The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both ...The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both a firm＇s age in years and its underlying characteristics, the authors confirm that bond market participation is generally restricted to large, mature firms. Summary statistics show that finns obtain their initial bond ratings on average 9.5 years after their equity initial public offering （IPO） and 11.8 years after initiating dividend payments. Growth rates, capital expenditures, and cash flow volatility all decline as the firm accesses public debt markets, consistent with entry into the mature phase of its life cycle. With respect to opportunistic timing, it is asked whether entry into public bond markets follows strong performance （or precedes weak performance） at both the firm and market levels. At the firm level, the authors find that the debt IPO occurs following periods of strong operating performance and high excess stock returns. At the market level, entry coincides with favorable interest rates and default spreads. The benefits of careful timing result in firms receiving initial bond ratings that are stronger than what would be predicted; however, there is no evidence of abnormal numbers of downgrades for these firms in subsequent years.展开更多
The process of the economic globalization that has increasingly made markets for goods and services, capital markets, and interdependent consumption patterns, is strongly linked to the current issue of the relationshi...The process of the economic globalization that has increasingly made markets for goods and services, capital markets, and interdependent consumption patterns, is strongly linked to the current issue of the relationship between marketing and territory. Marketing is usually described as a set of tools used by businesses to promote the exchange of goods and services produced in order to fully meet the demand of the community of the territory in which they operate. Therefore, to apply marketing to the territory, one needs to identify a set of rules for programming, evaluation, and promotion, in order to attract producers and consumers to an area, in which there are both tangible and intangible factors. The ability to create a development process is not only related to the possession of these factors, but also and above all to the ability to make them cohesive so that the area as a whole has more value than its individual components. In this paper, the authors show that it is not so much the actions carried out by local political institutions, but those of IKEA~ itself have contributed to the improvement of the area around Bari, where it has chosen to open a store.展开更多
Abstract. This paper examines the equilibrium existence of an overlapping generationsmodel with transaction costs. Moreover, we also show that if the equilibrium prices ofbuying equal those of selling the equilibrium ...Abstract. This paper examines the equilibrium existence of an overlapping generationsmodel with transaction costs. Moreover, we also show that if the equilibrium prices ofbuying equal those of selling the equilibrium allocations are pareto effiCient when the valueof the aggregate endowment at equilibrium price is finite.展开更多
文摘The authors examine a firm＇s decision to begin issuing debt in public bond markets and find that it is a function of both life cycle influences and opportunistic timing. Defining life cycle factors to encompass both a firm＇s age in years and its underlying characteristics, the authors confirm that bond market participation is generally restricted to large, mature firms. Summary statistics show that finns obtain their initial bond ratings on average 9.5 years after their equity initial public offering （IPO） and 11.8 years after initiating dividend payments. Growth rates, capital expenditures, and cash flow volatility all decline as the firm accesses public debt markets, consistent with entry into the mature phase of its life cycle. With respect to opportunistic timing, it is asked whether entry into public bond markets follows strong performance （or precedes weak performance） at both the firm and market levels. At the firm level, the authors find that the debt IPO occurs following periods of strong operating performance and high excess stock returns. At the market level, entry coincides with favorable interest rates and default spreads. The benefits of careful timing result in firms receiving initial bond ratings that are stronger than what would be predicted; however, there is no evidence of abnormal numbers of downgrades for these firms in subsequent years.
文摘The process of the economic globalization that has increasingly made markets for goods and services, capital markets, and interdependent consumption patterns, is strongly linked to the current issue of the relationship between marketing and territory. Marketing is usually described as a set of tools used by businesses to promote the exchange of goods and services produced in order to fully meet the demand of the community of the territory in which they operate. Therefore, to apply marketing to the territory, one needs to identify a set of rules for programming, evaluation, and promotion, in order to attract producers and consumers to an area, in which there are both tangible and intangible factors. The ability to create a development process is not only related to the possession of these factors, but also and above all to the ability to make them cohesive so that the area as a whole has more value than its individual components. In this paper, the authors show that it is not so much the actions carried out by local political institutions, but those of IKEA~ itself have contributed to the improvement of the area around Bari, where it has chosen to open a store.
基金the National Natural Science Foundation of China(79790130).
文摘Abstract. This paper examines the equilibrium existence of an overlapping generationsmodel with transaction costs. Moreover, we also show that if the equilibrium prices ofbuying equal those of selling the equilibrium allocations are pareto effiCient when the valueof the aggregate endowment at equilibrium price is finite.
