Academic literature on the topic 'Over-allotment options'

AbstractThe required upgradation of the single-mode fibre (SMF)’s network capacity constrained by the non-linear Shannon’s limit, and the capacity provisioning which is needed by the future diverse Internet traffic can be resolved by the space division multiplexing (SDM) based elastic optical networks (EONs) (SDM-b-EONs). Recently, the multiple core fibre (MCF) technology has gained momentum over the current multi-fibre (MF) technology after laboratory experiments conducted on MCF models established much lower inter-core crosstalk values. In view of channel assignment, the spatial-super-channel (Spat-Sup-Chn) method has evolved as a prime candidate owing to its use of the joint switching (JoSw) mechanism which minimizes the cost. In the current work, in a JoSw based MCF enabled SDM-b-EON, for provisioning the demands; we aim at cost minimization while assigning both, the spectral and the spatial resources. Initially, we establish that in specific cases; use of the complete core allotment (CCA) technique, which uses all the MCF cores to provision the demands, leads to spectrum underutilization following which; we introduce a novel core adapting allotment (CAA) technique which adapts the cores amounts. We then investigate the possibility of using the CAA technique to provision the Spat-Sup-Chns simultaneously ensuring the same spectral requirements as needed when the CCA technique is used. For the performance evaluations, we consider the 37 core trench-assisted MCFs and our results show that by using the CAA technique, indeed there is a possibility of the transceivers amount being minimized in effect resulting in the Spat-Sup-Chn method being an economically practical solution.

abstract: 本文采用2010年1月1日至2017年12月31日在香港主板IPO上市的共574家公司作为研究样本，系统采集包括与发行人、承销商、投资人、发行热度、市场每日交易数据等相关的数据近100项，对超额配售选择权在香港IPO中的实际效用进行实证研究，研究发现：1）超额配售选择的确可以起到提高发行价格，降低IPO抑价率的作用，但是同时也是破发的主要原因。2）由超额配售选择权赋予承销商稳价行为中，市场买入量越大，最大回撤越大，市场下跌风险越大同时超额配售选择权还导致了最大回撤日的推后，增大了稳价结束后的市场风险，而这很有可能是由于承销商追求更高利益造成的。3）没有证据显示，超额配售选择权会降低承销商的佣金比例，但是，超额配售选择权却为承销商带来非常高的额外收益，而这个收益与市场下跌幅度和承销商从市场购买股份的比例直接相关。 其中，本文首次对最大回撤率、最大回撤日与承销商市场买入量之间的关系进行实证研究，揭示了承销商市场买入量与承销商收益正相关，与最大回撤率负相关，与最大回撤日正相关的关系，可能是增加市场下跌风险的因素。这与现有理论中及监管机构的预期中，“超额配售选择权具有向上稳定价格的作用”是有一定偏差的。 根据研究结果，本文首先建议发行人要客观对待超额配售选择权提升发行价格的作用，以免引起破发。其次建议市场投资人要客观认识超额配售选择权的作用，不要由于超额配售选择权的存在给与发行过高的认同价格。再次建议发行人要能够认识到超额配售选择权是承销商零成本获得的一个有固定收益保障的看空期权，是承销商在承销IPO时的收益之一，而股价下跌幅度与承销商的收益正相关。因此要对承销商的稳价行为进行一定管控，同时可以因为超额配售选择权的存在而要求更低的承销佣金比例。最后建议承销商要维护市场公平，爱护自己的声誉，尽可能避免因超额配售选择权的使用对市场造成不应有的干扰。
Dissertation/Thesis
Doctoral Dissertation Business Administration 2019