How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective

This paper is focused on the cost of raising capital in Germany. A cross-sectional analysis of flotation cost data for 117 IPOs over the years 1993–1998 is presented. We find average flotation costs to be 7.77 percent of gross proceeds, while underwriting fees average 5.01 percent. Our results extend the literature in two important directions. First, contrary to the conventional economies of scale view we find marginal spreads to be rather constant in gross proceeds and to be higher for more risky and more complex offerings. Fixed costs amount to 5 to 9 percent of underwriting fees. Second, by applying a principal component analysis we find issue size, an issuer risk factor, and an offering method complexity factor to have an economicaly meaningful impact on underwriting fees.     

Initial Public Offerings: CFO Perceptions

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns.     

Initial public offerings in the gaming industry: an empirical study

The fastest growing segment of the hospitality industry is gaming-related business. This industry has experienced record numbers of companies going public, and their stocks are considered favorable long-term investments. Research in the initial public offering (IPO) area suggests that investors acquiring stock at the initial offering price earn large returns. The purpose of this study was to determine if large returns are being experienced for IPOs in the gaming segment of the hospitality industry, and if these large returns were limited to investors who purchased the stock at the initial offer price. There were 14 gaming-related companies selected for the study. The conclusions supported research reporting that the highest returns from IPO investments are made when the stock is purchased at the initial offer price. This study concludes that returns based on the initial offer price were greater than the casino index and the IPO index. When the investor purchased the stock at the first day's closing price, however, returns compared to the two indices were surpassed only after holding the stock for 8 weeks.     

SZJ-1三轴智能校验台标准装置测量不确定度的评定方法

简要介绍了建立SZJ-1三轴智能校验台标准装置的必要性及原理框图。详细论述了其测量不确定度的评定方法。并对标准装置的测量不确定度进行了验证。     

用神经网络对开式冷挤压极限变形程度的预测

给出了基于 BP网络的极限变形程度预测的分析方法 ,得到了开式冷挤压εmax神经网络计算结果 ,与实验结果比较 ,其精度较高 ,证明了神经网络模型在开式冷挤压工艺中应用的可行性。     

代际角度下农民工市民化差异分析与政策诉求的变化——基于襄阳市农民工的调查

通过对襄阳市100位农民工的深度访谈,了解到两代农民工在家庭生活、职业发展、社会融入、心理期待、价值观念等方面还存在着较大代际差异及政策诉求的变化。认为应从户籍制度、职业技能培训、住房制度改革、政治参与等政策调整来应对农民工代际差异所产生的新诉求。     

我国“十二五”发展的条件、环境和任务

＂十二五＂是基于建国60周年经济社会发展基础上新的建设时期,也是在国际金融危机后中国将要实行的第一个五年规划,本文在分析我国现阶段经济社会发展初始条件基础上,从内部环境、国际环境、体制环境等视角研究了金融危机后我国面临的国内外经济变量,指出了＂十二五＂期间我国经济发展面临的机遇,最后提出了我国经济发展的任务。     

输送机中心轴线标定及测量精度分析

通过对带式输送机安装中心轴线标定方法进行理论分析,推导出边长和角度实测的精度相关公式,同时输送机的施工安装工艺对测量标定中心轴线提出了较高的要求,为我们提出了在实际工作中的具体做法和应注意的几个问题。     

厚层砂岩顶板综采工作面初次放顶的安全技术研究

本文针对谢桥煤矿13318E厚层砂岩坚硬顶板工作面,首先提出了超前在工作面切眼顶板施工双排三花强制放顶爆破眼的技术方案。经过爆破,老顶形成了明显的裂隙,并且部分老顶矸石冒落高度达到0.6m。然后,通过在支架上布置自动检测压力表,研究了采动影响下的采场支架压力变化,并与老塘顶板跨冒、巷道围岩变形作对比分析,得到了初次放顶技术方案的可行性,为相类似条件的工作面初次放顶提供有益的技术参考。     

Does knowledge explain trust behaviors and outcomes? The different influences of initial knowledge and experiential knowledge on personal trust interactions

This paper examines the influences of initial knowledge and experiential knowledge on trust behaviors and trust outcomes, respectively, at an interpersonal level. We use an experimental dynamic trust game, and our results show that (1) the initial knowledge that exists a priori between a trustor and a trustee helps to explain the trustor's trust behaviors toward the trustee, and (2) the experiential knowledge gained directly by a trustor during a specific trust interaction with a trustee influences the trust outcome, i.e. the difference between the original expectations of the trustor and the subsequent trust behaviors. Our results contribute to human resource literature by clarifying the specific influences of different types of knowledge on interpersonal trust relationships (e.g. between managers and employees) and by supplementing the traditional notion that trust within a firm develops slowly by showing that personal expectations have an immediate and important influence on trust output.