The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which togethe...The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.展开更多
The literature on the development of industrial parks has often been neglected by the role of sustainability criteria for long-term prediction.The current study aimed to evaluate the relationship between industrial pa...The literature on the development of industrial parks has often been neglected by the role of sustainability criteria for long-term prediction.The current study aimed to evaluate the relationship between industrial park development and sustainability levels in Iran and Turkey from 1980 to 2019.Although many researchers have investigated the link between them in different geographical locations,there is no clear picture of the relationship as the results overall are contradictory.An autoregressive distributed lag(ARDL)model bounds testing panel data method with structural fractures was used to analyze the annual selected data to determine whether the development of industrial parks in Iran and Turkey has been successful.The ARDL model is special in that it incorporates sustainability criteria by role of industrial“parks”.The reasoning behind including this explanatory variable is to determine whether countries with industrial parks are more sustainable and to identify future development challenges.Theory suggests that developing industrial parks will eventually strengthen sustainability regulations and policy implementations based on environmental and economic issues.展开更多
Reasonable optimization of development well type is the prerequisite to realize the economic and effective development of coalbed methane(CBM).However,the existing CBM development well type optimization methods are di...Reasonable optimization of development well type is the prerequisite to realize the economic and effective development of coalbed methane(CBM).However,the existing CBM development well type optimization methods are disadvantageous in many aspects.CBM is a kind of typical unconventional natural gas resource,and its study focuses on single-well evaluation.In this paper,the assessment method and the evaluation index(EI)for CBM development well type optimization based on the long-run marginal cost(LRMC)were constructed on the basis of CBM characteristics from the perspective of economic feasibility.Then,the corresponding decision making criteria were established.Finally,this newly developed method was applied to the well-type optimization of different development blocks in two important CBM development basins in China.And the following research and application results were obtained.First,under the current technical and economic conditions,both directional well and horizontal well are economically feasible to the development of Block A in the Qinshui Basin and Block B in eastern margin of the Ordos Basin,and the economically optimal well type is a horizontal well in Block A and a directional well in Block B.Second,compared with single-well steady daily gas production and single-well investment,the evaluation results on the schemes of different well types present critical value,above which the economic benefit of different schemes are equivalent.Third,EI of different well types is affected by many factors,e.g.geological characteristic of gas reservoirs,single-well production profile,CBM selling price,investment and cost.Therefore,it is necessary to carry out dynamic analysis and update in time based on the change of various influential factors so as to ensure the rationality of decision-making.In conclusion,this newly developed method is intrinsically consistent with traditional evaluation methods,and it is more advantageous with strong operability,intuitive evaluation results and quick and accurate optimization of CBM development well types.展开更多
This paper analyzes the process of long-run co-movements and stock market globalization on the basis of cointegration tests and vector error correction (VEC) models. The cointegration tests used here allow for structu...This paper analyzes the process of long-run co-movements and stock market globalization on the basis of cointegration tests and vector error correction (VEC) models. The cointegration tests used here allow for structural breaks to be explicitly modeled and breakpoints to be computed on a relative-time basis. The data used in our empirical analysis were drawn from Datastream and comprise the natural logarithms of relative stock market indexes since 1973 for the G7 countries. The main results point to the conclusion that significant causal cointegration effects occur in this context and that there is a long-run relationship that governs the worldwide process of market integration. Globalization, however, is a complex adjustment process and in many cases there is only evidence of weak market integration which means that non-proportional price transmission occurs in the market along with proportional changes. The worldwide markets, as expected, appear to be driven in general by the US stock market.展开更多
目的:研究旨在调查孤独症男性青年动脉僵硬度现状,观察有长期运动的孤独症男性青年和无长期运动的非孤独症男性青年之间动脉僵硬度的差异,初步探讨长期跑步对孤独症男性青年动脉僵硬度的影响。方法:共招募33例孤独症男性患者和19例非孤...目的:研究旨在调查孤独症男性青年动脉僵硬度现状,观察有长期运动的孤独症男性青年和无长期运动的非孤独症男性青年之间动脉僵硬度的差异,初步探讨长期跑步对孤独症男性青年动脉僵硬度的影响。方法:共招募33例孤独症男性患者和19例非孤独症男性青年,分为孤独症运动组(autism exercise group,AE组)、孤独症对照组(autism control group,AC组)和普通对照组(peer control group,PC组)。孤独症患者和非孤独症受试者接受标准化的测试。结果:三组间颈股脉搏波传导速度(carotid-femoral pulse wave velocity,cfPWV)存在统计学差异;AE组的cfPWV值相比AC组显著性降低(P<0.001);AC组的cfPWV值相比PC组显著性增高(P<0.001)。结论:孤独症男性青年患心血管疾病的风险可能更大,但是长期跑步有益于孤独症男性青年动脉僵硬度的改善。展开更多
文摘The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.
基金funded by Key Project the National Social Science Foundation of China(No.22AZD052).
文摘The literature on the development of industrial parks has often been neglected by the role of sustainability criteria for long-term prediction.The current study aimed to evaluate the relationship between industrial park development and sustainability levels in Iran and Turkey from 1980 to 2019.Although many researchers have investigated the link between them in different geographical locations,there is no clear picture of the relationship as the results overall are contradictory.An autoregressive distributed lag(ARDL)model bounds testing panel data method with structural fractures was used to analyze the annual selected data to determine whether the development of industrial parks in Iran and Turkey has been successful.The ARDL model is special in that it incorporates sustainability criteria by role of industrial“parks”.The reasoning behind including this explanatory variable is to determine whether countries with industrial parks are more sustainable and to identify future development challenges.Theory suggests that developing industrial parks will eventually strengthen sustainability regulations and policy implementations based on environmental and economic issues.
基金supported by PetroChina Major Science&Technology Project“Study and application of key technologies for coalbed methane exploration and development”(No.:2017E-1407).
文摘Reasonable optimization of development well type is the prerequisite to realize the economic and effective development of coalbed methane(CBM).However,the existing CBM development well type optimization methods are disadvantageous in many aspects.CBM is a kind of typical unconventional natural gas resource,and its study focuses on single-well evaluation.In this paper,the assessment method and the evaluation index(EI)for CBM development well type optimization based on the long-run marginal cost(LRMC)were constructed on the basis of CBM characteristics from the perspective of economic feasibility.Then,the corresponding decision making criteria were established.Finally,this newly developed method was applied to the well-type optimization of different development blocks in two important CBM development basins in China.And the following research and application results were obtained.First,under the current technical and economic conditions,both directional well and horizontal well are economically feasible to the development of Block A in the Qinshui Basin and Block B in eastern margin of the Ordos Basin,and the economically optimal well type is a horizontal well in Block A and a directional well in Block B.Second,compared with single-well steady daily gas production and single-well investment,the evaluation results on the schemes of different well types present critical value,above which the economic benefit of different schemes are equivalent.Third,EI of different well types is affected by many factors,e.g.geological characteristic of gas reservoirs,single-well production profile,CBM selling price,investment and cost.Therefore,it is necessary to carry out dynamic analysis and update in time based on the change of various influential factors so as to ensure the rationality of decision-making.In conclusion,this newly developed method is intrinsically consistent with traditional evaluation methods,and it is more advantageous with strong operability,intuitive evaluation results and quick and accurate optimization of CBM development well types.
基金supported by FCT-Fundao para a Ciência e Tecnologia (PTDC/GES/73418/2006, PTDC/GES/70529/2006, and FCOMP-01-0124- FEDER-007350)
文摘This paper analyzes the process of long-run co-movements and stock market globalization on the basis of cointegration tests and vector error correction (VEC) models. The cointegration tests used here allow for structural breaks to be explicitly modeled and breakpoints to be computed on a relative-time basis. The data used in our empirical analysis were drawn from Datastream and comprise the natural logarithms of relative stock market indexes since 1973 for the G7 countries. The main results point to the conclusion that significant causal cointegration effects occur in this context and that there is a long-run relationship that governs the worldwide process of market integration. Globalization, however, is a complex adjustment process and in many cases there is only evidence of weak market integration which means that non-proportional price transmission occurs in the market along with proportional changes. The worldwide markets, as expected, appear to be driven in general by the US stock market.
文摘目的:研究旨在调查孤独症男性青年动脉僵硬度现状,观察有长期运动的孤独症男性青年和无长期运动的非孤独症男性青年之间动脉僵硬度的差异,初步探讨长期跑步对孤独症男性青年动脉僵硬度的影响。方法:共招募33例孤独症男性患者和19例非孤独症男性青年,分为孤独症运动组(autism exercise group,AE组)、孤独症对照组(autism control group,AC组)和普通对照组(peer control group,PC组)。孤独症患者和非孤独症受试者接受标准化的测试。结果:三组间颈股脉搏波传导速度(carotid-femoral pulse wave velocity,cfPWV)存在统计学差异;AE组的cfPWV值相比AC组显著性降低(P<0.001);AC组的cfPWV值相比PC组显著性增高(P<0.001)。结论:孤独症男性青年患心血管疾病的风险可能更大,但是长期跑步有益于孤独症男性青年动脉僵硬度的改善。
