Advisors Dr. Aaron Bobick and Dr. Irfan Essa Thesis Example-based Rendering of Textural Phe
Global venture capital insights and trends report 2010
Global venture capital landscape . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Perspective from the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Interview with Dr. Kai-Fu Lee, Innovation Works, and Peter Liu, WI Harper Group
Perspective from China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Interview with Denis Lucquin, SoÕnnova Partners
What makes a country attractive to VC investors? . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
by Alexander P. Groh, en Lieser and Heinrich Liechtenstein
Innovation and venture investment trends in China . . . . . . . . . . . . . . . . . . . . . . . . . . 26
高考冲刺2024年高考英语真题重组卷01(考试版)
冲刺2024年高考英语真题重组卷(上海专用)真题重组卷01I.Listening prehension (第110题, 每题1分;第1120题,每题1.5分;共25分)Section ADirections: In Section A, you will hear ten short conversations between two speakers. At the end of each conversation, a question will be asked about what was said. The conversations and the questions will be spoken only once. After you hear a conversation and the question about it, read the four possible answers on your paper, and decide which one is the best answer to the question you have heard.1. A By the shuttle bus B. By a friend's private carC By the subway D. By a shared bike.2、A. Academic problems. B. The man's university tourC. A Weekend travel planD. The man's tour to a lake3. A. The lady will go hiking next weekB. The lady took her kitten to the clinic last weekC. The man cares about the woman.D. The man didn't go hiking last week.4. A. He wants to travel to Shanghai.B. He has found a suitable job.C. He graduated last month.D. His hometown may be Nantong5. A. Silent B.Crazy C.Relieved. D. Depressed6. A. He wants the house to have a garage and a garden.B.He just wants a space to sunbathe in his house.C.He wants to buy a villa.D.He likes European style decoration7. A. He is crazy about readingB. He likes the decoration style of the libraryC. He is a knowledgeable college studentD. He is a librarian8. A. She likes similar car models.B. She promised a refund within a weekC. She encouraged the man to buy the model carD She has sold a lot of cars9. A.He wants to leave the panyB. He is the project leader of the panyC. He thinks their hard work will be wastedD.He will announce the progress of the project10. A. His child came home late and had no foodB. He has spared some food for his child.C.The whole family waited the child came back for dinnerD. He was very angry with his child's behavior.Section BDirections: In Section B, you will hear two passages and passage or conversation, you will be asked several questions will be read twice, but the question will be spoken only one the four possible answers on your paper and decide which o you have heard.Questions 11 through 13 are based on the following passage11.A. Negative effects of eating too many snacksB. The differences between snacks and meals.C. Strategies of avoiding eating too many snacks before meals.D. Healthy ways of having meals.12. A Avoid eating things between meals.B. Eat as much fruit as possible.C. Eat food like toast shortly before dinner to help with digestion.D. Have a cup of yogurt in the afternoon.13.A. To control the amount of snacks you eatB. To make it healthier.C. To help you focus on the main eventD. To help you know what exactly you are eatingQuestions 14 through 16 are based on the following passage.14. A. 3,000 billion trees. B. 400 billion trees.C.50 million trees.D. 15 billion trees.15.A.Russia has always ranked first in the number of trees.B.Trees would be gone in the future at current removal rate.C.People will plant trees on the cultivated land.D.It is impossible to calculate the total number of trees16. A. To stop people from building houses endlessly.B.To draw people's attention to the importance of trees.C.To call on people to protect the homes of wild animals.D.To attract people to study the growth environment of treesQuestions 17 through 20 are based on the following conversation.17. A. Personal travel plan. B. TravelC. Party dress.D. Organization of work18. A. Jerry will travel by highspeed railB. Jerry is Helen's cousin.C. Jerry's parents live in NanjingD. Jerry is resting in his apartment now19. A. She knows the boss thereB. She booked the table a month earlier.C. Her friend works in this restaurantD. She has a noble status.20. A. Going for a picnic in the forest park.B. Resting in the apartment.C. Going to the Domingo restaurant for dinner.D. Going to Shanghai MuseumII.Grammar and Vocabulary (每题1分;共20分)Section ADirections: After reading the passage below, fill in the blanks to make the passage coherent and grammaticallycorrect. For the blanks with a given word, fill in each blank with the proper form of the given word; for the other blanks, use one word that best fits each blank.(2023年1月上海春季高考)Young EnterpriseYoung Enterprise is an organization that makes serious efforts to teach all types of young people the general principles of running a business(21) __________( originate ) in the United States of America, the idea of Young Enterprise was introduced into Britain by a successful banker.(22)__________ it developed slowly in its early years, the organization grew rapidly later. Young Enterprise is now backed by industry and merce, so that today young people throughout the United Kingdom can participate.A participant in Young Enterprise is known as an Achiever. Young Enterprise primarily meets the needs of young people ( 23 )__________ are still at school, giving them an understanding of industry and the opportunities it may offer them in the future. But it is usually possible (24 )__________ ( include ) young people in the same age group who have left school but have not yet started work.An Adviser is a practicing business executive (管理人员) with an expert knowledge of his own field who volunteers to keep a Young Enterprise pany during its trading year.(25)__________counts for Advisers is an ability to get on with young people and to put across the subject. As the name(26)__________ (imply), Advisers are there to advise: they do not run the panies.Normally, three Advisersone on accountancy, one on production and one on marketing,(27)__________ ( be ) available to each pany. Young Enterprise makes (28)__________ a rule that the Advisers must e from a variety of business occupations.A Sponsor,(29)__________ (reward) only by the success of the enterprise of "its" Achievers, is an organization which participates in Young Enterprise and,(30 )__________ its own expense, provides facilities by making available munications,advice and encouragement.Section B(2021年上海春季高考)Directions: Fill in each blank with a proper word chosen from the box. Each word can be used only once. Note that there is one word more than you need.The nature is part of us. Therefore , it holds a mysterious ( 31 )__________for me. In my memory , the valley was quiet and calm, only to see the wheat all over the mountains waving together in rhythm when the wind blew through, like a ballet troupe. The sun rose every morning as usual, sweeping across the valley and ultimately falling behind the peaks. The snow that falls in winter always melts in spring, bringing new hope to this nature where everything was pleasant and beautiful.Led by fate , I have became an environmentalist and had the honor of being invited to address students about my green lifestyle for a long time. The students were surprised at my lifestyle and maybe they thought my lifestyle was no longer suitable for modern life.Fortunately , they were still listened to whole lecture , saluting or ( 32 )_________ meto some extent the applause implied their encouragement to me. s I began to interact with them under the stage, I was (33 )__________by kids' lack of knowledge of nature so that they had little knowledge of protecting environment.After the address, I put up a stand in the ( 34 )__________offering green food , hoping them interested in it to get the ( 35 )____________experiencing a firsthand feeling of the green lifestyle no one shows any interest in. So I decided to team up with the concert (36)__________to run a campaign: “anyone who can answer a( n)(37)__________ environmental question is qualified to attend the concert. Soon the music can(38 )___________them ing here”.Since then , I have been considering why kids today do not have the same deep appreciation for nature that I do. One of the significant factors may be that the former rural civilization has been replaced by the urban civilization. In the past, the poor played the ( 39 )_________role in the nature , so they cleared the wasteland, planted crops and reproduced civilization. With the massive invasion of industrialization and urbanization, people were forced to move away from nature. The struggle between tradition and modernity , the confrontation between humans and nature has led people to believe that they are the masters of the universe. Is this really the case? It is time to think about who ( 40 )_________ us to destroy nature.III.Reading prehension (共45分。
比较研究方法_戴维_科利尔
比较研究方法①[美]戴维·科利尔著章远译戴维·科利尔(David Collier)生于1942年,是比较政治学以及方法论等研究领域的知名美国学者。
本篇《比较研究方法》原收录于埃达·W.费尼弗特(Ada W.Finifter)主编的《政治科学:学科的现状(二)》文集之中,全文是在早前收录于《比较政治的动力:全球研究视角》(1991年出版)文集中同名文章的修正和补充。
在本文中,戴维·科利尔综述了20世纪60年代晚期到90年代初期比较研究方法的不同观点。
科利尔认为标准的“比较研究方法”指的是针对小规模样本、或者说少量案例的研究方法,这种研究方法显然适用632①In Ada W.Finifter,ed.,Political Science:The State of the Discipline II(Washington D.C.:American Political Science Association,1993).本文是早先发表的Dankwart A.Rustow and Kenneth Paul Erickson,eds.,Comparative Political Dynamics:Global Research Perspective(New York:Harper Collins,1991)的修正版本。
利帕特引发的经典争论:比较研究方法于缺少大规模案例的政治现象研究。
因此在政治学学科领域,科利尔肯定比较研究方法才是分析工具中的最基本选项。
科利尔以阿伦·利帕特(Arend Lijphart)发表于1971年的《比较政治学和比较研究方法》为分析起点。
从文中的图1中可以明晰地看出,利帕特对比较研究和个案研究、实验研究以及统计研究三种研究方法进行了优劣评估。
利帕特的评估标准有两个,分别是判定竞争性的对立假说,也即涉及能否对样本进行控制;另一个标准是获得有关数据的难易程度。
私募股权投资者:萨姆·泽尔人物简介
房地产投资
• 投资了大量的房地产资产,如写字楼、购物中心等
• 通过房地产投资实现资产价值的最大化
私募股权投资
• 投资了许多知名企业和初创公司
• 通过私募股权投资实现企业价值的提升和收益最大化
其他投资
• 投资于股票、债券等其他金融产品
• 实现投资组合的多元化和风险分散
⌛️
萨姆·泽尔的经典投资案例
• 捐赠了大量的资金和物资,支持教育、医疗等领域的发
展
CREATE TOGETHER
谢谢观看
THANK YOU FOR WATCHING
DOCS
• 投资回报高达10倍
萨姆·泽尔的投资组合回报与影响
投资组合回报
• 萨姆·泽尔的投资组合实现了持续的高回报
• 长期投资回报远高于行业平均水平
行业影响
• 萨姆·泽尔的投资策略和方法对私募股权行业产生了深远影响
• 许多投资者效仿萨姆·泽尔的投资策略,取得了成功
04
萨姆·泽尔对私募股权行业的贡献
萨姆·泽尔对行业投资策略的启示
CREATE TOGETHER
DOCS SMART CREATE
私募股权投资者:萨姆·泽尔人物简介
DOCS
01
萨姆·泽尔的职业生涯与成就
萨姆·泽尔的早期经历与教育背景
出生于美国纽约市
• 1944年出生,成长于一个犹太家庭
• 父母都是普通的工薪阶层,家庭环境并不富裕
教育背景
• 1966年毕业于哥伦比亚大学,获得经济学学士学位
• 在行业内享有很高的声誉和尊敬
05
萨姆·泽尔的个人品质与领导力
萨姆·泽尔的职业精神与诚信原则
职业精神
诚信原则
社会交换理论约翰蒂博哈罗德凯利
客的忠诚度和品牌价值
社会交换理论约翰·蒂博&哈罗德·凯利
总之,社会交换理论是一个具有重要价值的理论,它为我们理解人类之间的互动关系提供 了重要的框架和指导。通过进一步的研究和实践应用,我们可以不断完善和发展这个理论 ,以更好地适应人类社会的复杂性和变化性 除了上述提到的观点,社会交换理论还有一些其他重要方面
社会交换理论约翰·蒂博&哈罗德·凯利
社会交换与文化因素
社会交换理论可以用来解释文化因素对人类互动的影响。不同文化背景下,社会交换的规则、方式和
1 价值观可能存在差异。例如,一些文化可能更加强调个人主义和竞争,而另一些文化可能更加强调集
体主义和合作。通过研究不同文化背景下的社会交换,我们可以更好地理解文化对人类互动的影响和
作用
社会交换与网络结构
2 社会交换理论可以与网络结构理论相结合,解释社会网络中的资源交换和权力关系。在社会网络中,
个体之间会形成复杂的交换关系,这些关系可以是直接的联系,也可以是间接的影响。通过研究网络
结构中的社会交换,我们可以更好地理解社会网络对个体和群体行为的影响和作用
社会交换与心理健康
3 社会交换理论还可以用来解释心理健康问题中的社会支持和社会关系。在心理健康领域,社会支持和
的利益
社会交换的情感因素:社会交换
4 不仅仅是物质上的交换,还包括
情感上的交换。参与者之间通过 情感上的交流和互动来增进彼此
之间的信任和依赖
3
社会交换的依赖性:社会交换的 参与者之间是相互依赖的,他们 需要对方的资源和支持来获得自 己所需的利益。这种依赖性可以 促进交换关系的建立和维持
Rough Approximation of a perference Relation by Dominance Relations
文献导读
1. The Theory of the Firm and Agency Problems★Coase, R., 1937, The nature of the firm, Economica4, 386 - 405★Alchian, A. and H. Demsetz, 1972, Production, information costs and economic organizations, American Economic Review, 777-795.★Williamson, O., 1971, The vertical integration of production: Market failure considerations, American Economic Review, 112-123.★Williamson, O., 1981, The modern corporation: Origins, evolution, attributes, Journal of Economic Literature, 1537-1568.Alchian, A. and S. Woodward, 1988, The firm is dead; Long live the firm: A review of OliverE. Williamson’s The Economic Institutions of Capitalism, Journal of Economic Literature,65-79.★Jensen, M. and W. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economics 3, 305- 360Fama, E. and M. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics, 301-325Jensen, M., 1986, Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, 323-329.★Jensen, M. and W. Meckling, The Nature of Man, in The New Corporate Finance, 4-19. 2. Corporate Governance: Overview★Shleifer, Andrei and Robert Vishny, 1997, A Survey of Corporate Governance, Journal of Finance 52, 737-783.★La Porta, Rafael, Florencio Lopez-de-Salinas, Andrei Shleifer and Robert Vishny, 1999, Corporate Ownership Around the World, Journal of Finance 54(2), 471-520.★La Porta, Rafael, Florencio Lopez-de-Salinas, Andrei Shleifer and Robert Vishny, 1998, Law and Finance, Journal of Political Economy, 1113-1155.★Djankov, Simeon, La Porta, Rafael, Florencio Lopez-de-Salinas, and Andrei Shleifer, 2008, The Law and Economics of Self-dealing, Journal of Financial Economics, 430-465.★Bebchuk, Lucian and Assaf Hamdani, 2009, The Elusive Quest for Global Governance Standards, University of Pennsylvania Law Review, forthcoming.3. Corporate Governance and Capital MarketsShleifer, Andrei and Robert Vishny. 2000, Investor protection and corporate governance, Journal of Financial Economics 58, 3-27★Morck, Randall, Bernard Yeung, and Wayne Yu, 2000, The information content of stock markets: Why do emerging markets have synchronous stock price movements? Journal of Financial Economics 58, 215-260Jin, Li and Stewart Myers, 2006, R2 around the world: New theory and new tests, Journal of Financial Economics 79, 257 - 292.La Porta, Rafael, Florencio Lopez-de-Salinas, and Andrei Shleifer, 2006, What works in securities laws? Journal of Finance, 1-32.4. Corporate Governance and Firm Value★La Porta, Rafael, Florencio Lopez-de-Salinas, Andrei Shleifer and Robert Vishny, 2002, Investor protection and corporate valuation, Journal of Finance, 1147-1170.★Gompers, P., J. Ishii, and A. Metrick, 2003, Corporate governance and equity prices, Quarterly Journal of Economics, 107 – 155.★Core, J., W. Guay, and T. Rusticus, 2006, Does weak governance cause weak stock returns?An examination of firm operating performance and investors’ expectations, Journal of Finance, 655 – 687.★Morck, Randall, Andrei Shleifer and Robert Vishny, 1988, Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics 20, 293-315.★McConnell, J. and H. Servas, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-613.★Cho, M.H., 1998, Ownership structure, investment, and corporate value: An empirical analaysis, Journal of Financial Economics 47, 103-121.Baek, J., J. Kang, and K. S. Park, 2004, Corporate governance and firm value: evidence from the Korean financial crisis, Journal of Financial Economics 71, 265-313.Doidge, C., G.A. Karolyi, and R. M. Stulz, 2004, Why are foreign firms listed in the U.S.worth more? Journal of Financial Economics 71, 205-238.Mitton, T., 2002, A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis, Journal of Financial Economics 64, 215-241.Friedman, E., S. Johnson, and T. Mitton, 2003, Propping and tunneling, Journal of Comparative Economics 31, 732-750.Bae, K., J. Kang, and J. Kim, 2002, Tunneling or valued-added? Evidence from mergers by Korean business groups, Journal of Finance 57, 2695-2740.5. Asymmetric information and Capital market☆ Alchian, A., 1950, Uncertainty, Evolution, and Economic Theory, The Journal of Political Economy, 58 (3): 211-221.☆ Black, Fischer, 1986,Noise, The Journal of Finance, 41 (3): 529-543.☆Dequech, D. 1999, Expectations and Confidence under Uncertainty, Journal of Post Keynesian Economics, 21 (3): 415-430.○Chan, K., A.J. menkvel and Z. Yang, 2008, Information Asymmetry and Asset prices: Evidence from the China Foreign Share Discount, Journal of Finance.☆ Healy, Paul M., Krishna G. Palepu, 2001, Information asymmetry, corporate disclosure,and the capital markets: A review of the empirical disclosure literature, Journal of Accounting and Economics 31: 405-440.★ Francis, J., R. LaFond, P. Olsson and K. Schipper, 2003, Accounting Anomalies andInformation Uncertainty, Working paper.★ Attig, N., W. Fong, Y. Gadhoum and L. Lang, 2004, Effects of Large Shareholding onInformation Asymmetry and Stock Liquidity, Working paper.6. Information disclosure and corporate governance★ Botosan, Christine A., 1997, Disclosure Level and the Cost of Equity Capital, TheAccounting Review Vol72 (3): 323-349.★Botosan, C. A. And M. A. Plumlee, 2002, A Re-examination of disclosure Level and theExpected Cost of Equity Capital, Journal of Accounting Research vol. 40 (1).☆ Song, F. and A. V. Thakor, 2006, Information Control, Career Concerns, and CorporateGovernance, Journal of Finance (4).○ Gul F. and H. Qiu, Legal Protection, Corporate Governance and Information Asymmetryin Emerging Financial Markets, Working paper.☆ Bebchuk, L. 2002, Asymmetric information and the choice of corporate governancearrangements, Working paper.☆ Bushman, R.M. and A.J. Smith, 2003, Transparency, Financial Accounting Informationand Corporate Governance, FRBNY Economic Policy Review, 65-87.7. Large Shareholder, Liquidity and Stock Market☆ Bolton, P. and E. Thadden, 1998, Blocks, Liquidity, and Corporate Control, The Journal of Finance 53 (1): 1-25.☆ Demsetz, H. 1983, The structure of Ownership and the Theory of the Firm, Journal ofLaw and Economics, 26 (2): 375-390.☆ Shleifer A. and R.W. Vishny, 1986, Large Shareholders and Corporate Control, Journal of Political Economy, 94: 461-488.☆ Maug, E., 1998, Large Shareholders as Monitors: Is There a trade-Off Between Liquidityand Control? The Journal of Finance, Vol LIII: 65-98.★Parigi, B.M. and L. Pelizzon, 2007, Diversification and ownership concentration, Journal of Banking & Finance 32: 1743-1753.★ Maury, B. and A. pajuste, 2005, Multiple large shareholders and firm value, Journal ofBanking & Finance 29: 1813-1834.○Lemmon, M. and K. V. Lins, 2003, Ownership Structure, Corporate Governance, andFirm Value: Evidence from the East Asian Financial Crisis, The Journal of Finance, Vol.LVIII: 1145-1168.8. Political Connection, Regulations and Firm Value☆ Stigler, "What Can Regulators Regulate? The case of electricity", 1962, Journal of Law and Economics★ Stigler, George, “The Theory of Economic Regulation,” Bell Journal of Economics, I(Spring1971), 3-21.★ Blanchard, Olivier, and Shleifer, Andrei, “Federalism with and withoutPoliticalCentralization: China versus Russia,” manuscript, MIT and HarvardUniversity,February 2000.☆ Faccio, Mara, “Politically-Connected Firms: Can They Squeeze the State,” manuscript,University of Notre Dame, March 2002.★ Shleifer, Andrei and Robert Vishny, "Politicians and Firms," Quarterly Journal ofEconomics (109) 1994, 995-1025.☆ Bhattacharya, Utpal., Hazem Daouk, 2009, “When no law is better than a good law”,Working Paper.○Mingyi Hung TJ Wong and Tianyu Zhang, “Political Relations and Overseas StockExchange Listing: Evidence from Chinese State-owned Enterprises”, working paper.★ Fan, Wong and Zhang, 2007, Politically connected CEOs, corporate governance,andPost-IPO performance of China’s newly partially privatized firms, Journal of FinancialEconomics, 84, 330-357.9. Behavior Finance★ Nicholas Baeberis, and Richard Thaler, 2002. Survey of Behavioral Finance.○Graham, J.F., Harvey, C.R., 2001. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics 60, 187-243.★ Alti, A., 2006. How persistent is the impact of market timing on capital structure? Journal of Finance 61, 1681-1710.○ Baker, M., Wurgler, J., 2002. Market Timing and capital structure. Journal of Finance 57,1-32.○Kayhan, A., Titman, S., 2007. Firms’ histories and their capital structures. Journal ofFinancial Economics 83, 1-32.★ Fama, E.F., French, K.R., 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60, 3-43.○ DeAngelo, H., DeAngelo, L., Skinner, D.J., 2004. Are dividends disappearing? Dividendconcentration and the consolidation of earnings? Journal of Financial Economics 72, 425-456.★ Billett, M., Qian, Y., 2006. Are overconfident CEOs born or make? Evidence ofself-attribution bias from frequent acquirers. Unpublished working paper, Henry B, TippieCollege of Business, University of Iowa.○ Doukas, J., Petmezas, D., 2006. Acquisitions, overconfident managers and self-attributionbias.Unpublished working paper, Department of Finance, Graduate School of Business, OldDominion University.○ Malmendier, U., Tate, G., 2005. CEO overconfidence and corporate investment. Journal ofFinance 60, 2661-2700.10. The Board of DirectorsWeisbach, M., 1988, Outsider directors and CEO turnovers, Journal of Financial Economics 20, 431-460.Yermack, D., 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics 40, 185-211.Rosenstein, S. and J. Wyatt, 1997, Inside Directors, Board Effectiveness, and Shareholder Wealth, Journal of Financial Economics 44, 229-250.Hermalin, B. and M. Weisbach, 1988, The determinants of board composition, Rand Journal of Economics 19, 589-606.Warner, J., R. Watts, and K. Wruck, 1988, Stock prices and top management changes, Journal of Financial Economics 20, 461-492.Johnson, Bruce, Robert Magee, Nandu Nagarajan and Henry Newman, 1985, An Analysis of the Stock Price Reaction to Sudden Executive Deaths: Implications for the Management Labor Model, Journal of Accounting and Economics 7, 151-174.11. Talent, Incentives, and Executive CompensationsBaumol, W., 1990, Entrepreneurship: Productive, Unproductive, and Destructive, Journal of Political Economy 98, 893-921.Murphy, K., A. Shleifer, and R. Vishny, 1991, The allocation of talent: Implications for growth, Quarterly Journal of Economics, 503-530.Jensen, Michael, and Kevin Murphy, 1990, Performance Pay and Top Management Incentives, Journal of Political Economy 98, 225-264.Core, John, Robert Holthausen and David Larcker, 1999, Corporate Governance, Chief Executive Officer Compensation, and Firm Performance, Journal of Financial Economics 51, 371-406.Rose, Nancy, and Andrea Shepard, 1997, Firm Diversification and CEO Compensation: Managerial Ability or Executive Entrenchment? RAND Journal of Economics 28, 489-514. 12. Corporate RestructuringDesai, H. and P. Jain, 1999, Firm performance and focus: Long-run stock market performance following spinoffs, Journal of Financial Economics 54, 75-101.Daley, L., V. Mehrotra and R. Sivakumar, 1997, Corporate focus and value creation: Evidence from spinoffs, Journal of Financial Economics 45, 257-281.Chen, P., V. Mehrotra, R. Sivakumar, and W. Yu, 2001, Layoffs, shareholders’ wealth, and corporate performance, Journal of Empirical Finance 8, 171-199.Servaes, H., 1996, The Value of Diversification During the Conglomerate Merger Wave, Journal of Finance 51, 1201-1225.Berger, P. and E. Ofek, 1996, Bustup Takeovers of Value-Destroying Diversified Firms,Journal of Finance 51, 1175-1200.Lamont, O. A. and C. Polk, 2002, Does diversification destroy value? Evidence from the industry shocks, Journal of Financial Economics 63, 51-77.Gillian, S., J. Kensinger, and J. Martin, 2000, Value creation and corporate diversification: the case of Sears, Roebuck & Co., Journal of Financial Economics 55, 103-137.Cusatis, P., J. Miles and J. Woolridge, Some new evidence that spinoffs create value, in NCF, 592-599.Mansi, S and D. M. Reeb, 2002 Corporate diversification: What gets discounted, Journal of Finance, 2167-2183Graham J. R., M. L. Lemmon and J. G. Wolf, 2002, Does corporate diversification destroy value? Journal of Finance , LVII, 695-720.Schoar, A, 2002, Effects of corporate diversification on productivity, Journal of Finance, LVII, 2379-2403.Campa, J. M. and S. Kedia, 2002, Explaining the diversification discount, Journal of Finance, 1731-1762.Aggarwal, R. and A. A. Samwick, 2003, Why do managers diversify their firms? Agency reconsidered. Journal of Finance, LVIII, 71-118.13. Risk ManagementGuay, W.R., 1999, The impact of derivatives on Þrm risk: An empirical examination of new derivative, Journal of Accounting and Economics 26 , 319-351Allayannis, G., and Weston, J.P., 2001, The use of foreign currency derivatives and firm market value, The Review of Financial Studies 14, 243-276.Guaya, W., and Kothari, S.P., 2003, How much do firms hedge with derivatives? Journal of Financial Economics 70, 423–461.Tufano, P., 1996, Who manage risks: An empirical examination of risk manage practices in gold mining industry, The Journal of Finance, 1097-1137.。
Why is China investing in Africa
Why is China investing in Africa?Evidence from the firm levelBy Wenjie Chen, David Dollar, and Heiwai Tang1August 2015AbstractChina’s increased trade with and investment in Africa has boosted the continent’s growth rate but has also generated considerable controversy. In this paper we investigate China’s outward direct investment (ODI) in Africa using macro and micro data. The aggregate data on China’s ODI in African countries reveal that China’s share of the stock of foreign investment is small, though growing rapidly. China’s attraction to resource-rich countries is no different from Western investment. China’s ODI is uncorrelated with a measure of property rights and rule of law, whereas Western investment favors the better governance environments. As a result, Chinese investment in strong and weak governance environments is about the same, but its share of foreign investment is higher in the weak governance states. The micro data that we use is MOFCOM’s database on all Chinese firms investing in Africa between 1998 and 2012. We use key words in project descriptions to code the investments into 25 sectors. This database captures the small and medium private firms investing in Africa. Contrary to common perceptions, there are few projects in natural resource sectors. Most projects are in services, with a significant number in manufacturing as well. In our country-sector-level regressions based on firms’ transaction-level data, we find that Chinese ODI is profit-driven, just like investors from other countries. In particular, our regressions show that Chinese ODI is relatively more concentrated in skill-intensive sectors in skill-abundant countries, but in capital-intensive sectors in capital-scarce countries. These patterns are mostly observed in politically unstable countries, suggesting stronger incentives to seek profits in tougher environments. Finally, the predominance of Chinese ODI in services appears to be related to the recipient countries’ natural resource abundance, which is also consistent with the profit-driven nature of Chinese ODI.1 Affiliations: Chen, George Washington University and International Monetary Fund; Dollar, John L. Thornton China Center, Brookings; and Tang, Johns Hopkins University. Views expressed are those of the authors and do not necessarily represent official views of the IMF. We thank Wei Wang for excellent research assistance.1.IntroductionSince 2000 China has emerged as Africa’s largest trading partner. Chinese direct investment in and lending to African countries has grown rapidly as well. This Chinese engagement in Africa has no doubt led to faster growth and poverty reduction on the continent. Per capita growth rate of the average African economy surged from 0.6% per annum in the 1990s to 2.8% in the 2000s. African countries have strengthened their institutions and macroeconomic policies, and that is one factor in the growth acceleration. But demand from China for the continents’ main exports – oil, iron, copper, zinc, and other primary products – led to better terms of trade and higher export volumes, other important factors in the growth accelerations.In the Pew Global Attitudes survey for 2015, African respondents had a significantly more positive view of China (70% with a favorable view) than respondents in other regions such as Europe (41%), Asia (57%), or Latin America (57%). This likely reflects the positive impact of China’s engagement on African growth. At the same time, China’s involvement in Africa is not without controversy, as conveyed by some typical headlines from the Western press: “Into Africa: China’s Wild Rush”: “China in Africa: Investment or Exploitation?”; “Clinton warns against ‘new colonialism’ in Africa.” The criticism comes not just from Western voices. In an op-ed essay last year in The Financial Times, Lamido Sanusi, who was recently suspended as Nigeria’s central bank governor, wrote: “In much of Africa, they have set up huge mining operations. They have also built infrastructure. But, with exceptions, they have done so using equipment and labor imported from home, without transferring skills to local communities. So China takes our primary goods and sells us manufactured ones. This was also the essence of colonialism.”In this paper we investigate one aspect of China’s engagement in Africa, its outward direct investment (ODI). We start, in Section 2, by examining the allocation of Chinese investment across 49African countries and by comparing it to the continent’s total foreign direct investment (FDI). A first important point is that at end-2012 China’s share of the stock of FDI in Africa was on the order of 3%. While its investment may be growing rapidly, it is still a small player, and the vast majority of FDI in Africa comes from Western sources. In this section we show that Chinese investment and Western investment are similar in that they are attracted to larger markets and to countries with natural resource wealth. Controlling for those factors, Western investment tends to stay away from countries with poor governance in terms of property rights and rule of law. Chinese investment, on the other hand, is indifferent to those governance measures, with the result that the countries where China’s investment share is large tend to be ones with weak governance.China’s investment in Africa includes some large deals that have been highly publicized. In DR Congo, for example, the Sicomines iron mine involves the Chinese state-owned enterprises China Railway Engineering Corporation and Sinohydro and the private company Zhejiang Huayou Cobalt, in partnership with Congolese state-owned companies. Other high-profile deals include CNPC’s gas investment in Mozambique, Chinalco’s mining investment in Guinea, and Sinopec’s oil and gas acquisition in Angola. In the data on the stock of Chinese investment in different African countries, these large state-to-state deals no doubt play an important role.In Section 3 we turn to a different kind of data source. All Chinese enterprises making direct investments abroad have to register with the Ministry of Commerce. The resulting database provides the investing company’s location in China and line of business. It also includes the country to which the investment is flowing, and a description in Chinese of the investment project. However, it does not include the amount of investment. The investment to Africa over the period 1998 – 2012 includes about 2000 Chinese firms investing in 49 African countries. We think of the typical entry as a private firm that is much smaller than the big state-owned enterprises involved in the mega-deals. Thesedata provide insight into what the Chinese private sector is doing in Africa. Section 3 introduces this firm-level database. Based on the descriptions of the overseas investment, we categorize the projects into 25 industries covering all sectors of the economy (primary, secondary, and tertiary). The allocation of the projects across countries and across sectors provides a snapshot of Chinese private investment in Africa.Section 4 then investigates the allocation of projects more rigorously. In particular we ask whether factor endowments and other country characteristics influence the number and types of investment projects from Chinese investors. If Chinese investment is similar to other profit-oriented investment, then the number and nature of projects should be related to the factor endowments and other characteristics of the recipient countries. Indeed, we find that while Chinese ODI is less prevalent in skill-intensive sectors in Africa, it is more prevalent in the more skill-abundant countries, suggesting that Chinese investors aim to exploit the local comparative advantage. We also find that Chinese ODI is more concentrated in capital-intensive sectors in the more capital-scarce countries, suggesting its importance as a source of external financing to the continent. These patterns are mostly observed in politically unstable countries, implying firms’ stronger incentives to seek profits in tougher environments. We also find that the prevalence of Chinese ODI in services is positively related to the recipient countries’ natural resource abundance.Our paper is related to various strands of literature. First, it relates to the classical theory of multinational enterprises (MNEs) about how firms use their capabilities and resources to generate competitive advantage over indigenous firms in host countries (Caves 1971, Hymer 1976, Kindleberger 1969 and 1970). More recent studies show that in addition to facilitating foreign sales, firms undertake ODI to acquire resources, assets and technology to develop their competitiveadvantage (Child and Rodrigues 2005, Makino et al. 2002, Mathews 2006).2 Second, our paper contributes to the growing literature on Chinese ODI. Most of the earlier studies were descriptive in nature, sometimes relying on case studies (e.g., Deng 2003 and 2004, Wu and Chen 2001). Cai (1999) proposes that Chinese firms invest overseas mainly to seek markets, natural resources, technology, managerial skills, and financial capital.3 More recent studies focus on the empirical examination of the determinants of Chinese ODI (e.g., Buckley et al. 2007), but most of these studies rely on aggregate data for analysis. There are a few notable exceptions that use micro-level data. For instance, Luo et al. (2011) show empirically that ODI by private Chinese firms had been prompted to exploit firm-specific advantages as well as to tackle market imperfection due to underdevelopment of China’s domestic institutions. Other studies on Chinese overseas M&As support the resource-seeking and technology-seeking motives (Antkiewicz and Whalley 2007, Rui and Yip 2008). Using aggregate data, Cheng and Ma (2007) and Cheung and Qian (2007) show that China’s investment was motivated by both market seeking and resource seeking.Our paper contributes to this literature by showing that the African investment by private sector firms that predominate in the MOFCOM database is driven by the profit-oriented motivations that drive outward investment from other countries.2.Allocation of Chinese ODI and total FDI across African countriesChina’s official statistics on the country’s overseas direct investment (ODI) in Africa reveal a number of paradoxes. Simply put, China’s investment in Africa is both big and small. It is small in the2 Here, technology is broadly defined to include production technology, management skills, and brand names.3 Deng (2004) identifies two additional motives: strategic assets (e.g., brands, marketing networks) and diversification. The focus of our paper focuses on the non-financial type of OFDI. Clearly, because the PRC was itself a low-cost production base, cost minimization was not a major motivation of Chinese ODI.sense that China is a latecomer to Africa and accounts for only a very small share of the total stock of foreign investment on the continent. At end-2011, that total stock was $629 billion, of which the Chinese share was 3.2%. China’s investment in Africa has been growing rapidly and its share will rise over time, but slowly, starting from a low base. China’s investment in Africa is big in a relative sense, however. The world as a whole has six times as much direct investment in the U.S. as in Africa, reflecting the fact that most FDI goes to advanced economies. China’s pattern of investment is different, however. As of end-2013, China had more ODI in Africa ($26 billion) than in the U.S. ($22 billion). So, China’s relative focus on Africa is large, though it is still a small player in investment overall.What about the allocation of China’s investment among African countries? Is it similar to or different from the pattern seen from existing, mostly Western investors? To answer this question we use the data on the stock of Chinese ODI in 49 African countries at end-2012 from the Ministry of Commerce.4 A useful point of departure is the allocation of the overall stock of FDI among those 49 countries. Those data are available at end-2011.5 Globally, the allocation of FDI can be explained quite well by a parsimonious set of variables that measure (1) market size (total PPP GDP); (2) natural resource rents as a share of the economy; and (3) governance. For governance we consider two distinct measures, from the World Governance Indicators:Rule of law “captures perceptions of the extent to which agents have confidence in and abide by the rules of society, and in particular the quality of contract enforcement, property rights, the police, and the courts, as well as the likelihood of crime and violence”;4 Ministry of Commerce of China, 2012 Statistical Bulletin of China’s Outward Foreign Direct Investment.5 The stocks of FDI end-2011 are from the updated online database originally published as Lane and Milesi-Ferretti (2007).Political Stability and Absence of Violence/Terrorism “measures perceptions of the likelihood that the government will be destabilized or overthrown by unconstitutional or violent means, including politically-motivated violence and terrorism.”Regression 1 in Table 1 shows that the allocation of FDI across 49 African countries follows the global pattern. FDI is attracted to larger markets with an elasticity of 0.74. Other things equal, resource rich countries receive more FDI. The standard deviation across African countries of the resource rents variable is 17.6, so that the coefficient indicates that one standard deviation richer in resource wealth attracts 49% more FDI. Finally, FDI prefers an environment of good property rights and rule of law. Across African countries the standard deviation of the rule of law index is 0.49, so one standard deviation better on rule of law attracts 31% more investment. Figure 1, a partial scatter plot of the log of total FDI and the rule of law index, shows this strong relationship.How does the allocation of Chinese ODI compare? Specification 2 in Table 1 shows that Chinese ODI is positively correlated with market size and natural resource wealth, with coefficients similar to those in the equation for overall FDI. However, Chinese ODI has a modest, negative correlation with the Rule of Law index (specification 3). While property rights/rule of law may not matter, Chinese ODI is positively correlated with the index of political stability (specification 4). Also, population seems to matter as a measure of economic size, not just total GDP (specification 5). Comparing the FDI equation in specification 1 and the Chinese ODI allocation in specification 5: China has a modestly stronger attraction to natural resources and in terms of governance favors political stability over property rights/rule of law. The partial scatter of the log of Chinese ODI and the political stability index is shown in Figure 2. This relationship makes sense given that some significant part of the volume of Chinese investment in Africa is tied up in state-to-state resource deals. China is more concerned with thepolitical stability of the government than with the environment of rule of law in the domestic economy. Political stability and rule of law are fairly highly correlated (0.59 across African countries). Still, there are countries that are rated to be significantly better on political stability than on rule of law. Some examples are Angola, Eritrea, Madagascar, Zambia, and Zimbabwe – all of which have significant Chinese investment relative to their total FDI. Dollar (2015) finds that these relationships exist globally: total FDI is strongly attracted to good property rights and rule of law, whereas Chinese ODI is attracted to politically stable environments, without reference to the rule of law. So, the relationship is not special to Africa but says something about Chinese ODI in general.Since Chinese investment is indifferent to the property rights/rule of law environment, there are similar amounts of Chinese investment in good governance countries and poor governance countries. For example, if we divide the 49 African countries into three groups based on the Rule of Law index in 2012, the stock of Chinese ODI is nearly the same in the good governance countries, as in the poor governance ones (Figure 3). For the stock of FDI, on the other hand, nearly 60% is in the good governance environments, compared to 25% in the poor governance environments (Figure 4). These patterns together mean that the countries in which China’s share of inward investment is large tend to be ones with poor governance. Still, note that it is only a minority of Chinese investment that is in those environments.3.Data on Chinese Outward Direct InvestmentThe data on Chinese ODI transactions was obtained from the Ministry of Commerce (MOFCOM) and includes deals that were approved by the ministry between January 1, 1998 and December 31, 2012. For each ODI deal, the data set reports the name of the investing firm, the firm's sector of business, the province of origin, and the recipient country of the ODI flow. There is, however, noinformation on the amount of the deal or the name of the target for mergers and acquisitions. The raw data contains 2,005 deals at the firm level, covering 49 countries on the African continent.6 The top five destination countries for Chinese ODI are: Nigeria, South Africa, Zambia, Ethiopia, and Egypt, with Nigeria taking the clear lead, representing 12% of all deals. Figure 5 depicts the geographical distribution of the number of deals by country. Deals tend be more concentrated in the East and South African regions, whereas Central and West Africa, with the exception of Nigeria, have relatively fewer deals. In East Africa, countries such as Ethiopia, and to some extent Kenya and Tanzania are relatively resource poor compared to some of the Southern African countries such as Zambia, Angola, and South Africa. Some of the reasons why East Africa stands out as a popular destination for these private Chinese investments are its relatively more developed infrastructure, including ports, and its relative closeness to China. The East Africa Community (EAC), in particular, forms a customs and single market trading union that has invested heavily in infrastructure investments, mostly with loans from the Chinese government, such as the Standard Gauge Rail project originating in Kenya as well as the Karuma Hydroelectric power project in Uganda. These projects will enhance the connectivity between these countries and supply reliable energy in the future years to come, thus, making the region an attractive destination.Within each transaction, we categorize the types of projects the Chinese investing firm is conducting in the destination countries. By using key words in the deal descriptions provided in the data, we categorize projects into different industries. Since most of the deals involve multiple projects, sometimes in different industries, we obtain a sample of 3,989 projects. For the remainder of the analysis, we use the project-based sample that we categorize into different industries based on the United Nations 34 sector industry classification, which we then further condense into 176 Chen and Tang (2014) provide a detailed description of the distribution of Chinese ODI outside Africa, and study the causes and consequences of ODI at the firm level.manufacturing sectors, 7 service sectors, and 1 mining sector. Table 2 presents the country breakdown in terms of number of Chinese investing firms and the number of projects that we identified based on the firm-level deals. Table 3 presents the sectoral distribution in terms of number of projects.We find that about 60 percent of the projects are in service sectors, with the remaining portion almost evenly split between manufacturing and natural resources. The two sectors that received the most Chinese ODI in terms of the number of deals are business service (1053 deals) and import and export (539 deals). Thus, against popular perception, most of the Chinese ODI deals are not engaging in raw material related projects, but rather, are involved in service sectors. For instance, in oil-rich Nigeria, about two-thirds of the projects are actually in service sectors. In Figure 6, we divide the countries in terms of the resource intensities of their exports. Following the IMF’s categorization for oil exporters, non-oil resource intensive countries, and the rest of African economies, we can see that regardless of the degree of raw material export intensity of the country, the majority of Chinese ODI projects tend to be in the service sector.4.Sectoral Distribution of Chinese Investments in AfricaNext we exploit the transaction-level data to study the distribution of Chinese ODI in Africa. Specifically, we examine whether the distribution of Chinese ODI across countries and sectors is related to various country and sector characteristics. For the country characteristics, we focus on the levels of factor endowment and institutional development. We measure a country’s capital abundance as the (log) capital endowment per worker, using data from the Penn World Tables. We measure a country’s human capital abundance as the fraction of high-school graduates in the workforce, using data from Barro and Lee (2014). Countries’ levels of institutional development are measured by rule of law and political stability, as discussed in Section 2 above.For the sector characteristics, we explore the varying factor intensity of production across sectors. We measure labor intensity of a sector as the ratio of total wage bill to value added of all firms in the sector, following Romalis (2004). Capital intensity is defined as one minus labor intensity. Skill intensity is defined as the share of non-production workers in the employment of the sector, multiplied by its labor intensity. To construct these measures, we use industry-level data from the database put together jointly by the National Bureau of Economic Research and the U.S. Census Bureau's Center for Economic Studies (CES).7 Because of the lack of the required data to construct factor intensity measures for service sectors, we exclude them in the baseline analysis, and include them only at the later part of the analysis when we examine the determinants of Chinese ODI specialization in services.8 As such, our baseline analysis focuses on explaining the distribution of Chinese manufacturing ODI in Africa. Despite the prevalence of Chinese ODI projects in services in the continent, such analysis is still important as it can shed light on the low level of industrialization in the continent.Without information on the value of each ODI deal, we explore the determinants of the investment pattern by using two dependent variables in the following regression analyses: (1) a dummy variable to indicate whether there was any ODI within a sector-country during the sample period (the extensive margin); and (2) the (log) number of ODI deals at the sector-country level (the intensive margin). In Table 4, we regress either of these two variables on country fixed effects and the interaction between a country’s capital (human capital) endowment and a sector’s capital (skill) intensity. In columns (1)-(3), we use the ODI dummy as the dependent variable and estimate the specification using a Probit model. We find a negative and significant coefficient on the stand-alone7 The idea of using the same measures of factor intensity based on U.S. firms for other countries is originally proposed by Rajan and Zingales (1998).8 Even if we have the same set of data for service firms in the U.S., it is not clear whether we can apply the Cobb-Douglas production functional form to measure factor intensity of a sector.term of the sector’s skill intensity, but a positive and significant coefficient on the interaction between a country’s skill endowment and a sector’s skill intensity. These results suggest that while Chinese firms are less likely to invest in skill-intensive sectors in Africa on average, they are more likely to do so in the relatively more skill-abundant countries. In other words, African nations that are relatively more successful in investing in human capital tend to attract more Chinese ODI in the skill-intensive sectors. We also find a negative coefficient on the interaction between a country’s capital endowment and a sector’s capital intensity, but it is not statistically significant.In columns (4) to (6), we use the (log) number of ODI deals at the sector-country level as the dependent variable. We add 1 to the number of deals in order to include sector-countries with zero ODI deals in the regression sample. To tackle the resulting estimation bias due to sample censoring at zero, we estimate the specification using a Tobit model. We find a positive and significant coefficient on the interaction between a country’s skill endowment and a sector’s skill intensity, after controlling for country fixed effects. These results suggest that while Chinese ODI tends to be concentrated in low-skill intensive sectors in Africa on average, it is biased toward the more skill-intensive sectors in skill-abundant countries. Together with the results about the extensive margin of Chinese ODI, this finding suggests that Chinese firms tend to exploit the local comparative advantage of the host country when investing abroad.Interestingly, we find that Chinese firms are less likely to invest in capital-intensive sectors in the more capital-abundant host countries. While this result appears to contradict the predictions based on the Heckscher-Ohlin theory, it is consistent with the idea that Chinese ODI serves as a source of external financing to the continent, especially in the capital-scarce host countries. To the extent that capital is more mobile than labor, the opposing signs on the two interaction terms actually offer a coherent portrait of the main hypothesis of this paper -- Chinese investors are largely profit-driven and are responsive to market conditions, just like investors from other countries.We have shown in Table 1 that Chinese ODI is attracted to African countries that are politically stable. What extra lessons can we learn from a sector-level analysis? To this end, we split our sample into two subsamples based on whether a country has rule of law that is above or below the continent’s median. Similarly, we also split the sample into two based on whether a country is above or below the median value of political stability. We then use the two subsamples to repeat the analysis of Table 4.Table 5 reports the regression results. In columns (1)-(4), we examine the probability of Chinese ODI across sectors and countries. Supporting the conclusions of the cross-country analysis, we find that host countries’ levels of rule of law do not seem to matter for Chinese firms’ investments in Africa; however, political stability is crucial. In particular, we find that the results reported in the previous table about how Chinese firms respond to market conditions are mostly observed for the group of politically unstable nations (column (3)). A potential explanation is that in politically unstable business environments, investment is risky but the expected return could be high. Facing a risky investment environment, investors need to be more cautious when choosing projects to invest. Such investment incentives imply that investors will be more motivated to exploit the host country’s comparative advantage. The finding that Chinese ODI deals are more concentrated in skill-intensive sectors in the more skill-abundant countries, especially in politically unstable countries, confirms this hypothesis. For the same reason, investors should be driven to seek projects that promise a higher return in a riskier environment. Such hypothesis is confirmed by the positive coefficient on the interaction between a country’s capital abundance and a sector’s capital intensity, as reported in column (3), when the sample of below-median rule-of-law countries is used. In other words, Chinese ODI is concentrated in the more capital-intensive sectors in countries that are both politically unstable and scarce in capital. No such pattern is found for the more politically stable countries.。
身份经济学
[美]乔治·阿克洛夫 瑞秋·克兰顿 著颜超凡 汪潇潇 译中信出版社第一篇 经济学与身份第一章 引论第二章 身份经济学第三章 效用论中的身份和准则第三章后记 罗塞塔石碑第四章 身份经济学在当代经济学中的位置第二篇 工作和学习第五章 身份与组织经济学第六章 身份与教育经济学第三篇 性别与种族第七章 性别与工作第八章 种族与少数族裔贫困问题第四篇 展望未来第九章 身份经济学与经济学方法论第十章 结论以及身份改变经济学的五个方面致谢版权页一位西点军校新学员(左)正在向系红色腰带的队友老学员敬礼。
在接待日,新学员开始了成为美国陆军军官的进程。
他们要经历行政管理程序,穿上首次发给他们的军装,剔掉头发,并在行军、军事礼仪及纪律方面开始他们的第一课。
()1978年安娜·霍普金斯女士受雇于普华永道的政府事务办公室,无论从哪方面来说,她都尽职尽责、工作勤勉。
她曾经从一份被遗弃的提交给美国国务院的项目建议书中,挖掘出了价值约2500万美元的合同,这也是普华永道有史以来最大的一单生意。
[1] 1982年,她作为88名候选人中唯一的女性被提名为事务所合伙人[2],但最终落选了。
她落选的原因是什么?她的工作表现究竟有何失误呢?我们听到了来自她同事及下属对她待人接物、举止态度方面的抱怨。
在她晋升的书面意见中,高级合伙人读到了这样的评价:“在魅力方面需要加强学习”、“像个男人”、“需要努力学习如何做一个女人”。
大力推举她的老板告诫她:“如果你仍然希望成为合伙人,那么你在走路、与人交谈、着装方面,就需要女性化一些,除了精心打扮、佩戴首饰,还得好好做做头发。
”[3]霍普金斯女士依据《民权法》(Civil Rights Act)第七条下的性别歧视条款,起诉普华永道公司。
几轮上诉之后,美国联邦最高法院于1988年受理了此案。
大部分人认为公司采取了双重标准,最高法院指出:“雇主反对女性在工作上积极进取,但女性的职位又要求她们必须积极进取,这样一来,雇主就使女性陷入了左右为难的困境:如果工作积极就会失业,而工作不积极也会失业。
Initial Public Offerings, An Analysis of Theory and Practice
THE JOURNAL OF FINANCE•VOL.LXI,NO.1•FEBRUARY2006Initial Public Offerings:An Analysisof Theory and PracticeJAMES C.BRAU and STANLEY E.FAWCETT∗ABSTRACTWe survey336chief financial officers(CFOs)to compare practice to theory in the areasof initial public offering(IPO)motivation,timing,underwriter selection,underpricing,signaling,and the decision to remain private.We find the primary motivation for goingpublic is to facilitate acquisitions.CFOs base IPO timing on overall market conditions,are well informed regarding expected underpricing,and feel underpricing compen-sates investors for taking risk.The most important positive signal is past historicalearnings,followed by underwriter certification.CFOs have divergent opinions aboutthe IPO process depending on firm-specific characteristics.Finally,we find the mainreason for remaining private is to preserve decision-making control and ownership.G REAT EFFORT,THEORETICAL AND EMPIRICAL,has been made to understand manage-rial decision-making in the initial public offering(IPO)process.Most empirical IPO research relies on publicly available stock return data or data contained in Securities and Exchange Commission(SEC)filings.In this study we extend the IPO literature by analyzing unique data from surveys of chief financial officers (CFOs)to compare CFO perspectives to prevailing academic theory.Specifically, we examine the following seven issues:motivations for going public,timing of the IPO,underwriter selection,underpricing,signaling,IPO process issues,and the decision to stay private.We survey three subsamples of firms,namely,those that successfully completed an IPO,those that began the process but chose to withdraw the issue,and those that are large enough to go public,but have not attempted an IPO.∗James C.Brau,Goldman Sachs Faculty Fellow,Finance Department,Marriott School, Brigham Young University,Provo,Utah.Stanley E.Fawcett,Business Management Department, Marriott School,Brigham Young University,Provo,Utah.The authors thank Vaughn Armstrong, Hal Heaton,Andy Holmes,Grant McQueen,Craig Merrill,Todd Mitton,Mike Pinegar,Jay Ritter, Keith Vorkink,an anonymous referee,the editor(Rob Stambaugh),and participants of Brigham Young University,University of Puerto Rico,and University of Utah seminars for helpful comments. We express appreciation to Greg Adams,Rock Adams,Tyler Brough,Will Gross,Bret Rasmussen, and Rich Wood for excellent research assistance and to Christine Roundy for outstanding admin-istrative work.Jim Brau recognizes funding from the Goldman Sachs Faculty Fellowship and a Marriott School research grant.Stan Fawcett recognizes funding from the Staheli Professorship. Both authors acknowledge the BYU Silver Fund which paid for databases and research support. Also we acknowledge Intel for their gift of two research computer servers.Finally,we thank all the CFOs who shared their insights and made this study possible.All errors remain ours.Jim Brau is the contact author.399400The Journal of FinanceHistorically,empiricists have had difficulty studying why firms go public due to data constraints.Our survey data allow us to overcome this constraint and directly ask CFOs why they conduct an IPO.We find that CFOs identify the creation of public shares for acquisitions as the most important motivation for going public.Traditional textbook explanations such as lowering the cost of capital and the pecking order of financing are not among the most important reasons for conducting an IPO.Additionally,high-tech firms view an IPO more as a strategic reputation-enhancing move than as a financing decision. Previous literature has documented that IPOs tend to come in waves,char-acterized by periods of hot and cold markets.To understand this phenomenon better,we analyze the timing of IPOs.We find that CFOs take into account market and industry stock returns,and place less emphasis on the strength of the IPO market when considering the timing of their issue.Venture capital (VC)-backed firms and firms with small insider ownership decreases in the IPO tend to view market timing issues as more important than their counterparts. Examining CFO sentiment toward underwriter selection criteria,we find that CFOs select underwriters based on overall reputation,quality of the re-search department,and industry expertise.By comparing our results to Krig-man,Shaw,and Womack(2001),we find that CFOs’criteria for choosing un-derwriters have remained stable in the pre-and post-bubble rge-firm CFOs feel that IPO spinning(allocating shares to potential client-firm insiders) is more of a concern in underwriter selection than small-firm CFOs.CFOs in firms with high-prestige underwriters select underwriters based on reputation, quality,expertise,and institutional investor client base.By contrast,CFOs in firms that use low-prestige underwriters are more concerned with valuation promises,retail investor client base,and fee structures.These findings based on high and low underwriter prestige are not driven by a size effect.On average,IPOs are priced lower than their first-day market closing price.1 Known as underpricing,this topic is perhaps the most widely studied area in the IPO literature.We find that CFOs are relatively well informed regarding the expected level of underpricing.They feel that underpricing exists primar-ily to compensate investors for taking the risk of investing in the IPO.CFOs indicate that the second-most important reason for underpricing is the desire of underwriters to obtain the favor of institutional investors.Regarding signaling theory,CFOs,especially of large firms,view strong his-torical earnings as the most positive signal in the IPO ing a top investment banker is the second-strongest positive signal and committing to a long lockup is the third-strongest positive signal.Selling a large portion of the firm,issuing units,and selling insider shares are all viewed as negative signals.Our analysis of IPO process design(i.e.,underwriting contract type,lock-ups,overallotment option,window dressing,and unit offerings)reveals that CFOs view the use of a firm-commitment underwriting contract as the most1Between the period1960and2003,IPOs have averaged18%underpricing.(Data taken from /ritter/publ papers/IPOALL.xls.)Initial Public Offerings401 important issue.Firm commitments are of particular importance to VC-backed firms and withdrawn firms.The lockup period is also important and serves pri-marily as a positive signal by insiders and secondarily as an alignment device. The overallotment option is viewed as only moderately important.Concerning window dressing(accrual management in the IPO prospectus financial state-ments),CFOs recognize the importance of presenting strong earnings in the prospectus,but are not preoccupied with potential negative backlash from win-dow dressing.Relative to the other process issues,unit offerings(issues that include options with the stock offering)are not considered as important.The final issue we examine involves factors that influence the decision to withdraw or not conduct an IPO.We find that CFOs,particularly those in older firms,give maintenance of decision-making control as the primary reason for remaining private.CFOs are also concerned about unfavorable market and industry conditions.CFOs who employ high-prestige underwriters are more confident in the IPO process.High-tech firms are less concerned about control and dilution but are more concerned about bad market and pricing issues.In all of the preceding issues,we find that CFO sentiment is conditioned on the IPO status of the firm.For example,CFOs who attempted an IPO(either successfully or unsuccessfully)disagree with CFOs who have not tried an IPO (not-tried CFOs)pertaining to motivations for going public,underwriter selec-tion criteria,reasons for underpricing,and negative IPO signals.Regarding the decision to stay private or the decision to withdraw,we find that CFOs of withdrawn IPOs hold different opinions from CFOs in the other two groups. Further,regarding IPO timing,successful CFOs feel industry conditions are less important relative to the other two groups.The remainder of the paper proceeds as follows.Section I briefly overviews the methodology and data.Sections II–VIII,in turn,review the IPO literature used to generate the survey questions and present detailed findings from our data analysis.Section IX summarizes our key conclusions.I.Research MethodologyA.Survey Methodology and Data SourcesOur survey process follows Dillman’s(1978)Total Design Method,which is a standard for conducting academic surveys.The Total Design Method maxi-mizes the response rate through a series of mailings to potential respondents. The initial survey instrument was developed based on an extensive review of the extant IPO literature.We circulated the survey and conducted beta surveys. At each step,feedback was used to improve the survey.Finally,slight modifi-cations were made to customize the surveys to the three targeted subsamples. An example of one of these final surveys is included as Appendix A.Mailing lists were constructed as follows.From the Security Data Company’s (SDC)New Issue Database,we identified nonfinancial panies that had successfully completed an IPO(340valid addresses)or attempted and subsequently withdrew an IPO(179valid addresses)between January2000402The Journal of Financeand December2002.We searched the offering prospectus of each filing firm using EDGAR at to obtain the CFO name and to confirm the company mailing address obtained from SDC.For our private-firm sample,we searched Dun and Bradstreet’s North American Million Dollar Database and Reference USA Database and selected the largest(1,500)nonfinancial private firms based on their2002revenues.We reason these firms are large enough to go public;however,they choose to remain private.We identified valid CFO contact information for1,266of these firms.We mailed three separate mailings on May5,2003,June11,2003,and September12,2003.Along with each survey,we included a personalized and signed cover letter,a personalized envelope(no labels),a postage-paid reply en-velope,and a glossary of IPO terms.To increase our response rate,we promised to enter respondents’business cards into a$1,000cash drawing and to provide respondents with an early copy of the results.Overall,336CFOs provided us-able surveys for a response rate of18.8%.The responses by subsamples are: 212not-tried(16.7%response),87successfully completed(25.6%response), and37withdrawn(20.7%response)firms.Our overall response rate of almost 19%compares favorably to the Graham and Harvey(2001)response rate of approximately9%,which they argue is comparable with other financial survey studies.For publicly available data on the successful IPO sample,we download prospectus data from SDC.We then check the original prospectuses from EDGAR and ensure that the SDC data are correct,making corrections when ing EDGAR,we also fill in some data that are not reported in SDC.In the successful sample,we make264additions or corrections to the SDC download.2In the withdrawn sample,we make150additions or correc-tions to the database from EDGAR.3Returns data for the publicly traded firms are collected from the University of Chicago’s Center for Research in Securi-ties Prices(CRSP)database.For the privately held firms,we draw revenues, primary Standard Industrial Codes(SICs),and founding year from Dun and Bradstreet and Reference USA.B.Summary Statistics of Respondent FirmsTable I reports summary statistics for the conditioning variables used in subsequent tables.The first conditioning variable,Size,is based on total2For the successful responding sample,we supplemented SDC with38founding dates,8rev-enues prior to the offer,17numbers of employees,23insider ownerships prior to offer,22insider ownerships after the offer,20offering expenses,3book values per share before the offer,3shares outstanding after the offer,and1share outstanding after the offer.We corrected79total assets prior to the offer,33revenues prior to the offer,1number of employees,8lockup indicators,and8 days in lockup.3For the withdrawn responding sample,we supplemented SDC with36auditors,36assets prior to the offer,36VC-presence indicators,25revenues prior to the offer,and9number of employees prior to the offer.In addition,we made6corrections to revenue reported in SDC and2corrections to the number of employees reported in SDC.Initial Public Offerings403Table ISummary StatisticsThe sample consists of336completed surveys composed of37withdrawn IPOs,87successful IPOs, and212firms that were large enough,but did not attempt to go public during the period2000to 2002.Size is based upon revenues prior to the issue for attempted IPOs and2002revenues for private firms.Founding Year is the year the firm was founded.High-Tech is an indicator variable that equals1(100%)if the firm is in a high-technology industry and0otherwise.Underwriter Prestige rankings are from Jay Ritter’s underwriter database.Venture Capital is an indicator variable that equals1(100%)when a VC backs the IPO firm and0otherwise.Ownership Decrease measures the insiders’(managers’)ownership percentage decrease in the IPO.Overhang is defined as the quantity of shares outstanding prior to the issue minus secondary shares offered in the IPO all divided by total shares offered in the IPO.High IPO Demand is an indicator variable that equals 1(100%)if the final offer price is above or equal to the original mid-filing price and0otherwise. Hot Initial Return IPO is an indicator variable that equals1(100%)when a firm’s initial return (from the offer price to the first closing price)is greater than10%and0otherwise.Variable Mean Median Std.Dev.Minimum Maximum Size($revenues)373,333,55699,219,0001,117,001,143015,302,000,000 Founding Year1,9771,987271,8492,002 High-Tech(%)18.90.039.20100 Underwriter Prestige7.968.76 1.78 2.109.10 Venture Capital(%)58.310049.50100 Ownership Decrease(%)−24.1−23.111.0−59.47.9 Overhang 5.0 4.7 2.90.220.1High IPO Demand(%)48.20.050.30100Hot Initial Return IPO(%)54.210050.10100 revenues.In subsequent tables firms are classified as large if they have rev-enues over$100million.The average(median)firm in our sample has$373 million($99million)in revenues.4The second control is firm age(Age).Firms with a founding year of1987(the median)or earlier are considered old.The third variable,High-Tech,is an indicator variable that equals1when the firm is a high-technology firm and0otherwise.We follow Field and Hanka(2001) and identify high-tech firms using three-digit SIC codes of357,367,369,382, 384,and737.High-tech firms comprise nearly19%of the sample.The condi-tioning variables Size,Age,and High-Tech are available for all three IPO-status subsamples.The next two conditioning variables are available only for firms that at-tempted to go public(either successfully or unsuccessfully).To control for pos-sible certification effects in IPOs(i.e.,prestigious underwriters and venture capitalists),we rely on an underwriter prestige metric and a VC indicator vari-able.For Underwriter Prestige,we use rankings provided on Jay Ritter’s website and define high-prestige underwriters as having a score of8.1or greater.When a firm has multiple lead underwriters,we average the scores.The average4We confirm the maximum and minimum revenue numbers.The zero revenue is accurate and applies to two firms.To keep our promise of confidentiality,we cannot specifically name these firms or give characteristics about them that might allow identification.404The Journal of Financeunderwriter rating is7.96(median=8.76),indicating that firms in our sample tended to use reputable underwriters.Venture Capital is an indicator variable that equals1when an IPO has VC backing and0otherwise.Fifty-eight percent of our withdrawn and successful firms had VC backing.The final four conditioning variables—Ownership Decrease,Overhang,IPO Demand,and Initial Return—are available only for the successful IPO sam-ple.Ownership Decrease represents the total decrease in insider(manager) shareholdings in the IPO.We cut the sample into large and small based on the median—a23%decrease.Overhang measures the size of the public float and is defined as the quantity of shares outstanding prior to the offer minus the number of secondary shares all divided by the total shares offered in the IPO (see Bradley and Jordan(2002)).The mean(median)overhang is5.0(4.7).We classify high-overhang companies as those above the median.We define IPO Demand as high if the final offer price is above or equal to the original mid-filing price and low otherwise.Forty-eight percent of the firms in the sample are classified as high-demand firms.Finally,we compute the Initial Return as the percent return from the offer price to the first closing price on CRSP.We follow Krigman,Shaw,and Womack(1999)and define a cold IPO as having an Initial Return of less than10%and a hot IPO as otherwise.Based on initial returns,54%of the successful IPOs are classified as hot IPOs.In our following tables,we perform univariate analyses on each survey ques-tion based on each conditioning variable,as well as IPO Status.5Several of the conditioning variables are significantly correlated.Due to these correlations, we also perform multivariate logistical regressions on each survey question,us-ing each of the conditioning variables as independent variables.For example,if we detect a significant difference in the response to our first question between the successful and not-tried IPO samples,we test robustness by conducting a multivariate logistical regression with the CFO responses to the first question as the dependent variable and with IPO status,size,age,etc.as the indepen-dent ing this method,we are able to confirm which conditioning variables actually influence the survey results.We conduct such multivariate tests for each survey question,and find that our conclusions are robust to the multivariate specifications.65We include only the conditioning variables in subsequent tables that provide interesting results. In addition to our reported conditioning variables,we also examined CFO responses based on(1) whether secondary shares were included in the IPO,(2)offering expenses,(3)underwriter spreads, (4)1-year abnormal returns(using the Barber,Lyon,and Tsai(1999)method),(5)lockup length,(6) integer offer price(as in Bradley et al.(2004)),(7)number of employees,(8)size of the overallotment option,(9)offer price,(10)auditor,and(11)whether the issue is a unit offering or not.6We also perform multivariate tests to determine if CFO sentiment impacts the cross section of initial returns and1-year ing survey replies as independent variables and initial and long-run returns as dependent variables,we find no robust significance between CFO perceptions and aftermarket IPO performance.This nonfinding supports efficiency in the pricing of IPOs, indicating insider sentiment has been expressed either directly or indirectly in the prospectus and has been subsumed in the offer price.Initial Public Offerings405 C.Limitations of the Survey MethodWhile the survey method provides insight directly from decision makers, the method is subject to at least three potential limitations.First,the CFO may not represent other insiders.We reason,however,that the CFO is in the best position to understand the IPO process and is generally a high-ranking officer with stock or stock options.Surveying the CFO is consistent with both our research intent and accepted academic practice(e.g.,Pinegar and Wilbricht(1989),Trahan and Gitman(1995),and Graham and Harvey (2001)).Second,sample bias is a possibility.We test for nonresponse bias using meth-ods from Wallace and Mellor(1988)and Moore and Reichert(1983).The early-versus-late responder analysis suggests that our sample is not biased.The respondent-versus-population test shows that based on our conditioning vari-ables,our sample represents the population.The only significant difference is that respondent firms tend to have a lower VC presence(47%vs.63%).(Ap-pendix B details our survey representativeness analysis.)Finally,and perhaps most importantly,the3years,2000to2002,may not be representative of other time periods.Most of our sample period constitutes a bear market.If our survey questions had been asked just a few years earlier, during the bubble years,CFO perspectives might have been different.It has been documented that financial perspectives can change depending on the mar-ket conditions.For example,in Welch(2000)and his subsequent work,Welch shows that financial economist perceptions of the expected equity premium have changed based on market conditions.To the extent that CFO sentiment is market-condition dependent,our results may not generalize to markets that differ from our sample period.7Inasmuch as our sample period limits the gen-erality of our results,the prospect for a subsequent longitudinal study seems warranted.II.Motivations for Going PublicLittle empirical research exists on why companies go public.Only Pagano, Panetta,and Zingales(1998)directly test for factors that contribute to a firm’s decision to go public by using a proprietary database of private Italian firms and comparing it to public Italian firms.In a less direct approach,Brau,Francis, and Kohers(2003)compare firms that choose to conduct an IPO versus private firms that choose to be acquired by a public firm.The survey method allows us to directly ask CFOs why they go public and compare their responses to existing theories.Academic theory suggests four motivations for going public.First,the cost of capital literature(e.g.,Scott(1976)and Modigliani and Miller(1963))argues7In an attempt to determine if our findings are robust to other time/market periods,we ask an identical set of questions as in Krigman et al.(2001)who surveyed CFOs from1993to1995.For this survey question(the only one with a direct comparison),we find that our results are consistent with the1993to1995period.406The Journal of Financethat firms conduct a public offering when external equity will minimize their cost of capital(thereby maximizing the value of the company).Based on asym-metric information and possible stock price misevaluation,Myers and Majluf (1984)and Myers(1984)further argue for a pecking order of financing:internal equity,debt financing,and then external equity.Second,Zingales(1995)and Mello and Parsons(2000)argue that an IPO allows insiders to cash out.Ang and Brau(2003)demonstrate that insiders op-portunistically sell shares in the IPO for personal gain.Additionally,Black and Gilson(1998)argue that the IPO gives VCs the opportunity to exit,providing an attractive harvest strategy.Third,IPOs may facilitate takeover activity.Zingales(1995)argues that an IPO can serve as a first step toward having a company taken over at an at-tractive price.Brau et al.(2003)argue that IPOs may be important because they create public shares for a firm that may be used as“currency”in either acquiring other companies or in being acquired in a stock deal.Fourth,IPOs may serve as strategic moves.Chemmanur and Fulghieri(1999) argue that IPOs broaden the ownership base of the firm.Maksimovic and Pich-ler(2001)assert that firms conduct IPOs to capture a first-mover advantage. They also suggest that an IPO can increase the publicity or reputation of the firm going public.Finally,Bradley,Jordan,and Ritter(2003)show that analyst recommendations are often biased upward after an IPO.Analyst coverage may thus motivate a firm to conduct an IPO.The CFOs were asked to indicate on a five-point scale(1=not important; 5=very important),“How important were/are the following motivations for conducting an IPO?”Table II reports the results.In the table we first report the overall mean,followed by the percentage of respondents that view the mo-tivation as important(i.e.,respond4or5).8Somewhat surprisingly,but consistent with a conjecture of Brau et al.(2003), CFOs feel most strongly(mean=3.56;%agreeing=59)that an IPO serves to create public shares for use in future acquisitions.CFOs from all three IPO-status subsamples support this finding—the withdrawn sample ranks it first and the successful and not-tried samples rank it second.9Only one other item—the establishment of market price or value of the firm—received support from at least half of the CFOs.The establishment of a market price may also serve as the first step in the acquisition process(Zingales(1995)).Thus,the first two reasons given strongly support the notion that IPOs serve as potential acquisition posturing.To further explore acquisition motives for going public,we analyze sub-sequent merger and acquisition(M&A)activity for our sample of IPOs and8We have analyzed medians,standard deviations,full frequency distributions,multivariate logistic regressions,and chi-square tests for each question.For the sake of brevity,we do not include all of these statistics.9We conduct Tukey and Bonferonni simultaneous difference tests to determine if the various subsample means reported in Table II are significantly different.For example,with respect to the use of public shares for future acquisitions,the withdrawn sample(mean=4.00)is significantly greater than the not-tried sample(mean=3.37)at the5%level.Initial Public Offerings407T a b l e I IS u r v e y R e s p o n s e s t o t h e Q u e s t i o n :H o w I m p o r t a n t W e r e /A r e t h e F o l l o w i n g M o t i v a t i o n s f o r C o n d u c t i n g a n I P O ?M e a n s a r e b a s e d o n a f i v e -p o i n t s c a l e w i t h a n c h o r s o f 1=n o t i m p o r t a n t t o 5=v e r y i m p o r t a n t .S i z e i s b a s e d o n r e v e n u e s ,w i t h l a r g e f i r m s o v e r $100,000,000.F i r m s w i t h f o u n d i n g d a t e s b e f o r e 1987a r e c o n s i d e r e d o l d .H i g h -T e c h r e p r e s e n t s h i g h -t e c h n o l o g y f i r m s .A n U n d e r w r i t e r P r e s t i g e r a n k i n g o f h i g h r e p r e s e n t s f i r m s w i t h u n d e r w r i t e r s w h o a r e r a t e d o v e r 8.1i n J a y R i t t e r ’s u n d e r w r i t e r d a t a b a s e .V e n t u r e C a p i t a l i s a n i n d i c a t o r v a r i a b l e t h a t e q u a l s 1w h e n a V C b a c k s t h e I P O f i r m a n d 0o t h e r w i s e .O w n e r s h i p D e c r e a s e i s a s s i g n e d l a r g e i f t h e i n s i d e r s ’(m a n a g e r s ’)o w n e r s h i p p e r c e n t a g e d e c r e a s e s b y m o r e t h a n t h e s a m p l e m e d i a n (23%).∗∗∗,∗∗,a n d ∗i n d i c a t e s s t a t i s t i c a l s i g n i f i c a n c e a t t h e 1%,5%,a n d 10%l e v e l s ,r e s p e c t i v e l y .S u p e r s c r i p t s i n d i c a t e s i g n i f i c a n t s i m u l t a n e o u s d i f f e r e n c e su s i n g T u k e y i n f e r e n c e t e s t s .M e a n s w i t h t h e s a m e s u p e r s c r i p t a r e s i g n i f i c a n t l y d i f f e r e n t f r o m m e a n s w i t h d i f f e r e n t s u p e r s c r i p t s .M e a n s w i t h o u t s u p e r s c r i p t s a r e n o t s i g n i f i c a n t l y d i f f e r e n t f r o m t h e o t h e r t w o m e a n s .T h e s a m p l e c o n s i s t s o f 336c o m p l e t e d s u r v e y s c o m p o s e d o f 37w i t h d r a w n I P O s ,87s u c c e s s f u l I P O s ,a n d 212f i r m s t h a t w e r e l a r g e e n o u g h ,b u t d i d n o t a t t e m p t t o g o p u b l i c d u r i n g t h e p e r i o d 2000t o 2002.U n d e r w r i t e r V e n t u r e O w n e r s h i p O v e r a l lI P O S t a t u s S i z e A g e H i g h -T e c hP r e s t i g eC a p i t a lD e c r e a s eM e a n%4–5W i t h d r a w n S u c c e s s f u l N o t T r i e d S m a l l L a r g e Y o u n g O l d N o Y e s L o wH i g hN oY e sS m a l lL a r g eT o c r e a t e p u b l i c s h a r e s f o r u s e i n f u t u r e a c q u i s i t i o n s 3.5659.414.00a 3.483.37b 3.723.38∗3.763.29∗∗3.483.773.373.753.473.793.493.44T o e s t a b l i s h a m a r k e t p r i c e /v a l u e f o r o u r f i r m 3.3951.173.54a 3.57a 2.93b 3.473.253.483.05∗∗3.283.63∗3.473.573.453.613.803.25∗∗T o e n h a n c e t h e r e p u t a t i o n o f o u r c o m p a n y 3.2749.113.62a 3.44a 2.67b 3.562.85∗∗∗3.382.85∗∗3.033.75∗∗∗3.383.533.213.69∗∗3.893.31∗∗T o m i n i m i z e o u r c o s t o f c a p i t a l 3.1242.513.303.023.153.123.173.163.203.282.85∗3.523.01∗3.213.092.823.20T o b r o a d e n t h e b a s e o f o w n e r s h i p 3.1145.893.163.282.763.192.933.153.073.063.142.973.282.983.363.313.14T o a l l o w o n e o r m o r e p r i n c i p a l s t o d i v e r s i f y p e r s o n a l h o l d i n g s 2.9944.112.62a 2.913.43b 2.843.182.973.123.012.892.832.812.842.803.062.83T o a t t r a c t a n a l y s t s ’a t t e n t i o n 2.7129.762.97a 2.89a 2.15b 2.982.32∗∗∗2.862.24∗∗∗2.513.09∗∗∗2.792.942.663.07∗3.092.69T o a l l o w v e n t u r e c a p i t a l i s t s (V C s )t o c a s h o u t 2.5432.152.922.562.172.602.432.821.93∗∗∗2.442.651.932.89∗∗∗1.913.14∗∗∗2.972.24∗∗O u r c o m p a n y h a s r u n o u t o f p r i v a t e e q u i t y 2.5027.552.412.612.372.762.18∗∗∗2.712.342.572.383.142.40∗∗2.382.712.532.91D e b t i s b e c o m i n g t o o e x p e n s i v e2.1114.291.862.082.351.962.35∗∗2.022.202.251.87∗∗2.521.86∗∗2.401.77∗∗∗1.742.29∗∗。
VITA_42_0_Standard_for_XMC
VITAPO Box 19658, Fountain Hills, AZ 85269 PH: 480-837-7486Email: info@ , URL: Approved ANSI StandardSTANDARD FOR VITA 42.0XMCAbstractThis document defines an open standard for supporting high-speed, switchedinterconnect protocols on an existing, widely deployed mezzanine card form factor.Approved December 2008American National Standards Institute, Inc.American National Standard Approval of an American National Standard requires verification by ANSI that the requirements for due process, consensus, and other criteria for approval have been met by the standards developer. Consensus is established when, in the judgment of the ANSI Board of Standards Review, substantial agreement has been reached by directly and materially affected interests. Substantial agreement means much more than a simple majority, but not necessarily unanimity. Consensus requires that all views and objections be considered, and that a concerted effort be made toward their resolution.The use of American National Standards is completely voluntary; their existence does not in any respect preclude anyone, whether he has approved the standards or not, from manufacturing, marketing, purchasing, or using products, processes, or procedures not conforming to the standards.The American National Standards Institute does not develop standards and will in no circumstances give an interpretation of any American National Standard. Moreover, no person shall have the right or authority to issue an interpretation of an American National Standard in the name of the American National Standard Institute. Requests for interpretations should be addressed to the secretariat or sponsor whose name appears on the title page of this standard.CAUTION NOTICE: This American National Standard may be revised or withdrawn at any time. The procedures of the American National Standards Institute require that action be taken periodically to reaffirm, revise, or withdraw this standard. Purchases of American National Standards may receive current information on all standard by calling or writing the American National Standards Institute.Published byVITAPO Box 19658, Fountain Hills, AZ 85269Copyright © 2008 by VITAAll rights reserved.No part of this publication may be reproduced in any form, in an electronic retrieval system or otherwise, without prior written permission of the publisher.Printed in the United States of America - R1.0ISBN 1-885731-49-3Working GroupThe following people contributed to the development of this standard. Their participation is appreciated.Ray Alderman VITA ObserverRandy Banton Mercury Computer Systems, Inc. ParticipantSteve Belvin ISBi ParticipantLee Brown Dy 4 Systems Inc. ParticipantGorky Chin VISTA Controls Corporation ObserverDanny Cohen Sun Microsystems ParticipantDick DeBock Thales Computers ParticipantPaul Dozier TEK Microsystems EditorChris Eckert SBS Technologies, Inc ParticipantBarry Ensten Radstone ParticipantMichael Franco Artesyn Communication Products ParticipantJeff Harris Motorola Computer Group ObserverJohn Hill Sun Microsystems ParticipantTimothy Ho Motorola Semiconductor Product Sector ParticipantFrank Hom APW Electronic Solutions ParticipantAaron Kaiway Spectrum Signal Processing ParticipantTony Lavely Mercury Computer Systems, Inc. SponsorMike Macpherson MITRE Corporation SponsorJoe Norris Technobox, Inc. ParticipantBill Northey FCI Electronics ParticipantGregory Novak Motorola Computer Group Sponsor / ChairElwood Parsons Foxconn Electronics SponsorBob Patterson Tyco Electronics ParticipantDavid Pepper VMIC, A GE Fanuc Company ParticipantRobert Persons Motorola Computer Group ParticipantAndrew Reddig TEK Microsystems Sponsor / ChairMac Rush Motorola Computer Group ParticipantJohn Rynearson VITA ParticipantMark Schell FCI Electronics ObserverHolger Schubert MEN Mikro Electronik GMBH ParticipantIvan Straznicky Dy 4 Systems Inc. ParticipantBob Sullivan Hybricon Corporation ParticipantBruce Thomas VISTA Controls Corporation ParticipantLarry Thompson NAVSEA Crane Division ObserverRobert Tufford Motorola Computer Group ParticipantFrank Van Hooft Spectrum Signal Processing ParticipantRandy White Dy 4 Systems Inc. ParticipantHenry Wong Motorola Computer Group ParticipantComments, Corrections, or AdditionsComments, corrections, or additions to this proposed standard may be forwarded to:Technical DirectorVITAPO Box 19658Fountain Hills, AZ 85269Ph: 480-837-7486Email: techdir@VSO and Other StandardsInformation about other standards being developed by VSO as well as Product Directories, VME Handbooks, and general information about the embedded market is available from the VITA office listed on the front cover.1.0 Introduction (7)1.1 Objective (7)1.2 XMC Overview (7)1.3 Terminology (8)1.3.1 XMC Definitions (8)1.3.2 Specification Key Words (8)1.4 References (9)1.5 Dimensions (10)2.0 Compliance (11)3.0 Mezzanine Cards (12)3.1 Overview (12)3.2 Single-Width Mezzanine Cards (14)3.3 Double-Width Mezzanine Cards (16)3.4 Populating Optional PMC Connector Areas (17)3.5 Populating Optional XMC Connector Areas (17)3.6 Conduction Cooling (18)4.0 Carrier Board (19)4.1 Overview (19)4.2 Connector Configurations (22)4.3 Populating Optional PMC Connector Areas (22)4.4 Populating Optional XMC Connector Areas (22)5.0 XMC Connector (25)5.1 Pin Definitions for Primary XMC Connectors (25)5.2 Pin Definitions for Secondary XMC Connectors (28)5.2.1 Fabric Mode Pin Usage for XMC Secondary Connectors (28)5.2.2 User I/O Mode Pin Usage for XMC Secondary Connectors (28)5.3 JTAG Signals (29)5.4 IPMI Support (30)5.5 Connector Pads and Labeling (30)5.6 Connector Assembly (31)5.7 Signal Routing and Electrical (31)5.8 Power Consumption and Heat Dissipation (32)5.8.1 Carrier Voltage (32)5.8.2 Power Sequencing (33)6.0 Identification (34)6.1 Labels (34)6.2 Label Locations (34)6.3 Identification Block (34)7.0 Compatibility Issues (36)7.1 Mechanical Interoperability (36)7.2 Electrical Interoperability (36)7.3 System Interoperability (36)Appendix A Recommendations for Protocol Layer Standards..37 Appendix B Identification Block Identifiers and Parameters for PMC Connectors (38)Appendix C Connector Pin Usage on P25 for Double-Width Cards (39)Appendix D IPMI Serial EEPROM FRU Information (40)D.1 Addressing (40)D.2 Devices (40)D.3 FRU Data (40)1.0 IntroductionThe inherent limits of bus architectures have sparked wide-spread interest in switched interconnect technologies such as RapidIO and PCI Express, whose many high-speed point-to-point connections deliver high aggregate bandwidths on a flattened architecture, utilizing fewer pins and operating over greater transmission distances.In light of these advantages, this document proposes to expand the potential features of Common Mezzanine Cards (CMC) by defining a standard by which switched interconnect technologies can be integrated into these cards.1.1 ObjectiveThis specification defines an open standard for supporting high-speed, switched interconnect protocols on an existing, widely deployed form factor. In light of this objective, specific goals include supporting:• A high-speed switched interconnect.•Open standardized technologies for switched fabrics.•Standard PMC form factors.•Compatibility with existing PMC specifications.•PMC, XMC, or dual-mode mezzanine cards.•PMC, XMC, or dual-mode carriers.•Standard VME, CompactPCI, Advanced TCA, and PCI Express carriers. •Standard PMC stacking heights.•Optional conduction cooling.In support of these goals, this document specifies the mechanical and generic electrical requirements necessary to serve as a basis for any number of protocol layer standards built on and complying with this standard. Protocol layer standards should follow the recommendations in Appendix A.1.2 XMC OverviewThe XMC Mezzanine Card base standard defines physical features that enable switched communications between a standard mezzanine card and its carrier. These features include the addition of one or more connectors carrying the additional electrical signals necessary for such communications.In addition to providing signals to carry data to and from the carrier module, these high-speed connectors provide adequate power, ground, and auxiliary signals so that the mezzanine card can function without signals from any standard PMC connectors, thus making PMC connectors optional. This specification requires no changes to existing PMC connectors, allowing them to continue supporting PCI-32 and PCI-64 protocol layers.1.3 Terminology1.3.1 XMC DefinitionsXMC. An evolution of the PMC mezzanine card that includes a new connector and the electrical signals necessary for switched communications between the mezzanine card and its carrier.Carrier Board. A PCB that complies with the IEEE 1386 - Standard for a Common Mezzanine Card Family and has an XMC-compliant primary connector.Mezzanine Card. A PCB that attaches to a Carrier Board and has an XMC-compliant primary connector.PMC Connectors. Any connectors implemented on an XMC Carrier Board or Mezzanine Card defined by IEEE 1386.1-2001 - Standard Physical and Environmental Layers for PCI Mezzanine Cards. On mezzanine cards, PMC connectors occupy locations Pn1 through Pn4.XMC Connectors. Connectors implemented on an XMC Carrier Board or Mezzanine Card defined by this standard and subordinate protocol layer standards as opposed to IEEE 1386.1-2001 - Standard Physical and Environmental Layers for PCI Mezzanine Cards. On mezzanine cards, XMC connectors occupy locations Pn5 and Pn6.Primary Connector. An XMC connector implemented on an XMC Carrier Board or Mezzanine Card that carries auxiliary signals, voltage signals, and differential data signals between the carrier and mezzanine card. On Mezzanine Cards, the primary connector occupies connector location P15. General pin assignments for the primary connector are provided in this specification, while detailed signal assignments are documented in subsidiary protocol specifications.Secondary Connector. Any XMC connector implemented on an XMC Carrier Board other than the primary connector. Secondary connectors do not carry auxiliary signals, but may carry differential data signals or user I/O signals. General pin assignments for the secondary connector are provided in this specification, while detailed signal assignments are documented in subsidiary protocol specifications.1.3.2 Specification Key WordsMay. The word “may” indicates an optional feature with no implied preference.RFU (Reserved for Future Use by this Standard). Use of anything marked RFU is prohibited in current designs and may impair compatibility with future revisions of this standard.RPS (Reserved for Use by Protocol Standards). Use of anything marked RPS may impair compatibility with protocol layer standards built on or complying with this standard. If a specific protocol layer standard does not explicitly define the use of a pin marked RPS, that pin may be used as a User Defined (UD) pin and still remain compliant with that protocol standard.Shall. The word “shall’ indicates a mandatory requirement.Should. The word “should’ indicates a feature which is not mandatory but is strongly encouraged.UD (User Defined). Implementation of anything marked UD will never be specified by this standard and any protocol layer standard built on or complying with this standard. 1.4 ReferencesThe following publications are used in conjunction with this standard. When any of the referenced specifications are superseded by an approved revision, that revision shall apply.IEEE 1386-2001 Standard for a Common Mezzanine Card Family()IEEE 1386.1-2001 Standard Physical and Environmental Layers for PCI Mezzanine Cards ()IEEE 1149.1-2001 Standard Test Access Port and Boundary-Scan Architecture ()ANSI/VITA 32-2003 Processor PMC Standard for Processor PCI Mezzanine Cards ()ANSI/VITA 39-2003 PCI-X Auxiliary Standard for PMCs and Processor PMCs ()ANSI/VITA 20-2001 (R2005) Conduction Cooled PCI Mezzanine Card (CCPMC) ()VITA 42.10-200x XMC General Purpose I/O Standard (XMC.10) () ANSI/TIA/EIA-644-A-2001 Electrical Characteristics of Low Voltage Differential Signaling (LVDS) Interface Circuits ()PICMG 2.9 R1.0 CompactPCI System Management ()Platform Management Field Replaceable Unit (FRU) Information Storage Definition (ISD) V2.0 (Intel Corporation, Hewlett-Packard Company, NEC Corporation, Dell Computer Corporation, /design/servers/ipmi)Phillips Semiconductors I2C -Bus Specification 2.1()1.5 DimensionsThis standard follows the mechanical and dimensional specifications given in IEEE 1386 except where noted. All dimensions are expressed in millimeters.2.0 ComplianceTo claim compliance to this standard a product shall comply with all appropriate requirements found in IEEE 1386.1-2001 and this standard.In the event of conflicts between this standard and other referenced standards, this standard shall take precedence.3.0 Mezzanine Cards3.1 OverviewMechanically, an XMC-compliant mezzanine card differs from a IEEE 1386-2001 compliant CMC in one or more of the following ways:•The XMC has a primary XMC connector and possibly one or more secondary XMC connectors in addition to any PMC connectors present on the card.•The XMC may have no PMC connectors.Four compliant form factors are specified for XMC mezzanine cards, standard and short single-width XMCs and standard and short double-width XMCs. Typical implementations are shown in Figure 3-1 and Figure 3-2.The XMC mezzanine card does not comply with the IEEE 1386-2001 component height limit in the component area due to the height of the XMC connector. Short XMC cards do not comply with the IEEE 1386-2001 standard’s length, shortening this dimension by 10mm. Otherwise, XMC cards comply with IEEE 1386-2001.Figure 3-1. Typical XMC Single-Width Mezzanine Card without PMC ConnectorsFigure 3-2. Typical XMC Double-Width Mezzanine Card without PMC Connectors3.2 Single-Width Mezzanine CardsTwo form factors are specified for single-width XMC mezzanine cards, a standard IEEE 1386-2001 form factor and an optional, shorter form factor that may be used for XMCs without PMC connectors (see section 7.1). A single-width XMC shall have a primary XMC connector plug occupying connector location P15 and may have a secondary XMC connector plug occupying connector location P16.Mechanical specifications, connector locations, and connector labeling for single-width standard XMCs shall conform to those shown in Figure 3-3. Mechanical specifications for single-width short XMCs shall conform to those shown in Figure 3-4. Details for placement of XMC connectors are shown in Figure 3-5.Figure 3-3. Single-Width Mezzanine Card Mechanical Layout with Optional PMC Connectors (Conduction Cooled Holes Not Shown)Figure 3-4. Optional Single-Width Mezzanine Card Mechanical Layout with Shortened DepthFigure 3-5. XMC Connector Placement Details on Single-Width Mezzanine Card3.3 Double-Width Mezzanine CardsTwo form factors are specified for double-width XMC mezzanine cards, a standard IEEE 1386-2001 form factor and an optional, shorter form factor that may be used for XMCs without PMC connectors (see section 7.1). A double-width XMC shall have a primary XMC connector plug occupying connector location P15 and may have up to three secondary XMC connector plugs occupying connector locations P16, P25, and P26. IfP25 is implemented, it shall conform to the connector pin usage described in Appendix C.Mechanical specifications, connector locations, and connector labeling for double-width standard XMCs shall conform to those shown in Figure 3-6. Mechanical specifications for double-width short XMCs shall conform to those shown in Figure 3-7.Figure 3-6. Double-Width Mezzanine Card Connector Mechanical Layout with Optional PMC Connectors (Conduction Cooled Holes Not Shown)Figure 3-7. Optional Double-Width Mezzanine Card Connector Mechanical Layout with Shortened Depth3.4 Populating Optional PMC Connector AreasThe implementation of PMC connectors is optional. Areas defined for optional PMC connectors that are not present may be populated with components. Component heights in these areas shall not exceed 4.0 mm.3.5 Populating Optional XMC Connector AreasAreas defined for optional XMC connector plugs that are not present may be populated with components. Component heights in these areas shall not exceed 6.5 mm.3.6 Conduction CoolingXMCs may implement conduction cooling. If implemented, the implementation shall comply with ANSI/VITA 20-2001 (R2005). Note that mechanical dimensions and keep-outs for ANSI/VITA 20-2001 (R2005) compliant conduction cooled XMCs will differ from those specified in this document. Note also that neither this standard norANSI/VITA 20-2001 (R2005) makes provisions for a shortened form factor for conduction-cooled XMCs.4.0 Carrier Board4.1 OverviewMechanically, a carrier board that supports XMC mezzanine cards differs from a standard PMC carrier in one or more of the following ways:•The XMC carrier has a primary XMC connector and possibly one or more secondary XMC connectors in addition to any PMC connectors present on the card.•The XMC carrier may have PMC connectors to support legacy PMC modules, or may have no PMC connectors.The standard stacking height of the XMC connectors is defined to be 10 mm as measured from the inner surface of the carrier PCB to the inner surface of the mezzanine card PCB.Stacking heights of 10 mm or greater in increments of 1 mm as defined in IEEE 1386 Section 5.1 (i.e. “host” side) may be used. Alternate stacking heights as defined in IEEE 1386 Section 4.9 (i.e. “mezzanine” side) are not permitted.For stacking heights greater than 10 mm, each 1 mm increment in stacking height shall increment the allowable component height in each region of the carrier board by 1 mm. Allowable component height on the carrier board shall be identical with IEEE 1386 except as specified herein.The allowable component height for an XMC module shall be as specified in Section 3 regardless of the stacking height.A stacking height of 10 mm will allow an XMC module to fit on a carrier board with a slot pitch of 0.8 inch (e.g., VMEbus). A stacking height of 12 mm will allow an XMC module to fit on a carrier board with a slot pitch of 1.0 inch (e.g., VITA 48).Typical implementations are shown in Figure 4-1 and Figure 4-2.Figure 4-1. Typical 6U Carrier Card Supporting a Single XMCFigure 4-2. Typical 6U Carrier Card Supporting Two Single-Width XMCs4.2 Connector ConfigurationsAn XMC carrier supporting a single-width XMC shall have a primary XMC connector receptacle occupying connector location J15 and may have a secondary XMC connector receptacle occupying connector location J16.A carrier supporting a double-width XMC card shall have a primary XMC connector receptacle occupying connector location J15 and may have up to three secondary XMC connector receptacles occupying connector locations J16, J25, and J26. Vendors should note the special connector pin usage for connector P25 on double-wide XMC mezzanine cards described in Appendix C.Typical layouts and connector locations for carriers supporting single-width and double-width XMC cards with the full complement of PMC and XMC connectors are shown in Figure 4-3 and Figure 4-4.Keep out areas should be free from traces, vias, and pads that could short with mezzanine components under shock or vibration unless these areas are protected by appropriate insulating material.4.3 Populating Optional PMC Connector AreasConnector areas defined for optional PMC connectors that are not present may be populated with components. Component heights in these areas shall comply with the component envelope specified in IEEE 1386.4.4 Populating Optional XMC Connector AreasAreas defined for optional XMC connectors that are not present may not be populated with components due to the height of the XMC connector that may be installed on the module.PMC ConnectorsPMC Connectors5.0 XMC ConnectorAll XMC mezzanine card XMC connector plugs shall be part type SC-P-051. All XMC carrier XMC connector receptacles shall be part type SC-R-052.XMC connectors shall allow signaling rates of at least 3.125GHz between carriers and mezzanine cards.5.1 Pin Definitions for Primary XMC ConnectorsThe row and column labeling of contacts for the primary XMC connector shall comply with Table 5-1. The tables indicate differential pairs with a “DP” prefix and a “+” or “-” suffix. The tables indicate active-low signals with a “#” suffix. Voltage tolerances for power pins are documented in section 5.8.Table 5-1. Primary XMC Connector Pin DefinitionA B C D E F01 DP00+ DP00- 3.3V DP01+ DP01- VPWR02 GND GND TRST# GND GND MRSTI#03 DP02+ DP02- 3.3V DP03+ DP03- VPWR04 GND GND TCK GND GND MRSTO#05 DP04+ DP04- 3.3V DP05+ DP05- VPWR06 GND GND TMS GND GND +12V07 DP06+ DP06- 3.3V DP07+ DP07- VPWR08 GND GND TDI GND GND -12V09 DP08+ DP08- RPS DP09+ DP09- VPWR10 GND GND TDO GND GND GA011 DP10+ DP10- MBIST# DP11+ DP11- VPWR12 GND GND GA1 GND GND MPRESENT#13 DP12+ DP12- 3.3V AUX DP13+ DP13- VPWR14 GND GND GA2 GND GND MSDA15 DP14+ DP14- RPS DP15+ DP15- VPWR16 GND GND MVMRO GND GND MSCL17 DP16+ DP16- RFU DP17+ DP17- RFU18 GND GND RPS GND GND RPS19 DP18+ DP18- RPS DP19+ DP19- RPS1 Samtec part number ASP-105885-01 or equivalent.2 Samtec part number ASP-105884-01 or equivalent.Pin usage is defined in the protocol layer standards except as follows.DP[00..19]. Differential Pairs. These signals are used by the XMC to transmit or receive high-speed protocol-specific data from the carrier. These signals are fully defined in the appropriate protocol layer standard. These signals shall tolerate EIA-644 signal levels.MSCL. IPMI I2C serial clock. This signal shall provide a clock reference to the XMC mezzanine card for a two-wire serial management bus.MSDA. IPMI I2C serial data. This signal shall provide a data line for a two-wire serial management bus.GA[0..2]. I2C channel select. These signals allow a carrier to address a specific XMC slot on an IPMI I2C bus shared by multiple XMCs. The XMC decodes these signals to determine its IPMI I2C address as shown in Table 5-2. Addresses decoding for two types of target devices are shown, serial EEPROMs and optional devices. I2C addresses are 7 bits and are by convention left justified in a byte. Table 5-2 assumes that the most significant bit is transmitted first. The carrier shall provide a unique code on these signals for each XMC slot that shares an IPMI I2C. A value of 111b implies no connector is present.Table 5-2. I2C Address DecodingGA[0..2] I2C Address forSerial EEPROM I2C Addresses for Optional Devices000 0b101 0000 0bxxx x000001 0b101 0001 0bxxx x001010 0b101 0010 0bxxx x010011 0b101 0011 0bxxx x011100 0b101 0100 0bxxx x100101 0b101 0101 0bxxx x101110 0b101 0110 0bxxx x110111 Not present Not presentFor additional information about I2C Address Decoding, refer to Appendix D.MBIST#. XMC Built In Self Test. This signal allows the carrier to determine whether an XMC has completed its built-in self test. If this signal is used, it shall be asserted low at the de-assertion of MRSTI# to indicate that the XMC is performing self-test and is not yet ready. This signal shall remain asserted for at least 10 usec. If this signal is not used, it should be left unconnected by the XMC. If this signal is used by the carrier, it should be pulled up by the carrier to support XMCs that do not implement this signal. This signal is asynchronous with respect to XMC or PCI clocks.MVMRO. XMC Write Prohibit. When this signal is asserted high, the XMC shall disable writes to non-volatile memory on the XMC. The standard does not impose any requirements on the timing of this signal. XMC modules should be designed to accept transitions on this signal at any time while valid power is applied to the XMC.MRSTI#. XMC Reset In. When this signal is asserted low by the carrier, the mezzanine card shall initialize itself into a known state. The carrier shall drive this signal with a 10-millisecond or longer pulse, as measured from the time that power is stabilized (see4.5.2).MRSTO#. XMC Reset Out. As input to the carrier, this optional signal provides an input to the carrier’s reset logic in order to support a reset button or other reset source on the XMC. To avoid reset loops, the XMC shall not drive this signal in response to an MRSTI# signal from the carrier. The XMC shall drive this signal with a 10- millisecond or longer pulse.MPRESENT#. Module present. This signal allows the carrier to determine whether an XMC is present. The XMC shall connect this signal to ground.TRST#. JTAG Reset. This signal shall provide for asynchronous initialization of the TAP controller on the XMC.TCK. JTAG Clock. This signal shall provide an independent clock reference for TAP controller operation.TMS. JTAG Mode Select. This signal shall provide state control of the TAP controller on the XMC.TDI. JTAG Data In. This signal shall provide for serial writes of test data and instructions into the XMC.TDO. JTAG Data Out. This signal shall provide for serial writes of test data and instructions out of the XMC.VPWR. Power pins. These signals carry either 12V or 5V power from the carrier to the XMC. The XMC shall accept either voltage level from the carrier. Acceptable voltage level tolerances are listed in Table 5-6.Table 5-3 provides a summary of the signals described above.Table 5-3. Signal SummarySignal Description Direction Type NotesDP[00..19] Differential Pairs (Note 1) (Note 2) 1,2MSCL I2C Serial Clock Input LVTTL 3,4,8MSDA I2C Serial Data I/O LVTTL 3,4,8GA[0..2] I2C Channel Select. Input LVTTL 8MVMRO XMC Write Prohibit Input LVTTL 8MRSTI# XMC Reset In Input LVTTL 8MRSTO# XMC Reset Out Output LVTTL 3,5,6,8MBIST# XMC BIST Active Output LVTTL 5,6,8 MPRESENT# Module present. Output LVTTL 5,8TRST# JTAG Reset Input LVTTL 7,8TCK JTAG Clock Input LVTTL 7,8TMS JTAG Mode Select Input LVTTL 7,8TDI JTAG Data In Input LVTTL 7,8TDO JTAG Data Out Output LVTTL 8VPWR Variable Power pins. Input 5V or 12V 8Note 2. Characteristics defined in protocol standard. Shall tolerate EIA-644 signal levels.Note 3. Open drain signal.Note 4. Requires pull-up resisitor on carrier compliant with I2C Bus specification.Note 5. Requires 10 kOhm (±5%) pull-up resistor on carrier.Note 6. Optional signal.Note 7. Requires termination on carrier compliant with IEEE1149.1 (JTAG).Note 8. Signal directions are specified in relation to the XMC mezzanine card.5.2 Pin Definitions for Secondary XMC ConnectorsThe standard defines two usage modes for secondary XMC connectors, Fabric Mode and User I/O mode. Pin usage differs between the usage modes as published in the following sections.5.2.1 Fabric Mode Pin Usage for XMC Secondary Connectors Secondary XMC connectors used in fabric mode shall conform to Table 5-4.5.2.2 User I/O Mode Pin Usage for XMC Secondary Connectors Secondary XMC connectors used in User I/O mode are not required to conform to any pinout convention including the location of ground pins. However, it is recommended that secondary XMC connectors include the ground pins shown in Table 5-4 if possible.。
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6
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Options, Futures, and Other Derivatives, 9th Edition,
Copyright © John C.Hull 2014
12
Optimal Number of Contracts
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Options, Futures, and Other Derivatives, 9th Edition,
Copyright © John C.Hull 2014
Chapter 3 Hedging Strategies Using Futures
Options, Futures, and Other Derivatives, 9th Edition,
Copyright ©John C. Hull 2014
1
Long &Short Hedges
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小学上册J卷英语第1单元期末试卷
小学上册英语第1单元期末试卷考试时间:100分钟(总分:100)B卷一、综合题(共计100题共100分)1. 填空题:A ______ (蝙蝠) uses echolocation to find food.2. 填空题:A ______ is often the first step in gardening. (播种通常是园艺的第一步。
)3. 听力题:Photosynthesis takes place in the _______ of plant cells.4. 填空题:My grandma grows ______ (草莓) in her garden. They are sweet and very ______ (好吃).5. 填空题:I have a collection of ______.6. 填空题:A _____ is a natural formation that rises prominently.7. 填空题:The ancient Greeks used _____ to explain their universe.8. 选择题:What do we call the motion of the Earth around the sun?A. RotationB. RevolutionC. Both A and BD. Cycle答案: B9. 听力题:A reactant is a starting ______ in a chemical reaction.My sister enjoys __________ (与朋友一起玩).11. 选择题:What do we call a story that teaches a lesson?A. FableB. MythC. TaleD. Legend答案:A12. 听力题:The clock is ________ ticking.13. 选择题:What do we call the energy from the sun?A. Solar energyB. Wind energyC. Nuclear energyD. Geothermal energy答案:A14. 填空题:My favorite game is ______ (国际象棋). I enjoy thinking carefully about my ______ (策略).15. 选择题:What is the name of the famous explorer who discovered America?A. Christopher ColumbusB. Ferdinand MagellanC. Vasco da GamaD. Marco Polo16. 选择题:What do we call the study of living things?A. BiologyB. ChemistryC. PhysicsD. Astronomy答案: A17. 听力题:A mixture that has a fixed composition is called a _______ mixture.My favorite thing about my hometown is _______ (美食).19. 选择题:What do you call the white part of an egg?A. YolkB. ShellC. AlbumenD. Membrane20. 填空题:I have a toy ________ that needs batteries.21. 填空题:The flowers are blooming ______.22. 填空题:This girl, ______ (这个女孩), enjoys making crafts.23. 填空题:The kitten pounces on a _________. (玩具)24. 选择题:What color do you get when you mix blue and yellow?A. GreenB. PurpleC. OrangeD. Brown答案: A25. 听力题:The main ingredient in aspirin is ______.26. 听力题:Solar panels convert sunlight into ______ (electricity).27. 选择题:Which fruit is orange and round?A. LemonB. OrangeC. GrapefruitD. Kiwi28. 填空题:The ________ (气象) station reports daily weather.The _______ (兔子) eats fresh vegetables.30. 选择题:What do we call the study of numbers and shapes?A. MathematicsB. ScienceC. GeographyD. History31. 填空题:My favorite teacher knows how to _______ (动词). 她教我们 _______ (名词).32. 选择题:What do you call a doctor who helps animals?A. DentistB. VeterinarianC. SurgeonD. Pediatrician答案:B33. 听力题:Many _______ are used in traditional medicine.34. 听力题:The _____ (snail) moves slowly.35. 听力题:The _______ can be a great source of inspiration for art.36. 填空题:The _____ (sapling) will grow into a strong tree.37. 听力题:The chemical formula for water is _____.38. 听力题:The sun is ___ in the afternoon. (setting)39. 选择题:What is the opposite of 'light'?A. HeavyB. BrightC. DarkD. Dim答案:CThe chemical formula for -ethoxybutanoic acid is ______.41. 听力题:The cat stretches lazily in the _____ sunbeam.42. 听力题:She is planting flowers in the ___. (garden)43. 听力题:She has a _____ (新) dress.44. 填空题:I usually eat ______ for breakfast.45. 选择题:What do you call a young kangaroo?A. CubB. JoeyC. CalfD. Pup答案:B46. 选择题:What is 20 divided by 4?A. 4B. 5C. 6D. 7答案: B47. 填空题:The __________ (南北战争) was fought between the North and South in the USA.48. 选择题:What do we call the process of water vapor forming clouds?A. EvaporationB. CondensationC. PrecipitationD. Sublimation49. 听力题:The weather is _____ outside today. (nice)50. 选择题:What is the opposite of “fast”?A. QuickB. SlowC. RapidD. Swift51. 选择题:What do you call a group of fish?A. SchoolB. FlockC. PackD. Herd52. 填空题:Many flowers bloom in _____ (春天) and attract bees.53. 选择题:How many legs does a spider have?A. 6B. 8C. 10D. 1254. 听力题:A rock that is formed by the accumulation of minerals from water is called a ______ rock.55. 听力题:I want to _____ (travel/stay) home this summer.56. 听力填空题:I am inspired by __________ because he/she achieved so much. His/Her story motivates me to work hard and follow my dreams. I hope to be like him/her one day.57. 填空题:The __________ (三藩市) earthquake happened in 1906.58. 选择题:Which instrument has keys and is played by pressing them?A. GuitarB. PianoC. ViolinD. Drum答案:B59. 听力题:The _____ (city/country) is big.60. 听力题:A ______ has a long tail and is very agile.61. 填空题:My _____ (外公) always tells funny stories about his childhood. 我外公总是讲述他童年时的有趣故事。
苏州大学《行为金融学双语》2022-2023学年第一学期期末试卷
苏州大学《行为金融学双语》2022-2023学年第一学期期末试卷课程名称:行为金融学双语专业:金融学班级:金融学2021级考试形式:闭卷考试满分:100分---注意事项:1. 本试卷共四部分,总分100分,考试时间为120分钟。
2. 请将答案写在答题纸上,写在试卷上的答案无效。
3. 所有题目必须回答,选择题请将正确答案的字母填在答题纸上,其余题目请将答案写清楚。
---第一部分选择题(共20题,每题2分,共40分)1. 行为金融学主要研究()A. 投资者的理性决策B. 市场的有效性C. 心理因素对投资决策的影响D. 公司财务报表分析2. 在行为金融学中,“过度自信”效应指的是()A. 投资者对自己能力的高估B. 投资者对市场的低估C. 投资者对他人意见的重视D. 投资者对损失的敏感性3. “锚定效应”是指()A. 投资者过于依赖初始信息B. 投资者对未来信息的忽视C. 投资者在决策中忽视风险D. 投资者追逐短期收益4. 行为金融学认为,市场的非理性行为主要来源于()A. 信息不对称B. 投资者心理偏差C. 交易成本D. 法规限制5. 在行为金融学中,“损失厌恶”意味着()A. 投资者更倾向于承担风险以追求收益B. 投资者对损失的敏感性大于对收益的敏感性C. 投资者在盈利时会变得更为谨慎D. 投资者总是选择低风险投资6. “羊群效应”指的是()A. 投资者跟随市场趋势进行投资B. 投资者独立思考自己的决策C. 投资者对市场信息的分析D. 投资者保持自己的投资组合不变7. 行为金融学的一个重要理论是()A. 现代投资组合理论B. 资本资产定价模型C. 前景理论D. 期权定价模型8. 投资者在判断风险时,通常会受到()的影响。
A. 投资期限B. 投资金额C. 先前经历D. 经济环境9. 在金融市场中,情绪可以影响()A. 投资者的决策和市场的波动B. 公司的盈利能力C. 经济的基本面D. 法规政策的制定10. 行为金融学的实证研究通常依赖于()A. 理论模型B. 数学推导C. 实验和调查D. 历史数据分析11. “代表性偏差”是指()A. 投资者根据少量案例来推断整体趋势B. 投资者对事件概率的过高估计C. 投资者对新信息的过度反应D. 投资者倾向于追逐市场热门股12. 行为金融学对传统金融理论的挑战在于()A. 投资者始终是理性的B. 市场总是有效的C. 投资者决策中存在心理偏差D. 金融市场是完全竞争的13. 在投资决策中,情绪的波动通常会导致()A. 决策的准确性提高B. 投资者的行为更加理性C. 市场的非理性波动D. 投资者对风险的准确判断14. 行为金融学中的“框架效应”是指()A. 信息的呈现方式影响决策B. 投资者对损失的敏感性C. 投资者的选择偏好D. 投资者对收益的偏好15. 行为金融学的研究方法不包括()A. 实验法B. 问卷调查法C. 案例分析法D. 定价模型法16. 在金融市场中,投资者的情绪通常与()成正相关。
Formal and Real Authority in Organizations
I. Introduction Over 40 years ago, Herbert Simon defined authority as the right to select actions affecting part or the whole of an organization.' As
We are grateful to Oliver Hart and MartinHellwig for helpful discussions;to Patrick Bolton, Leonardo Felli, an anonymous referee, and especially Denis Gromb and David Martimortfor helpful comments on a first draft; and to the Centre National d'Etudes des Telecommunications for financial support. 1 "We will say that [the boss] exercises authority over [the worker] if [the worker] permits [the boss] to select x [a 'behavior,' i.e., any element of the set of specific actions that the workerperforms on the job]. That is, [the worker] accepts authority
when his behavior is determined by [the boss's] decision. In general, [the worker] will accept authorityonly if xO, x chosen by [the boss], is restricted to some given the subset ([the worker's] 'area of acceptance') of all the possible values. This is the definition of authority that is most generally employed in modem administrative theory" (Simon 1951, p. 294). See alsoJennergren (1981).
TheTrustedAdvisor
The Trusted AdvisorDavid H MaisterCharles H GreenRobert M Galford2000, The Free PressWhat’s New?The terms “trust” and “advisor” are seemingly small words, but they have meanings with layers and complexities.The trust formula of credibility, reliability, intimacy and self-orientation provides a neat summary for the benefits and application of effective inter-personal skills.Perspectives on Trust3 basic skills that a Trusted Advisor needs:Trust- EarningRelationships- Building- Giving Advice EffectivelyWhy strive to be a Trusted Advisor?The more your clients trust you, the more they will:•Reach for your advice•Be inclined to accept and act on your recommendations•Bring you in on more advanced, complex, strategic issues•Share more information that helps you to help them, and improves the quality of services •Lower the level of stress in your interactions•Give you the benefit of the doubt•Forgive you when you make a mistake•Protect you when you need it•Warn you of the dangers you might avoid•Involve you early on when their issues begin to form, rather than later in the process Trusted Advisors share the following characteristics from a client perspective:•Are consistent, we can depend on them•Don’t try to force things on us•Help us think things through (it’s our decision)•Don’t substitute their judgement for ours •Help us think and separate our logic from our emotion •Don’t pull their punches (we can rely on them to tell us the truth) •Give us reasoning (help us think) not just their conclusions •Challenge our assumptions (help us uncover the false assumptions we’ve been working under) •Make us feel comfortable and casual personally (but they take the issues seriously) •Act like a real person, not someone in a role •Are reliably on our side and always seem to have our interests at heart •Have a sense of humour to diffuse (our) tension in tough situationsIf you want your client to treat you as a Trusted Advisor, then you must meet as many of the “tests” on the list as possible.B r e a d t h o f B u s i n e s s I s s u e sB r e a d t h o f B u s i n e s s I s s u e sTen Attributes of Trusted Advisors1.Have a predilection to focus on the client, rather than themselves. They have:- enough self confidence to listen without pre-judging- enough curiosity to inquire without supposing an answer- willingness to see the clients co-equal in a joint journey- enough ego strength to subordinate their own ego2.Focus on the client as an individual, not as a person fulling a role3.Believe that a continued focus on problem definition and resolution is more importantthan technical or content mastery4.Show a strong “competitive” drive aimed not at competitors, but constantly at finding newways to be of greater service to the client5.Consistently focus on doing the next right thing, rather than on aiming for specificoutcomes6.Are motivated more by an internalised drive to do the right thing than by their ownorganisation’s rewards or dynamics7.View methodologies, models, techniques and business processes as means to an end.They are useful if they work, and are to be discarded if they don’t, the test aseffectiveness for this client8.Believe that success in client relationships is tied to the accumulation of qualityexperiences. As a result, they seek out (rather than avoid) client-contact experiences,and take personal risks with clients rather than avoid them9.Believe that both selling and serving are aspects of professionalism. Both are aboutproviding to clients that you are dedicated to helping them with their issues10.Believe that there is a distinction between a business life and a private life, but that bothlives are very personal. They recognise that refined skills in dealing with people arecritical in business and personal life; the two worlds are often work alike that they aredifferent, and for some, they overlap to an extraordinary eventGiving AdviceMany professionals approach the task of giving advice as if it were an objective, rational exercise based on their technical knowledge and expertise. But advice giving is almost never an exclusively logical process. Rather it is almost always an emotional “duet” played between the advice giver and the client. If you can’t learn to recognise, deal with, and respond to client emotions, you will never be an effective advisor.It’s not enough for a professional to be right: An advisor’s job is to be helpful.Clients frequently want someone who will take away their worries and absorb all their hassles. Too often they encounter professionals who add to their worries and create extra headaches, forcing them to confront things they would rather ignore.Since clients are often anxious and uncertain they are, above all, looking for someone who will provide reassurance, calm their fears and inspire confidence.Dealing with client politics – effective advice requires an ability to suppress one’s own ego and emotional needs. The most effective way to influence a client is to help the person feel that the solution was (to a large extent) their idea:1.Give them their options2.Give them an education about the options (including enough discussion for them toconsider each option in depth)3.Give them a recommendation4.Let them chooseBuilding RelationshipsKey principles of relationship building:1.Go first – the person you are influencing must visibly perceive that you are willing to bethe first one to make an investment in the relationship, in order to earn and deserve therelationship2.Illustrate, don’t tell – be very prepared and demonstrate convincingly3.Listen for what’s different, not for what’s familiar – as you talk to clients, ask yourself whatmakes this person different from other clients. What does that mean for what I shouldsay and how I should behave? Create situations where they will tell you more about their issues, concerns and needs4.Be sure your advice is being sought – develop the skills and behaviour patterns thatensure that you provide affirmation, support, approval and appreciation along with youradvice – learn to hold back from saying “I know how to solve your problem”5.Earn the right to offer advice – understand the situation, understand how the client feelsabout it, convince the client that we understand the situation and how they feel about it6.Keep asking – ask a lot of questions, shut up and listen7.Say what you mean – never assume that the other person is a mind reader8.When you need help, ask for it – anyone who tries to appear omnipotent, an individualwith all the answers, is more likely to evoke precisely the opposite response (“Who is this guy trying to kid?”). Giving advice is a duet, not a solo performance9.Show an interest in the person – keep them talking about themselves, learn as much aspossible about the persone compliments, not flattery – be specific enough to make sure the compliment is notpuffery11.Show appreciation – expressing appropriate appreciation goes a long way in cementing arelationshipThe Structure of Trust BuildingThe Trust EquationWinning trust requires that you do well on all four dimensions (in the client’s eyes). T = C + R + IST = TrustworthinessC = CredibilityR = ReliabilityI = IntimacyS = Self-OrientationWhy Professionals Jump to Action Too Soon(Chapter 15)1.The human tendency to focus on ourselves2.The belief that we’re selling only content3.The desire for tangibility4.The search for validationCommon Fears(Chapter 15)1.Not having the answer2.Not being able to get the right answer quickly3.Having the wrong answermitting some social faux pas5.Looking confused6.Not knowing how to respond7.Having missed some information8.Revealing some ignorance9.MisdiagnosingDealing with Different Client Types(Chapter 16)1.Work in advance on what is different about this client, and what might be different aboutyou in situation:- are there any topics I should avoid because they are too delicate to discuss in a large forum?- are there any topics on which the views of your colleagues are divided?- where are we likely to encounter the most resistance?- do you have initiatives already going on that might interact with the discussion of this one?2.As you look at a client, force yourself to ask three questions:- what is the client’s prevailing personal motivation?- what is their personality?- how does the state of their organisation affect their worldview?3.When thinking about a client’s prevailing personal motivation, which of the followingcomes first?- the need to excel?- the need to take action and achieve results?- the need to understand and analyse before deciding?- the need to drive consensus?4.Figure out why you might truly like this client as a person.e the Trust Equation.。
面试中遇到的古怪问题
面试中遇到的古怪问题面试中遇到的古怪问题1.超人和蝙蝠侠对打,谁会赢?(斯坦福大学医学院面试问题)glassdoor的人才招纳主任安德伍德(susan underwood)说,回答这个问题的明智做法是提出一些问题,弄清问题的语境,然后再回答。
比如,他们在哪里比武?他们各自又有什么样的特殊武器?2.你最喜欢的1990年代乐曲是什么?(squarespace公司客服面试问题)安德伍德说,这个问题的用意可能是探询你的个性。
就像其它面试问题一样,如果你的回答能同你应试的工作联系起来,将会很有助益。
如果回忆不起来1990年代的乐曲怎么办?那就选择你熟悉的东西,然后解释你喜欢的理由。
3.如果你醒来收到2,000个电子邮件却只能回复其中300个,你会选择哪些邮件回复?(dropbox面试问题)大多数雇主都想知道你在承受压力的情况下如何明确轻重缓急,技术公司可能特别在意你工作量很大时如何应对,比如某一产品或者客户出现紧急问题时。
回答这个问题,需要清晰明确的列出你的选择标准。
4.向盲人描述黄颜色。
(美国精灵航空乘务员面试问题)安德伍德认为,这个问题的用意在于受试者是否能够体会服务对象的心态,所以可以这样回答:询问盲人在阳光下的感觉。
如果他说“温暖”,你可以说这是描述黄颜色的一种方式。
5.如果有一台机器,终其一生只能产出100美元,你现在愿意付多少钱买这台机器?(aksia分析师面试问题)aksia 是一家面向投资公司提供理财服务的金融公司。
这个问题的用意显然是在问你对交易估值的掌握程度。
但安德伍德说,有必要询问“终其一生”是什么意思。
是一年?还是一个月?一天?那100美元是否经过通胀调整?类似问题还有,这台机器是否有竞争对手?有多少公司生产类似产品?6.你早餐吃了什么?(美国服装品牌香蕉共和国销售员面试问题)这看起来简直是一个无厘头问题。
安德伍德建议,你可以回答你吃了很健康的食品,对全天信心满满。
7.如果你是空-难的生还者之一,你会怎么办?(airbnb安全调查员面试问题)安德伍德说,这个问题可能是想看你在未知的环境中如何表现。
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Vivek KwatraDepartment of Computer ScienceCampus Box3175,Sitterson HallUNC-Chapel Hill,Chapel Hill,NC27599-3175,USA+1(678)613-8994Tel,+1(919)962-1799Faxkwatra@/∼kwatraResearch page:/∼kwatra/research.htmlResearch InterestsComputer Graphics,Computer Vision,Machine Learning,Data-driven Techniques,Image/Video-based Rendering,Physically based SimulationEducation2005Ph.D.,Computer ScienceGeorgia Institute of Technology–Atlanta,GAAdvisors:Dr.Aaron Bobick and Dr.Irfan EssaThesis:Example-based Rendering of Textural PhenomenaGPA:4.02004M.S.,Computer ScienceGeorgia Institute of Technology–Atlanta,GAGPA:4.01999 B.Tech.,Computer Science and EngineeringIndian Institute of Technology,Delhi–New Delhi,IndiaGPA:8.74/10.00Academic&Teaching Experience2005-Present University of North Carolina,Chapel Hill Chapel Hill,NC Postdoctoral Researcher–Department of Computer ScienceWorking onfluid texturing,and the interaction between physically based simulationand data-driven modeling.2000-2005Georgia Institute of Technology Atlanta,GA Graduate Research Assistant–GVU Center,College of ComputingResearched on human body-part tracking,compression of2D cel animations,texturesynthesis for images and video,and video-based rendering of textural phenomena. 1999-2000Georgia Institute of Technology Atlanta,GA Graduate Teaching Assistant–Theory IGraded homework assignments and exams,and helped students understand conceptsin graph theory,automata theory,and algorithms.Summer1997Indian Institute of Technology,Delhi New Delhi,India Undergraduate Research Assistant–Computer Science&EngineeringDeveloped a toolkit for3D animation using dynamic Binary Space Partitioning(BSP)trees.Industrial Work ExperienceSummer2002Mitsubishi Electric Research Lab.(MERL)Cambridge,MA Research InternWorked on a video-based animation and rendering system.Summer2001IBM Research Yorktown Heights,NY Research Intern–T.J.Watson Research CenterDeveloped a system for perspective-distortion removal(keystone correction)in amulti-surface projection system–part of the Everywhere Displays project. Summer1998HCL Perot Systems Noida,India Summer InternDeveloped,in part,an Automated Testing System(ATS)used for recruiting newemployees.PublicationsUnder ReviewV.Kwatra,P.Mordohai,S.K.Penta,R.Narain,M.Carlson,M.Pollefeys,M.Lin,“Augmenting Real Video with Physically-based Simulation.”Refereed Journal PublicationsV.Kwatra,D.Adalsteinsson,T.Kim,N.Kwatra,M.Carlson,M.Lin,“TexturingFluids,”To appear in IEEE Transactions on Visualization and Computer Graphics(TVCG),2007.M.Johnson,G.J.Brostow,J.Shotton,O.Arandjelovic,V.Kwatra,R.Cipolla,“Semantic Photo Synthesis,”Computer Graphics Forum(Proc.Eurographics2006),25(3),2006.V.Kwatra,I.Essa,A.Bobick,and N.Kwatra,“Texture Optimization for Example-based Synthesis,”Proc.ACM Transactions on Graphics,SIGGRAPH2005,24(3):795-802,August2005.V.Kwatra,A.Sch¨o dl,I.Essa,G.Turk,and A.Bobick,“Graphcut Textures:Imageand Video Synthesis Using Graph Cuts,”Proc.ACM Transactions on Graphics,SIGGRAPH2003,24(3):277-286,July2003.V.Kwatra and J.Rossignac,“Space-Time Surface Simplification and EdgebreakerCompression for2D Cel Animations,”International Journal on Shape Modeling,8(2),119-137,Dec.2002.Refereed Conference Publications and SketchesR.Narain,V.Kwatra,H.P.Lee,T.Kim,M.Carlson,M.Lin,“Feature-Guided Dy-namic Texture Synthesis on Continuous Flows,”To Appear in Eurographics Sym-posium on Rendering(EGSR)2007.V.Kwatra,D.Adalsteinsson,N.Kwatra,M.Carlson,M.Lin,“Texturing Fluids,”In Technical Sketches Program,ACM SIGGRAPH2006.W.Lin,J.H.Hays,C.Wu,V.Kwatra,and Y.Liu,“Quantitative Evaluation onNear Regular Texture Synthesis,”Proc.IEEE Conference on Computer Vision andPattern Recognition Conference(CVPR)2006,June2006.F.Dellaert,V.Kwatra,and S.M.Oh,“Mixture Trees for Modeling and Fast Condi-tional Sampling with Applications in Vision and Graphics,”Proc.IEEE Conferenceon Computer Vision and Pattern Recognition(CVPR)2005.G.J.Brostow,I.A.Essa,D.Steedly,and V.Kwatra,“Novel Skeletal RepresentationFor Articulated Creatures,”Proc.European Conference on Computer Vision(ECCV2004),May11-14,2004.V.Kwatra and J.Rossignac,“Surface Simplification and Edgebreaker Compressionfor2D Cell Animations,”Proc.International Conference on Shape Modeling andApplications(SMI2002),227-234,May2002.V.Kwatra,A.F.Bobick,and A.Y.Johnson,“Temporal Integration of MultipleSilhouette-based Body-part Hypotheses,”Proc.IEEE Conference on Computer Vi-sion and Pattern Recognition(CVPR2001),II:758–764,Dec.2001.A.Kumar,V.Kwatra,B.Singh,and S.Kapoor,“Using Separating Planes betweenObjects for Efficient Hidden Surface Removal,”Proc.International Conference onVisual Computing(ICVC1999),Feb.1999.A.Kumar,V.Kwatra,B.Singh,and S.Kapoor,“Dynamic Binary Space Partition-ing for Hidden Surface Removal,”Proc.Indian Conference on Computer Vision,Graphics and Image Processing(ICVGIP1998),Dec.1998.Theses and Technical ReportsV.Kwatra,D.Adalsteinsson,N.Kwatra,M.Carlson,M.Lin,“Texturing Fluids,”UNC Technical Report UNC-TR06-016,Department of Computer Science,UNCChapel-Hill.V.Kwatra,“Example-based Rendering of Textural Phenomena,”Ph.D.Thesis,Col-lege of Computing,Georgia Institute of Technology,August2005.W.Lin,J.Hays,C.Wu,V.Kwatra,and Y.Liu,“A Comparison Study of Four Tex-ture Synthesis Algorithms on Near-Regular Textures,”Tech.Report CMU-RI-TR-04-01,Robotics Institute,Carnegie Mellon University,January,2004.Also appearedin Poster Session SIGGRAPH,August2004.C.Pinhanez,R.Kjeldsen,T.Levas,G.Pingali,J.Hartman,M.Podlaseck,V.Kwatra and P.Chou,“Transforming Surfaces into Touch-Screens,”IBM ResearchReport RC22273(W0112-016),Dec.4,2001.A.Kumar and V.Kwatra,“Algorithms for Efficient Dynamic Hidden Surface Re-moval for Curved Surfaces,”B.Tech Project Report,Department of Computer Sci-ence,IIT Delhi,May1999.Honors&AwardsOutstanding Dissertation Award,College of Computing,Georgia Tech2005-2006Outstanding Graduate Research Assistant,College of Computing,Georgia Tech2005Member of Upsilon Pi Epsilon,International Honor Society2003-PresentMerit Awards for being among the Top20in the Institute in IIT Delhi1995-1999Brilliant Tutorials Scholarship for securing All India Rank5in IIT JEE(Joint Entrance Examination)1995National Merit Scholarship(All India Level)for outstanding performancein High School1993Courses“Example-based Texture Synthesis,”To Appear in SIGGRAPH2007Courses pro-gram./∼kwatra/SIG07TextureSynthesis/AdvisingCurrently co-advising the following students(at UNC-Chapel Hill):•Rahul Narain,1st year PhD(Feature-guided Fluid Texturing)•Huai-Ping Lee,1st year PhD(Feature-guided Fluid Texturing)•Sashi Kumar Penta,1st year PhD(Physically-based Editing of Real Videos)•Paul Mecklenburg,2nd year MS(Data-driven Fluids and Nearest NeighborSearch)PresentationsGuest lecture on texture synthesis in course on Computer Graphics,Department of Computer Science,UNC-Chapel Hill Fall2005Invited speaker in IBM User Interface Technology Student Symposium Nov.2002Guest lecture on texture analysis&synthesis in course on ComputerVision,College of Computing,Georgia Tech Fall2002Guest speaker at Computer Vision Lab,IIT Delhi April2002Miscellaneous ActivitiesProfessionalCompleted Leadership Symposium,UNC Chapel-Hill June2006Poster Chair for the Workshop on Edge Computing Using NewCommodity Architectures(EDGE),Chapel Hill,NC May2006Reviewer for ACM SIGGRAPH,ACM SIGGRAPH Symposium on Computer Ani-mation(SCA),IEEE Transactions on Visualization and Computer Graphics(TVCG),IEEE International Conference on Computer Vision(ICCV),IEEE Conference onComputer Vision and Pattern Recognition(CVPR),European Conference on Com-puter Vision(ECCV),Eurographics Symposium on Rendering(EGSR),Eurograph-ics Computer Graphics Forum.OtherMember of Graduate Student Committee,College of Computing,Georgia Tech2003-2004General Secretary,Board for Recreational and Creative Activities,IIT Delhi1998-1999Professional AssociationsMember of Association for Computing Machinery(ACM)2003-PresentReferencesDr.Aaron F.Bobick(Advisor)Chair,Interface Computing DivisionProfessor,College of ComputingGeorgia Institute of Technologyafb@+1(404)894-8591Tel+1(404)894-0673FaxDr.Irfan A.Essa(Co-advisor)Associate Professor,College of ComputingGeorgia Institute of Technologyirfan@+1(404)894-6856Tel+1(404)894-0673FaxDr.Ming C.Lin(Postdoc Supervisor)Professor,Department of Computer ScienceUniversity of North Carolina,Chapel Hilllin@+1(919)962-1974Tel+1(919)962-1799FaxDr.Dinesh ManochaProfessor,Department of Computer Science University of North Carolina,Chapel Hilldm@+1(919)962-1749Tel+1(919)962-1799Fax Dr.Greg TurkAssociate Professor,College of Computing Georgia Institute of Technologyturk@+1(404)894-7508Tel+1(404)894-0673Fax。