Long-Term Performance Following Rights Issues and Open Offers in the UK

Abstract:  This study finds evidence of significant long-term underperformance following rights issues made during 1986-95 in the UK. The findings are resilient to a number of methodological controls. In contrast, our results for a smaller sample of open offers made during 1991-95 show strong positive performance over a 5-year post-issue period, implying that firms making open offers had better growth prospects than firms making rights issues. During 1986-90, a period when open offers were rarely used, firms appeared to be making rights issues to exploit overvaluation. However, this was not evident for rights issues made during 1991-95, a period when open offers were more commonly used.     

Stock Repurchase and the Role of Signaling： A Comparative Analysis between U.S. and China

This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.     

施工项目的成本控制--信誉付款

施工企业的资金大都匮乏，由此对施工项目的管理带来了一定的困堆，同时也带来了一定的风险，如何进行施工项目的成本管理，如何降低施工项目管理的风险一直是施工企业管理者关注的问题。     

推进西部大开发亟待全面深化对内开放

要实现西部大开发的伟大战略构想,改变西部经济落后面貌,缩小东西部差距最终实现西部地区的经济现代化,市场化和国际化,亟待全面深化对内开放,打破地区封锁,建立统一开放竞争有序的国内大市场,优化资源配置,调整产业结构,发挥区域优势,东西部进行合理分工,增强企业竞争力,使西部的发展融入全国全球的经济体系中.     

The Theory of Socially Embedded Games: Applications and Extensions to Open and Closed Games

An earlier article, drawing on the mathematical theory of rules and rule complexes, extends and generalizes game theory (GGT). The theory has been used to conceptualize and analyze diverse social relationships, roles, and games as particular types of rule complexes.For instance, a social role, as a major basis of a parent's action in a game, consists of at least four key components – which are mathematical objects – in the determination of action: value complex, model of reality (including beliefs and knowledge bases), a repertoire of acts, routines, programs, and strategies, and modality, a role-specific algorithm for determining or generating action in game settings. This article applies and extends GGT in analyses of a market bargaining game (a type of open game) and of the classical game of prisoners' dilemma (a type of closed game). The applications show the concrete effects of social embeddedness on game structuring, game interaction patterns and outcomes, and social equilibria.     

在全面开放的市场中,我国物流业发展探讨

现在我国已步入了“WTO后过渡期”，物流市场已全面开放，面对大批跨国公司已经或即将涌入，文章对我国物流业发展的现状和存在问题进行分析，并探讨我国物流业发展的策略。     

新形势下开拓和发展农村市场的思考

当前,内需不足尤其是农村市场启而未动已成为我国经济持续快速增长的主要制约因素.文章在分析了我国市场机制形成过程中农村市场的现状、问题的基础上,提出了开拓和发展农村市场、促进农村经济社会发展的对策建议.     

关于中国货币政策有效性问题的探讨

开放经济对货币政策运行环境、传导机制、调控手段和目标都产生了重要的影响,使得保持货币政策的有效性变得更加复杂.主要表现为:外部均衡在货币政策中的地位显著提高;利率政策和汇率政策相互影响;货币供给的内生性增强;国际经济渠道在货币政策传导机制中的重要性上升;部分货币政策工具的调节力度有所下降.随着我国对外开放进程的加快,要提高货币政策的有效性,必须加快汇率制度改革,建立市场化的汇率机制;把我国的货币政策中介目标逐渐由货币供给量变为市场利率;加快利率市场化改革;注重利率政策和汇率政策的协调.     

“三个代表”重要思想与高校“两课”教学

要用“三个代表”重要思想全面提高“两课”教师的素质,培养学生的思想政治素质、创新素质和思维素质,开创“两课”教学的新局面。     

英语习得途径探索——英语专业“市场营销学”课程案例研究

通过用国外英语教材为英语专业本科生开设市场营销学课程,探索了相关专业知识课程教学及其与英语教学相结合的实际问题。在教学实践基础上进行的研究表明:英语专业的学生用英语教材学习市场营销学,从内容上易于接受,并增加了习得英语的机会,有利于英语综合能力的提高。大学二年级的学生学习该课程时,主要难点是语言问题。国外原版教材有优点,但也不完全适用,应组织力量编写适合我国英语专业学生使用的教材。