The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd

Equity crowdfunding platforms are at the center of the digital transformation of early-stage venture funding. These digital platforms were originally heralded as a democratizing force in early stage finance, due to their role in facilitating the exchange between entrepreneurs and a multitude of non-professional small investors (“the crowd”). Equity crowdfunding platforms have experienced considerable growth and now attract professional investors including business angels. The presence of angels alongside the crowd on equity crowdfunding platforms has raised questions whether these digital platforms can continue to play their role in democratizing access to capital. Using data from a leading equity crowdfunding platform, we examine the interplay between the investment decisions of angels and the crowd. We find evidence of information flows in crowdfunding platforms between angels, and from angels to the crowd. We find angels play an important role in funding of large ventures, whereas the crowd not only fill the funding gaps for such large ventures but also play a pivotal role in the funding of small ones. The complementarity between angels and crowd investors seems to increase the overall efficiency in an otherwise highly asymmetric and uncertain market, confirming that digitization can indeed bring important benefits to venture investment.     

我国养猪业的现状和发展思路

本文分析我国养猪业的优势和存在的问题,提出建立安全生产全程监控体系和养猪信息网络体系、提高劳动生产率、树立品牌、开发国内市场等措施来发展我国养猪业,无畏地迎接加入WTO后给我国养猪业带来的挑战。     

英语商标词的构词理据分析

商标词是商品的文字语言称谓,其构成是有理据的.英语商标词是根据商品的特点、性能、用途等,采用各种方法和理据,综合语言、文化、心理、市场、美学等诸学科的原理创造出来的.本文从语音、构词、语义三方面对英语商标词的构词理据进行分析,以期对我国出口商品命名起一定借鉴作用.     

Universal,but not free: Household schooling costs and equity effects of Uganda’s Universal Secondary Education policy

A general consensus regarding universal schooling policies is that they have boosted enrollments while ignoring the quality of learning, although there is burgeoning research interest in the extent to which such policies have contributed to more equitable educational delivery. This paper analyzes household and school level effects of Uganda’s Universal Secondary Education (USE) policy, launched in 2007. We rely on data drawn from the Uganda National Panel Survey (UNPS) rounds in 2005 and 2009–11, which are included as part of the World Bank’s Living Standards Measurement Study (LSMS). We find that receipt of the USE capitation grant has increased substantially for most pupils, and is associated with a 60% reduction in household spending on education per child, at the lower secondary level. At the same time this relationship does not differ by wealth or by region. Further, we do not find evidence to suggest the policy boosted school attendance or retention, at the lower secondary level. Overall, our findings suggest a need for greater attention to the equity effects of universal education policies.     

20世纪20年代广州禁止女招待风波初探

20世纪20年代,随着妇女解放运动的兴起,一种新的女子职业——女招待在广州出现。但是,由于传统观念的影响和男女就业机会的冲突,广州女招待职业曾两度遭到政府明令禁止。这说明处于社会弱势地位的女性要取得真正的男女平等,还需要制度和法律的保障。     

努力发挥高考在实现教育公平方面的重要作用

高考要体现公平性的要求。由于社会存在高考趋利追求和对社会诚信的质疑,因而,对高考公平性的要求有绝对化的趋向。考试机构应通过加强管理与规范保障高考的公平性,同时也应协调好高考的各项功能,在保证公平的前提下推进高考改革。     

Ensuring access,equity and quality in early childhood education in Bangladesh,China, India and Myanmar: Challenges for nations in a populous economic corridor

UN Sustainable Development Goal 4.2 specifies that countries need to ensure that all girls and boys have access to quality early childhood development, care and pre-primary education so that they are ready for primary school education. This paper considers where Bangladesh, China, India and Myanmar stand in terms SDG Target Indicator 4.2.2. National data sets were used to assess equitable access to early childhood education and policy documents were analysed to determine how countries address the quality dimension. Overall, findings indicate (i) large variations in access to early childhood education among Bangladesh, China, India and Myanmar; (ii) variations in access based on family wealth; (iii) the need to enhance the quality of the data collected to measure access to early childhood education and monitor progress towards Sustainable Developmental Goal Target Indicator 4.2.2; (iv) a lack of attention to the measurement of the quality of early childhood education; and (iv) the need to address policy-implementation gaps in all four countries.     

Measuring equity of education resource allocation: An output-based approach

This paper provides a methodological framework to measure and analyze educational resource allocation within and across systems and ascertain potential equity implications. The proposed approach employs an outputs-driven method to provide a snapshot of the equitable distribution of key educational resources available in relation to student populations that are most in need. Our approach standardizes educational resources into three broad dimensions including teacher quality, school physical environment, and school instructional environment while contrasting the allocation of these resources between low- and high-needs schools. We implement this approach using real world data from Brazil to demonstrate its adaptability to the context and available data while still maintaining a consistent framework across applications.     

中国白酒品牌的价值塑造

近年来白酒行业所面临的激烈竞争充分暴露了中国白酒企业在品牌塑造上的缺陷.本文试图从酒文化入手,谈谈塑造具有中国传统文化特色的白酒品牌价值.     

试析入世后外资银行入股中资银行的可行性

外资银行通过参股中资银行:可以规避现有的业务限制,迅速获得全面开展人民币业务的资格,是其进入中国市场的捷径;与此同时面对加剧的竞争格局而迫切要求提高竞争力的中小银行也有引入外资战略投资者的考虑.本文通过在这种互抛绣球的意愿下对外资银行参股中资银行的可行性进行了分析,认为入市后这种参股行为是符合双方要求的可行方案.