A key distinction between some models of IPO pricing (e.g., auctions and bookbuilding) and others (e.g., fixed-priced models) is whether price discovery occurs in the primary market or the secondary market. We show that higher investment bank reputation is associated with 1) more active filing...

Asymmetric information models suggest that a borrower's choice of debt maturity depends on its private information about its default probabilities, i.e., borrowers with favorable information prefer short-term debt while those with unfavorable information prefer long-term debt. We test this...

We develop a model in which time-varying real investment opportunities lead to time-varying adverse selection in the market for initial public offerings. The model is consistent with several stylized facts known about the IPO market: economic expansions are associated with a dramatic increase in...

We develop a model in which time-varying real investment opportunities lead to time-varying adverse selection in the market for initial public offerings. The model is consistent with several stylized facts known about the IPO market: economic expansions are associated with a dramatic increase in...

The first essay uses a model of profit-maximizing hospitals to examine hospital responses to global budgeting in the forms of dumping and cost shifting. The main findings include: (1) Hospitals dump insured patients when the covered services are priced under costs. Whetherthe budget target is...

We put forward a quick clustering method for large numbers of data, with high dimensions, which is based on sensitive subspace consisting of the data set's sensitive dimensions. We first estimate the probability density of each dimension by the parzen window algorithm, enhance its optional...

Although access to quality education in rural China has expanded dramatically over the past 3 decades, significant disparities persist between ethnic minorities and the Han majority. This article compares the academic achievement and determinants of achievement of minority and Han students in...

We have examined the volatility and macroeconomic drivers of venture capital (VC) investments in the past 17 years from 1995 to 2011. We find that VC investments in the United States (US) by the total amount, by the number of deals, and by the average amount per deal are significantly affected...