Massey University College of Business Research Paper Series最新文献

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Partial Adjustment Towards Target Capital Structure: Evidence from New Zealand 目标资本结构的部分调整:来自新西兰的证据
Massey University College of Business Research Paper Series Pub Date : 2010-07-15 DOI: 10.2139/ssrn.1640324
David J. Smith, Jianguo Chen, H. Anderson
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引用次数: 17
Venture Capital Financing, Patenting, and Long-Run Performance of Private Acquisitions 风险资本融资、专利和私人收购的长期绩效
Massey University College of Business Research Paper Series Pub Date : 2010-03-15 DOI: 10.2139/ssrn.1629226
S. Fabrizi, S. Lippert, Pehr‐Johan Norbäck, L. Persson
{"title":"Venture Capital Financing, Patenting, and Long-Run Performance of Private Acquisitions","authors":"S. Fabrizi, S. Lippert, Pehr‐Johan Norbäck, L. Persson","doi":"10.2139/ssrn.1629226","DOIUrl":"https://doi.org/10.2139/ssrn.1629226","url":null,"abstract":"Our model reconciles seemingly contradictory empirical evidence on venture capital activity. Despite the venture capital-backed companies' superior long-run performance, stock markets react more negatively to their acquisitions than to other private acquisitions. Moreover, venture capital intensive industries show higher patent count, but not higher total factor productivity growth. We explain both contradictions through the venture capitalists' incentive to signal their companies' value prior to exiting. Such incentives increase their companies' investments, patenting, and performance; but inflate investment costs and acquisition prices. We generate novel testable predictions for the interaction of patent law, early-stage financing, and long-run performance of private acquisitions.","PeriodicalId":340905,"journal":{"name":"Massey University College of Business Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121202891","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
Performance and Characteristics of Acquiring Firms in the Chinese Stock Markets 中国股票市场并购企业的绩效与特征
Massey University College of Business Research Paper Series Pub Date : 2009-02-12 DOI: 10.2139/ssrn.1352131
J. Chi, Qian Sun, M. Young
{"title":"Performance and Characteristics of Acquiring Firms in the Chinese Stock Markets","authors":"J. Chi, Qian Sun, M. Young","doi":"10.2139/ssrn.1352131","DOIUrl":"https://doi.org/10.2139/ssrn.1352131","url":null,"abstract":"We investigate acquiring firms of 1148 M&A in the two Chinese stock markets. Using the market model, the CAPM model and the buy-and-hold method, we find significantly positive abnormal returns before (6Â months) and upon M&A announcements, while the long-run abnormal returns (6Â months) after M&A are insignificant. Cash is the dominant payment method and the competition during M&A is low. The cross-sectional analysis shows that the political advantages of acquiring firms have a significantly positive impact on the acquirers' performance, while the economic advantages do not. Finally, cross-provincial M&A and better corporate governance create value to acquiring firms.","PeriodicalId":340905,"journal":{"name":"Massey University College of Business Research Paper Series","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127734884","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: 81
A Network Theory of Financial Cascades 金融级联的网络理论
Massey University College of Business Research Paper Series Pub Date : 2008-07-29 DOI: 10.2139/ssrn.1184604
Michael J. Naylor, L. Rose, B. Moyle
{"title":"A Network Theory of Financial Cascades","authors":"Michael J. Naylor, L. Rose, B. Moyle","doi":"10.2139/ssrn.1184604","DOIUrl":"https://doi.org/10.2139/ssrn.1184604","url":null,"abstract":"International financial markets instability, as exhibited by persistent periodic crises, is a concern for all market participants. This paper presents an alternative theory of financial crises using recent developments in network theory. Simulation is used to apply the theory to short-term currency crises. The simulated model, despite being parsimonious, is capable of generating non-Gaussian complex outcomes, including cascades. Crisis dynamics are shown to be predominately generated by the pattern of inter-agent linkages and agent characteristics. We conclude use of agent-based complex network models will improve understanding of the dynamics of market crises and should form part of financial dynamic analysis. While periodic crises may be inevitable, we argue market participants may be able to use knowledge of topology to reduce losses from future crises.","PeriodicalId":340905,"journal":{"name":"Massey University College of Business Research Paper Series","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129080207","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: 3
The Media and an Informed Electorate - An Economist's Perspective 媒体与知情选民——一个经济学家的视角
Massey University College of Business Research Paper Series Pub Date : 2008-07-09 DOI: 10.2139/SSRN.1156121
K. S. Birks
{"title":"The Media and an Informed Electorate - An Economist's Perspective","authors":"K. S. Birks","doi":"10.2139/SSRN.1156121","DOIUrl":"https://doi.org/10.2139/SSRN.1156121","url":null,"abstract":"The media make an important contribution to the public's understanding of policy issues. They are therefore important contributors to the workings of a democracy. Economic theory provides powerful tools for analysing markets. These include specification of a theoretical 'ideal' market and identification of possible market distortions or 'failures'. This theory also provides frameworks for understanding possible policy interventions to address these failures, including explanations of their effects. This paper presents a theoretical economic structure for news media markets as providers of information on policy issues. Conceptually, it could be imagined that there are markets operating for the purchase and sale of information through newspapers, television and radio. Sufficient conditions are suggested for such markets to work in an ideal manner. This is contrasted to actual news media markets, identifying six possible market failures and associated policy interventions (including public provision). In part, this discussion may help to explain current policies on the news media, both in terms of why they have been introduced and how they may work. In addition, they may indicate the thinking underpinning the decisions to introduce the policies, why those interventions were selected. If the theory is relevant, this gives a useful structure for understanding and influencing the news media. If the theory is not relevant due to misrepresenting the actual operation of the news media, others may be able to see flaws in the reasoning. Economists could then take note of these errors to improve their understanding and resulting policy recommendations.","PeriodicalId":340905,"journal":{"name":"Massey University College of Business Research Paper Series","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114936099","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
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