This paper studies the pricing of IPOs in the Indian context. The paper also examines whether the introduction of Bookbuilding has an impact on IPO pricing. The results suggest that IPO are underpriced. The results also suggest that bookbuilt IPOs show lower amount of underpricing than fixed price issues,. A more detailed study suggests that it has to do more with the size of the issue than the issue process. The paper also suggests a model, which demonstrates that IPO underpricing is unavoidable in a market with information asymmetry. The model predicts that the underpricing is more severe in case of smaller size issues. This is consistent with the empirical findings.

This paper reviews the two most important papers of contemporary banking theories: Contemporary Banking Theory (Bhattacharya et al 1993) and Theories of the Banking Firm: A Review of the Literature (Swank 1996), which focus on dealing with the question of why banks exist, and how the banks behavior. These two papers have valuable practical implications for the management of the retail banks, especially the theories of the risk management, the portfolio models, liquidity and maturity transformations, etc. This essay discussed the implications of the theories of retail banking and the developments of the retail banking.

本文旨在讨论如何铺设一条银行信贷资金进出股票市场的通道，让日益增长的居民储蓄存款通过商业银行、证券公司进出股票市场，有条件地贷给愿意以持股方式进行投资的个人。以期通过增加筹资来源，补充上市公司的资金实力，在投资领域里缓解目前内需不足的压力；充实中央银行调控经济运行的政策工具，视股票市场冷暖和民间投资多寡，调节商业银行信贷资金的流向和流量。

近年来，票据贴现、转贴现利率节节走低，基层行应理性认识票据市场变化，积极应对同业竞争。 一、对票据业务前景要充满信心。市场经济的不断深化，企业以成本为中心的融资思路，必然促进票据业务的发展。大力拓展票据业务还有利于降低银行资产风险，有利于激活银行与企业、银行与银行、商业银行与人民银行的资金融通，提高金融资产的盈利性、安全性和流动性。 二、对票据业务现状要认真分析。票据市场竞争日益充分；股份制商业银行的比较优势日渐明显；其他国有独资商业银行开始效仿工商银行的票据经营模式。 三、基层行应对市场变化所需的策略调整。加快周转，减少占用；规模运作，以量促利；贴现为主，转贴现为辅；拓宽视野，培育票源。 四、持久发展票据业务的政策建议 。进一步营造发展票据业务的氛围；进一步落实发展票据业务的政策；进一步研究发展票据业务的创新；进一步强化发展票据业务的控制。

以巴塞尔委员会成立至新巴塞尔协议发布为研究的时间区间，在考察国际市场风险监管发展演变的基础上，整理出一个新协议实施后的国际市场风险监管框架。并在此基础上得出对我国银行业市场风险管理的几点启示。

How corporate growth affects the choice between relationship-based debt and public debt remains an unsettled issue in the literature. For high-growth firms, the banking relationship mitigates asset-substitution and underinvestment problems due to debt financing. Close relationships, however, work against funding competition and facilitate holdup behavior by banks. This paper suggests an effective mechanism for high-growth firms, namely competition from equity, to curb banks’ rent extraction when public debt becomes more costly. According to the generalized Myers-Majluf view in the recent literature, new equity issues by high-growth firms actually reduce or even reverse the adverse-selection discount because asymmetric information about these firms’ valuations arise largely from growth rather than from assets-in-place. Our evidence from Japanese data for 1983 to 1997 shows that the relation between loan-to-debt ratio and growth, initially significantly negative, is indeed reversed toward the high end of growth spectrum and turns significantly positive. Consistent with our explanation, fast-growing high-flyers raise more new equity than do other firms. These results not only confirm the existence of both costs and benefits of monitored debt, but also explain why high-growth firms enjoy the benefits without fearing holdup behavior by banks.

? LCAPM (基于流动性风险的CAPM模型) 是Acharya and Pedersen (2005) 提出的，它将流动性风险可能影响资产价格多种方式纳入一个统一框架。本文利用LCAPM对中国股市进行检验，在该模型中，证券的收益依赖于它的期望流动性及其与收益(包括个股与市场收益)之间的协方差。检验结果发现，我国股市的风险升水在大盘升降区间体现了不同的特征；无论在总区间还是分时段，LCAPM 都能更好的拟合资产收益；进一步的稳健性检验依然得到同样结论。这说明流动性在我国股市的资产定价上有重要影响。

本文运用西方经济学的供需理论，分析了中国金融制度变迁的需求、供给以及均衡特点，由此得出中国金融制度变迁得轨迹是国家效用函数和政治银行家的个人效用函数的统一。

事件研究是一种重要的研究方法，通过对事件发生前后一段时间内股票价格变化的研究，既可以估计某一特定事件的影响程度，也可以检验市场的有效性程度。本文采用“事件研究”方法来研究宏观政策对上海股市的影响和上海股市的有效性，得出结论：政策对上海股市短期内股价走势有显著影响，上海股市尚未达到半强式有效。

We investigate how the market for corporate control (external governance) and shareholder activism (internal governance) interact. Looking at equity prices from 1990 to 2001, we find that these mechanisms are strong complements. A portfolio that buys firms with the highest level of takeover vulnerability and shorts firms with the lowest level of takeover vulnerability generates an annualized abnormal return of 10 - 15% only when public pension fund (blockholder) ownership is high as well. A similar portfolio created to mimic the importance of internal governance generates annualized abnormal returns of 8%, though only in the presence of ‘high’ vulnerability to takeovers. Further, we show that the complementary relation exists for firms with lower industry-adjusted leverage and is stronger for smaller firms. The complementary relation is confirmed using accounting measures of profitability. Using data on acquisitions, firm level Q’s and accounting performance, we explore possible interpretations, providing preliminary evidence for a risk effect as well.