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

The GSC-II-based survey of ancient cool white dwarfs I. The sample of spectroscopically confirmed WDs

The GSC-II white dwarf survey was designed to identify faint and high proper motion objects, which we used to define a new and independent sample of cool white dwarfs. With this survey we aim to derive new constraints on the halo white dwarf space density. Also, these data can provide information on the age of thick disk and halo through the analysis of the luminosity function. On the basis of astrometric and photometric parameters, we selected candidates with mu > 0.28 as/yr and R_F > 16 in an area of 1150 square degrees. Then, we separated white dwarfs from late type dwarfs and subdwarfs by means of the reduced proper motion diagram. Finally, spectroscopic follow-up observations were carried out to confirm the white dwarf nature of the selected candidates. We found 41 white dwarfs of which 24 are new discoveries. Here we present the full sample and for each object provide positions, absolute proper motions, photometry, and spectroscopy.Comment: 14 pages, 7 figures, submitted to A&

The Anterior Midline Field: Coercion or decision making?

To study the neural bases of semantic composition in language processing without confounds from syntactic composition, recent magnetoencephalography (MEG) studies have investigated the processing of constructions that exhibit some type of syntax-semantics mismatch. The most studied case of such a mismatch is complement coercion; expressions such as the author began the book, where an entity-denoting noun phrase is coerced into an eventive meaning in order to match the semantic properties of the event-selecting verb (e.g., ‘the author began reading/writing the book’). These expressions have been found to elicit increased activity in the Anterior Midline Field (AMF), an MEG component elicited at frontomedial sensors at ∼400 ms after the onset of the coercing noun [Pylkkänen, L., & McElree, B. (2007). An MEG study of silent meaning. Journal of Cognitive Neuroscience, 19, 11]. Thus, the AMF constitutes a potential neural correlate of coercion. However, the AMF was generated in ventromedial prefrontal regions, which are heavily associated with decision-making. This raises the possibility that, instead of semantic processing, the AMF effect may have been related to the experimental task, which was a sensicality judgment. We tested this hypothesis by assessing the effect of coercion when subjects were simply reading for comprehension, without a decision-task. Additionally, we investigated coercion in an adjectival rather than a verbal environment to further generalize the findings. Our results show that an AMF effect of coercion is elicited without a decision-task and that the effect also extends to this novel syntactic environment. We conclude that in addition to its role in non-linguistic higher cognition, ventromedial prefrontal regions contribute to the resolution of syntax-semantics mismatches in language processing

Parallaxes of Five L Dwarfs with a Robotic Telescope

We report the parallax and proper motion of five L dwarfs obtained with observations from the robotic Liverpool Telescope. Our derived proper motions are consistent with published values and have considerably smaller errors. Based on our spectral type versus absolute magnitude diagram, we do not find any evidence for binaries among our sampleor, at least no comparable mass binaries. Their space velocities locate them within the thin disk, and based on the model comparisons, they have solar-like abundances. For all five objects, we derived effective temperature, luminosity, radius, gravity, and mass from an evolutionary model (CBA00) and our measured parallax; moreover, we derived their effective temperature by integrating observed optical and near-infrared spectra and model spectra (BSH06 or BT-Dusty) at longer wavelengths to obtain bolometric flux using the classical Stefan-Boltzmann law. Generally, the three temperatures for one object derived using two different methods with three models are consistent, although at lower temperature (e.g., for L4) the differences among the three temperatures are slightly larger than those at higher temperature (e.g., for L1).Peer reviewe

Hunting for brown dwarf binaries and testing atmospheric models with X-Shooter

The determination of the brown dwarf binary fraction may contribute to the understanding of the substellar formation mechanisms. Unresolved brown dwarf binaries may be revealed through their peculiar spectra or the discrepancy between optical and near-infrared spectral type classification. We obtained medium-resolution spectra of 22 brown dwarfs with these characteristics using the X-Shooter spectrograph at the VLT. We aimed to identify brown dwarf binary candidates, and to test if the BT-Settl 2014 atmospheric models reproduce their observed spectra. To find binaries spanning the L-T boundary, we used spectral indices and compared the spectra of the selected candidates to single spectra and synthetic binary spectra. We used synthetic binary spectra with components of same spectral type to determine as well the sensitivity of the method to this class of binaries. We identified three candidates to be combination of L plus T brown dwarfs. We are not able to identify binaries with components of similar spectral type. In our sample, we measured minimum binary fraction of $9.1^{+9.9}_{-3.0}$. From the best fit of the BT-Settl models 2014 to the observed spectra, we derived the atmospheric parameters for the single objects. The BT-Settl models were able to reproduce the majority of the SEDs from our objects, and the variation of the equivalent width of the RbI (794.8 nm) and CsI (852.0 nm) lines with the spectral type. Nonetheless, these models did not reproduce the evolution of the equivalent widths of the NaI (818.3 nm and 819.5 nm) and KI (1253 nm) lines with the spectral type.Comment: Accepted for publication in MNRA

Re-evaluation of cosmic ray cutoff terminology

The study of cosmic ray access to locations inside the geomagnetic field has evolved in a manner that has led to some misunderstanding and misapplication of the terminology originally developed to describe particle access. This paper presents what is believed to be a useful set of definitions for cosmic ray cutoff terminology for use in theoretical and experimental cosmic ray studies

The heats of formation of the haloacetylenes XCCY [X, Y = H, F, Cl]: basis set limit ab initio results and thermochemical analysis

The heats of formation of haloacetylenes are evaluated using the recent W1 and W2 ab initio computational thermochemistry methods. These calculations involve CCSD and CCSD(T) coupled cluster methods, basis sets of up to spdfgh quality, extrapolations to the one-particle basis set limit, and contributions of inner-shell correlation, scalar relativistic effects, and (where relevant) first-order spin-orbit coupling. The heats of formation determined using W2 theory are: \hof(HCCH) = 54.48 kcal/mol, \hof(HCCF) = 25.15 kcal/mol, \hof(FCCF) = 1.38 kcal/mol, \hof(HCCCl) = 54.83 kcal/mol, \hof(ClCCCl) = 56.21 kcal/mol, and \hof(FCCCl) = 28.47 kcal/mol. Enthalpies of hydrogenation and destabilization energies relative to acetylene were obtained at the W1 level of theory. So doing we find the following destabilization order for acetylenes: FCCF $>$ ClCCF $>$ HCCF $>$ ClCCCl $>$ HCCCl $>$ HCCH. By a combination of W1 theory and isodesmic reactions, we show that the generally accepted heat of formation of 1,2-dichloroethane should be revised to -31.8$\pm$0.6 kcal/mol, in excellent agreement with a very recent critically evaluated review. The performance of compound thermochemistry schemes such as G2, G3, G3X and CBS-QB3 theories has been analyzed.Comment: Mol. Phys., in press (E. R. Davidson issue

Jahn-Teller distortions and phase separation in doped manganites

A "minimal model" of the Kondo-lattice type is used to describe a competition between the localization and metallicity in doped manganites and related magnetic oxides with Jahn-Teller ions. It is shown that the number of itinerant charge carriers can be significantly lower than that implied by the doping level x. A strong tendency to the phase separation is demonstrated for a wide range of intermediate doping concentrations vanishing at low and high doping. The phase diagram of the model in the x-T plane is constructed. At low temperatures, the system is in a state with a long-range magnetic order: antiferromagnetic (AF), ferromagnetic (FM), or AF-FM phase separated (PS) state. At high temperatures, there can exist two types of the paramagnetic (PM) state with zero and nonzero density of the itinerant electrons. In the intermediate temperature range, the phase diagram includes different kinds of the PS states: AF-FM, FM-PM, and PM with different content of itinerant electrons. The applied magnetic field changes the phase diagram favoring the FM ordering. It is shown that the variation of temperature or magnetic field can induce the metal-insulator transition in a certain range of doping levels.Comment: 14 pages, 7 figures, submitted to Phys. Rev. B.; v.2 contains the changes introduced according to comments of the PRB Referees; in v. 3, some misprints are correcte