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Harvard renegotiated terms to an agreement with a South Korean foundation yesterday that will loosen restrictions on a $13 million endowment established in 1975 for Korean studies...
...because there is no endowed chair at present in this field, Harvard has been unable to use the payout from this endowment for a number of years. Endowing a full professorship at the University requires about $4 million...
...fine line to tread. China's army of retail investors - its citizens are said to have opened more than 100 million stock brokerage accounts - is driven by sentiment rather than fundamentals. They expect to make hefty gains from IPOs as a matter of course, and so capping price rises even temporarily may turn off many of them...
...question is whether GEM will be more effective than the banking sector in meeting the funding needs of SMEs. Prospective GEM companies certainly hope so. The 10 enterprises initially aimed to raise around $490 million, but doubled the target after IPOs like Bawang were accorded high valuations. Based on their aggressive IPO pricing, the average price-earnings ratio of the 10 stocks is estimated at 55 times 2008 profits, higher than the average p/e ratio of 40 times asked by the 10 companies that most recently listed on the SME Board. (See pictures of Shanghai today...
...Kong - and even the SME Board in Shenzhen, which requires IPO applicants to have at least three years' operating history and profits. GEM may consider for listing a company that turned a profit of as low as $730,000 in the previous one year, provided total sales exceeded $44 million. (See pictures of the making of modern China...