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
企业环境、社会和治理(environmental,social and governance,ESG)实践中普遍存在的漂绿现象引起了学术界的广泛关注。然而,现有研究对于企业如何策略性调整其ESG漂绿行为尚缺乏充分探讨。基于财务目标和ESG要素密切关联的理论逻辑,以2...企业环境、社会和治理(environmental,social and governance,ESG)实践中普遍存在的漂绿现象引起了学术界的广泛关注。然而,现有研究对于企业如何策略性调整其ESG漂绿行为尚缺乏充分探讨。基于财务目标和ESG要素密切关联的理论逻辑,以2009—2022年A股上市公司为研究样本,实证检验了财务绩效期望落差持续性对企业ESG漂绿行为的影响。研究发现,绩效期望落差持续性与企业ESG漂绿之间存在U型曲线关系,即随着绩效期望落差持续时间的延长,企业ESG漂绿程度呈现先下降后上升的非线性变化趋势。进一步分析发现,重污染行业对合法性压力的敏感性和管理层机会主义倾向会使上述U型曲线变得更加陡峭,而绿色投资者监督和冗余资源则会使上述U型曲线变得更加平缓。研究结果表明,持续性的绩效期望落差会触发企业ESG行为选择从真善战略切换到伪善策略的开关,揭示了“穷则独善其身”和“穷则伪善其身”的双重内涵,不仅拓展了绩效反馈理论的应用场景,也为深入理解ESG理念加速融入中国式现代化进程背景下的企业行为和策略选择提供了新的见解。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
Financial inclusion has recently emerged as an important pillar for sustainable economic growth,poverty eradication,and social transformation globally.While the effects of institutional quality on financial inclusion ...Financial inclusion has recently emerged as an important pillar for sustainable economic growth,poverty eradication,and social transformation globally.While the effects of institutional quality on financial inclusion have been widely investigated,their long-term effects have largely been underexplored,particularly for the Asia–Pacific region.We are especially interested in these long-term effects because institutional reforms require time for implementation and their impacts on various socioeconomic issues are only gradually observed.This paper has developed a new index of institutional quality for countries in the Asia–Pacific region from 2004 to 2020 using the principal component analysis.We estimate the long-term effects of institutional quality on financial inclusion using long-term estimators,including the augmented mean group and the common correlated effects mean group estimators.In our study,institutional quality is proxied by the new index developed in this paper and then by each of the five fundamental aspects of institutional quality:(i)business freedom,(ii)regulatory quality,(iii)investment freedom,(iv)government effectiveness,and(v)the rule of law.We find that improved institutional quality is fundamental to achieving financial inclusion in the region.These effects are particularly prominent in high-income countries in the Asia–Pacific region.However,a closer look at these long-term effects reveals that this effect is conditional on the income level.Interestingly,this long-term effect can be established for high-income countries such as Australia and Japan but not for Singapore.In addition,in the case of middle-income countries,the long-term effect can be confirmed for countries such as Malaysia,Indonesia,and the Philippines but not for Thailand and Vietnam.Our results show that institutional reform,albeit very important,should not be considered the only fundamental pillar ensuring financial inclusion,sustainable economic growth,and social transformation in the long run.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.
文摘企业环境、社会和治理(environmental,social and governance,ESG)实践中普遍存在的漂绿现象引起了学术界的广泛关注。然而,现有研究对于企业如何策略性调整其ESG漂绿行为尚缺乏充分探讨。基于财务目标和ESG要素密切关联的理论逻辑,以2009—2022年A股上市公司为研究样本,实证检验了财务绩效期望落差持续性对企业ESG漂绿行为的影响。研究发现,绩效期望落差持续性与企业ESG漂绿之间存在U型曲线关系,即随着绩效期望落差持续时间的延长,企业ESG漂绿程度呈现先下降后上升的非线性变化趋势。进一步分析发现,重污染行业对合法性压力的敏感性和管理层机会主义倾向会使上述U型曲线变得更加陡峭,而绿色投资者监督和冗余资源则会使上述U型曲线变得更加平缓。研究结果表明,持续性的绩效期望落差会触发企业ESG行为选择从真善战略切换到伪善策略的开关,揭示了“穷则独善其身”和“穷则伪善其身”的双重内涵,不仅拓展了绩效反馈理论的应用场景,也为深入理解ESG理念加速融入中国式现代化进程背景下的企业行为和策略选择提供了新的见解。
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Ho Chi Minh City Open University,E2021.04.1,Duc Vo。
文摘Financial inclusion has recently emerged as an important pillar for sustainable economic growth,poverty eradication,and social transformation globally.While the effects of institutional quality on financial inclusion have been widely investigated,their long-term effects have largely been underexplored,particularly for the Asia–Pacific region.We are especially interested in these long-term effects because institutional reforms require time for implementation and their impacts on various socioeconomic issues are only gradually observed.This paper has developed a new index of institutional quality for countries in the Asia–Pacific region from 2004 to 2020 using the principal component analysis.We estimate the long-term effects of institutional quality on financial inclusion using long-term estimators,including the augmented mean group and the common correlated effects mean group estimators.In our study,institutional quality is proxied by the new index developed in this paper and then by each of the five fundamental aspects of institutional quality:(i)business freedom,(ii)regulatory quality,(iii)investment freedom,(iv)government effectiveness,and(v)the rule of law.We find that improved institutional quality is fundamental to achieving financial inclusion in the region.These effects are particularly prominent in high-income countries in the Asia–Pacific region.However,a closer look at these long-term effects reveals that this effect is conditional on the income level.Interestingly,this long-term effect can be established for high-income countries such as Australia and Japan but not for Singapore.In addition,in the case of middle-income countries,the long-term effect can be confirmed for countries such as Malaysia,Indonesia,and the Philippines but not for Thailand and Vietnam.Our results show that institutional reform,albeit very important,should not be considered the only fundamental pillar ensuring financial inclusion,sustainable economic growth,and social transformation in the long run.
