Modelling the behaviour of the new issue market

This paper analyses the time series behaviour of the initial public offering (IPO) market using an equilibrium model of demand and supply that incorporates the number of new issues, average underpricing, and general market conditions. Model predictions include the existence of serial correlation in both the number of new issues and the average level of underpricing, as well as interactions between these variables and the impact of general market conditions. The model is tested using 40 years of monthly IPO data. The empirical results are generally consistent with predictions.

Hot and cold IPO markets : the case of the stock exchange of Mauritius

The aim of this study is to assess the characteristics of the hot and cold IPO markets on the Stock Exchange of Mauritius (SEM). The results show that the hot issues exhibit, on average, a greater degree of underpricing than the cold issues, although the hot issue phenomenon is not a significant driving force in explaining this short-run underpricing. The results are consistent with the predictions of the changing risk composition hypothesis in suggesting that firms going public during hot markets are on average relatively more risky. The findings also support the time adverse selection hypothesis in that the firms’ quality dispersion is statistically different between hot and cold markets. Finally, the study concludes that firms which go public during hot markets do not underperform those going public in cold markets over the longer term.

土壤改良剂改土培肥增产效应研究综述

壤改良剂研究已是近年来国内外广泛关注的热点,在对土壤改良剂发展及其种类进行简要回顾的基础上,对土壤改良剂的改土培肥效应(物理结构、化学特性、生化特性)、作物增产效应及其施用技术进行了较为全面的分析和评述,并提出了目前存在的问题和展望了土壤改良剂的研究趋势。

A Study of a Comprehensive Career Services System in Chinese Universities

Since 1999, with the adoption of expansion policy in higher education by the Chinese government, enrollment and graduate numbers have been increasing at an unprecedented speed. Accustomed to a system in which university graduates were placed, many students are not trained in “selling themselves”, which exacerbates the situation leading to a skyrocketing unemployment rate among new graduates. The idea of emphasizing career services comes with increasing employment pressure among university graduates in recent years. The 1998 “Higher Education Act” made it a legislative requirement. Thereafter, the Ministry of Education issued a series of documents in order to promote the development of career services. All higher education institutions are required to set up special career service centers and to set a ratio of 1:500 between career staff and the total number of students. Related career management courses, especially career planning classes, are required to be clearly included as specific modules into the teaching plan with a requirement of no less than 38 sessions in one semester at all universities. Developing career services in higher education has thus become a hot issue. One of the more notable trends in higher education in recent years has been the transformation of university career service centers from merely being the coordinators of on-campus placement into full service centers for international career development. The traditional core of career services in higher education had been built around guidance, information and placements (Watts, 1997). This core was still in place, but the role of higher education career services has changed considerably in recent years and the nature of each part is being transformed (Watts, 1997). Most services are undertaking a range of additional activities, and the career guidance issue is emphasized much more than before. Career management courses, especially career planning classes, are given special focus in developing career services in the Chinese case. This links career services clearly and directly with the course provision function. In China, most career service centers are engaging in the transformation period from a “management-oriented” organization to a “service-oriented” organization. Besides guidance services, information services and placement activities, there is a need to blend them together with the new additional teaching function, which follows the general trend as regulated by the government. The role of career services has been expanding and this has brought more challenges to its development in Chinese higher education. Chinese universities still remain in the period of exploration and establishment in developing their own career services. In the face of the new situation, it is very important and meaningful to explore and establish a comprehensive career services system to address student needs in the universities. A key part in developing this system is the introduction of career courses and delivering related career management skills to the students. So there is the need to restructure the career service sectors within the Chinese universities in general. The career service centers will operate as a hub and function as a spoke in the wheel of this model system, providing support and information to staff located in individual teaching departments who are responsible for the delivery of career education, information, advice and guidance. The career service centers will also provide training and career planning classes. The purpose of establishing a comprehensive career services system is to provide a strong base for student career development. The students can prepare themselves well in psychology, ideology and ability before employment with the assistance of effective career services. To conclude, according to the different characteristics and needs of students, there will be appropriate services and guidance in different stages and different ways. In other words, related career services and career guidance activities would be started for newly enrolled freshmen and continue throughout their whole university process. For the operation of a comprehensive services system, there is a need for strong support by the government in the form of macro-control and policy guarantee, but support by the government in the form of macro-control and policy guarantee, but also a need for close cooperation with the academic administration and faculties to be actively involved in career planning and employment programs. As an integral function within the universities, career services must develop and maintain productive relationships with relevant campus offices and key stakeholders both within the universities and externally.

Ensaios sobre oferta pública de ações e estabilização de preços

Em ofertas públicas de ações, sejam elas ofertas públicas iniciais (IPO) ou ofertas públicas subseqüentes (SEO), cuja venda ocorre via garantia firme de subscrição e liquidação é comum a inclusão de uma clausula de estabilização, que permite aos underwriters recomprar ações no mercado após o início das negociações com o objetivo de postergar ou evitar a queda do valor. As ações recompradas são aquelas provenientes da opção dada pelo emissor ao underwriter para a venda em excesso de até 15% das ações inicialmente ofertadas, além disso, no caso de forte demanda uma venda complementar pode ocorrer até o limite de 20% da oferta inicial, chamada de hot-issue, porém essas ações não são passíveis de recompra. A opção de greenshoe permite ao underwriter comprar parte ou todas as ações vendidas em excesso, aumentando a oferta permanentemente. Essa tese avalia, nesta ordem, os principais determinantes da estabilização e efeitos no retorno de curto prazo de SEOs, os efeitos sobre o custo da emissão e depois o efeito sobre o retorno de longo prazo de SEOs e IPOs, cada assunto é tratado em um capítulo diferente e independente, após um capítulo introdutório que descreve a estrutura da tese. No primeiro, os resultados indicam que em SEOs o risco, a liquidez e a demanda de investidores institucionais nacionais e estrangeiros são importantes na determinação da sobrealocação e ocorrência da estabilização, e que além desses fatores a demanda dos investidores de varejo também influencia a intensidade da estabilização. Quanto aos efeitos no retorno imediatamente após o fim da estabilização, SEOs não estabilizados apresentam retorno de curto prazo maior que os estabilizados não há, em média, queda do preço das ações após o fim da estabilização, no entanto, foi constatado que SEOs intensamente estabilizados apresentam retorno pós-estabilização menores. No segundo, foi constatada que os underwriters prevêem a intensidade da estabilização e/ou do exercício do greenshoe e hot-issue, e uma vez que são remunerados pela venda dessas ações suplementares, ajustam ex-ante a remuneração cobrada dos emissores, não se apropriando um eventual lucro nem suportando o custo de recompra e devolução das ações. Esses resultados foram observados tanto nos IPOs quanto nos SEOs e o mesmo efeito foi observado nos custos totais. 7 No último foi mostrado que o nível de estabilização e/ou exercício do greenshoe e hot-issue não afetam o retorno de longo prazo dos IPOs, no entanto exercício do greenshoe e hot-issue afetou negativamente o retorno acumulado ajustado dos SEOs até o 3º ano após a emissão, inclusive quando controlado pelo volume da emissão e market-to-book. Algumas contribuições importantes desta tese são: 1) apesar da diferença no nível de risco, os resultados da ocorrência e intensidade da estabilização são em geral semelhantes àqueles observados para IPOs; 2) este é o primeiro trabalho a analisar as conseqüências da estabilização no retorno de curto prazo dos SEOs, bem como a constatar que o retorno de mercado influencia intensidade da estabilização; 3) pela primeira vez mostra que as dimensões do processo de estabilização são antecipadas pelos underwriters e no contexto de um mercado competitivo, são incorporadas ao custo da emissão de IPOs e SEO; 4) constata que o processo de estabilização possui efeito sobre retorno de longo prazo dos SEOs. Todos esses resultados lançam dúvida quanto aos estudos sobre retorno e remuneração em ofertas públicas que excluem essas informações de seus modelos.

Spatial Disparity and Dynamic Trajectory of Convergence in China: Construction and Application of a Composite Index of Regional Development

China is a large country characterized by remarkable growth and distinct regional diversity. Spatial disparity has always been a hot issue since China has been struggling to follow a balanced growth path but still confronting with unprecedented pressures and challenges. To better understand the inequality level benchmarking spatial distributions of Chinese provinces and municipalities and estimate dynamic trajectory of sustainable development in China, I constructed the Composite Index of Regional Development (CIRD) with five sub pillars/dimensions involving Macroeconomic Index (MEI), Science and Innovation Index (SCI), Environmental Sustainability Index (ESI), Human Capital Index (HCI) and Public Facilities Index (PFI), endeavoring to cover various fields of regional socioeconomic development. Ranking reports on the five sub dimensions and aggregated CIRD were provided in order to better measure the developmental degrees of 31 or 30 Chinese provinces and municipalities over 13 years from 1998 to 2010 as the time interval of three “Five-year Plans”. Further empirical applications of this CIRD focused on clustering and convergence estimation, attempting to fill up the gap in quantifying the developmental levels of regional comprehensive socioeconomics and estimating the dynamic convergence trajectory of regional sustainable development in a long run. Four clusters were benchmarked geographically-oriented in the map on the basis of cluster analysis, and club-convergence was observed in the Chinese provinces and municipalities based on stochastic kernel density estimation.

Policies and Education in Latin America : From the 'competitive quality' to 'quality for the generation of bicentenary'

En América Latina la injerencia de los organismos internacionales en la política nacional constituye un fenómeno que no se puede soslayar. Se trata de una cuestión candente en el contexto actual y remite a la presencia creciente en los países de la región de una serie de papers, documentos, boletines que, generados en el seno de dichas entidades, señalan desafíos presentes y futuros que deberá atender América Latina. En el campo educativo, marcan las orientaciones de política para la región y representan discursos sobre la educación que es menester analizar críticamente. El objetivo de este trabajo es analizar una serie de ideas, recomendaciones y retóricas político-pedagógicas de los Organismos Internacionales respecto de la denominada calidad de la educación en América Latina con la intención de poner de manifiesto su productividad discursiva en tanto su incidencia está ligada a significantes que operan ordenando las disputas político-discursivas del campo educativo

Policies and Education in Latin America : From the 'competitive quality' to 'quality for the generation of bicentenary'

En América Latina la injerencia de los organismos internacionales en la política nacional constituye un fenómeno que no se puede soslayar. Se trata de una cuestión candente en el contexto actual y remite a la presencia creciente en los países de la región de una serie de papers, documentos, boletines que, generados en el seno de dichas entidades, señalan desafíos presentes y futuros que deberá atender América Latina. En el campo educativo, marcan las orientaciones de política para la región y representan discursos sobre la educación que es menester analizar críticamente. El objetivo de este trabajo es analizar una serie de ideas, recomendaciones y retóricas político-pedagógicas de los Organismos Internacionales respecto de la denominada calidad de la educación en América Latina con la intención de poner de manifiesto su productividad discursiva en tanto su incidencia está ligada a significantes que operan ordenando las disputas político-discursivas del campo educativo

Policies and Education in Latin America : From the 'competitive quality' to 'quality for the generation of bicentenary'

En América Latina la injerencia de los organismos internacionales en la política nacional constituye un fenómeno que no se puede soslayar. Se trata de una cuestión candente en el contexto actual y remite a la presencia creciente en los países de la región de una serie de papers, documentos, boletines que, generados en el seno de dichas entidades, señalan desafíos presentes y futuros que deberá atender América Latina. En el campo educativo, marcan las orientaciones de política para la región y representan discursos sobre la educación que es menester analizar críticamente. El objetivo de este trabajo es analizar una serie de ideas, recomendaciones y retóricas político-pedagógicas de los Organismos Internacionales respecto de la denominada calidad de la educación en América Latina con la intención de poner de manifiesto su productividad discursiva en tanto su incidencia está ligada a significantes que operan ordenando las disputas político-discursivas del campo educativo

Deployment of a Hybrid Multicast Switch in Energy-Aware Data Center Network: A Case of Fat-Tree Topology

Recently, energy efficiency or green IT has become a hot issue for many IT infrastructures as they attempt to utilize energy-efficient strategies in their enterprise IT systems in order to minimize operational costs. Networking devices are shared resources connecting important IT infrastructures, especially in a data center network they are always operated 24/7 which consume a huge amount of energy, and it has been obviously shown that this energy consumption is largely independent of the traffic through the devices. As a result, power consumption in networking devices is becoming more and more a critical problem, which is of interest for both research community and general public. Multicast benefits group communications in saving link bandwidth and improving application throughput, both of which are important for green data center. In this paper, we study the deployment strategy of multicast switches in hybrid mode in energy-aware data center network: a case of famous fat-tree topology. The objective is to find the best location to deploy multicast switch not only to achieve optimal bandwidth utilization but also to minimize power consumption. We show that it is possible to easily achieve nearly 50% of energy consumption after applying our proposed algorithm.

Flight to quality? An investigation of the attributes of sold properties in hot and cold markets

This paper uses sales transaction data in order to examine whether flight from risk phenomena took place in the US office property investment market during the financial crisis of 2007-2009. The effect of the crisis on the pricing of property quality attributes, mainly summarized by the class category of each building, is investigated. In addition, the paper examines how turnover levels were affected by the market downturn and whether there were significant variations between different real estate quality types. The results of the hedonic regression models suggest that the price spread between Class, A, B and C grew significantly during the downturn. We also find that property attributes such as size, height and age are priced significantly different in ‘hot’ and ‘cold’ markets.

Improving the role of equity crowdfunding in Europe's capital markets. Bruegel Policy Contribution Issue 2014/09, August 2014

Crowdfunding is a growing phenomenon that encompasses several different models of financing for business or other ventures. Despite the hype, equity crowdfunding is still the smallest part of the crowdfunding market. Because of its legal framework, Europe has been at the forefront of equity crowdfunding market development. Equity crowdfunding is more complex than other forms of crowdfunding and requires proper checks and balances if it is to provide a viable channel for financial intermediation in the seed and early-stage market in Europe. It is important to explore this new channel of funding for young and innovative firms given the critical role these start-ups can play job creation and economic growth in Europe. We assess the potential role of equity crowdfunding in the overall seed and early-stage financing market and highlight the potential risks of equity crowdfunding. We describe the current state of play in this nascent industry, considering both the innovations introduced by market operators and existing regulation. Currently in Europe there is a patchwork of national legal frameworks related to equity crowdfunding and this should be addressed in a harmonised way.

Defining Europe's Capital Markets Union. Bruegel Policy Contribution Issue 2014/12, 13 November 2014

The new European Commission has signalled that it will work to create a ‘capital markets union’. This is understood as an agenda to expand the non-bank part of Europe’s financial system, which is currently underdeveloped. The aim in the short term is to unlock credit provision as banks are deleveraging, and in the longer term, to favour a more diverse, competitive and resilient financial system. Direct regulation of individual non-bank market segments (such as securitisation, private placements or private equity) might be useful at the margin, but will not per se lead to significant capital markets development or the rebalancing of Europe’s financial system away from the current dominance by banks. To reach these goals, the capital markets union agenda must be broadened to address the framework conditions for the development of individual market segments. Six possible areas for policy initiative are, in increasing order of potential impact and political difficulty: regulation of securities and specific forms of intermediation; prudential regulation, especially of insurance companies and pension funds; regulation of accounting, auditing and financial transparency requirements that apply to companies that seek external finance; a supervisory framework for financial infrastructure firms, such as central counterparties, that supports market integration; partial harmonisation and improvement of insolvency and corporate restructuring frameworks;and partial harmonisation or convergence of tax policies that specifically affect financial investment.

Capital Markets Union: a vision for the long term. Bruegel Policy Contribution ISSUE 2015/05 April 2015

Capital Markets Union (CMU) is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns for savers. This offers major potential for benefits in terms of jobs, growth and financial resilience. • CMU cannot be a short-term cyclical instrument to replace subdued bank lending, because financial ecosystems change slowly. Shifting financial intermediation towards capital markets and increasing cross-border integration will require action on multiple fronts, including increasing the transparency, reliability and comparability of information and addressing financial stability concerns. Some quick wins might be available but CMU’s real potential can only be achieved with a long-term structural policy agenda. • To sustain the current momentum, the EU should first commit to a limited number of key reforms, including more integrated accounting enforcement and supervision of audit firms. Second, it should set up autonomous taskforces to prepare proposals on the more complex issues: corporate credit information, financial infrastructure, insolvency, financial investment taxation and the retrospective review of recent capital markets regulation. The aim should be substantial legislative implementation by the end of the current EU parliamentary term.