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

Dipolar Bose gases: Many-body versus mean-field description

We characterize zero-temperature dipolar Bose gases under external spherical confinement as a function of the dipole strength using the essentially exact many-body diffusion Monte Carlo (DMC) technique. We show that the DMC energies are reproduced accurately within a mean-field framework if the variation of the s-wave scattering length with the dipole strength is accounted for properly. Our calculations suggest stability diagrams and collapse mechanisms of dipolar Bose gases that differ significantly from those previously proposed in the literature

Leveraging fitness and lean bundles to build the cumulative performance sand cone model

Based on a sample of 317 manufacturing companies, this study adopts a structural equation modeling approach to test the relationships between bundles of lean practices and performance. The results of our analyses suggest that there is a sequence of lean practice implementation that permits to improve all the dimensions of operational performance. This study contributes to the academic literature and to practitioners by supporting the idea that a company - to achieve manufacturing excellence - should implement a "sand-cone" of lean practices to obtain a "sand-cone" of cumulative performance

Dipolar Bose-Einstein condensates with dipole-dependent scattering length

We consider a Bose-Einstein condensate of polar molecules in a harmonic trap, where the effective dipole may be tuned by an external field. We demonstrate that taking into account the dependence of the scattering length on the dipole moment is essential to reproducing the correct energies and for predicting the stability of the condensate. We do this by comparing Gross-Pitaevskii calculations with diffusion Monte Carlo calculations. We find very good agreement between the results obtained by these two approaches once the dipole dependence of the scattering length is taken into account. We also examine the behavior of the condensate in non-isotropic traps

Models of collaboration between general practice and mental health services in Italy.

Background and objectives: Anxiety and Depressive disorders represent an important public health problem, which involves not only the mental health services, but the General Practice as well. This paper examines models of Collaboration between General Practice and Community Mental Health Services developed in Italy. Methods: Different Consultation -Liaison activities are presented. For every Collaboration model advantages and disadvantage are discussed. Results: The structured Consultation Liaison Service is based on supplying diagnostic consultation and therapeutic interventions in support of General Practitioners (GPs). The service could be based in either a Community Mental Health Centre (CMHC) or externally. Diagnostic evaluation can be followed by brief and focal therapeutic interventions, in support of the GP's therapeutic plan. The spontaneous collaboration in small centres are frequent in rural areas where the contained dimensions of the services and the direct acquaintance between psychiatrists and GPs encourage the personalization of the collaboration. The model of Liaison and Group-Training focuses on direct contact between consultant and GPs. In the course of regular meetings, the consultant gives the GPs supervision and education, and they can discuss the therapeutic plans for patients requiring specialist intervention. Conclusion: The empiric classification presented should be considered an attempt to represent a complex reality. Every service, in fact, carries out activities that are necessarily wider than abstract typologies and that overlap with other models' activities

Bogoliubov modes of a dipolar condensate in a cylindrical trap

The calculation of properties of Bose-Einstein condensates with dipolar interactions has proven a computationally intensive problem due to the long range nature of the interactions, limiting the scope of applications. In particular, the lowest lying Bogoliubov excitations in three dimensional harmonic trap with cylindrical symmetry were so far computed in an indirect way, by Fourier analysis of time dependent perturbations, or by approximate variational methods. We have developed a very fast and accurate numerical algorithm based on the Hankel transform for calculating properties of dipolar Bose-Einstein condensates in cylindrically symmetric traps. As an application, we are able to compute many excitation modes by directly solving the Bogoliubov-De Gennes equations. We explore the behavior of the excited modes in different trap geometries. We use these results to calculate the quantum depletion of the condensate by a combination of a computation of the exact modes and the use of a local density approximation

Geometry of General Hypersurfaces in Spacetime: Junction Conditions

We study imbedded hypersurfaces in spacetime whose causal character is allowed to change from point to point. Inherited geometrical structures on these hypersurfaces are defined by two methods: first, the standard rigged connection induced by a rigging vector (a vector not tangent to the hypersurface anywhere); and a second, more physically adapted, where each observer in spacetime induces a new type of connection that we call the rigged metric connection. The generalisation of the Gauss and Codazzi equations are also given. With the above machinery, we attack the problem of matching two spacetimes across a general hypersurface. It is seen that the preliminary junction conditions allowing for the correct definition of Einstein's equations in the distributional sense reduce to the requirement that the first fundamental form of the hypersurface be continuous. The Bianchi identities are then proven to hold in the distributional sense. Next, we find the proper junction conditions which forbid the appearance of singular parts in the curvature. Finally, we derive the physical implications of the junction conditions: only six independent discontinuities of the Riemann tensor are allowed. These are six matter discontinuities at non-null points of the hypersurface. For null points, the existence of two arbitrary discontinuities of the Weyl tensor (together with four in the matter tensor) are also allowed.Comment: Latex, no figure