Auctioned IPOs: The U.S. Evidence

Between 1999 and 2007, WR Hambrecht has completed 19 IPOs in the U.S. using an auction mechanism. We analyze investor behavior and mechanism performance in these auctioned IPOs using detailed bidding data. The existence of some bids posted at high prices suggests that some investors (mostly retail) try to free-ride on the mechanism. But institutional demand in these auctions is very elastic, suggesting that institutional investors reveal information in the bidding process. Investor participation is largely predictable based on deal size, and demand is dominated by institutions. Flipping is equally prevalent in auctions as in bookbuilt deals – but unlike in bookbuilding, investors in auctions tend to flip their shares more in cold deals. Finally, we find that institutional investors, who provide more information, are rewarded by obtaining a larger share of the deals that have higher initial returns. Our results therefore suggest that auctioned IPOs could be an effective alternative to traditional bookbuilding.Initial public offerings;investment banking;auctions

Is She Chinese or American? On the Identity Communication Patterns between Caucasian Parents and their Adopted Chinese Daughters in the U.S.

This study explored patterns of identity communication between Caucasian parents and their adopted Chinese daughters. As they grow up in biracial and bicultural families, adoptees must integrate multiple identities of being ethnically Chinese, culturally American, female, abandoned, and adopted. Using qualitative methods, the researchers conducted 1-1 ½ hour in-depth interviews of adoptive parents to identify communication patterns and strategies used to create and manage the bicultural identities of their Chinese daughters

Emergence of intrinsic superconductivity below 1.178 K in the topologically non-trivial semimetal state of CaSn3

Topological materials which are also superconducting are of great current interest, since they may exhibit a non-trivial topologically-mediated superconducting phase. Although there have been many reports of pressure-tuned or chemical-doping-induced superconductivity in a variety of topological materials, there have been few examples of intrinsic, ambient pressure superconductivity in a topological system having a stoichiometric composition. Here, we report that the pure intermetallic CaSn3 not only exhibits topological fermion properties but also has a superconducting phase at 1.178 K under ambient pressure. The topological fermion properties, including the nearly zero quasi-particle mass and the non-trivial Berry phase accumulated in cyclotron motions, were revealed from the de Haas-van Alphen (dHvA) quantum oscillation studies of this material. Although CaSn3 was previously reported to be superconducting at 4.2K, our studies show that the superconductivity at 4.2K is extrinsic and caused by Sn on the degraded surface, whereas its intrinsic bulk superconducting transition occurs at 1.178 K. These findings make CaSn3 a promising candidate for exploring new exotic states arising from the interplay between non-trivial band topology and superconductivity, e.g. topological superconductivityComment: 20 pages,4 figure

Performance optimization of a leagility inspired supply chain model: a CFGTSA algorithm based approach

Lean and agile principles have attracted considerable interest in the past few decades. Industrial sectors throughout the world are upgrading to these principles to enhance their performance, since they have been proven to be efficient in handling supply chains. However, the present market trend demands a more robust strategy incorporating the salient features of both lean and agile principles. Inspired by these, the leagility principle has emerged, encapsulating both lean and agile features. The present work proposes a leagile supply chain based model for manufacturing industries. The paper emphasizes the various aspects of leagile supply chain modeling and implementation and proposes a new Hybrid Chaos-based Fast Genetic Tabu Simulated Annealing (CFGTSA) algorithm to solve the complex scheduling problem prevailing in the leagile environment. The proposed CFGTSA algorithm is compared with the GA, SA, TS and Hybrid Tabu SA algorithms to demonstrate its efficacy in handling complex scheduling problems

Observation of a mesoscopic magnetic modulation in chiral Mn1/3NbS2

We have investigated the structural, magnetic, thermodynamic, and charge transport properties of Mn1/3NbS2 single crystals through x-ray and neutron diffraction, magnetization, specific heat, magnetoresistance, and Hall effect measurements. Mn1/3NbS2 displays a magnetic transition at TC ~ 45 K with highly anisotropic behavior expected for a hexagonal structured material. Below TC, neutron diffraction reveals increased scattering near the structural Bragg peaks having a wider Q-dependence along the c-axis than the nuclear Bragg peaks. This indicates helimagnetism with a long pitch length of ~250 nm (or a wavevector q~0.0025 {\AA}-1) along the c-axis. This q is substantially smaller than that found for the helimagnetic state in isostructural Cr1/3NbS2 (0.015 {\AA}-1). Specific heat capacity measurements confirm a second-order magnetic phase transition with a substantial magnetic contribution that persists to low temperature. The large low-temperature specific heat capacity is consistent with a large density of low-lying magnetic excitations that are likely associated with topologically interesting magnetic modes. Changes to the magnetoresistance, the magnetization, and the magnetic neutron diffraction, which become more apparent below 20 K, imply a modification in the character of the magnetic ordering corresponding to the magnetic contribution to the specific heat capacity. These observations signify a more complex magnetic structure both at zero and finite fields for Mn1/3NbS2 than for the well-investigated Cr1/3NbS2.Comment: 22 pages, 7 figure

Atomic-scale tailoring of spin susceptibility via non-magnetic spin-orbit impurities

Following the discovery of topological insulators, there has been a renewed interest in superconducting systems that have strong spin-orbit (SO) coupling. Here we address the fundamental question of how the spin properties of a otherwise spin-singlet superconducting ground state evolve with increasing SO impurity density. We have mapped out the Zeeman critical field phase diagram of superconducting Al films that were deposited over random Pb cluster arrays of varying density. These phase diagrams give a direct measure of the Fermi liquid spin renormalization, as well as the spin orbit scattering rate. We find that the spin renormalization is a linear function of the average Pb cluster -to- cluster separation and that this dependency can be used to tune the spin susceptibility of the Al over a surprisingly wide range from 0.8χ0 to 4.0χ0, where χ0 is the non-interacting Pauli susceptibility

NH3 and NH2 in the coma of Comet Brorsen-Metcalf

Evidence consistent with NH3 ice in the nucleus of Comet Brorsen-Metcalf as the source of the NH2 observed in the comet coma is presented. The distribution of NH2 is symmetric and shows no evidence for jet structure at the 3-sigma significance level above background emission. An azimuthal average of the NH2 image produces an NH2 surface brightness profile for Comet Brorsen-Metcalf which yields a factor of about-10 improvement in the signal-to-noise ratio over previous 1D long-slit NH2 observations, and provides a significant constraint on the NH2 photodissociation time scale in comets. A Monte Carlo simulation of the comet coma, assuming that NH2 is the primary source of NH2, is described and compared with the observations. For an observed production rate, Q(H2O) is approximately equal to 7 x 10 exp 28 molecules/s, collisional effects on the NH3 and NH2 outflow had at most an approximately 10-percent effect on the NH2 surface brightness profile. Because Comet Brorsen-Metcalf showed no significant dust or gas production rate variability, it is argued that steady state conditions best match the comet at the time of the observations

Real time simulation using position sensing

An interactive exercise system including exercise equipment having a resistance system, a speed sensor, a controller that varies the resistance setting of the exercise equipment, and a playback device for playing pre-recorded video and audio. The controller, operating in conjunction with speed information from the speed sensor and terrain information from media table files, dynamically varies the resistance setting of the exercise equipment in order to simulate varying degrees of difficulty while the playback device concurrently plays back the video and audio to create the simulation that the user is exercising in a natural setting such as a real-world exercise course

Antibody validation of immunohistochemistry for biomarker discovery: Recommendations of a consortium of academic and pharmaceutical based histopathology researchers

As biomarker discovery takes centre-stage, the role of immunohistochemistry within that process is increasing. At the same time, the number of antibodies being produced for ‘‘research use’’ continues to rise and it is important that antibodies to be used as biomarkers are validated for specificity and sensitivity before use. This guideline seeks to provide a stepwise approach for the validation of an antibody for immunohistochemical assays, reflecting the views of a consortium of academic and pharmaceutical based histopathology researchers. We propose that antibodies are placed into a tier system, level 1–3, based on evidence of their usage in immunohistochemistry, and that the degree of validation required is proportionate to their place on that tier