Use of the Proceeds and Long‐term Performance of French SEO Firms

This paper examines the long‐term stock performance of French SEO with rights by looking at the intended use of the proceeds. Firms that raise equity for pure capital structure motives are separated from the ones that use the SEO proceeds to finance specific investment projects. Issuers in the first category are concerned about preserving their financial flexibility and they are expected to evolve in a capital structure irrelevancy framework. On the other hand, issuers in the second category are more inclined to be sensitive to adverse selection problems or agency conflicts and thus, they should be more exposed to under‐reaction on the long‐run. According to a matching firm methodology, ‘Financing New Investment’ issuers underperform their benchmark at a rate of 4% to 8% per year over a 36‐month horizon while ‘Capital Structure’ issuers do not show any abnormal performance. These results are robust according to alternative Beta pricing models. In addition, managers of both issuer's types time the SEO after a period of positive abnormal performance in order to sell overpriced securities. However, only the ‘Financing New Investment’ sample experiences a performance reversal; the abnormal returns decreasing gradually from the issue on, to become significantly negative 24 months after the event.     

版式设计意识介入商业橱窗设计

要体现橱窗的价值,更好地美化城市,设计师在处理橱窗设计时应该有合适的设计指导思想。将版式设计的意识介入到橱窗展示设计中,这不但是二维设计与三维设计知识互通的体现,更是为橱窗设计的成熟发展提供了强大的理论平台。     

Securitization markets and central banking: An evaluation of the term asset-backed securities loan facility

In response to the near collapse of US securitization markets in 2008, the Federal Reserve created the Term Asset-Backed Securities Loan Facility, which offered non-recourse loans to finance investors’ purchases of certain highly rated asset-backed securities. We study the effects of this program and find that it lowered interest rate spreads for some categories of asset-backed securities but had little impact on the pricing of individual securities. These findings suggest that the program improved conditions in securitization markets but did not subsidize individual securities. We also find that the risk of loss to the US government was small.     

Oil consumption and economic efficiency: A comparative analysis of advanced, developing and emerging economies

This paper investigates the economic efficiency-oil consumption relationship in 42 countries during the period 1986-2006. In a first stage by using DEA window analysis countries' economic efficiencies are obtained. In a second stage an econometric analysis based on robust GMM estimators reveals an inverted ‘U’-shape relationship between oil consumption and economic efficiency. In order to capture heterogeneities among countries' development stages the analysis has been separated into two groups (advanced economies and developing/emerging economies). The results show that advanced economies have much higher turning points compared to emerging and developing economies. It appears that oil consumption increases countries' economic efficiency. In addition the consumption patterns of oil products and its derivatives have changed through years and among countries. The different turning points from the econometric analysis indicate the dependence of oil consumption in advanced economies (higher turning points) is driven mainly by household purchasing activities and their standards of living (transport, housing and water, food, etc.). Finally, it appears that oil consumption is the main driver behind the progress of industrialization and urbanization regardless of the country's development stage.     

中国对外贸易竞争力与后危机时代的战略选择

本文使用集成多向的数据包络分析(DEA)的视窗分析方法,根据世界16个主要国家或地区2005-2007年的货物和服务贸易进出口数据开展计量分析,把这些国家的历年数据采用非纵向集成SE-DEA方法计算并求出其投入冗余和产出不足,从各个方面定量分析各国的对外贸易竞争力状况,然后提出了相应的对策建议。     

浅谈服装专卖店设计要素

本文探讨多种设计要素完美结合的有效性和可行性,以求较全面地反映专卖店设计要素在体现品牌文化,提升空间档次,营造购物的良好氛围时的一些基本规律,希望能对品牌服装专卖店设计实践起到一定的借鉴意义和参考价值。     

滑移技术在跨既有线钢箱梁施工中的应用

在张家界天门山索道防护桥工程项目中,笔者采用滑移施工技术解决了既有线上跨多股道接触网钢箱粱安装的技术难题。文章结合工程实例,介绍了滑移施工技术在跨既有线钢箱梁施工中的技术特点、施工工艺,为跨既有线同类工程施工组织提供参考。     

一种汽车后侧推拉窗的设计及问题分析

文章介绍了某汽车公司一款微型车后侧推拉窗设计所使用的密封结构,即后侧窗固定玻璃、滑动玻璃与窗框胶条、中间密封条之间的配合衔接关系,并对其设计过程遇到的问题进行分析和解剖。     

轮轨关系中的等效锥度对车辆动力学性能的影响

轮轨关系涉及到轨道车辆运行的稳定性和安全性,轮轨匹配问题越显的重要。作为轮轨匹配的最重要参数之一等效锥度,与车辆的动态横移量和滚动圆半径差存在着一定的关系,影响着车辆动力学性能。     

有时间约束的非满载VRP遗传算法研究

顾客的需求越来越被关注,时间要求变得越来越重要。文章基于此,建立有时间约束的车辆路径问题模型,并引入遗传算法,纳入禁忌搜索,来求解此车辆路径模型。