A study to define meteorological uses and performance requirements for the Synchronous Earth Observatory Satellite

The potential meteorological uses of the Synchronous Earth Observatory Satellite (SEOS) were studied for detecting and predicting hazards to life, property, or the quality of the environment. Mesoscale meteorological phenonmena, and the observations requirements for SEOS are discussed along with the sensor parameters

The Rise of Accelerated Seasoned Equity Underwritings

Seasoned equity offerings (SEOs) executed through accelerated underwritings have increased global market share recently, raising over $850 billion since 1998, and now account for over half (two-thirds) of the value of U.S. (European) SEOs. We examine 31,242 global SEOs, executed during 1991-2004, which raise over$2.9 trillion for firms and selling shareholders. Compared to fully marketed deals, accelerated offerings occur more rapidly, raise more money, and require fewer underwriters. Importantly, accelerated deals reduce total issuance cost by about 250 basis points. Accelerated deals sell equal fractions of primary and secondary shares, whereas in traditional SEOs primary shares dominate. Announcement period returns are comparable for traditional and accelerated offerings, while secondary and mixed offerings trigger more negative market responses than do primary offerings. We conclude that this rapid, worldwide shift towards accelerated underwriting creates a spot market for SEOs, and represents the long-predicted shift towards an auction model for seasoned equity sales.Equity Offerings, Underwriting, Investment Banking

The Long-run Performance of Seasoned Equity Offerings with rights evidence from the Swiss Market

We examine the long-run performance of firms that offer seasoned equity on the Swiss market. Swiss firms use offerings with rights to raise new equity and they can issue three types of securities. Moreover, the tax law has for some firms the effect of increasing the issuing frequency. We find that most SEOs are small as a percentage of the firm’s market capitalisation. The leverage ratios change often (up and down) during a three-period post-SEO horizon. The long-run abnormal returns are insignificant relative to size and book-to-market matching portfolios. These findings are corroborated by the fact that a portfolio of issuing firms do not exhibit a risk adjusted (Fama and French three factor model and Time-varying beta) abnormal performance. These findings are in accordance with the growing literature showing that the US SEOs do no more have abnormal negative performance. Finally, we show that Swiss firms have an incentive to use SEOs as a substitute to stock dividends. This particular feature help to explain the high frequency of SEOs in Switzerland before 1992.

The embeddedness of social entrepreneurship: Understanding variation across local communities

Social enterprise organizations (SEOs) arise from entrepreneurial activities with the aim of achieving social goals. SEOs have been seen as alternative and/or complementary to the actions of governments and international organizations to address poverty and poverty-related social needs. Using a number of illustrative cases, we explore how variations in local institutional mechanisms shape the local "face of poverty" in different communities and how this relates to variations in the emergence and strategic orientations of SEOs. We develop a model of the productive opportunity space for SEOs as a basis of, and an inspiration for, further scholarly inquiry.social entrepreneurship; Social mechanisms; poverty; opportunity; institutions;

When and why do Austrian companies issue shares?

This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied concerning the aggregate factors that explain the time-series variation in both the numbers of and proceeds from initial public offerings (IPOs) and seasoned equity offerings (SEOs). Results indicate that there is no cyclical sensitivity of issues, but that firms successfully time their offerings to take advantage of high stock market valuations and the associated low cost of equity capital. Corporate indebtedness and interest rates are significant determinants of SEOs in statistical and economic terms. The proceeds from IPOs, rather than funds raised by firms that are already listed, are used to finance subsequent investment.Initial public offerings; seasoned equity offerings; corporate finance; capital structure; share issuance; going public; capital demand; stock market; cost of capital.

The Costs of Issuing Private Versus Public Equity

Canadian listed firms issue private offerings more often than public offerings. Yet the issuing cost of private investments in public equity (PIPEs) has neither been analyzed nor compared with the cost of conventional seasoned equity offerings (SEOs). We examine a sample of 2,108 PIPEs and 1,990 SEOs completed between 1993 and 2003, and show that, as expected, PIPEs are discounted more than SEOs, although the commissions paid to investment bankers are lower. When we control for size and other characteristics of the issuers, the difference between the total costs is 4%. Although this figure is significant, if the PIPE process allows firms to obtain financing four or six months earlier than via SEOs, the price gap may be economically justifiable. This finding may explain the rapid growth of the Canadian PIPE market. Les sociétés canadiennes inscrites en Bourse se financent de plus en plus fréquemment par placement privé, les PIPES. Le coût de ce type d’émission n’a jamais été comparé à celui des émissions publiques subséquentes (SEO). Nous analysons un échantillon de 2018 PIPES et 1990 émissions publiques, effectuées entre 1993 et 2003. Nous montrons que l’escompte est supérieur dans le cas des PIPEs, ce qui correspond aux attentes, mais les commissions payées aux courtiers sont inférieures. Lorsque la taille et les autres caractéristiques des émissions sont prises en compte, la différence entre les deux catégories d’émissions est de l’ordre de 4 %. Cet écart est statistiquement significatif. Toutefois, dans la mesure où l’émission privée peut permettre à l’entreprise d’obtenir les fonds six mois plus tôt que l’appel public, il peut être économiquement justifié de supporter ce coût supplémentaire. Cette situation pourrait expliquer la croissance des émissions privées.private equity, issuing costs, seasoned equity, politiques publiques, financement des petites entreprises, incitatifs fiscaux, investisseurs providentiels

Bank seasoned equity offers: do voluntary and involuntary offers differ?

Recent research has shown that for industrial and utilities’ seasoned equity offers (SEOs) the offer price discount is informative and has significant price effects. We examine whether the offer price discount for SEOs made by undercapitalized banks is different from those made by banks that were already overcapitalized prior to issue announcement. The former are labeled "involuntary" issues, and the latter "voluntary." Voluntary issues are likely made by opportunistic managers at times when their stock is overvalued. Prior research has argued and provided evidence suggesting that for involuntary issues, such timing discretion may be limited. However, we find no significant differences in the issue-date discount, and in issue-date abnormal returns between the two types of issues. We find that trading volume increases dramatically at the offer date, stays at abnormally high levels over a 60-day post–issue period, and is accompanied by a positive abnormal return in the post-offer period for both types of issues.Bank stocks

An investigation of the anti-inflammatory and analgesic effects of Orthosiphon stamineus leaf extracts

Anti-inflammatory and analgesic activities of a standardized Orthosiphon stamineus methanol:water (50:50 vol/vol) leaf extract (SEOS) were evaluated in animal models. Oral administration of SEOS at doses of 500 and 1,000 mg/kg significantly reduced the hind paw edema in rats at 3 and 5 hours after carrageenan administration (P < .01 and P < .01; P < .01 and P < .05, respectively). SEOS (1,000 mg/kg, p.o.) also produced significant (P < .05) analgesic activity in both the acetic acid-induced writhing test and the formalin-induced licking test (late phase) in mice and rats, respectively. However, SEOS showed no effect on the tail flick and hot plate tests in mice. The results of the present study support the proposal that O. stamineus has anti-inflammatory and non-narcotic analgesic activities. These findings justify the traditional use of the plant for treating pain and inflammation

La educación de gestión social como propuesta para trabajar con la diversidad de sujetos

La presente tesina pretende describir y analizar la Educación de Gestión Social (EGS) en la propuesta de los Servicios Educativos de Origen Social (SEOS) de la provincia de Mendoza. Los SEOS son programas educativos que fueron creados en 1988 para satisfacer una demanda social fundada en la necesidad de espacios públicos y gratuitos en los cuales niños y niñas que no estaban en edad escolar pudieran ser recibir cuidado y educación. Se considera que la propuesta de la EGS, es expresada a través de los programas SEOS, definidos bajo la autogestión y bajo abordajes educativos integrales, es el método de aprendizaje que incluye a la diversidad educativa. El desarrollo del siguiente trabajo repasa diferentes perspectivas educativas, ubicándose cerca de Paulo Freire y Henry Giroux. A partir de las mismas se analiza el caso de un centro de actividades educativas perteneciente a un SEOS de Guaymallén.Fil: Ferreyra, Paula Beatriz. Universidad Nacional de Cuyo. Facultad de Ciencias Políticas y Sociales.Fil: Gil, Nadya Elisabeth . Universidad Nacional de Cuyo. Facultad de Ciencias Políticas y Sociales