Shadow banking, an informal, largely unregulated, financial market, has become increasingly important in China because the fact that it is largely unregulated can threaten the viability of the financial system. This study discusses various issues involved in Chinese shadow banking, including the...

This paper estimates the duration from offering to listing of Chinese A-share IPOs issued from 1994 to 2005. We firstly compare the effects of the two issuing systems on the length of this duration and find that the waiting time to listing has been shortened greatly after the Approval System is...

This paper focuses on detecting hot and cold IPO cycles in the Chinese A-share market using a Markov regime switching model. We introduce a set of observations to measure IPO activities, which include numbers of IPOs issued, levels of underpricing, market conditions and duration time from...

This paper analyses underpricing and short-run underperformance of the Chinese A-share IPOs from Mar, 2001 to 2005 when the new approval system was adopted. We find that the average market adjusted first-day return is 93.49% in this period, a more reasonable level when compared with those in...

This article discusses the initial public offerings (IPO) market in China and reviews the literature on IPO underpricing. A variety of reasons for underpricing are examined, including information asymmetry, ex ante uncertainty, signaling hypothesis, ownership dispersion, and market feedback....

Based on the Partial Distribution [F. Dai, 2001] and the theory of Development Power [F. Dai, 2004], this paper discusses the power model of relation between development power (DP) and productivity. The power model also supports the hypothesis [F. Dai, 2005] that there are three kinds of energy...

Traveling salesman problem is a fundamental combinatorial optimization model studied in the operations research community for nearly half a century, yet there is surprisingly little literature that addresses uncertainty and multiple objectives in it. A novel TSP variation, called uncertain...

Taking the grape theme sightseeing garden of Hebei Academy of Forestry Sciences for example, this article discusses the suitable edible and wine making cultivation varieties, vineyard frame and cultivation techniques in the grape theme sightseeing garden, from the perspective of planning and...