Venture Capital Valuation,Partial Adjustment,and Underpricing: Behavioral Bias or Information Production?

Using a sample of venture capital (VC)‐backed initial public offerings (IPOs), we analyze the role played by perceived valuation changes on IPO underpricing. We find that perceived valuation change from the last pre‐IPO VC round to the IPO affects IPO underpricing in a nonlinear way. Further analysis indicates that information‐based theories, not behavioral biases, explain this nonlinearity. We also find that the previously documented partial adjustment effect and its nonlinear impact on IPO underpricing are related to the trajectory of the perceived valuation changes, which stands in stark contrast to prior evidence of the importance of behavioral biases.     

Acquiring financial resources from foreign equity capital markets: An examination of factors influencing foreign initial public offerings

An increasing number of firms are making initial public offerings in foreign markets to circumvent constraints in the availability of capital and to provide an exit for their investors. However, previous research on foreign initial public offerings and their determinants is very limited. In this paper, we contribute to this literature by demonstrating that international experience of the management team and pre-IPO ownership by foreign investors are positively related to foreign initial public offerings. We test our hypotheses using data on initial public offerings of European companies from 1991–2001. The results support our hypotheses. The findings have important implications for entrepreneurs, investors, and public policy.     

上市公司关于新股发行募集资金使用的信息披露研究

上市公司良好的会计信息披露是资本市场健康运行的重要内容。从募集资金使用的角度对我国上市公司会计信息披露行为进行研究,提出信息披露的三个动机,包括公布好消息、再融资和降低代理成本。对我国股票市场1995～2000年上市的418家A股上市公司进行实证检验,发现以上三个动机对上市公司的会计信息披露行为都有影响,其中再融资动机的影响最为显著。     

A股市场新股的因素定价模型实证研究

现代股权定价理论对A股初始定价时存在缺陷,采用主成份回归法,确定影响A股初始定价的主因子,在此基础上建立初始定价模型。根据模型,影响A股初始定价的因素从高到低分别为:成本因子、投资偏好因子、市况因子、业绩成长性因子,实证结果与传统股票定价理论并不吻合。     

舰载塔康天线波束空域扫描的耦合效应分析

针对舰载塔康(TACAN)天线安装架设位置特殊性需求,为解决天线阵列受到电扫描和机械扫描同时作用影响系统测角问题,建立了天线阵列接收信号的数学模型,分析了电扫描和机械扫描对天线阵列波束空域扫描的耦合效应,研究了耦合效应对舰载塔康系统测角性能的影响。理论推导和计算机仿真结果表明,天线接收信号受到阵元馈电频率、天线机械扫描速率以及阵列结构的共同影响,接收信号的周期性不再是馈电信号的频率,且其频谱发生了扩展。通过对机载天线接收信号进行有效滤波处理,可确保舰载塔康系统测角正常工作。     

高校社会问题、社会工作视角及其教学模式

从12世纪起,西方近代意义上的大学（高校）已经走过了近千年的发展历程,为人类知识的创造、知识的传承和应用做出了巨大的贡献。随着社会发展与变迁,大学也被卷入了世俗化、社会化的行业,使得高校不得不面临繁杂交织的社会问题。作为高校主体之一的大学生,被各种心理问题、偏差行为困扰,高校大学生自然成为以青年社会工作为内容的学校社会工作教学对象,需要用灵活的、具有亲和力的社会工作方式与教学模式进行关注和介入。     

Positive and negative synergies between the CEO's and the corporate board's human and social capital: A study of biotechnology firms

This paper contributes to the corporate governance literature by developing and testing theory regarding positive and negative synergies between the CEO's and the board's human and social capital. Using a sample of 360 biotechnology firms that went public between 1995 and 2010, we demonstrate that accumulated public company board experiences of the CEO and the board have positive synergistic effects on IPO performance whereas the current board appointments have negative effects. While scientific educational backgrounds have positive synergies, industry‐specific experiences produce either positive or counterproductive effects depending on the age and profitability of the firm. Thus, our paper contributes to the corporate governance and human and social capital literatures by describing the costs and benefits of specific types and combinations of CEO and board capital. Copyright © 2013 John Wiley & Sons, Ltd.     

内部控制核心内涵的历史演变及其评述

内部控制在其百余年的发展进程中,取得了丰富的研究成果,但也存在着潜在的缺陷。追溯内部控制理论的历史发展轨迹,探析其历史发展各阶段的理论形成过程、主要推动因素、核心内涵演变,有助于对内部控制发展历程进行全方位审视,从而提炼其理论研究成果,分析其存在的局限,为拓展内部控制研究路径奠定文献基础。     

卡塞格伦天线系统中波束指向角度和天线座机械角度关系的研究与分析

文中介绍的卡塞格伦天线系统中,波束指向角度和天线座机械角度有着复杂的数学关系.采用球面三角法推导了这些关系,作为雷达伺服系统测量和控制波束指向角度的基础.     

政治关系与民营企业的首次公开发行市场准入

本文对中国转轨背景下民营企业的政治关系与民营企业的首次公开发行市场准入关系进行了实证分析,实证研究结果发现:在股票发行核准制下,一方面,第一大股东的所有权属性对拟发行人是否通过发行审核没有显著影响,我国资本市场准入的"所有制歧视"有所缓解;另一方面,民营企业的政治关系影响民营企业首次公开发行市场的准入,具有政治关系的拟发行人更可能通过股票发行审核。