analysis shows that this is mainly because uninformed traders are driven out of the market. Elimination of uninformed traders also causes the aggregate trading volume to decrease rather than increase. In comparison, the PIN does not change when a stock is dropped from the list. We also find that market liquidity, measured by volatility and bid–ask spreads, slightly decreases when a stock is added to the list and significantly increases when a stock is dropped from the list. Possible explanations are discussed.     

Market Basket Analysis by Means of a Growing Neural Network

This paper demonstrates the application of a new growing neural network for market basket analysis. The algorithm to be introduced is an extension of the recently published ‘grow when required network’ and it is tailored in particular to the processing of large amounts of point of sale scanner data. Two of its most remarkable features are its parsimony regarding the number of parameters to be preset by the user and its considerable autonomy with respect to the network creation process. The simplicity of its implementation and its great flexibility make this algorithm an easy-to-use tool for exploratory data analysis in retailing, marketing and consumer research. The application of the algorithm is demonstrated by means of point of sale scanner data provided by two retail chains.     

双寡头市场下耐用品出租或销售问题的博弈分析

针对耐用品的双寡头市场结构，在考虑产品耐用性的前提下，基于博弈理论探讨了两周期设置下厂商竞争对耐用品制造商的出租或销售策略的影响。结果表明：在竞争情况下，销售是惟一的占优策略，但是厂商会陷入囚徒困境。     

美国银行贷款销售：发展、现状与启示

银行贷款二级销售市场是美国发展最快的金融市场之一，本论文从多个角度较为全面地考察了美国银行的贷款销售行为，包括美国银行贷款销售的发展历史、发展现状、银行贷款的销售动机以及贷款销售本身对银行的影响等问题，分析了中国银行贷款销售的现状及原因，认为中国银行应加强投行业务创新，从积极的信用风险管理和经营模式创新的角度来大力发展贷款销售业务。