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 health impacts of local traffic pollution on primary school age children

There is a large body of medical research on the health impacts of local traffic air pollution. Vehicle emissions, road dust and tyre fragmentation together cause an increase in atmospheric levels of carbon monoxide, sulphur dioxide, nitrates and particulate matter in both solid and liquid forms. For those exposed to such pollution, there is a documented increase in mortality and morbidity from both respiratory and cardiac diseases. There is also evidence that the effects are greater on children. Despite these findings, there has been comparatively little work done in estimating the effect on student health of school location, with most studies focusing instead on residential location. By combining a random sample of primary schools in Sydney with detailed traffic volume data, we estimate the impact of traffic pollution on the health of primary school children in Sydney

Reply to the comments of M. S. Uberoi

We do not accept Uberoi’s grounds for his statement that turbulent line vortices do not exist. They are based on experiments on a trailing vortex.(1) In Ref. 2, we have presented the conditions under which a turbulent trailing vortex may be approximated by a turbulent line vortex. These conditions are not satisfied by Uberoi’s experiment

Distribution of chirality in the quantum walk: Markov process and entanglement

The asymptotic behavior of the quantum walk on the line is investigated focusing on the probability distribution of chirality independently of position. The long-time limit of this distribution is shown to exist and to depend on the initial conditions, and it also determines the asymptotic value of the entanglement between the coin and the position. It is shown that for given asymptotic values of both the entanglement and the chirality distribution it is possible to find the corresponding initial conditions within a particular class of spatially extended Gaussian distributions. Moreover it is shown that the entanglement also measures the degree of Markovian randomness of the distribution of chirality.Comment: 5 pages, 3 figures, It was accepted in Physcial Review

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

Slow light in moving media

We review the theory of light propagation in moving media with extremely low group velocity. We intend to clarify the most elementary features of monochromatic slow light in a moving medium and, whenever possible, to give an instructive simplified picture

Theory of Bose-Einstein condensation for trapped atoms

We outline the general features of the conventional mean-field theory for the description of Bose-Einstein condensates at near zero temperatures. This approach, based on a phenomenological model, appears to give excellent agreement with experimental data. We argue, however, that such an approach is not rigorous and cannot contain the full effect of collisional dynamics due to the presence of the mean-field. We thus discuss an alternative microscopic approach and explain, within our new formalism, the physical origin of these effects. Furthermore, we discuss the potential formulation of a consistent finite-temperature mean-field theory, which we claim necessiates an analysis beyond the conventional treatment.Comment: 12 pages. To appear in Phil. Trans. R. Soc. Lond. A 355 (1997

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