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The authors examine the underpricing and long-term performance of a broad set of Swiss IPOs from 1983 to 2000. The average market adjusted initial return is 34.97%. Results support the ex ante uncertainty hypothesis, the signalling hypothesis and, to some extent, the market cyclicality hypothesis as possible explanations for the underpricing phenomenon on the Swiss IPO market. They also find evidence for lower initial returns under increased competition among investment banks, and more accurate pricing when book-building is used.

The foundation of Vision 2020 is built around three core ideas. First, building Wisconsins Technology Clusters. Second, establishing Research Centers of Excellence. Third, creating an Institute for Interdisciplinary Research. The report offers a detailed set of recommendations to build a 21st Century economy in Wisconsin.

This paper makes two contributions to the empirical literature on agglomeration economies. First, the paper uses a unique and rich database in conjunction with mapping software to measure the geographic extent of agglomerative externalities. Previous papers have been forced to assume that agglomeration economies are club goods that operate at a metropolitan scale. Second, the paper tests for the existence of organizational agglomeration economies of the kind studied qualitatively by Saxenian.

Considering the business enterprise from the point of view of Institutional Theory, which provides the most comprehensive base for understanding the enterprise as a focus of the big quantity of the economic institutions, the author examines the institutions of enterprise’s internal environment, where the intellectual capital is being accumulated and developed.

According to the author, there has been increased public awareness that regional economic policies should be designed to give local authorities raising local organizational capacity as well as ensuring a greater equality in the allocation of funding and priorities.

he paper presents the idea and results of a joint Finnish-Russian project on economic monitoring of Northwest Russia financed by the Finnish Ministry for Foreign Affairs.

This paper challenges the ability of the conventional literature initiated by Barro and Sala-i-Martin to detect actual convergence or divergence trends across countries or regions and suggests an alternative dynamic framework of analysis, which allows for a better understanding of the forces in operation.

The paper focuses on current patterns of restructuring in Russian Karelias timber industry, which constitutes the backbone of the regional economy. In particular, the paper investigates the relationship between an increased export orientation of this industry and a notable worsening of its output structure, combined with a lack of technological innovations.

The target of the paper is to make a survey on income convergence and regional restructuring literature in the case of European integration. The idea is to make an evaluation and prediction on the real convergence prospects of the large EU.

This study presents theoretical models of the role of externalities across two and three dimensional regional economy. The author characterises dynamics and the stability of steady states in the three-region model.