Many researchers have concluded that longer life expectancies prompt increased investment in education,as a prolonged labor supply raises the rate of return on education.Besides explaining the empirical evidence behin...Many researchers have concluded that longer life expectancies prompt increased investment in education,as a prolonged labor supply raises the rate of return on education.Besides explaining the empirical evidence behind this conclusion(at an absolute level),there is another issue to be discussed:does time spent studying and working increase proportionally with higher longevity? Building on an extended life-cycle model,this paper shows that prolonged life expectancy will cause individuals to increase their time in education but may not warrant rises in labor input.Later we show that higher improvement rate of longevity rather than initial life expectancy will promote economic growth,even we exclude the mechanism of human capital formation,and only consider growth effects of higher improvement rate of life expectancy from physical capital investment.展开更多
稿件正文一律采用宋体五号,一级标题采用黑体四号。英文和数字一律采用Times New Roman五号。(一)稿件的第一页应提供以下信息:1.文章标题;2.所有作者姓名、单位、职称、职务、电话号码和电子邮件,并指明通讯作者及通讯地址;3.感谢语(...稿件正文一律采用宋体五号,一级标题采用黑体四号。英文和数字一律采用Times New Roman五号。(一)稿件的第一页应提供以下信息:1.文章标题;2.所有作者姓名、单位、职称、职务、电话号码和电子邮件,并指明通讯作者及通讯地址;3.感谢语(如有的话)及相关资助。展开更多
稿件正文一律采用宋体五号,一级标题采用黑体四号。英文和数字一律采用Times New Roman五号。(一)稿件的第一页应提供以下信息:1.文章标题;2.所有作者姓名、单位、职称、职务、电话号码和电子邮件,并指明通讯作者及通讯地址;3.感谢语(...稿件正文一律采用宋体五号,一级标题采用黑体四号。英文和数字一律采用Times New Roman五号。(一)稿件的第一页应提供以下信息:1.文章标题;2.所有作者姓名、单位、职称、职务、电话号码和电子邮件,并指明通讯作者及通讯地址;3.感谢语(如有的话)及相关资助。展开更多
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
基金the POS DOC Research Fund(Grant No. 05646997) which is sponsored by the Shorenstein AsiaPacific Research Center at Stanford University
文摘Many researchers have concluded that longer life expectancies prompt increased investment in education,as a prolonged labor supply raises the rate of return on education.Besides explaining the empirical evidence behind this conclusion(at an absolute level),there is another issue to be discussed:does time spent studying and working increase proportionally with higher longevity? Building on an extended life-cycle model,this paper shows that prolonged life expectancy will cause individuals to increase their time in education but may not warrant rises in labor input.Later we show that higher improvement rate of longevity rather than initial life expectancy will promote economic growth,even we exclude the mechanism of human capital formation,and only consider growth effects of higher improvement rate of life expectancy from physical capital investment.
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.
