343 research outputs found
What determines IPO underpricing ? Evidence from a frontier market
This paper empirically analyzes the short run performance of Tunisian initial public offerings (IPO). It sheds light on the determinants of IPOâs in a context of a frontier market characterized by high information asymmetry, low information efficiency, thin trading and the presence of ânoiseâ traders. Using a sample of 34 Tunisian IPOâs from the period 1992-2008, we find that the average market adjusted initial return for the first three trading days is about 17.8 percent. The level of underpricing is related to retained capital, underwriterâs price support, oversubscription, listing delay and the offer price. Age of the firm, its size and the size of the offer do not seem to reduce the amount of money left on the table by issuers. It appears also that underpricing is driven by irrational investors (ipoers) seeking for short-run capital gains. These results remain unchanged after controlling for the presence of institutional investors and the existence of liquidity contract.Initial public offerings; Short-run underpricing; Underwriterâs price support.
Microfinance Institutionsâ Efficiency in the MENA Region: a Bootstrap-DEA approach
The purpose of this study is to evaluate the performance of microfinance institutions in The MENA region over the period 2006-2009. Following Simar and Wilson (1998, 2000) we use a DEA-Bootstrapping methodology to drift appropriate measures of DEA efficiency scores. The estimated results show that average efficiency of the most countries in the region has decreased over the period under study. Results also reveal that efficiency significantly differs by legal status of the microfinance institutions. Keywords: Microfinance, DEA, Bootstrap, MENA
The Impact of Retailer Brand Name Substitution on Consumer Trust
Purpose: The aim of this article is to understand the impact of retailer brand name substitution on consumer trust.
Â
Theoretical Framework: Drawing on existing research on product brand substitution, the paper introduces variables that could influence consumer trust in situations where a brand name is substituted.
Â
Design/Methodology/Approach: Â To achieve this goal, a quantitative study was conducted among 351 Tunisian consumers to test the hypotheses and quantify the impact of each variable.
Â
Findings: The results of this research highlight three variables that can contribute to building consumer trust during a retailer brand name substitution, namely: (1) communication about the change; (2) perceived similarity and (3) perceived benefits derived from the change. The results also indicated that consumer attachment has a moderating effect on the relationship between trust and its determinants. More precisely, the stronger the attachment to the initial retailer brand, the more the consumer's trust in the brand decreases after the brand substitution.
Â
Research, Practical & Social implications: This paper assists practitioners in identifying the key success determinants that can facilitate the transfer of consumer trust from the old retailer brand to the new one. It provides guidance for a successful retailer brand name substitution.
Â
Originality/Value: This research fulfils an identified need to study how consumersâ trust in a brand can be transferred successfully in the case of a retailer brand name substitution
Dynamic Modelling by Bond Graph Approach of Convective Drying Phenomena
Drying operations play an important role in food industries. They are often the last operation of the process of manufacturing a product, with a strong influence on the final quality. The processes are numerous and depend on the type and amount of product to be dried and water to be evaporated, the desired final quality, or the desired functionality for the dried product. In this chapter, we present a modeling study of heat transfer during drying a moist agricultural product placed in a hot air flow in a tunnel dryer with partial solar heating. The bond graph approach has been used for system modeling, and it is an object-oriented graphical approach based on an energetic description between subsystems. Some drying tests have been carried out on tomatoes and the experimental results are compared with the theoretical results for the validation of the developed model
Diamond module for the Lie algebra
The diamond cone is a combinatorial description for a basis of an
indecomposable module for the nilpotent factor of a semi simple
Lie algebra. After N. J. Wildberger who introduced this notion, this
description was achevied for , the rank 2 semi-simple Lie
algebras and . In the present work, we generalize these
constructions to the Lie algebras . The orthogonal
semistandard Young tableaux were defined by M. Kashiwara and T. Nakashima, they
form a basis for the shape algebra of . Defining the
notion of orthogonal quasistandard Young tableaux, we prove these tableaux give
a basis for the diamond module for
Linear temporal and spatio-temporal stability analysis of a binary liquid ïŹlm ïŹowing down an inclined uniformly heated plate
Temporal and spatio-temporal instabilities of binary liquid films flowing down an inclined uniformly heated plate with Soret effect are investigated by using the Chebyshev collocation method to solve the full system of linear stability equations. Seven dimensionless parameters, i.e. the Kapitza, Galileo, Prandtl, Lewis, Soret, Marangoni, and Biot numbers (Ka, G, Pr, L, X, M, B), as well as the inclination angle (beta) are used to control the flow system. In the case of pure spanwise perturbations, thermocapillary S- and P-modes are obtained. It is found that the most dangerous modes are stationary for positive Soret numbers (chi >= 0), and oscillatory for chi 0 and even merges with the long-wave S-mode. In the case of streamwise perturbations, a long-wave surface mode (H-mode) is also obtained. From the neutral curves, it is found that larger Soret numbers make the film flow more unstable as do larger Marangoni numbers. The increase of these parameters leads to the merging of the long-wave H- and S-modes, making the situation long-wave unstable for any Galileo number. It also strongly influences the short-wave P-mode which becomes the most critical for large enough Galileo numbers. Furthermore, from the boundary curves between absolute and convective instabilities (AI/CI) calculated for both the long-wave instability (S- and H-modes) and the short-wave instability (P-mode), it is shown that for small Galileo numbers the AI/CI boundary curves are determined by the long-wave instability, while for large Galileo numbers they are determined by the short-wave instability
- âŠ