<p>The concept of grandstanding comes from Gompers (1996), in his article, he defined “to grandstand” as “to act or conduct oneself with a view to impressing onlookers”. The idea of grandstanding does not only apply solely to venture capital but also could apply to underwriters of IPOs industry as well.</p><p>IPOs activities provide huge revenues for underwriters, so underwriters compete with each other for IPO business. China’s stock market grows explosively after 2006, and it has the highest underpricing, as well as more and more underwriters have emerged recently, so our paper is constrained under Chinese stock market environment. We empirically examine whether inexperienced underwriters grandstand when they conduct IPOs in order to achieve more market shares, for example by deliberate underpricing or charging lower fee rates.</p><p>This study is conducted from the underwriter’s perspective. We use two kinds of reputation measurement methods to define “inexperienced” and “prestigious underwriters” and employ a quantitative approach to analyze the data. Evidence from a sample of 392 IPOs from June 19, 2006 to March 24, 2010 suggests that inexperienced underwriters do not have incentives to grandstand. The number of IPOs that underwriters have conducted and recent IPO performance do not always contribute to a gain of market share directly. Therefore, inexperienced underwriters do not provide more underpriced IPOs nor do they charge lower fee rates. Evidence also marginally supports that underwriters do not intend to conduct small offer sized IPOs.</p>

L'introduction en bourse, en anglais : Initial Public Offering (IPO), est une étape majeure de la vie d'une entreprise. Bien préparée et opportunément décidée, l'introduction permet non seulement de trouver des fonds propres supplémentaires et de diversifier les sources de financement de l'entreprise, mais aussi d'acquérir notoriété et crédibilité à l'échelle nationale et internationale. La recherche s'inscrit dans un vaste courant de pensée économique qui porte sur le corporate governance. Elle a pour objectif de présenter les introductions en bourse sur les différents segments de l'Euro.NM entre 1997 et 1999 et les compare à des opérations similaires réalisées sur le NASDAQ. Elle analyse aussi leurs coûts qui peuvent être divisés en coûts explicites et en coûts implicites. Les coûts explicites concernent la rémunération des intermédiaires financiers, les campagnes de communication, etc. ; ils représentent, en règle générale, moins de 1% de la capitalisation boursière des sociétés étudiées. La recherche s'intéresse particulièrement aux coûts implicites qui sont liés à la sous-évaluation des titres à l'introduction, c'est-à-dire la différence entre le cours d'équilibre et le prix payé par les investisseurs lors de l'introduction. Les modèles théoriques n'expliquent que très partiellement l'existence d'une telle sous-évaluation. La thèse aborde successivement quatre thématiques : (i) la sous-évaluation initiale des introductions en bourse ; (ii) la structure de propriété ; (iii) la liquidité de ces opérations et (iv) la performance boursière à long terme (à trois ans) après l'introduction en bourse. Nos résultats empiriques confirment et prolongent les résultats obtenus sur les marchés anglo-saxons. Ils peuvent se résumer à six points principaux : (1) la sous-évaluation des introductions en bourse sur l'Euro.NM est en moyenne plus forte que celle des opérations équivalentes réalisées sur le NASDAQ ; (2) les actionnaires d'origine des sociétés de l'Euro.NM jouent un rôle plus important dans l'introduction en bourse en proposant plus de titres que ceux du NASDAQ ; (3) les marchés financiers ajustent les erreurs d'évaluation dès le premier jour de cotation ; (4) la sous-évaluation initiale d'une offre d'introduction peut aider à stabiliser la structure de propriété après l'introduction : cela signifie que les gros investisseurs sont discriminés dans le processus d'allocation du capital ; (5) une dégradation est observée dans la performance des entreprises étudiées du NASDAQ tandis que, sur notre échantillon Euro.NM, on note une performance boursière à long terme significativement positive ; finalement, (6) il ressort que les entreprises dont « la part détenue » par les actionnaires d'origine dans le capital est la plus importante semblent ne pas présenter de meilleures performances à long terme par rapport aux autres.

The concept of grandstanding comes from Gompers (1996), in his article, he defined “to grandstand” as “to act or conduct oneself with a view to impressing onlookers”. The idea of grandstanding does not only apply solely to venture capital but also could apply to underwriters of IPOs industry as well. IPOs activities provide huge revenues for underwriters, so underwriters compete with each other for IPO business. China’s stock market grows explosively after 2006, and it has the highest underpricing, as well as more and more underwriters have emerged recently, so our paper is constrained under Chinese stock market environment. We empirically examine whether inexperienced underwriters grandstand when they conduct IPOs in order to achieve more market shares, for example by deliberate underpricing or charging lower fee rates. This study is conducted from the underwriter’s perspective. We use two kinds of reputation measurement methods to define “inexperienced” and “prestigious underwriters” and employ a quantitative approach to analyze the data. Evidence from a sample of 392 IPOs from June 19, 2006 to March 24, 2010 suggests that inexperienced underwriters do not have incentives to grandstand. The number of IPOs that underwriters have conducted and recent IPO performance do not always contribute to a gain of market share directly. Therefore, inexperienced underwriters do not provide more underpriced IPOs nor do they charge lower fee rates. Evidence also marginally supports that underwriters do not intend to conduct small offer sized IPOs.

This thesis establishes the basic images of the gazelle in ancient Egyptian art and their meaning. A chronological overview of the categories of material featuring gazelle images is presented as a background to an interpretation. An introduction and review of the characteristics of the gazelle in the wild are presented in Chapters 1-2. The images of gazelle in the Predynastic material are reviewed in Chapter 3, identifying the desert hunt as the main setting for gazelle imagery. Chapter 4 reviews the images of the gazelle in the desert hunt scenes from tombs and temples. The majority of the motifs characteristic for the gazelle are found in this context. Chapter 5 gives a typological analysis of the images of the gazelle from offering processions scenes. In this material the image of the nursing gazelle is given particular importance. Similar images are also found on objects, where symbolic connotations can be discerned (Chapter 6). References to healing and regeneration are found, particularly in relationship to the context of the objects. The gazelle is found in a divine context in a limited material (Chapter 7). A discussion of these sources sees a focus on the gazelle as representative for the desert mountains as the setting for death and rebirth. This relates to the gazelle as a feminine image with a connection to the models of female divinity (Chapter 8).

The concept of value visualization is concerned with the way that firms communicate and demonstrate the value of their product-service systems (PSS), both internally and externally. In this chapter, a visualization strategy framework for PSS development is proposed. It is particularly tailored for industrial companies that are strategically shifting from selling products to becoming providers offering PSS. Value visualization strategies have traditionally focused on external sales activities. However, companies need to have a broader approach to visualization in all PSS development phases, as well as including different visualization techniques. Furthermore, different visualization strategies are needed for each particular development stage of the PSS. Companies need be able to make use of several different visualization strategies, depending on the actual content of the product-service system and its position in the development process. Whereas the product development process is rather heavy at the back, successful PSS development projects with high levels of service need to be heavy at the front (that is, they need to not only develop the system but also ensure its rollout). Examples are provided from eight market-leading companies in different industries, each of which are undertaking a strategic shift from identifying as product sellers toward becoming providers offering PSS. To conclude, value visualization has become vital for winning new contracts and retaining existing ones. It is therefore a strategic resource that managers need to pay attention to, and continuously develop, in order to compete with PSS offerings. / <p>Original Publication: Christian Kowalkowski and Daniel Kindström, Value visualization strategies for PSS development, 2009, Chapter in: Introduction to Product/Service-System Design, 159-182, Eds T. Sakao and M. Lindahl. http://dx.doi.org/10.1007/978-1-84882-909-1_8 Copyright: Springer http://www.springerlink.com/</p>

Using 196 reverse leveraged buyout (RLBO) transactions between 1981 and 2006, I examine the operational benefits to leveraged buyouts (LBO). Operational drivers of firm value are defined as: increases in gross profits, operating income, return on assets, net income, working capital management, and cash flow generation. Initial analysis supports the literature of minimal deterioration of post-IPO performance. Where most studies analyze RLBOs as a whole, I find that when broken into top and bottom performance group pre-IPO, data show performance increases for bottom performers and performance decreases for top performers. Top performing firms pre-IPO lose up to 50% of industry adjusted performance by five years after going public, consistent with the hypothesis that LBO structures increase efficiency.

Title How do sensory cues and trust affect the customer experience?, A study on the relationships between sensory cues, trust and experience in the Swedish nightclub industry Author Miralem Hasanovic Tutor Soniya Billore Examiner Sarah Philipson Course Marketing Master Programme, Advanced, Spring 2013, Master thesis, 30 ETCS Keywords Experience, Trust, Sensory Marketing, Sensory Cues in Offering Experiences, Nightclubs, Five Senses, Swedish restaurant industry. Purpose Purpose is to investigate the relationships between sensory marketing, trust and experience in nightclubs. Theory Sensory cues in offering experiences, Trust, Experiences. Method Mixed method approach/ Sequenced method 14 observations 7 interviews with companies 102 answers in a survey Findings Visual cues affect the experience mostly positive. Audio cues affect the experience both positive and negative, depending on other aspects as the possibility to escape the loud sound. Touch cues affect the experience mostly negative, which is possible to alter through interior and design. Scent cues are not affecting the industry as for the moment and there is a big gap to fill in here for the industry. Taste cues seem not to matter as much as the other cues. Trust is inflicting experience through expectation and fulfillment of promise. There is a weak (or least enough) correlation of trust and positive experience in nightclubs. Violence does not affect trust considerably towards a nightclub

This study is based on an interest in trying to understand what is needed to ensure that students actually learn in a learning object, in this study equations. Algebra is an area of mathematics in several studies proved to be a stumbling block for many students. Using letters in mathematis is difficult for most students according to research reports and it is also consistent with my own experince as a teacher. The purpose of this study was to seek answers to what in the lesson content and also during the interview that allowed the students to learn more about the learning object. Based on students' prior knowledge and the difficulties students might have with the learning object and the offer of learning, I try to get an answer to what might have contribut the students to developed knowledge of the learning object. This qualitative study is based on a variation theory perspective. The two students who participated in the study attended the same class in high school. By using the theory of variation patterns, it made it possible for me to describe how students learn new things about the learning object, equations. To gain insight into how the students solved the data and developed new knowledge, I had the lesson content and their statements in the interviews to help me understand the difficulties in solving the equtionatask and what in the lessons that have contributed to new knowledge. The results show that pupils' understanding and difficulties in learning objects are relevant to how they can perceive, discern and assimilate new knowledge. One student was able to experience learning from their prior knowledge and assimilate what he had to develop in the variety in the offer of learning. The offered learning did not give the second student the same opportunity. The results indicates that the knowledge of students' prior knowledge, the difficulties the learning object can create and students' own narrative, I argue on the basis of the study'sresults, it is important knowledge for every teacher to be aware of befor the presentation of the lesson if it will give every student opportunities to learn.

Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this study, we expect to find out the relationship between Taiwan's underwriter IPOs market share and some related factors. Then offer issuer, underwriter and investor the conclusion as reference. The IPOs samples are selected during the period 1991 through 2000 in Taiwan. There are 475 newly issued firms in this period. We subtract some incomplete data samples and bank samples.There are 247 IPOs samples in our regression model. Although underwriter IPOs market share is less significantly impacted by IPOs offer price , results imply that when offer price is too low,this would damage issuer's benefit and lead to underwriter IPOs market share decrease. When offer price is too high, this would damage investor's benefit and just lightly lead to underwriter IPOs market share decrease. Results show that there is no industry specialization in Taiwan's underwriter industry. Although underwriter IPOs market share is less significantly impacted by IPOs one year performance,results imply that when underwriter market higher one year return IPOs, this would attract more investors and lead to underwriter IPOs market share increase.Results show that underwriter IPOs market share is significantly impacted by nderwriter's asset and age. The underwriter with larger asset and larger age gains more IPOs market share.

Projekto tikslas - pagelbėti darbo biržos darbuotojams organizuoti teikiamų paslaugų kokybės vertinimo tyrimus, kaupti apklausos duomenis, juos analizuoti. Apklausų internetu lankstumas, pasiekiamumas ir interaktyvumas sukuria idealią tyrimų vykdymo formą, kuri pasižymi savo sparta ir minimaliomis sąnaudomis. Tuo tikslu poralas sukurtas pasinaudojant HTML, PHP + MySQL derinius. Šių technologijų populiarumas, bei funkcionalumas, optimaliausiais išpsrendė užsibrėžtus uždavinius. Atlikus eksperimentą, paaiškėjo, sukurto darbo biržos klientams teikiamų paslaugų tyrimo ir vertinimo portalo svarba bei praktinė nauda. Sukurtas portalas tenkina pagrindinius vartotojų pageidavimus. / The aim of project is to help the assistants of labour exchange to organise the evaluation research of quality service, to collect survey facts and its analysis. The flexibility, reach and interactivity of internet survey create ideal form of implementation research, which characterized its quickness and minimal input. To that end portal is created using combinations of HTML, PHP+MySQL. Its popularity and functional of technology set optimal tasks. The conducted experiment has confimed the importance and practical benefit of the created offering services for research and estimation portal to clients of labour exchange. The created portal meets the major user requests and characterizes features: simplicity, reliability, efectiveness, easy exploitation, intuitively comprehensible user and clearness.