This paper discusses evidence on the short-run and long-run performance of companies going public in many countries. Differences in average initial returns are analyzed in terms of binding regulations, contractual mechanisms, and the characteristics of the firms going public. The evidence suggests that the move in recent years by most East Asian countries to reduce regulatory interference in the setting of offering prices should result in less short-run underpricing in the 1990s than in the 1980s. Evidence is presented that companies successfully time their offerings for periods when valuations are high, with investors receiving low returns in the long-run. Implications for investors, issuers, and regulators are discussed.

Initial public offerings: International insights

机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希（Brian Bushee）的论文＂The influence of institutional investors on myopic R＆D investment behavior＂（机构投资者对企业短视研发投资行为的影响,以下简称Bushee（1998））进行评价并提出相关的建议和研究方向。

《The influence of institutional investors on myopic R＆D investment behavior》述评

China share issue privatization: the extent of its success☆

Value Maximization, Stakeholder Theory, and the Corporate Objective Function

Over the last 35 years, business failure prediction has become a major research domain within corporate finance. Numerous corporate failure prediction models have been developed, based on various modelling techniques. The most popular are the classic cross-sectional statistical methods, which have resulted in various ‘single-period’ or static models, especially multivariate discriminant models and logit models. To date, there has been no clear overview and discussion of the application of classic statistical methods to business failure prediction. Therefore, this paper extensively elaborates on the application of (1) univariate analysis, (2) risk index models, (3) multivariate discriminant analysis, and (4) conditional probability models in corporate failure prediction. In addition, because there is no clear and comprehensive analysis in the existing literature of the diverse problems related to the application of these methods to the topic of corporate failure prediction, this paper brings together all problem issues and enlarges upon each of them. It discusses all problems related to: (1) the classical paradigm (i.e. the arbitrary definition of failure, non-stationarity and data instability, sampling selectivity, and the choice of the optimisation criteria); (2) the neglect of the time dimension of failure; and (3) the application focus in failure prediction modelling. Further, the paper elaborates on a number of other problems related to the use of a linear classification rule, the use of annual account information, and neglect of the multidimensional nature of failure. This paper contributes towards a thorough understanding of the features of the classic statistical business failure prediction models and their related problems.

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35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems

The role of board gender and foreign ownership in the CSR performance of Chinese listed firms

An examination of the underpricing of initial public offerings in hong kong: 1980–90

The present study extends the international body of evidence on executive compensation by offering a novel account of the interaction of CEO gender with executive remuneration and firm performance in the Chinese market place. Examination of more than 10,000 firm-year observations, spanning the period 2000–2008, points to women making up around 4.4% of all CEOs in China's listed issuers. More tellingly, female CEO participation is on the rise and is considerably more visible in firms with private control. This result is consistent with Becker's (1957) proposition that competitive forces lessen discriminatory pressures. We surmise that the Chinese authorities’ attempts to promote gender-neutral hiring policies now appear subordinate to forces unleashed by China's burgeoning private sector. Female CEOs are also more likely to emerge in firms where at least one female director is present. However, the presence of international cross-listings does not materially raise CEO compensation or the likelihood of the CEO being female. In keeping with international norms, female CEOs receive less favourable compensation terms than their male counterparts. Finally, we find only limited evidence of a CEO gender–firm performance link.

http://vnxindex.com/assets/upload/images/pdf/1-s2.0-S0927538X12000625-main.pdf

CEO gender, executive compensation and firm performance in Chinese‐listed enterprises ☆

The failure of uk industrial firms for the period 1976–1984, logistic analysis and entropy measures

This paper has two purposes. The first purpose is to examine how far the results of Peel and Peel [4] are replicable on a different data set. For the bi-nomial models, we obtain approximately similar within sample results to those of Peel and Peel (approximately 90% predictive accuracy one year prior to failure, to 70% predictive accuracy three years prior to failure). For the multilogit models we also note similar results to those of Peel and Peel; high predictive accuracy for healthy firms and failing firms one year prior to failure, poor predictive accuracy for failing firms for data two or more years prior to failure. The second, and more important purpose of the paper is to examine the whole issue of dating failure in more depth. Although Peel and Peel admirably brought the technique of multilogit analysis to the problem of predicting failure, the issues involved with using it to date failure were given little discussion. We discuss the role of signal consistency across various years of data when dating failure and then examine, on a case by case basis, how well a decision-maker could date failure for the present data set. Whilst noting that the notion of signal consistency is far from straightforward, we conclude for the present data set that healthy firms seem to give consistent patterns of signals. We further conclude that whilst this is not generally true of failing firms, a decision-maker could adopt a rule of thumb that would allow the successful dating of failures that occur in the near future. For more distant failures, we find dating would be a far more haphazard process.

Paul B. McGuinness

Papers

The role of board gender and foreign ownership in the CSR performance of Chinese listed firms

An examination of the underpricing of initial public offerings in hong kong: 1980–90

CEO gender, executive compensation and firm performance in Chinese‐listed enterprises ☆

The failure of uk industrial firms for the period 1976–1984, logistic analysis and entropy measures

Multilogit approach to predicting corporate failure—Further analysis and the issue of signal consistency