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
The X-ray low angle reflectivity measurement is used to investigate single and bilayer films to determine the parameters of nanometer-scale structures,three effectual methods are presented by using X-ray reflectivity ...The X-ray low angle reflectivity measurement is used to investigate single and bilayer films to determine the parameters of nanometer-scale structures,three effectual methods are presented by using X-ray reflectivity analysis to provide an accurate estimation of the nanometer film structures. The parameters of tungsten (W) single layer, such as the material density, interface roughness and deposition rate, were obtained easily and speedily. The base metal layer was introduced to measure the profiles of single low Z material film. A 0.3 nm chromium (Cr) film was also studied by low angle reflectivity analysis.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.
基金This work was supported by the National Natural Science Foun-dation of China(10435050,60378021)the National 863-804Sustentation Fund(2006AA12Z139)+2 种基金the Program for New Cen-tury Excellent Talents in University(NCET-04-037)the RoyalSociety,London(NC/China/16660)Tongji University scien-tific fund.
文摘The X-ray low angle reflectivity measurement is used to investigate single and bilayer films to determine the parameters of nanometer-scale structures,three effectual methods are presented by using X-ray reflectivity analysis to provide an accurate estimation of the nanometer film structures. The parameters of tungsten (W) single layer, such as the material density, interface roughness and deposition rate, were obtained easily and speedily. The base metal layer was introduced to measure the profiles of single low Z material film. A 0.3 nm chromium (Cr) film was also studied by low angle reflectivity analysis.
