Allocations, Adverse Selection and Cascades in IPOs Evidence from Israel

This paper examines three theories of IPO underpricing, using data from Israel where the allocations to subscribers are equally prorated and publicly known. Rock’s (1986) theory of adverse selection is supported: subscribers receive greater allocations in overpriced IPOs. And, while the average IPO excess return is 12%, the simulated allocation weighted return to uninformed investors is slightly negative. Welch’s (1992) theory of information cascades is supported by the pattern of allocations: demand is either extremely high or there is undersubscription, with very few cases in between. Also supported is the proposition that underpricing is a means to increase ownership dispersion

Allocations, Adverse Selection and Cascades in IPOs: Evidence from Israel

This paper examines three theories of IPO underpricing, using data from Israel where the allocations to subscribers are equally prorated and publicly known. Rock’s (1986) theory of adverse selection is supported: subscribers receive greater allocations in overpriced IPOs. And, while the average IPO excess return is 12%, the simulated allocation-weighted return to uninformed investors is slightly negative. Welch’s (1992) theory of information cascades is supported by the pattern of allocations: demand is either extremely high or there is undersubscription, with very few cases in between. Also supported is the proposition that underpricing is a means to increase ownership dispersion

Classification of all the minimal bilinear algorithms for computing the coefficients of the product of two polynomials modulo a polynomial, part I: The algebra G[u]<Q(u)l>, l>1

AbstractIn this paper we will classify all the minimal bilinear algorithms for computing the coefficients of(∑i=0n-1xiui)(∑i=0n-1yiui) mod Q(u)l where deg Q(u)=j,jl=n and Q(u) is irreducible.The case where l=1 was studied in [1]. For l>1 the main results are that we have to distinguish between two cases: j>1 and j=1. The first case is discussed here while the second is classified in [4]. For j>1 it is shown that up to equivalence every minimal (2n-1 multiplications) bilinear algorithm for computing the coefficients of (∑i=0n-1xiui)(∑i=0n-1yiui) mod Q(u)l is done by first computing the coefficients of (∑i=0n-1xiui)(∑i=0n-1yiui) and then reducing it modulo Q(u)l (similar to the case l = 1, [1])

Calcium phosphate mineralization is widely applied in crustacean mandibles

© The Author(s), 2016. This article is distributed under the terms of the Creative Commons Attribution License. The definitive version was published in Scientific Reports 6 (2016): 22118, doi:10.1038/srep22118.Crustaceans, like most mineralized invertebrates, adopted calcium carbonate mineralization for bulk skeleton reinforcement. Here, we show that a major part of the crustacean class Malacostraca (which includes lobsters, crayfishes, prawns and shrimps) shifted toward the formation of calcium phosphate as the main mineral at specified locations of the mandibular teeth. In these structures, calcium phosphate is not merely co-precipitated with the bulk calcium carbonate but rather creates specialized structures in which a layer of calcium phosphate, frequently in the form of crystalline fluorapatite, is mounted over a calcareous “jaw”. From a functional perspective, the co-existence of carbonate and phosphate mineralization demonstrates a biomineralization system that provides a versatile route to control the physico-chemical properties of skeletal elements. This system enables the deposition of amorphous calcium carbonate, amorphous calcium phosphate, calcite and apatite at various skeletal locations, as well as combinations of these minerals, to form graded composites materials. This study demonstrates the widespread occurrence of the dual mineralization strategy in the Malacostraca, suggesting that in terms of evolution, this feature of phosphatic teeth did not evolve independently in the different groups but rather represents an early common trait.This study was supported in part by grants from the Israel Science Foundation (ISF, Grant 613/13) and the National Institute for Biotechnology in the Negev (NIBN)

Allocations, Adverse Selection and Cascades in IPOs: Evidence from Israel

This paper examines three theories of IPO underpricing, using data from Israel where the allocations to subscribers are equally prorated and publicly known. Rock’s (1986) theory of adverse selection is supported: subscribers receive greater allocations in overpriced IPOs. And, while the average IPO excess return is 12%, the simulated allocation-weighted return to uninformed investors is slightly negative. Welch’s (1992) theory of information cascades is supported by the pattern of allocations: demand is either extremely high or there is undersubscription, with very few cases in between. Also supported is the proposition that underpricing is a means to increase ownership dispersion