Private placements of equity and transactions with existing blocks of shares: evidence from UK listed companies

Prior studies suggest that theories on equity offerings applicable to the US are not always applicable to the UK. Further, to my knowledge, little evidence exists on pure UK private placings and, no evidence on blocks of already listed shares (secondary offers). This study considers this lack o f evidence and contributes to the extant literature by investigating these two types o f equity offerings. More specifically, the study focuses on three main themes: the placing offered discount or premium, the long-run abnormal performance surrounding the offers and, whether the US puzzling reversal of private placement abnormal returns (AR) is also valid in the UK.With regards to the first theme, OLS analysis suggests that information costs and liquidity costs are the main determinants o f the discount of private placements. Concerning the secondary offerings, they are also mainly priced at discount. However, the secondary offering discount appears to reflect uncertainty about the stock value. The findings contradict the US evidence that imply stonger monitoring costs, especially for the secondary sample. Premiums reflect extraction of private benefits, regardless of the offer type.Regarding the second theme, the performance of private placing firms peaks at the offer year and turns negative few years later. The findings suggest the firms time the offer when the stock is overvalued and indicates high selling growth opportunities. While the findings for secondary offers suggest post-offer underperformance, the firms also engage into downwards earnings management the year before the offer. These factors explain the post-offer underperformance.Finally, concerning the third theme, the reversal is also observed in the UK. However, when liquidity and pre-event momentum risk factors are taken into account, the post-offer underperformance disappears. The findings strongly suggest that the traditional models used to measure long-run AR are misspecified. They are unable to adjust for reduction in liquidity risk which changes the risk factor loadings. Hence, the reported AR are downwards biased.As a conclusion, the study adds to the body of knowledge within the equity offerings area. It also contributes to theories such as signalling, agency and market efficiency. Finally, it provides methodological suggestions

Applying a 4D multiscale in vivo tumor growth model to the exploration of radiotherapy scheduling: The effects of weekend treatment gaps and p53 gene status on the response of fast growing solid tumors

The present paper aims at demonstrating clinically oriented applications of the multiscale four dimensional in vivo tumor growth simulation model previously developed by our research group. To this end the effect of weekend radiotherapy treatment gaps and p53 gene status on two virtual glioblastoma tumors differing only in p53 gene status is investigated in silico. Tumor response predictions concerning two rather extreme dose fractionation schedules (daily dose of 4.5 Gy administered in 3 equal fractions) namely HART (Hyperfractionated Accelerated Radiotherapy weekend less) 54 Gy and CHART (Continuous HART) 54 Gy are presented and compared. The model predictions suggest that, for the same p53 status, HART 54 Gy and CHART 54 Gy have almost the same long term effects on locoregional tumor control. However, no data have been located in the literature concerning a comparison of HART and CHART radiotherapy schedules for glioblastoma. As non small cell lung carcinoma (NSCLC) may also be a fast growing and radiosensitive tumor, a comparison of the model predictions with the outcome of clinical studies concerning the response of NSCLC to HART 54 Gy and CHART 54 Gy is made. The model predictions are in accordance with corresponding clinical observations, thus strengthening the potential of the model

Are the Discounts in UK Open Offers and Placings Due to Inelastic Demand?

This paper investigates the large and diverse discounts in UK open offers and placings. Large discounts are a substantial cost to shareholders who do not buy new shares. The existing literature mainly examines US firm-commitment offers and private placements, but UK open offers and placings differ from both types of US offer. The paper presents evidence that inelastic demand, illiquidity of the issuer's shares, and financial distress are key determinants of the discount. The effects of inelastic demand and distress are much more apparent in UK than in US SEOs. We argue that institutional features obscure the role of these variables in the US context

TiO2-carbon microspheres as photocatalysts for effective remediation of pharmaceuticals under simulated solar light

In this work, novel carbon microspheres supported TiO2 nanoparticles were prepared for the degradation of pharmaceuticals in water, selecting diclofenac, acetaminophen, and ibuprofen as target pollutants. Lignin, an important biomass byproduct from the paper industry and biorefineries, was transformed in carbon microspheres by a novel approach based on a Fe-activated hydrothermal carbonization followed by pyrolysis at 900 °C. These carbon microspheres were further covered with TiO2 by a solvothermal treatment. The effects of several parameters including hydrothermal carbonization time and mass ratio (TiO2:carbon) on the catalytic activity of TiO2-carbon microspheres were investigated. The results revealed that the combination of long carbonization time and high TiO2:carbon ratio achieved superior TiO2-carbon microspheres (Ti2-C20) catalytic performance. Ti2-C20 achieved complete degradation of ibuprofen (5 mg·L−1) and diclofenac (5 mg·L−1) within 3 h under solar light and mineralization percentages close to 50%. Moreover, the photocatalytic performance remained high after five reuse cycles and was barely affected by the presence of common inorganic ions in treated wastewater (such as Cl–, NO3– and HCO3–). The degradation pathway of diclofenac was proposed, involving C-N bond cleavage, and subsequent hydroxylation and cyclization reactions leading to the formation of aliphatic carboxylic acids. Overall, promising photocatalysts were obtained from a biomass byproduct for effective degradation of pharmaceuticals with the assistance of solar lightThis research was funded by the Spanish State Research Agency (PID2019-106186RB-I00/AEI/10.13039/501100011033). M. Peñas-Garzón is indebted to Spanish MECD for a FPU grant (FPU16/00576 grant) and to Spanish MICIU for funding the international stay (EST18/00048 grant) at the Department of Chemical and Environmental Engineering (ChEE), University of Cincinnati. Authors thank the Research Support Services of the University of Extremadura (SAIUEx) for its technical and scientific suppor

Introduction of Hypermatrix and Operator Notation into a Discrete Mathematics Simulation Model of Malignant Tumour Response to Therapeutic Schemes In Vivo. Some Operator Properties

The tremendous rate of accumulation of experimental and clinical knowledge pertaining to cancer dictates the development of a theoretical framework for the meaningful integration of such knowledge at all levels of biocomplexity. In this context our research group has developed and partly validated a number of spatiotemporal simulation models of in vivo tumour growth and in particular tumour response to several therapeutic schemes. Most of the modeling modules have been based on discrete mathematics and therefore have been formulated in terms of rather complex algorithms (e.g. in pseudocode and actual computer code). However, such lengthy algorithmic descriptions, although sufficient from the mathematical point of view, may render it difficult for an interested reader to readily identify the sequence of the very basic simulation operations that lie at the heart of the entire model. In order to both alleviate this problem and at the same time provide a bridge to symbolic mathematics, we propose the introduction of the notion of hypermatrix in conjunction with that of a discrete operator into the already developed models. Using a radiotherapy response simulation example we demonstrate how the entire model can be considered as the sequential application of a number of discrete operators to a hypermatrix corresponding to the dynamics of the anatomic area of interest. Subsequently, we investigate the operators’ commutativity and outline the “summarize and jump” strategy aiming at efficiently and realistically address multilevel biological problems such as cancer. In order to clarify the actual effect of the composite discrete operator we present further simulation results which are in agreement with the outcome of the clinical study RTOG 83–02, thus strengthening the reliability of the model developed

Self-Cleaning Applications of TiO2 by Photo-Induced Hydrophilicity and Photocatalysis

Self-cleaning materials have gained considerable attention for both their unique properties and practical applications in energy and environmental areas. Recent examples of many TiO2-derived materials have been illustrated to understand the fundamental principles of self-cleaning hydrophilic and hydrophobic surfaces. Various models including those proposed by Wenzel, Cassie-Baxter and Miwa-Hashimoto are discussed to explain the mechanism of self-cleaning. Examples of semiconductor surfaces exhibiting the simultaneous occurrence of superhydrophilic and superhydrophobic domains on the same surface are illustrated, which can have various advanced applications in microfluidics, printing, photovoltaic, biomedical devices, anti-bacterial surfaces and water purification. Several strategies to improve the efficiency of photocatalytic self-cleaning property have been discussed including doping with metals and non-metals, formation of hetero-junctions between TiO2 and other low bandgap semiconductors, and fabrication of graphene based semiconductor nano-composites. Different mechanisms such as band-gap narrowing, formation of localized energy levels within the bandgap and formation of intrinsic defects such as oxygen vacancies have been suggested to account for the improved activity of doped TiO2 photocatalysts. Various preparation routes for developing efficient superhydrophilic–superhydrophobic patterns have been reviewed. In addition, reversible photocontrolled surfaces with tuneable hydrophilic/hydrophobic properties and its technological applications are discussed. Examples of antireflective surfaces exhibiting self-cleaning properties for the applications in solar cells and flat panel displays have also been provided. Discussion is provided on TiO2 based selfcleaning materials exhibiting hydrophilic and underwater superoleophobic properties and their utilities in water management, antifouling applications and separation of oil in water emulsions are discussed. In addition, ISO testing methods (ISO 27448: 2009, ISO 10678: 2010 and ISO 27447: 2009) for analysing self-cleaning activity and antibacterial action have also been discussed. Rapid photocatalytic self-cleaning testing methods using various photocatalytic activity indicator inks such as resazurin (Rz), basic blue 66 (BB66) and acid violet 7(AV7) for a broad range of materials such as commercial paints, tiles and glasses are also described. Various commercial products such as glass, tiles, fabrics, cement and paint materials developed based on the principle of photo-induced hydrophilic conversion of TiO2 surfaces have also been provided. The wide ranges of practical applications of self-cleaning photocatalytic materials suggest further development to improve their efficiency and utilities. It was concluded that a rational fabrication of multifunctional photocatalytic materials by integrating biological inspired structures with tunable wettability would be favorable to address a number of existing environmental concerns

Mandated disclosures under IAS 36 Impairment of Assets and IAS 38 Intangible Assets: Value relevance and impact on analysts' forecasts

Drawing on a large sample of European firms, we examine whether variant compliance levels with mandated disclosures under IAS 36 Impairment of Assets and IAS 38 Intangible Assets are value relevant and affect analysts’ forecasts. Our results indicate a mean (median) compliance level of about 84% (86%) but high variation among firms; and disclosure levels regarding IAS 36 being much lower than those regarding IAS 38. In depth analysis reveals that non-compliance relates mostly to proprietary information and information that reveals managers’ judgment and expectations. Furthermore, we find a positive (negative) relationship between average disclosure levels and market values (analysts’ forecast dispersion). Results, however, hold more specifically for disclosures related to IAS 36, and these also improve analysts’ forecast accuracy. Our findings add knowledge regarding the economic consequences of mandatory disclosures, have an appeal to regulators and financial statement preparers, and reflect on the IASB’s concerns to increase the guidance and principles on presentation and disclosure

An assessment of the ICT Security Skills in the Industrial Sector as Provided Through Education and Training

Cybersecurity has become an increasingly important aspect of public policy as Internet traffic increases and mounting cyber threats affect the operation of governments and businesses as well as the everyday life of citizens. Cybersecurity policy-making is at a turning point, becoming a national policy priority with explicit strategies in several countries. Even though the availability of high-level ICT security skills would significantly contribute in leveraging the economic growth of companies, still there is a lack of ICT security skills in Europe. In this paper, the ICT security skills gap between the industry needs and the academia/training curricula is investigated in seven European regions, followed by an analysis of the findings. Based on the findings, a framework is proposed to narrow the security skills gap

Degradation of contaminants of emerging concern by UV/H2O2 for water reuse: Kinetics, mechanisms, and cytotoxicity analysis.

Advanced oxidation using UV and hydrogen peroxide (UV/H2O2) has been widely applied to degrade contaminants of emerging concern (CECs) in wastewater for water reuse. This study investigated the degradation kinetics of mixed CECs by UV/H2O2 under variable H2O2 doses, including bisphenol A, estrone, diclofenac, ibuprofen, and triclosan. Reverse osmosis (RO) treated water samples from Orange County Water District's Groundwater Replenishment System (GWRS) potable reuse project were collected on different dates and utilized as reaction matrices with spiked additions of chemicals (CECs and H2O2) to assess the application of UV/H2O2. Possible degradation pathways of selected CECs were proposed based on high resolution mass spectrometry identification of transformation products (TPs). Toxicity assessments included cytotoxicity, aryl hydrocarbon receptor-binding activity, and estrogen receptor-binding activity, in order to evaluate potential environmental impacts resulting from CEC degradation by UV/H2O2. Cytotoxicity and estrogenic activity were significantly reduced during the degradation of mixed CECs in Milli-Q water by UV/H2O2 with high UV fluence (3200 mJ cm-2). However, in GWRS RO-treated water samples collected in April 2017, the cytotoxicity and estrogen activity of spiked CEC-mixture after UV/H2O2 treatment were not significantly eliminated; this might be due to the high concentration of target CEC and their TPs, which was possibly affected by the varied quality of the secondary treatment influent at this facility such as sewer-shed and wastewater discharges. This study aimed to provide insight on the impacts of post-UV/H2O2 CECs and TPs on human and ecological health at cellular level