Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds

This paper analyzes the issue costs and initial pricing of bonds in the international market. In particular, we investigate the determinants of three components of issue costs: underwriter fee, underwriter spread (the difference between the offering price and the guaranteed price to the issuer), and underpricing (the difference between the market price and the offering price). Total underwriter compensation increases with the bonds' credit risk and maturity, but it is insignificantly related to issue size. Interestingly, underwriters appear to price some issue characteristics directly (by adjusting the fee) and other characteristics indirectly (by setting the guaranteed price). The two compensation components (fee and spread) are negatively related to each other. We provide evidence that this trade-off is consistent with income tax considerations, as well as with two-tier pricing by underwriters. We find no evidence of underpricing.     

?中青年以声带息肉、慢性喉炎为

8 casesTAO Yongming,SHI Zhuoya,FENG Lianming,et al.Xiaoshan Hospital of TCM,Hangzhou 311201,ChinaObjective To study the causes and clinical features of hoarseness.Methods The laryn     

一种新型高速数字锁相环的研究

本文针对传统方法实现的数字锁相环(DPLL)工作速率低的问题,通过对一种典型的DPLL的分析,找出影响其工作速率的主要因素,研究并提出了一种全新的高速实现方法,并在实验室进行了数据传输位同步提取实验。     

浅议“人才退出”机制

在经济全球化的今天,市场经济理念深入人心,人们逐渐接受了竞争意识、企业裁员已成为常有的事,但裁员的负面效应往往为人们所忽略,建立完善的人才退出机制任重而道远。     

现代金融业务创新条件架构的研究

在分业经营、分业管理体制下，实现有效的金融业务创新。本的研究采用理论与实际结合的方法，在对国内外金融业务创新进行研究的基础上，从不同的角度对金融业务创新界定了理论框架体系，分析了我国金融业务创新的条件与制约因素，提出了中国金融业务创新的现实选择和创新的思路对策。     

有关台湾"大陆货品特殊防御机制"的法律思考

两岸入世后，台湾当局的大陆经贸政策与世界贸易组织的要求是有一定距离的，特别是台湾当局为大陆度身设置的“大陆货品特殊防御机制”，似乎是为了利用中国大陆在其《入世议定书》中对世贸组织成员的特别的承诺条款，但从法律角度而言，这是有违台湾在世贸组织《保障措施协议》项下的义务的，极易成为两岸之间有限的经贸互动中争端的导火绳。     

Effectiveness and Effects of China’s Capital Controls

I. IntroductionNations at every stage of development and in every region of the world are more closelylinked through trade in goods and services, through flows of funds and investments ineach others’ economies than ever before. But in sharp contrast to more and more nationsloosening restrictions on international trade, controls over capital flows are still substantialnearly everywhere except in the most developed economies. This is certainly the case inChina, where restrictions on movements …