Stock ownership and political behavior: evidence from demutualizations

A natural experiment in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to the stock market participation status of tens of thousands of people. We find the shock changed the way people vote in the affected areas, with a 10% increase in share-ownership rate being followed by a 1.3%–3.1% increase in right-of-center vote share. The institutional details and additional tests suggest that wealth, liquidity, and tax-related incentives cannot fully explain the results. A plausible explanation is that the associated increase in the salience of stock ownership causes a shift in voters’ attention

The Exit Rates of Liquidated Venture Capital Funds

Exit rates provide a simple yet practical measure for evaluating and benchmarking the performance of venture capital funds. We create a sample of 138 liquidated U.S. venture capital funds and investigate the outcomes of their 4,549 portfolio companies. We study exit rates, proportions of different exit routes, and their determinants. The median fund in our sample exited 19% of portfolio companies through an IPO, 7% through a sale of listed equity, and 23% through mergers or acquisitions. There exist, however, interesting differences between fund types: In particular, large funds and fund management firms have significantly higher exit rates

Why do some Chinese technology firms avoid ChiNext and go public in the US?

Some Chinese technology firms prefer to go public on US exchanges despite the launch of ChiNext as a NASDAQ-style board of the Shenzhen Stock Exchange in late 2009. Conventional hypotheses based on sales internationalization and issuing costs fail to explain this preference. Instead, our findings suggest the existence of a separating equilibrium in which small but profitable firms choose ChiNext and large firms backed by foreign venture capital prefer US exchanges as their IPO location. Our findings have broader implications for entrepreneurial finance in China. Policy suggestions are offered for increasing the number of foreign VC-backed IPOs on ChiNext

Mobiilidemonstraatiosovelluksen kehitysmenetelmä

Diplomityö tutkii mobiilidemonstraatiosovellusten kehitystä. Tutkimuksessa käydään läpi erilaiset osa-alueet, jotka liittyvät kehitysprosessiin. Mobiilidemonstraatiosovelluskehityksen osa-alueet ovat ohjelmistotuotteen elämänkaari, ohjelmistokehitysprosessi, teknologiat ja tekniikat. Tutkimuksen kautta luotu menetelmä määrittää mobiilidemonstraatiosovellukselle teknologiat ja tekniikat. Menetelmän tarkoitus on saavuttaa lopputulos, joka on laadullisesti vankka sovellusalusta ja ohjelmistojärjestelmä. Määritetyllä menetelmällä luotiin mobiilidemonstraatiosovellus, joka analysoitiin listalla kriteerejä. Sovellus oli kriteerien mukainen, tehden siitä sovellusalustan ja ohjelmistojärjestelmän. Sovelluksen onnistuminen tukee määriteltyä menetelmää

Diplomaatti lähihistorian tutkijana

Muistitieto on vakiinnuttanut asemansa historiantutkimuksen lähteenä. Ulkoministeriön pitkäaikainen valtiosihteeri ja suurlähettiläs Pertti Torstila palaa esseessään 1970-luvun Unkariin ja pohtii aikalaishavaintojen ja muistelmien merkitystä historiantutkimukselle

Why do Underwriters Charge Low Underwriting Fees for Initial Public Offerings in Taiwan?

In Taiwan, underwriting fees for initial public offerings (IPOs) are extremely low compared to fees in other countries. From 1989 to 1999, the average underwriting fee for IPOs in Taiwan is 0.99%-far below the regulatory limit. Although the Taiwanese underwriting industry is highly concentrated, underwriting fees do not cluster at any particular level. We examine the underwriting fee and income structure in Taiwan and find support for an incentive hypothesis. Underwriters have an incentive to charge lower underwriting fees when market demand for IPO shares increases and capital gains account for a larger portion of their total income. Copyright 2006 The Authors Journal compilation (c) 2006 Blackwell Publishing Ltd.