ISRN Economics最新文献

The pricing of portuguese privatization second initial public offerings 葡萄牙私有化第二次公开发行的定价

ISRN Economics Pub Date : 2014-05-21 DOI: 10.1155/2014/652712

Rui M. Alpalhão

{"title":"The pricing of portuguese privatization second initial public offerings","authors":"Rui M. Alpalhão","doi":"10.1155/2014/652712","DOIUrl":"https://doi.org/10.1155/2014/652712","url":null,"abstract":"The paper studies the pricing of PSIPOs (privatization second initial public offerings) PIPOs of companies that had been public in the past. A dataset comprising all the Portuguese companies nationalized in 1975 and privatized in the late eighties and nineties is used. Findings on short- and long-run pricing of IPOs and PIPOs are summarized, and implications for the pricing of PSIPOs are discussed. Short- and long-run returns are computed, using three alternative methods (buy and hold abnormal returns, wealth relatives, and cumulative abnormal returns) in the long-run analysis. Short-run overpricing is identified, unlike the underpricing pattern revealed by most IPO research. This initial overpricing is essentially found to be corrected in the first trading month. In the long-run, no evidence of overpricing is found, again unlike the usual conclusion of the IPO literature, and more in line with empirical evidence on second IPOs. Results provide support to the conclusion that privatization IPOs tend to be less underpriced than standard IPOs and that firms coming back to the market for a second IPO tend to be less underpriced than pure IPOs and provide a good rating for the performance of the Portuguese Republic pricing stocks in the Portuguese privatization program.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125928523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Responding to a Forest Catastrophe: The Emergence of New Governance Arrangements in Southern California 应对森林灾难:南加州新治理安排的出现

ISRN Economics Pub Date : 2014-02-20 DOI: 10.1155/2014/982481

Brian Petersen, A. Wellstead

引用次数: 11

Technoeconomic and Policy Analysis for Corn Stover Biofuels 玉米秸秆生物燃料的技术经济和政策分析

ISRN Economics Pub Date : 2014-02-04 DOI: 10.1155/2014/515898

R. Petter, W. Tyner

引用次数: 44

Exchange Rate Volatility and Aggregate Exports: Evidence from Two Small Countries 汇率波动与总出口:来自两个小国的证据

ISRN Economics Pub Date : 2014-01-20 DOI: 10.1155/2014/839380

D. Serenis, Nicholas Tsounis

引用次数: 19

Impact of Formal Financial Market Participation on Farm Size and Expenditure on Variable Farm Inputs: The Case of Maize Farmers in Ghana 正规金融市场参与对农场规模和可变农业投入支出的影响:以加纳玉米种植户为例

ISRN Economics Pub Date : 2014-01-12 DOI: 10.1155/2014/329674

D. Awunyo-Vitor, R. Al-Hassan, D. Sarpong

引用次数: 9

Exchange Rate Determination and Forecasting: Can the Microstructure Approach Rescue Us from the Exchange Rate Disparity? 汇率决定与预测:微观结构方法能将我们从汇率差异中拯救出来吗?

ISRN Economics Pub Date : 2013-12-18 DOI: 10.1155/2013/724259

Guang-jia Zhang, Qiongchao Zhang, Muhammad Tariq Majeed

引用次数: 3

The Impact of Competition, Subsidies, and Taxes on Production and Construction Cost: The Case of the Swedish Housing Construction Market 竞争、补贴和税收对生产和建设成本的影响:以瑞典住房建设市场为例

ISRN Economics Pub Date : 2013-12-10 DOI: 10.1155/2013/868914

Abukar Warsame, R. Wigren, Mats Wilhelmsson, Zan Yang

{"title":"The Impact of Competition, Subsidies, and Taxes on Production and Construction Cost: The Case of the Swedish Housing Construction Market","authors":"Abukar Warsame, R. Wigren, Mats Wilhelmsson, Zan Yang","doi":"10.1155/2013/868914","DOIUrl":"https://doi.org/10.1155/2013/868914","url":null,"abstract":"Few empirical studies focus on developing data and analyses on the factors that influence the decision making process of builders, developers and landlords. Interest subsidy, taxes, and competition are some of the factors that can influence the level of construction or production costs and ultimately the price of the housing units produced. Different subsidy schemes and value-added taxes (VAT) have been used as tools to increase housing construction in Sweden. However, their effect on costs of the housing stock has not been rigorously examined in the current housing supply literature. The aim of this paper is to investigate the relationship between production and construction cost and its determinants especially their relationship to different subsidy schemes and value-added taxes. In our econometric analysis, we utilize a quarterly panel data that covers 1975–2004. Our results suggest that there is a positive relationship between subsidies and construction cost and inverse relationship to value added taxes. This could explain why few companies within the housing construction industry raise the cost of production since these companies could manage to transfer some of the tax burden from themselves to the housing developers. Paper goes on to discuss common practices of construction companies that affects production costs.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125277584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Fund-Raising Games Played on a Network 网络上的集资游戏

ISRN Economics Pub Date : 2013-11-17 DOI: 10.1155/2013/298595

A. Watts

{"title":"Fund-Raising Games Played on a Network","authors":"A. Watts","doi":"10.1155/2013/298595","DOIUrl":"https://doi.org/10.1155/2013/298595","url":null,"abstract":"It is well known among fund-raisers that many people contribute to charities or organizations only when asked and that large donations are more likely to occur as a fund-raiser increases the time spent soliciting and/or researching a potential donor. As fund-raisers can only spend time with research donors that they are aware of, the relationship (or links) between fund-raisers and donors is quite important. We model a fund-raising game where fund-raisers can only solicit donors whom they are tied to and analyze how this network influences donation requests. We show that if this network is incomplete and if donors experience extreme donor fatigue, then fund-raisers will spend more time soliciting donors that other fund-raisers are also tied to and less time soliciting donors that they are the only fund-raiser tied to. If instead donors experience mild donor fatigue, then fund-raisers prefer \u0000donors that they are the only fund-raiser tied to over donors that are shared with other fund-raisers. If donors are potential givers with no donor fatigue, then multiple equilibria may exist. Stochastic stability is used to refine the number of equilibria in this case, and conditions are given under which the unique stochastically stable equilibrium is efficient.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116045706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Efficiency of Demand Shocks in Order to Reduce Current Account Imbalances in the EMU 需求冲击的效率，以减少欧洲货币联盟的经常账户失衡

ISRN Economics Pub Date : 2013-11-07 DOI: 10.1155/2013/787352

S. Menguy

引用次数: 0

Lead, Follow or Cooperate? Sequential versus Collusive Payoffs in Symmetric Duopoly Games 领导、跟随还是合作?对称双寡头博弈中的顺序收益与合谋收益

ISRN Economics Pub Date : 2013-11-06 DOI: 10.1155/2013/645481

Marco A. Marini, Giorgio Rodano

引用次数: 2