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In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外，对我国A股市场询价发行方式与固定价格发行方式下的IPO锁定期到期时持有收益率、以及我国A股市场与香港市场的询价发行价格区间进行了统计比较，为评价我国IPO市场的询价发行提供了比较全面的依据。2、相比已有文献仅考虑折价和分配中的一种激励措施，本论文在有自主配售权下的机制设计中并用了分配与折价两种激励措施，并且在价格区间的制定中引入发行底价，考察了价格区间与分配量之间的关系，得到最优的价格区间和分配策略，从中体现自主分配权的优点；在有自主分配权下的操纵行为研究中则体现了自主配售权的弊端，与已有文献不同的是，在模型中引入了累计投标询价机制，研究了承销商在混同均衡操纵中采取的分配策略，并对操纵存在的条件进行分析讨论，得出各个因素对混同均衡操纵存在的影响。3、在无自主分配权下的询价发行中，充分考虑了我国实际应用的背景，加入了与固定价格发售混合的条件，并将询价与固定价格混合发行分为序贯与同步两种方式，指出机构投资者在两种情况下申购策略的侧重点各有不同，通过对序贯混合发行方式下的网下累计投标策略以及同步混合发行方式下的资金分配策略的模型建立和数值仿真，考察了机构投资者申购策略对无自主分配权下的询价发行的影响，填补了相关研究文献的空白；在包含超额配售选择权的询价发行中，将发行定价策略分为热销策略和弱销策略，在考虑了我国含超额配售选择权的发行流程下，通过建模以及数值仿真得出承销商会对发行定价策略作出怎样的选取，进而会对新股发行价格、发售数量产生怎样的影响，对目前相关研究的缺乏做出了有益的补充。

By people praise for " beer former juice " wine of beer on draft is will best simple clear wine go up from product line the stainless steel bucket of direct infuse whole sealing, drinkable when fill carbon dioxide with machine of beer on draft, control wine in 3 ～ with machine of beer on draft 8 ℃, drinkable when hit in beer cup directly from machine of beer on draft, avoided beer and airy contact, make beer fresher, purer thick, bubble is richer, drinkable when more tastily, the aftertaste is boundless.

被人们誉为"啤酒原汁"的扎啤酒是将最优质的清酒从生产线上直接注入全封闭的不锈钢桶，饮用时用扎啤机充入二氧化碳，并用扎啤机把酒控制在3～8℃，饮用时从扎啤机里直接打到啤酒杯里，避免了啤酒与空气的接触，使啤酒更新鲜。更纯厚。泡沫更丰富，饮用时更加爽口，回味无穷。

Unbottle the fun with Mad Caps, a puzzle game gone MAD! Send bottle caps flying with every move to get your fill of tasty soda.

一个令人疯狂的瓶盖游戏，你需要移动瓶盖将其消除从而喝到可口的苏打水。

The Christ with whom you desire fellowship longs unspeakably to fill you with His love.

这一位你所巴望与他交通的基督，是无法形容的渴望着把他的爱充满在你里面。

Let your desire reach out to this everlasting love. The Christ with whom you desire fellowship longs unspeakably to fill you with His love.

试著去触摸到那样的爱，因为耶稣渴望用那说不出来的大爱，充满你的心。

How many years have passed How many times have the walls been brushed Like clothes, and more like skins Testifying for former residents Furnishings get along well with each other Though they are covered with dust They are not in any disorder And still stiffly remember the past The fingers for the piano have been remarried The keys are still disseminating fragrance Love has moved to other eaves Whose face is still shimmering in the album The world map is like a holy saint Holding his ground at a distinct corner While covert walks and windows Will never be able to line out Solitude is accompanying meditation There is not a single book leaf left Friends have come to deliver complaints and wishes And have taken ashtray and flagon Other seasons will descend Smiles will be fresh in the rain And fill the whole half-old vase While covers are inhabiting all the walls There will be mirrors to consume beauty There will be shoulders to lift the brain Behind cleaning milk and vanishing cream There will be face half hidden The age of sail has gone Yet there are new routes to be inaugurated Glass will gain masks Vacant rooms will gestate once again

经过了这么多年墙壁刷了多少遍像衣服，更像皮肤证明以往的住户家具们相处很和睦尽管有灰尘披覆却一点也不见凌乱顽固地记着从前弹琴的手指已改嫁琴键仍飘散着芬芳爱情已在别的屋檐下像册里谁的脸在闪光世界地图像圣徒坚守在显著的一隅隐秘的小路和窗户永远不可能标出孤独与沉思做伴没有留下一页书朋友们来诉苦和祝愿带走了烟缸和酒壶别的季节会来临微笑会鲜艳在雨里插满半旧的花瓶而封面占据着四壁会有镜子消受美貌会有双肩扛着头脑在洗面奶和雪花膏后面会有面孔半隐半现帆的时代已经过去但还有航线要开辟玻璃将得到面具空房也将再孕育

It is so wonderful to keep in touch with this wonder-working Jesus and let Him fill us with His love.

与这位行奇事的耶稣保持接触，且让他的爱充满了我们是何等地奇妙。

You did not buy calamus for Me with money, And you did not fill Me with the fat of your sacrifices.

43：24 你没有用银子为我买菖蒲，也没有用祭牲的脂油使我饱足；倒使我因你的罪服劳，使我因你的罪孽厌倦。

Based on centroplasm theory of Wu ZhongWei and continuous compact coordinate theory of Liu ChongXi, professor Wang LiJiu devises concrete framework model, that is coarse aggregate are accumulated most closely with some coordination form by mechanical mixing, vibrating and gravity and form the concrete structural frame, then the mortar is used to fill up the air gap, bond and strengthen the coarse aggregate and make a whole body with strength.

以吴中伟的中心质理论和刘崇熙的连续包围垛密理论为基础，王立久教授提出混凝土架构模型，所谓架构模型是指粗集料在机械搅拌、振捣和重力作用下，按照一定的配位形式最紧密堆积构成混凝土骨架，砂浆填充粗集料的空隙，进而粘结龛固粗集料，形成一个具有强度的整体。

Clysis with milk: Fill a one-off clysis bag with warm milk and prepare massaging essential oil; pour the milk slowly into your intestines via the anus, and then remove it from your body.

牛奶灌肠：用一次性灌肠袋装满温热牛奶，配合按摩精油，把牛奶缓缓由肛门灌进肠内，然后排除，反复几次彻底清洁肠道，达到排毒作用。

We are in a real jam.

我们的麻烦大了。

Hey, it's Ahmet from India, that foreign exchange guy.

看，那是印度的阿曼特，国际交换生