The Effect of Block Ownership on Future Firm Value and Performance

This paper examines the performance of the investment decisions of block owners. The block ownership data is obtained from Dlugosz, Fahlenbrach, Gompers, and Metrick (2006). We find that firm valuation (measured by Tobin's Q), operating performance (measured by changes in return on assets) and stock performance (measured by excess buy and hold returns) are positively and significantly related to the previous years' level of block ownership both in terms of the size of the ownership and the number of blockholders. Our results are robust to endogeneity concerns. Regarding whether a specific blockholder is an “insider” or an “outsider” to the firm, we find that the ownership of “outside” blockholders is a key determinant in explaining future firm performance. Note though that this category makes up about two-thirds of the aggregate amount of blockholding in Dlugosz et al. (2006) database, and also includes all blockholders not classified in other categories. In general, we attribute the superior performance to the presence of more blockholders. We also find an inverse association between the volatility in blockownership and the ex-post firm performance measures

Prediction of diagenesis and reservoir quality using wireline logs: evidence from the Upper Triassic (Raethian) fluvial reservoir tags - Toual field, Gassi Touil Area, SE Algeria

Reservoir quality is mainly controlled by environment deposit type and diagenesis processes. To investigate such subject we usually proceed to microscopic techniques. Absence of outcrops and missing of core samples let us use conventional wireline logs and core lab measurements as primary data. Direct lecture of well logs calibrated by core photos and wellsite description, well logs correlation and cross plots were our main methodology axis. Target of this study is the fluvial Shaly Sandstones of Upper Triassic (Rhaetian) reservoir (abreviated in French; TAGS) located in Toual field – SE of Algeria. The present investigation confirms the absence of clean sandstone levels in the studied reservoir. It detects also the presence of halite and clays (Illite) as cements in sandstone. The influence of illite on permeability was confirmed whereas porosity is less affected.Keywords: Diagenesis; Reservoir Quality; Well logs; Fluvial System; Triassic; Toua

Deeply Virtual Compton Scattering off the Neutron

The present experiment exploits the interference between the deeply virtual Compton scattering (DVCS) and the Bethe-Heitler processes to extract the imaginary part of DVCS amplitudes on the neutron and on the deuteron from the helicity-dependent D(e⃗,e′γ)X cross section measured at Q2=1.9  GeV2 and xB=0.36. We extract a linear combination of generalized parton distributions (GPDs) particularly sensitive to Eq, the least constrained GPD. A model dependent constraint on the contribution of the up and down quarks to the nucleon spin is deduced

Tagger design optimization

This note presents the simulations and tests performed at LPSC Grenoble for the optimization of the DVCS tagger paddles. The choice of the wrapping material and the addition of a light guide with a specific triangular cut are discussed and confronted to experimental measurements. This study led to the final configuration of the DVCS tagger

Stock return comovement around the Dow Jones Islamic Market World Index revisions

We examine patterns of comovement in stock returns around the Dow Jones Islamic Market World Index (DJIMWI) quarterly revision events. Our analysis is based on a sample of 8250 companies from eighteen countries during the period May 1999–June 2012. We find that a stock’s comovement with the DJIMWI increases when it joins and decreases when it leaves the index. We also find that the comovement of newly added (deleted) stocks with the existing DJIMWI constituents increases (declines) during periods of high trading activity and during the month of Ramadan. Further tests reveal that changes in the fundamentals have no impact on the comovements of added and deleted stocks. Overall, our results indicate that stock returns respond to the emotional state of investors around information-free events

Breathing Current Domains in Globally Coupled Electrochemical Systems: A Comparison with a Semiconductor Model

Spatio-temporal bifurcations and complex dynamics in globally coupled intrinsically bistable electrochemical systems with an S-shaped current-voltage characteristic under galvanostatic control are studied theoretically on a one-dimensional domain. The results are compared with the dynamics and the bifurcation scenarios occurring in a closely related model which describes pattern formation in semiconductors. Under galvanostatic control both systems are unstable with respect to the formation of stationary large amplitude current domains. The current domains as well as the homogeneous steady state exhibit oscillatory instabilities for slow dynamics of the potential drop across the double layer, or across the semiconductor device, respectively. The interplay of the different instabilities leads to complex spatio-temporal behavior. We find breathing current domains and chaotic spatio-temporal dynamics in the electrochemical system. Comparing these findings with the results obtained earlier for the semiconductor system, we outline bifurcation scenarios leading to complex dynamics in globally coupled bistable systems with subcritical spatial bifurcations.Comment: 13 pages, 11 figures, 70 references, RevTex4 accepted by PRE http://pre.aps.or

L’Utilisation de L’Alliage CoCrMo En Biomécanique (cas de prothèse discal)

Les paramètres pour la production de la métallurgie des poudres classique d'un alliage CoCrMo pour les prothèses orthopédiques sont déterminés. Avec l'application de ces paramètres, un alliage ayant une densité à l’état brute, une faible porosité après frittage, la dureté considérable et comportement passif avec une résistance de frottement imporante

Underwriters' allocation with and without discretionary power: Evidence from the Hong Kong IPO market

This study uses a unique and extensive data set from the Hong Kong IPO market to examine the theory of adverse selection under two distinct regulatory regimes in relation to underwriters' discretionary power in IPO share allocation. Consistent with Rock's (1986) theory of adverse selection in the IPO market, we show that, prior to the introduction of the clawback provision; retail (uninformed) investors were allocated more of the overpriced offerings and less of the underpriced issues. However, after the provision is implemented, retail investors have been allocated significantly more of the underpriced offerings and less of the overpriced ones. Overall, we find that allocation-adjusted initial returns for the retail investors are lower (higher) than the risk-free rate pre- (post-) clawback provision. These findings imply that the mandatory clawback provision has enhanced the fairness in IPO share allocations among different investor groups and has reduced the winner's curse in the IPO market

Primary hepatoid carcinoma of the ovary: A case report

Primary hepatoid carcinoma of the ovary (HCO) is a very rare type of high-grade invasive malignant ovarian tumor with hepatic differentiation and production of á-fetoprotein (AFP). We describe a 78-year-old Moroccan woman who presented to our hospital with abdominal distension andpurplish nodules infiltrating the para umbilical skin with weight loss and impairment of her performance status. Excisional biopsy of the paraumbilical nodule revealed a cutaneous localization of moderately   differentiated adenocarcinoma and pelvic ultrasonography noted the presence of a tumoral right adnexal mass. The patient underwent an exploratory laparoscopy which found peritoneal carcinomatosis with pelvic adhesions allowing only a peritoneal biopsy. Diagnosis of primary hepatoid carcinoma of the ovary was established on the basis of classic   histopathologic findings, immunohistochemical staining and marked elevation in serum of á-fetoprotein more than the carbohydrate antigen 125. The patient received 3 cycles of chemotherapy based on Carboplatin and Paclitaxel with disease progression. No second line chemotherapy was given because of the drop of patient's performance status to 3. The patient died one month later