Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

COMMERCIAL ART MUSIC

A commercial environment is clearly good for contemporary popular music but can ‘art’ music flourish in such an environment? In the past art music has prospered on a commercial basis and there are advantages in exposing art to commerce. For example, commercial patronage is likely to be more diverse and allow more room for experimentation than a single patron or subsidising body. Moreover, commerce encourages two‐way communication between artist and audience.     

Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

Summary. We prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive equilibria. Because of the simplicity of the techniques utilized our approach is amenable to be adapted by practitioners in analogous problems often studied in macroeconomics. Received: September 13, 2001; revised version: December 9, 2002 RID="*" ID="*" We are grateful to Tapan Mitra for pointing out errors as well as making very valuable suggestions. Thanks are due to Raouf Boucekkine and Jorge Duran for additional helpful discussions. We also thank an anonymous referee for his/her helpful comments. The second author acknowledges the financial support of the Belgian Ministry of Scientific Research (Grant ARC 99/04-235 “Growth and incentive design”) and of the Belgian Federal Goverment (Grant PAI P5/10, “Equilibrium theory and optimization for public policy and industry regulation”). Correspondence to: C. Le Van     

词汇化探索

词化过程是语言领域的自然过程,是一个类似写作过程的(thinking aloud)过程,而且具有基因特点;词化过程是认知过程中语言的自然过程,其结果是词权的确立。     

浅谈白音华三号露天矿非工作帮边坡稳定处理措施

对白音华三号露天煤矿的地质特征、水文条件进行分析总结。根据分析制定非工作帮的边坡处理措施。     

现代物流与产业结构升级关联机制研究

运用协整检验方法,定量分析现代物流与产业结构升级之间的关系,研究结果发现,现代物流与产业结构升级之间存在长期稳定的均衡关系,产业结构升级率每提高1个百分点,物流贡献率增加0.140 018 7个百分点;并进一步利用灰色关联分析理论对现代物流贡献率与第二产业结构升级率和第三产业结构升级率的关联度进行测算,结果发现第二产业结构升级率与物流贡献率的关联度更高,这说明第二产业结构升级对我国现代物流业的发展具有较大的影响.     

论宏观经济环境下的中小企业发展——清华大学经济管理学院教授、博士生导师刘冀生访谈录

实践已经证明中小企业是国民经济发展的生力军,已成为构建和谐社会的重要经济基础。中小企业在促进经济发展、繁荣市场、增加财政收入、扩大社会就业、推动自主创新、缩小贫富差距和地区差距、优化经济结构等方面都发挥着重要的作用。清华大学经济管理学院教授、博士生导师刘冀生在中国管理科学研究院主办的"第二届中国管理科学大会"上的发言中指出,目前我国中小企业发展已进入全新的关键历史阶段,因此中小企业领导者一定要抓住这有利的历史战略机遇,并结合时下宏观经济环境,把自己的企业做好、做大、做强、做久。本刊记者将刘冀生教授的发言以访谈形式刊出,以飨读者。