Going Public in Poland: Case-by-Case Privatizations, Mass Privatization and Private Sector Initial Public Offerings

This study compares the characteristics and the price behavior of case-by-case privatization initial public offerings, private sector initial public offerings and the mass privatization program in Poland over the first eight years after the reopening of the Warsaw Stock Exchange in April 1991. There is evidence that the Polish government is market-oriented in the sense of Perotti (1995), trying to build up reputation for its privatization policy over time by underpricing and selling a higher fraction at the initial offer. In the long-run private sector initial public offerings tend to underperform whereas case-by-case privatization initial public offerings experience neither an under- nor an overperformance. What is surprising in this context is the significantly negative long-run aftermarket performance of the certificates and shares of the mass privatization program.http://deepblue.lib.umich.edu/bitstream/2027.42/39676/3/wp292.pd

Going Public in Poland: Case-by-Case Privatizations, Mass Privatization and Private Sector Initial Public Offerings

This study compares the characteristics and the price behavior of case-by-case privatization initial public offerings, private sector initial public offerings and the mass privatization program in Poland over the first eight years after the reopening of the Warsaw Stock Exchange in April 1991. There is evidence that the Polish government is market-oriented in the sense of Perotti (1995), trying to build up reputation for its privatization policy over time by underpricing and selling a higher fraction at the initial offer. In the long-run private sector initial public offerings tend to underperform whereas case-by-case privatization initial public offerings experience neither an under- nor an overperformance. What is surprising in this context is the significantly negative long-run aftermarket performance of the certificates and shares of the mass privatization program.Poland, privatization, initial public offerings, underpricing, long-run performance

IPO Pricing with Bookbuilding and a When-Issued Market

This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once price ranges are set, when-issued trading commences and indicates how IPOs should be priced in the primary market. However, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding.Initial public offerings, Bookbuilding, When-issued trading

Plasmonic crystal demultiplexer and multiports

Artificially built periodic optical structures in dielectric and metallic media have generated considerable interest due to their potential for optical device miniaturization. In this context plasmonics, i.e., optics based on surface plasmon polaritons (SPPs) offers new exciting prospects. SPPs are hybrid light/electron surface waves at the interface between a dielectric and a metal and as such hold the potential for 2D optical functionality. Indeed, SPP elements as mirrors, splitters and interferometers have been recently demonstrated. However, for plasmonics to qualify at the information technology level requires necessarily the realization of wavelength division (demultiplexing) which constitutes a fundamental ingredient of optical communication. In the following we experimentally demonstrate 2D SPP demultiplexing in the visible spectral range by using photonic crystals for SPPs (plasmonic crystals). In addition, we demonstrate that plasmonic crystal are capable of realizing integrated linear multiports which could constitute building blocks of analog or quantum optical computing.Comment: Nano Lett.7, 1697 (2007

Corporate insider trading in Europe

We analyse stock price behaviour around the disclosure of corporate insider transactions after the introduction of the Market Abuse Directive (MAD). Ranking according to our Insider Trading Enforcement (ITE) index highlights significant differences in the MAD enforcement between French and German legal origin countries. We document contrarian behaviour of insiders in all of the sample countries. Insiders reveal significant information to the public through both their purchases and sales. The price impact of the insiders’ transactions is particularly strong in countries with a lower ITE index (i.e. weaker public enforcement)

Бромирование высоко-деактивированных ароматических систем с применением тетрафторобромата бария

It has been shown that Ba(BrF[4])[2] acted as a highly-active brominating agent. In case of interaction with nitrobenzene, the pure 3-bromo-nitrobenzene is formed. It has been shown that typical electrophilic bromination of the aromatic compound with electron donating and electron-accepting substituents occurred without any catalysts or hard conditions

How to erase surface plasmon fringes

We report the realization of a dual surface plasmon polariton (SPP) microscope based on leakage radiation (LR) analysis. The microscope can either image SPP propagation in the direct space or tin the Fourier space. This particularity allows in turn manipulation of the LR image for a clear separation of different interfering SPP contributions present close to optical nanoelements.Comment: Appl. Phys. Lett. 89, 091117 (2006