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.     

Investment Opportunities and the Relation Between Equity Value and Employees' Bonus

A sample of firms where employee stock options and other long‐term incentives are absent but an annual bonus is required is examined. A positive relation is found between firm equity value and stock bonus but not cash bonus. The positive relation is stronger when the firm has greater investment opportunities. Additionally, the relation is shown to be nonlinear in the sense that the marginal effect of stock bonus on equity value is positive but decreasing (negative) when the stock bonus is below (above) the breakpoint. Overall, the annual stock bonus is valued positively by investors even though it is linked to the firm's contemporaneous but not future performance.     

我国市场经济初建时期知识经济的思考

债转股是防范金融风险和加快国有企业扭亏为盈的重要举措 ,但债转股的推行又产生了一系列的法律问题 ,本文借鉴国外的相关立法并结合我国的具体情况 ,就债转股的四个方面法律问题进行了讨论 :债转股与资本真实原则 ;债转股与公司治理结构 ;债转股与债权人利益保护 ;债转股与股     

风险投资问题研究

作为高新技术的推进器 ,风险投资在我国的发展相当迅速。然而 ,在发展过程中暴露出了一系列的问题。如何认识和解决这些问题 ,不仅关系到风险投资在我国的进一步发展 ,也直接关系到我国高新技术和产业的发展 ,进而影响中国经济的快速发展。     

优化河南投资环境途径探析

投资超常增长是促使经济快速发展的重要因素，河南投资环境基础比较好，应该扬长避短进一步优化，其具体途径可以从投资的国际经济环境、投资的国内经济环境、投资的区域经济环境入手。     

试论我国商业银行负资本金的确认与计量

本文认为导致商业银行出现负资本金,既有经营性亏损的原因,也有会计确认和计量差异等原因。在加入WTO与《巴塞尔新资本协议》的影响下,有必要重新审视我国商业银行负资本金的确认与计量。     

The Cost of Capital of Cross‐listed Firms

This paper analyses the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross‐listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1979) and Sercu (1980) including both the global market portfolio and exchange rate risk premia and (ii) the single factor domestic CAPM. We test for the significance of the cost of capital differential in a sample of 336 cross‐listed stocks from nine countries in the period 1980–99. Our hypothesis is that the cost of capital differential is substantial for firms with international listings, as these are often large multinationals with a strong international orientation. We find that the asset pricing models yield a significantly different estimate of the cost of capital for only 12% of the cross‐listed companies. The size of the cost of capital differential is around 50 basis points for the US, 80 basis points for the UK and 100 basis points for France.     

Uncertainty in the Austrian Theory of Capital

This paper is based on the traditional Austrian Theory of Capital which deals with expected values of future returns of investments over various periods of time. The longer the time period that elapses between the beginning of a production process and its end, the higher the (expected) productivity must be due to positive time preferences of individuals. This paper focuses on the uncertainty of future returns and on uncertainty preferences, instead. Based on the Hayekian idea of the dispersion of knowledge in society, it will be shown that there is a systematic relationship between the structure of capital and uncertainty. This result will be derived for a production process characterized by complete vertical integration and one which is not completely vertically integrated. The distinction between these two settings is crucial, if one accepts the distinction between an individual and a social period of production and the planning horizon which are introduced in this paper.     

我国投资基金业绩的持续性分析

基金业绩的持续性是指业绩优秀的基金以后一段时间继续保持优秀的业绩,而业绩差的基金继续表现出差的业绩。如果基金具有持续性,对于投资者来讲,他们可以买进前期业绩优秀的基金,而卖出前期业绩差的基金,来获取超额收益,投资者不必耗费大量的资金和时间去评价和选择基金经理。本文就基金业绩持续性的研究理论方法进行阐述,并对我国投资基金作实证分析。     

国际投资税收政策对跨国企业集团投资战略的影响

由于各国经济发展水平、经济资源优势和经济国际化程度不同,各国都制定符合各自经济政策目标的国际投资税收政策,采取的税收优惠政策的侧重点也各不相同。跨国企业集团在制定投资战略时应注重分析各国引导投资的侧重点并充分加以利用,在投资战略选择中,必须慎重确定投资所在国的重点优惠项目或重点优惠地区,全面考虑投资国和投资所在国之间的国际税收协调性,正确认识资本投入量同税收负担与其他投资环境要素之间的关系。应以全球的观点进行国际化投资战略规划,以谋求集团整体税收负担的最小化和整体投资收益的最大化