Motivations and performance of public to private transactions： An international study

This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.

The Cost of Financial Stability in Times of Crisis： The Case of Bulgaria

The global economic turmoil from 2008 inflicted permanent damage to EU economies and its impact is still strong. To address the problems and cope with the crisis, governments were forced to conduct anti-cyclical policies in different forms. In most countries, this resulted in a widening budget deficit and mounting government debt. Then, a raft of measures to deal with fiscal instability followed, which, however, restricted growth and had high economic and social costs. Bulgaria was among the EU Member States that turned fiscal discipline into a priority and was one of the few to manage, at least seemingly, to achieve satisfying results. The benefits that the country reaped are indisputable but the price it had to pay was too high. Many private sector companies faced insolvency, unemployment hit record highs, and important structural reforms were delayed.

A step metallogenetic model for gold deposits in the northwestern Shandong Peninsula, China

Based on our study of the nature and variation of mineralization-controlling faults in their deep extension and the spatial distribution of gold orebodies in the northwestern Shandong Peninsula (NSP), here we propose that the gold deposits in the Jiaojia gold belt are controlled by listric faults and the gold deposits in the NSP are controlled by extensional fault system. We also suggest that there is a multiple mineralization space in the deep part of the NSP gold belt. As steps or benches occur along the deep extention of the listric fault where its dipping angle changes from steep to gentle, a number of gold deposits are correspondingly distributed as a steplike pattern, which is named as a step metallogenetic model for gold deposits in the NSP. The gold deposits in Shandong Peninsula were formed in the Cretaceous when the crust in the region experienced extention and thinning following the strong collision between North China Plate and Yangtze Plate during the Triassic. Crust anataxis, fluid remobilization, and extention-detachement of the crust are the leading factors for the gold mineralization.

Characteristics of the genetic mineralogy of pyrite and its significance for prospecting in the Denggezhuang gold deposit,Jiaodong Peninsula,China

This paper reports the variation rules for the typomorphic parameters of the pyrite and the gold enrichment rules of the Denggezhuang quartz vein gold deposit at a large-depth scale, providing the mineral signs for deep prospecting prediction through detailed study of the characteristics of crystal＇ habits, chemical composition, the thermoelectricity of pyrites, and min- eralogical mapping. This paper primarily discusses the correlation between the mineralization intensity and the space-time evolution of the mineralogical parameters, clarifies the physicochemical conditions during gold mineralization, and provides information useful for deep mineralization prediction. We demonstrate that the crystal habits of the pyrites are very complex, primarily occurring as （ 100）, （210）, and their combinate form. （210） and （ 100）＋（210） have positive correlations with gold mineralization, and （ 100）＋（210） therefore can be useful for locating rich ore segments. The composition of pyrites is charac- teristically poor in S and rich in As. Their typical trace elements are composed of Mo, As, Pb, Cu, Bi, Zn, Au, Co, Se, Sb, Ag, Ni, Cr, and Te. The average contents of trace elements in pyrites from various stages show that the crystallizing temperature gradually decreased from an early stage to the metallogenic episodes. The precipitation and accumulation of Au and Ag occur primarily in the quartz-pyrite stage （III） and the polymetal minerals stage （IV）. The occurrence rate of P-type pyrites （P（%）） is 83.52%. There is a larger dispersion of the thermoelectrical coefficient of pyrite （a） in the Denggezhuang gold deposit than in other deposits in the Jiaodong Peninsula. The electrical conductivity assemblage of pyrites from I to V is characterized by P〉N〉P〉N〉P〉〉N〉P〉〉N〉P〉N, which is usually considered beneficial for mineralization. The relative contents of As＋Sb＋Se＋Te and Co＋Ni are closely correlated to P-type and N-type average values and their occurrence rates. According to the crystallizing temperature of pyrite, the mineralization intensity, and the denudation degree, the mineralization temperature of the Denggezhuang gold deposit is in the range of 150-322~C and is of a medium-low temperature. The orebody has already become denuded to the top-middle of the orebody, and the size of the orebody is larger than 900 m. Based on the vertical zon- ing of the thermoelectrical coefficients of pyrites and P-type pyrite mapping, it is suggested that the segment between -425 and -800 m may have exploration potential to the northeast of line 94 of the No. I2.2 orebody.

A Research on Path Optimization for Business Structure of Chinese Investment Banks

Chinese investment banks, as a part of the financial market, play an important role in the development of the national economy. With the development of financial market after China＇s entry into WTO, the investment banks confront with immensely international competition. Meanwhile, Chinese investment banks are facing with problems such as elementary business structure, small capitalization and faultiness of governance, which lead to their less competitive power. This article conducts research from the perspective of path optimization of business structure of investment banks. Through economic analysis of path optimization of business structure, we conclude path optimization of business structure of domestic investment banks will lay a solid foundation for enhancing their competitive power. Whereafter this article constructs optimized path for business structure of Chinese investment banks and analyzes the influence factors of the optimized path. At last, this article advises on how to enhance the business structure of Chinese investment banks.