Underpricing, underperformance and overreaction in initial public offerings : evidence from investor attention using online searches

Online activity of Internet users has proven very useful in modeling various phenomena across a wide range of scientific disciplines. In our study, we focus on two stylized facts or puzzles surrounding the initial public offerings (IPOs) - the underpricing and the long-term underperformance. Using the Internet searches on Google, we proxy the investor attention before and during the day of the offering to show that the high attention IPOs have different characteristics than the low attention ones. After controlling for various effects, we show that investor attention still remains a strong component of the high initial returns (the underpricing), primarily for the high sentiment periods. Moreover, we demonstrate that the investor attention partially explains the overoptimistic market reaction and thus also a part of the long-term underperformance

The potential of Antheraea pernyi silk for spinal cord repair

This work was supported by the Institute of Medical Sciences of the University of Aberdeen, Scottish Rugby Union and RS McDonald Charitable Trust. We are grateful to Mr Nicholas Hawkins from Oxford University and Ms Annette Raffan from the University of Aberdeen for assistance with tensile testing. We thank Ms Michelle Gniβ for her help with the microglial response experiments. We also thank Mr Gianluca Limodio for assisting with the MATLAB script for automation of tensile testing’s data analysis.Peer reviewedPublisher PD

The adsorption structure of furan on Pd(1 1 1)

The structure of molecular furan, C4H4O, on Pd(1 1 1) has been investigated by O K-edge near-edge X-ray absorption fine structure (NEXAFS) and C 1s scanned-energy mode photoelectron diffraction (PhD). NEXAFS shows the molecule to be adsorbed with the molecular plane close to parallel to the surface, a conclusion confirmed by the PhD analysis. Chemical-state specific C 1s PhD data were obtained for the two inequivalent C atoms in the furan, the α-C atoms adjacent to the O atom, and the β-C atoms bonded only to C atoms, but only the PhD modulations for the α-C emitters were of sufficiently large amplitude for detailed evaluation using multiple scattering calculations. This analysis shows the α-C atoms to be located approximately 0.6 Å off-atop surface Pd atoms with an associated C–Pd bondlength of 2.13 ± 0.03 Å. Two alternative local geometries consistent with the data place the O atom in off-atop or near-hollow locations, and for each of these local structures there are two equally-possible registries relative to the fcc and hcp hollow sites. The results are in good agreement with earlier density functional theory calculations which indicate that the fcc and hcp registries are equally probable, but the PhD results fail to distinguish the two distinct local bonding geometries

Improved large-mode area endlessly single-mode photonic crystal fibers

We numerically study the possibilities for improved large-mode area endlessly single mode photonic crystal fibers for use in high-power delivery applications. By carefully choosing the optimal hole diameter we find that a triangular core formed by three missing neighboring air holes considerably improves the mode area and loss properties compared to the case with a core formed by one missing air hole. In a realized fiber we demonstrate an enhancement of the mode area by ~30 % without a corresponding increase in the attenuation.Comment: 3 pages including 3 eps-figures. Accepted for Optics Letter

Analyzing Farmer Participation Intentions and Enrollment Rates for the Average Crop Revenue Election (ACRE) Program

The 2008 Farm Bill created the Average Crop Revenue Election (ACRE) program as a new commodity support program. Using a multinomial logit model to analyze a mail survey administered before the ACRE sign-up deadline, we identify factors driving farmer intentions regarding ACRE participation. Using a two-limit Tobit model to analyze actual county-level ACRE enrollment rates, we assess the effect of similar factors on actual farmer decisions. Results suggest that primary crops, risk perceptions, risk aversion, and program complexity were important factors. Farmer beliefs and attitudes also played key roles and were evolving during the months before the ACRE deadline.

A structural study of a C3H3 species coadsorbed with CO on Pd(1 1 1)

The combination of chemical-state-specific C 1s scanned-energy mode photoelectron diffraction (PhD) and O K-edge near-edge X-ray absorption fine structure (NEXAFS) has been used to determine the local adsorption geometry of the coadsorbed C3H3 and CO species formed on Pd(1 1 1) by dissociation of molecular furan. CO is found to adopt the same geometry as in the Pd(1 1 1)c(4 × 2)-CO phase, occupying the two inequivalent three-fold coordinated hollow sites with the C–O axis perpendicular to the surface. C3H3 is found to lie with its molecular plane almost parallel to the surface, most probably with the two ‘outer’ C atoms in equivalent off-atop sites, although the PhD analysis formally fails to distinguish between two distinct local adsorption sites

Fast light, slow light, and phase singularities: a connection to generalized weak values

We demonstrate that Aharonov-Albert-Vaidman (AAV) weak values have a direct relationship with the response function of a system, and have a much wider range of applicability in both the classical and quantum domains than previously thought. Using this idea, we have built an optical system, based on a birefringent photonic crystal, with an infinite number of weak values. In this system, the propagation speed of a polarized light pulse displays both superluminal and slow light behavior with a sharp transition between the two regimes. We show that this system's response possesses two-dimensional, vortex-antivortex phase singularities. Important consequences for optical signal processing are discussed.Comment: 9 pages, 4 figures, accepted in Physical Review Letters (2003

Sex distribution of offspring-parents obesity: Angel's hypothesis revisited

This study, which is based on two cross sectional surveys' data, aims to establish any effect of parental obesity sex distribution of offspring and to replicate the results that led to the hypothesis that obesity may be associated with sex-linked recessive lethal gene. A representative sample of 4,064 couples living in Renfrew/Paisley, Scotland was surveyed 1972-1976. A total of 2,338 offspring from 1,477 of the couples screened in 1972-1976, living in Paisley, were surveyed in 1996. In this study, males represented 47.7% among the total offspring of the couples screened in 1972-1976. In the first survey there was a higher male proportion of offspring (53%, p < 0.05) from parents who were both obese, yet this was not significant after adjustment for age of parents. Also, there were no other significant differences in sex distribution of offspring according to body mass index, age, or social class of parents. The conditions of the original 1949 study of Angel (1949) (which proposed a sex-linked lethal recessive gene) were simulated by selecting couples with at least one obese daughter. In this subset, (n = 409), obesity in fathers and mothers was associated with 26% of offspring being male compared with 19% of offspring from a non-obese father and obese mother. Finally we conclude that families with an obese father have a higher proportion of male offspring. These results do not support the long-established hypotheses of a sex-linked recessive lethal gene in the etiology of obesity