The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） w...The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.展开更多
通过纤维小体产生菌Clostridium thermocellum ATCC 27405与产溶剂菌Clostridium beijerinckii NCIMB 8052的偶联培养,直接从木质纤维原料厌氧发酵生产丁醇。首先考察C.thermocellum在60℃下对玉米棒芯的降解情况,初始玉米棒芯浓度为50 ...通过纤维小体产生菌Clostridium thermocellum ATCC 27405与产溶剂菌Clostridium beijerinckii NCIMB 8052的偶联培养,直接从木质纤维原料厌氧发酵生产丁醇。首先考察C.thermocellum在60℃下对玉米棒芯的降解情况,初始玉米棒芯浓度为50 g L-1。分阶段控制发酵pH,并在指数生长期内间歇补给55 g L-1玉米棒芯,C.thermocellum 120h内降解94.3 g L-1玉米棒芯,发酵上清液经稀硫酸水解后,测得总还原糖含量为37.4 g L-1,其中戊糖含量24.8 g L-1,葡萄糖含量5.28 g L-1。进一步研究C.thermocellum和C.beijerinckii偶联发酵,利用玉米棒芯生产总溶剂(丙酮、丁醇、乙醇)浓度达16.0 g L-1,其中丁醇产量高达8.75 g L-1。研究结果表明:该偶联发酵体系无须添加外源纤维素酶,并能同时发酵己糖和戊糖,具有实现生物燃料低成本生产的潜力。展开更多
文摘The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.
文摘通过纤维小体产生菌Clostridium thermocellum ATCC 27405与产溶剂菌Clostridium beijerinckii NCIMB 8052的偶联培养,直接从木质纤维原料厌氧发酵生产丁醇。首先考察C.thermocellum在60℃下对玉米棒芯的降解情况,初始玉米棒芯浓度为50 g L-1。分阶段控制发酵pH,并在指数生长期内间歇补给55 g L-1玉米棒芯,C.thermocellum 120h内降解94.3 g L-1玉米棒芯,发酵上清液经稀硫酸水解后,测得总还原糖含量为37.4 g L-1,其中戊糖含量24.8 g L-1,葡萄糖含量5.28 g L-1。进一步研究C.thermocellum和C.beijerinckii偶联发酵,利用玉米棒芯生产总溶剂(丙酮、丁醇、乙醇)浓度达16.0 g L-1,其中丁醇产量高达8.75 g L-1。研究结果表明:该偶联发酵体系无须添加外源纤维素酶,并能同时发酵己糖和戊糖,具有实现生物燃料低成本生产的潜力。
