Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing...Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing has become a major challenge for China's securities market.Methods:In this paper,using behavioral finance theory and game theory,we build the Initial public offering(IPO)pricing and underpricing models with investors’heterogeneity based on different issuing mechanisms and provide a comparative analysis.Results:Firstly,our models show that IPO underpricing will not be eliminated by using either fixed-price or bookbuilding mechanisms,but when the investors’heterogeneity expectation is the same,lower IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price.Secondly,the IPO underpricing may be larger than that under fixed price if the heterogeneity of investors under bookbuilding is larger than that under fixed price.Thirdly,the numerical analysis results provide strong support for our model.Conclusions:These findings further explains the cause of the high IPO underpricing long-standing in China.展开更多
Inventory control is one of the most important business processes during the operation of a trading or manufacturing company as it relates to purchases,sales and logistic activities.In order to have clear inventory ma...Inventory control is one of the most important business processes during the operation of a trading or manufacturing company as it relates to purchases,sales and logistic activities.In order to have clear inventory management,a company should not only focus on logistic management but also on sales and purchase management. Commonly,we think of the warehouse as the most important component of inventory management and the accounting department is responsible for the inventory management. However,inventory control is not only the responsibility of the accounting department and the warehouse,but also the responsibility of the entire organization.Actually,there are many departments involved in the inventory control process,such as sales,purchasing, production,logistics and accounting.All these departments must work together in or- der to achieve effective inventory controls.展开更多
基金supports from National Natural Science Foundation of China(71361005)。
文摘Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing has become a major challenge for China's securities market.Methods:In this paper,using behavioral finance theory and game theory,we build the Initial public offering(IPO)pricing and underpricing models with investors’heterogeneity based on different issuing mechanisms and provide a comparative analysis.Results:Firstly,our models show that IPO underpricing will not be eliminated by using either fixed-price or bookbuilding mechanisms,but when the investors’heterogeneity expectation is the same,lower IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price.Secondly,the IPO underpricing may be larger than that under fixed price if the heterogeneity of investors under bookbuilding is larger than that under fixed price.Thirdly,the numerical analysis results provide strong support for our model.Conclusions:These findings further explains the cause of the high IPO underpricing long-standing in China.
文摘Inventory control is one of the most important business processes during the operation of a trading or manufacturing company as it relates to purchases,sales and logistic activities.In order to have clear inventory management,a company should not only focus on logistic management but also on sales and purchase management. Commonly,we think of the warehouse as the most important component of inventory management and the accounting department is responsible for the inventory management. However,inventory control is not only the responsibility of the accounting department and the warehouse,but also the responsibility of the entire organization.Actually,there are many departments involved in the inventory control process,such as sales,purchasing, production,logistics and accounting.All these departments must work together in or- der to achieve effective inventory controls.
