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.     

我国商品物流配送中心发展战略的探讨

论述了建设配送中心的重要意义，介绍了我国配送中心发展的现状及存在问题，对我国今后配送中心的建设与发展提出了建设性意见。     

建立静脉物流系统推进循环经济发展

本文立足于静脉物流,引入循环经济的理念,阐述静脉物流与循环经济的关系.通过静脉物流系统的建立,发展我国循环经济,实现从传统线性经济模式向循环经济模式的转变,使我国经济得以可持续发展,同时有利于人类与环境、自然资源的共生.     

西方现代股利政策理论及实证研究回顾

本文对西方现代公司股利政策方面的理论和实证研究进行了一个综合性的回顾和分析。其中包括主流的股利行为模型、股利的信息内涵、代理成本、追随者效应,也包括国内研究中较少涉及的债务约束、声誉学说、成长机会和交易成本问题,以期对国内相对落后的股利政策研究和随意性较强的股利政策制定带来一定的借鉴意义。     

电子商务条件下我国物流模式的选择——综合物流代理模式

本文针对电子商务条件下现代物流的新特点和我国物流现状,提出在新的条件下选择适合我国国情的物流模式,即综合物流代理模式。它是由一家在物流管理经验、人才和技术上均有一定优势的企业通过建立一个综合物流代理的管理体系,对电子商务交易中供求双方的所有物流活动进行全权代理的业务活动模式。     

发展中枢辐射铁路物流的探讨

传统的铁路物流组织模式有其局限性,已难以满足市场对快速运输的需求,铁路企业的改革势在必行。在阐述中枢辐射铁路物流表现形式的基础上,分析铁路企业发展中枢辐射铁路物流的必要性和可行性及所面临的困难,同时就铁路企业如何发展中枢辐射铁路物流提出了建设性意见。     

关于建立物流管理会计理论体系的思考

本文认为,制造业企业物流管理会计的建立可以通过大量的走访式调查,形成分类型的制造业企业的物流系统作业项目库、作业资源库、作业成本动因库,制作出分类型的制造业企业物流系统作业问卷调查表寄送各调查单位,通过数据处理得出初步的分类型的制造业企业物流系统作业项目体系,最后经过纠偏得出较理想的分类型的制造业企业物流系统作业项目体系,再根据此作业项目体系,按作业成本法的思想,对传统管理会计中的4大部份内容进行适当修改,形成物流管理会计内容。物流管理会计的研究可通过统计调查法、正交实验法、专家共构法、统计加工法、软系统综合集成法、SWOT矩阵分析法、作业成本法等。     

基于价值网理论的铁路多元经营物流企业经营模式研究

介绍价值网的概念及应用情况,探讨铁路多经物流企业构建及实施价值网经营模式的必要性和可行性,构建了铁路多经物流企业的价值网经营模式,为探索铁路多经物流企业的发展模式提供一种选择方式。     

Study on China＇s Logistics Industry in the Information Era

In the information era, China＇s logistics industry faces a development opportunity, as well,as an austere challenge. In order to establish a reasonable strategy in China, it is very important to analyze the logistics industry＇s operation circumstances with a global and informational perception. For this reason, this article analyzes the current situation of China＇s logistics industry, identifies the existing problems, and further finds the possible solutions in present China.     

The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.