Regional and gender differentials in the persistence of unemployment in Europe

The persistence of unemployment increased during the recent great recession in many European countries, although with diversified impacts. We therefore analyse such impacts in four European countries – Italy, Spain, France and the UK – which represent different institutional frameworks and may reflect the so-called continental European and Anglo-Saxon frameworks. We analyse the determinants of unemployment persistence using individual-level data from the European Union Statistics on Income and Living Conditions (EU-SILC) panel for the period 2007–2013. These data enable us to take into account initial conditions and state dependence in addition to individual and household characteristics. We focus on gender and regional effects, which have a strong impact on the persistence in the state of unemployment. We find that gender gap is significant in Italy and the UK, implying that male workers show a higher probability of remaining unemployed. In Italy, such a pattern is due to the worsening of male workers’ conditions during the crisis, whereas in the UK, male workers show higher unemployment rates than women. Regional effects are significant in all countries analysed and underline a relevant structural factor that should be addressed on policy grounds in Europe. Such effects are greater in Spain and Italy.     

创业企业IPO靠自己还是靠"风投"?——基于双边选择效应视角的经验证据

风险投资的增值职能对创业企业至关重要,是风险投资领域最重要的研究问题之一.现有文献侧重于风险投资增值职能与单边选择效应的分离识别.文章提出双边选择效应与风险投资增值职能的区分,研究了风险投资增值职能对企业IPO结果的作用机制.文章利用1999-2009年风险投资机构投资中国创业企业的1 623个样本,以及截至2016年6月30日被投资企业IPO成功与否的数据,考察了风险投资机构是否发挥了增值职能.文章在充分考虑"好风投"与"好企业"更容易结合的双边选择效应基础上,同时考察了风险投资机构和创业企业自身在IPO过程中可能存在的"增值效应".实证分析和稳健性检验均表明,"好风投"未能充分发挥对创业企业的增值效应,在推动IPO方面的影响并不显著,而创业企业的自身优势才是其更容易成功IPO的主要决定因素.文章的研究为理解风险投资机构的增值职能提供了新的视角,有助于正确认识风险投资机构和创业企业的行为特征及其经济效率.     

After-market liquidity and IPOs underpricing： Evidence from Shari＇ah and non Shari＇ah-based firms

The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.     

排污权初始配置国内研究综述

环境容量资源的诸多属性决定了环境容量使用权——排污权的初始配置的复杂性。环境污染防治的综合性和系统性也使排污权的初始配置成为众多学科研究的对象。环境科学、环境经济学、管理学和环境法学等不同领域的学者基于不同的学科背景从不同的视角关注和思考着排污权的初始配置问题。但总体而言,尚处于初步的探索和研究阶段,研究成果总量偏少,现有研究领域仍需进一步深入。在＂大科学＂时代,应该加强＂排污权初始配置＂不同学科研究的对话、交流和沟通,使之在观念碰撞中不断完善和提高。     

久隆变—玉林变500kV线路工程（Ⅱ标段）插入式基础的施工

久隆变一玉林变500 kV线路工程（Ⅱ标段）插入式基础的施工,是基础施工中技术含量较高、施工难度较大的一种。为保证插入式基础施工中各种参数等满足设计及验收规范要求,文章对该类基础施工提出见解,并在实施中验证了方案是可行、可推广的。     

Share repurchases of initial public offerings: motives,valuation effects,and the impact of market regulation

This study investigates the motives and valuation effects of share repurchase announcements of German firms during the 1998–2008 period, addressing the question why initial public offering (IPO) firms repurchase shares soon after going public. While our focus is on IPO firms, we also examine the impact of firm size by differentiating between IPO and established DAX/MDAX firms and by analyzing the source of surplus cash holdings, that is, either from equity issuances or from operating cash flows. We further explore the impact of the regulatory environment. Our empirical analysis reveals significant differences between the IPO and DAX/MDAX subsamples regarding their repurchase motives, stock price performance, and explanatory factors. Standard corporate payout theories are essential in explaining the different valuation effects. Our empirical analysis suggests agency costs of free cash flow as the main reason for the observed valuation effects of both IPO and DAX/MDAX firms, yet for different reasons. While DAX/MDAX firms continuously generate high operating cash flows before and after repurchasing shares, IPO firms exhibit low operating cash flows during the entire period but large surplus cash holdings due to the mandatory equity issuance at their public offering. Overall, the repurchase decisions of IPO firms are best explained by the agency costs of cash holdings and the unique rules and regulations of the German stock exchange.     

New Networks of Technological Creation in Energy Industries: Reassessment of the Roles of Equipment Suppliers and Operators

Energy industry companies have succeeded in maintaining and even increasing their production of knowledge during the last 15 years (1985/1998) within a financial context of reducing their in-house R&D expenditures. To understand these apparently paradoxical changes, elements of analysis are sought within an evolutionary framework, and especially referring to the related developments to network-firms, user-supplier relationships, and interactive nature of innovation processes. Empirical data are provided on patents granted to a sample of the top 15 world largest companies, both operators and equipment suppliers, and for the oil production and power generation industries. Interpretation of the results suggests that two dynamics ought to be distinguished. On the one side, dynamics of the networks of technological creation are characterized by a movement upstream of the head of the network towards suppliers. On the other side networks of creation of competitive advantages and bargaining power continue to be based on the operators and their strategies of adaptation to the constraints and opportunities of their institutional, financial and competitive environment.     

Transplanting Social Capital to the Online World: Insights from Two Experimental Studies

The recent proliferation of computer networks has stimulated the emergence of thousands of online communities. Facebook, which has grown to 175-million users in five years and recently surpassed megasite MySpace to become the world's largest social networking site, is a classic example. As the importance of online communities continues to grow, a good understanding of their success factors for building and sustaining a community becomes crucial.

In this article, we apply social capital theories to examine the interactions among individuals and trust building at the initial development of an online community. Specifically, we postulate that offline social capital can be transplanted into an online community (small or large) to foster the development of trust and social norms that make a community thrive. We conduct two experimental studies: one in the context of real-world, small-scale online communities, and the other in the context of computer-simulated large-scale online communities. Results from these studies provide strong support for our proposition. We interpret these results and discuss their implications and contributions to theory and practice.     

Underwriter Reputation in Brazilian IPOs

This study updates previous analyses of banks' activities in equity offerings in the Brazilian market. Using data for the 2004–2007 period, the study tests the hypotheses that banks with the highest reputations coordinate offerings with lower initial returns, lower levels of risk and charge more for their services. Three measures of reputation were constructed in line with measures used for the US market. None of the measures showed a statistically significant relationship with returns, risk, or remuneration. The difference between the mid-point of the preliminary price range and the offering price constituted the most significant element in the forecasting of returns.     

均匀圆阵二维波达角估计的Cramer-Rao界

均匀圆阵(UCA)是一种应用广泛的具有二位波达角估计能力的平面阵列。为了从理论上分析 不同阵列参数下到达波方位角(AOA)、仰角估计精度,推导了均匀圆阵二维波达角估计的性 能界, 以此为基础分析了阵列孔径、阵元个数、快拍数以及来波仰角高低与到达角估计精度的关系 ,并通过对UCA MUSIC算法计算机仿真验证了推导结果的正确性。研究结果为波达角估计类 算法提供了可供参考的性能下界,圆阵设计时也不再需要大量的Monte Carlo仿真试验确定 阵列参数,可直接从估计精度表达式中获得。