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 literature on the development of industrial parks has often been neglected by the role of sustainability criteria for long-term prediction.The current study aimed to evaluate the relationship between industrial pa...The literature on the development of industrial parks has often been neglected by the role of sustainability criteria for long-term prediction.The current study aimed to evaluate the relationship between industrial park development and sustainability levels in Iran and Turkey from 1980 to 2019.Although many researchers have investigated the link between them in different geographical locations,there is no clear picture of the relationship as the results overall are contradictory.An autoregressive distributed lag(ARDL)model bounds testing panel data method with structural fractures was used to analyze the annual selected data to determine whether the development of industrial parks in Iran and Turkey has been successful.The ARDL model is special in that it incorporates sustainability criteria by role of industrial“parks”.The reasoning behind including this explanatory variable is to determine whether countries with industrial parks are more sustainable and to identify future development challenges.Theory suggests that developing industrial parks will eventually strengthen sustainability regulations and policy implementations based on environmental and economic issues.展开更多
This paper analyzes the process of long-run co-movements and stock market globalization on the basis of cointegration tests and vector error correction (VEC) models. The cointegration tests used here allow for structu...This paper analyzes the process of long-run co-movements and stock market globalization on the basis of cointegration tests and vector error correction (VEC) models. The cointegration tests used here allow for structural breaks to be explicitly modeled and breakpoints to be computed on a relative-time basis. The data used in our empirical analysis were drawn from Datastream and comprise the natural logarithms of relative stock market indexes since 1973 for the G7 countries. The main results point to the conclusion that significant causal cointegration effects occur in this context and that there is a long-run relationship that governs the worldwide process of market integration. Globalization, however, is a complex adjustment process and in many cases there is only evidence of weak market integration which means that non-proportional price transmission occurs in the market along with proportional changes. The worldwide markets, as expected, appear to be driven in general by the US stock market.展开更多
This work presents an advanced and detailed analysis of the mechanisms of hepatitis B virus(HBV)propagation in an environment characterized by variability and stochas-ticity.Based on some biological features of the vi...This work presents an advanced and detailed analysis of the mechanisms of hepatitis B virus(HBV)propagation in an environment characterized by variability and stochas-ticity.Based on some biological features of the virus and the assumptions,the corresponding deterministic model is formulated,which takes into consideration the effect of vaccination.This deterministic model is extended to a stochastic framework by considering a new form of disturbance which makes it possible to simulate strong and significant fluctuations.The long-term behaviors of the virus are predicted by using stochastic differential equations with second-order multiplicative α-stable jumps.By developing the assumptions and employing the novel theoretical tools,the threshold parameter responsible for ergodicity(persistence)and extinction is provided.The theoretical results of the current study are validated by numerical simulations and parameters estimation is also performed.Moreover,we obtain the following new interesting findings:(a)in each class,the average time depends on the value ofα;(b)the second-order noise has an inverse effect on the spread of the virus;(c)the shapes of population densities at stationary level quickly changes at certain values of α.The last three conclusions can provide a solid research base for further investigation in the field of biological and ecological modeling.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 funded by Key Project the National Social Science Foundation of China(No.22AZD052).
文摘The literature on the development of industrial parks has often been neglected by the role of sustainability criteria for long-term prediction.The current study aimed to evaluate the relationship between industrial park development and sustainability levels in Iran and Turkey from 1980 to 2019.Although many researchers have investigated the link between them in different geographical locations,there is no clear picture of the relationship as the results overall are contradictory.An autoregressive distributed lag(ARDL)model bounds testing panel data method with structural fractures was used to analyze the annual selected data to determine whether the development of industrial parks in Iran and Turkey has been successful.The ARDL model is special in that it incorporates sustainability criteria by role of industrial“parks”.The reasoning behind including this explanatory variable is to determine whether countries with industrial parks are more sustainable and to identify future development challenges.Theory suggests that developing industrial parks will eventually strengthen sustainability regulations and policy implementations based on environmental and economic issues.
基金supported by FCT-Fundao para a Ciência e Tecnologia (PTDC/GES/73418/2006, PTDC/GES/70529/2006, and FCOMP-01-0124- FEDER-007350)
文摘This paper analyzes the process of long-run co-movements and stock market globalization on the basis of cointegration tests and vector error correction (VEC) models. The cointegration tests used here allow for structural breaks to be explicitly modeled and breakpoints to be computed on a relative-time basis. The data used in our empirical analysis were drawn from Datastream and comprise the natural logarithms of relative stock market indexes since 1973 for the G7 countries. The main results point to the conclusion that significant causal cointegration effects occur in this context and that there is a long-run relationship that governs the worldwide process of market integration. Globalization, however, is a complex adjustment process and in many cases there is only evidence of weak market integration which means that non-proportional price transmission occurs in the market along with proportional changes. The worldwide markets, as expected, appear to be driven in general by the US stock market.
基金supported by the NSFC(12201557)the Foundation of Zhejiang Provincial Education Department,China(Y202249921).
文摘This work presents an advanced and detailed analysis of the mechanisms of hepatitis B virus(HBV)propagation in an environment characterized by variability and stochas-ticity.Based on some biological features of the virus and the assumptions,the corresponding deterministic model is formulated,which takes into consideration the effect of vaccination.This deterministic model is extended to a stochastic framework by considering a new form of disturbance which makes it possible to simulate strong and significant fluctuations.The long-term behaviors of the virus are predicted by using stochastic differential equations with second-order multiplicative α-stable jumps.By developing the assumptions and employing the novel theoretical tools,the threshold parameter responsible for ergodicity(persistence)and extinction is provided.The theoretical results of the current study are validated by numerical simulations and parameters estimation is also performed.Moreover,we obtain the following new interesting findings:(a)in each class,the average time depends on the value ofα;(b)the second-order noise has an inverse effect on the spread of the virus;(c)the shapes of population densities at stationary level quickly changes at certain values of α.The last three conclusions can provide a solid research base for further investigation in the field of biological and ecological modeling.
