Bonding and the agency risk premium: An analysis of migrations between the AIM and the Official List of the London Stock Exchange

Firms that change their listing from the less regulated AIM to the more regulated main section of the London Stock Exchange exhibit positive abnormal returns on the announcement day. For firms moving in the opposite direction, both announcement and implementation day abnormal returns are negative. Following implementation, the pattern is reversed for both categories of firm. We show that differences in liquidity, conventional risk factors and in medium to long term firm survival rates between the two listing regimes do not explain the observed patterns of returns, suggesting that the answer lies in the different bonding requirements of the two market segments and an agency risk premium.JEL Codes: G12, G14, G15, G30, G32, G3

Competing orders in PZN-xPT and PMN-xPT relaxor ferroelectrics

Neutron and x-ray scattering studies on relaxor ferroelectric systems Pb(Zn$_{1/3}$Nb$_{2/3}$)O$_3$ (PZN), Pb(Mg$_{1/3}$Nb$_{2/3}$)O$_3$ (PMN), and their solid solutions with PbTiO$_3$ (PT) have shown that inhomogeneities and disorder play important roles in the materials properties. Although a long-range polar order can be established at low temperature - sometimes with the help of an external electric field; short-range local structures called the ``polar nano-regions'' (PNR) still persist. Both the bulk structure and the PNR have been studied in details. The coexistence and competition of long- and short-range polar orders and how they affect the structural and dynamical properties of relaxor materials are discussed.Comment: Article submitted for JPSJ Special Topics (Novel States of Matter Induced by Frustration

Ground State of Relaxor Ferroelectric Pb(Zn1/3Nb2/3)O3Pb(Zn_{1/3}Nb_{2/3})O_3

High energy x-ray diffraction measurements on Pb(Zn$_{1/3}$Nb$_{2/3}$)O$_3$ (PZN) single crystals show that the system does not have a rhombohedral symmetry at room temperature as previously believed. The new phase (X) in the bulk of the crystal gives Bragg peaks similar to that of a nearly cubic lattice with a slight tetragonal distortion. The Bragg profile remains sharp with no evidence of size broadening due to the polar micro crystals (MC). However, in our preliminary studies of the skin, we have found the expected rhombohedral (R) phase as a surface state. On the other hand, studies on an electric-field poled PZN single crystal clearly indicate a rhombohedral phase at room temperature.Comment: 11 pages with 3 figure

Neutron scattering study of PbMg1/3_{1/3}Ta2/3_{2/3}O3_3 and BaMg1/3_{1/3}Ta2/3_{2/3}O3_3 complex perovskites

Neutron scattering investigations were carried out in PbMg$_{1/3}$Ta$_{2/3}$O$_3$ and BaMg$_{1/3}$Ta$_{2/3}$O$_3$ complex perovskites. The crystal structure of both compounds does not show any phase transition in the temperature range 1.5 -- 730 K. Whereas the temperature dependence of the lattice parameter of BaMg$_{1/3}$Ta$_{2/3}$O$_3$ follows the classical expectations, the lattice parameter of relaxor ferroelectric PbMg$_{1/3}$Ta$_{2/3}$O$_3$ exhibits anomalies. One of these anomalies is observed in the same temperature range as the peak in the dielectric susceptibility. We find that in PbMg$_{1/3}$Ta$_{2/3}$O$_3$, lead ions are displaced from the ideal positions in the perovskite structure at all temperatures. Consequently short-range order is present. This induces strong diffuse scattering with an anisotropic shape in wavevector space. The temperature dependences of the diffuse neutron scattering intensity and of the amplitude of the lead displacements are similar

On the chains of star complexes and superclouds in spiral arms

The relation is studied between occurrence of a regular chain of star complexes and superclouds in a spiral arm, and other properties of the latter. A regular string of star complexes is located in the north-western arm of M31; they have about the same size 0.6 kpc with spacing of 1.1 kpc. Within the same arm segment the regular magnetic field with the wavelength of 2.3 kpc was found by Beck et al. (1989). We noted that this wavelength is twice as large as the spacing between complexes and suggested that they were formed in result of magneto-gravitational instability developed along the arm. In this NW arm, star complexes are located inside the gas-dust lane, whilst in the south-western arm of M31 the gas-dust lane is upstream of the bright and uniform stellar arm. Earlier, evidence for the age gradient has been found in the SW arm. All these are signatures of a spiral shock, which may be associated with unusually large (for M31) pitch-angle of this SW arm segment. Such a shock may prevent the formation of the regular magnetic field, which might explain the absence of star complexes there. Anti-correlation between shock wave signatures and presence of star complexes is observed in spiral arms of a few other galaxies. Regular chains of star complexes and superclouds in spiral arms are rare, which may imply that a rather specific mechanism is involved in their formation, and the most probable one is the Parker-Jeans instability. The spiral pattern of our Galaxy is briefly discussed; it may be of M101 type in the outer parts. The regular bi-modal spacing of HI superclouds is found in Carina and Cygnus (Outer) arms, which may be an indirect evidence for the regular magnetic field along these arms.Comment: 20 pages, 12 figures, accepted for publication in MNRA

Results of NOPHO ALL2008 treatment for patients aged 1-45 years with acute lymphoblastic leukemia

Adults with acute lymphoblastic leukemia (ALL) do worse than children. From 7/2008 to 12/2014, Nordic and Baltic centers treated 1509 consecutive patients aged 1-45 years with Philadelphia chromosome-negative ALL according to the NOPHO ALL2008 without cranial irradiation. Overall, 1022 patients were of age 1-9 years (A), 266 were 10-17 years (B) and 221 were 18-45 years (C). Sixteen patients (three adults) died during induction. All others achieved remission after induction or 1-3 intensive blocks. Subsequently, 45 patients (12 adults) died, 122 patients relapsed (32 adults) with a median time to relapse of 1.6 years and 13 (no adult) developed a second malignancy. Median follow-up time was 4.6 years. Among the three age groups, older patients more often had higher risk ALL due to T-ALL (32%/25%/9%, PPeer reviewe

Universal Static and Dynamic Properties of the Structural Transition in Pb(Zn1/3Nb2/3)O3

The relaxors Pb(Zn$_{1/3}$Nb$_{2/3}$)O$_{3}$ (PZN) and Pb(Mg$_{1/3}$Nb$_{2/3}$)O$_{3}$ (PMN) have very similar properties based on the dielectric response around the critical temperature $T_{c}$ (defined by the structural transition under the application of an electric field). It has been widely believed that these materials are quite different below $T_{c}$ with the unit cell of PMN remaining cubic while in PZN the low temperature unit cell is rhombohedral in shape. However, this has been clarified by recent high-energy x-ray studies which have shown that PZN is rhombohedral only in the skin while the shape of the unit cell in the bulk is nearly cubic. In this study we have performed both neutron elastic and inelastic scattering to show that the temperature dependence of both the diffuse and phonon scattering in PZN and PMN is very similar. Both compounds show a nearly identical recovery of the soft optic mode and a broadening of the acoustic mode below $T_{c}$. The diffuse scattering in PZN is suggestive of an onset at the high temperature Burns temperature similar to that in PMN. In contrast to PMN, we observe a broadening of the Bragg peaks in both the longitudinal and transverse directions below $T_{c}$. We reconcile this additional broadening, not observed in PMN, in terms of structural inhomogeneity in PZN. Based on the strong similarities between PMN and PZN, we suggest that both materials belong to the same universality class and discuss the relaxor transition in terms of the three-dimensional Heisenberg model with cubic anisotropy in a random field.Comment: 11 pages, 10 figures. Updated version after helpful referee comment

Incidence of osteochondrosis (dissecans) in Dutch warmblood horses presented for pre-purchase examination

Data are lacking in the literature regarding the incidence of osteochondrosis (dissecans) [OC(D)] in relation to lameness evaluation in Dutch Warmblood horses. The objective of this retrospective study was to assess the incidence of radiological abnormalities consistent with osteochondrosis or osteochondrosis dissecans in 1,231 sound Dutch Warmblood (DW) horses presented for pre-purchase examination. Standardised (Dutch) pre-purchase examination protocols were evaluated. The pre-purchase examination included a clinical, lameness and radiological evaluation, performed at a private equine clinic in the Netherlands. Radiographical examination included views of the distal (DIP) and proximal (PIP) interphalangeal, metacarpo- and metatarsophalangeal (MCP/MTP), tarsocrural (TC) and femoropatellar (FP) joints. Radiographical evidence of OC(D) was found in 44.3% of clinically sound DW horses. In this study, 443 horses (36%, n = 1,231) had evidence of OCD and 102 horses (8.3%, n = 1,231) had evidence of OC on pre-purchase radiographs. The results also indicated that the TC joints were significantly more likely to be affected. A considerable number of horses did not demonstrate any lameness, although radiographs revealed OC(D)

Caldera resurgence during the 2018 eruption of Sierra Negra volcano, Galápagos Islands.

Recent large basaltic eruptions began after only minor surface uplift and seismicity, and resulted in caldera subsidence. In contrast, some eruptions at Galápagos Island volcanoes are preceded by prolonged, large amplitude uplift and elevated seismicity. These systems also display long-term intra-caldera uplift, or resurgence. However, a scarcity of observations has obscured the mechanisms underpinning such behaviour. Here we combine a unique multiparametric dataset to show how the 2018 eruption of Sierra Negra contributed to caldera resurgence. Magma supply to a shallow reservoir drove 6.5 m of pre-eruptive uplift and seismicity over thirteen years, including an Mw5.4 earthquake that triggered the eruption. Although co-eruptive magma withdrawal resulted in 8.5 m of subsidence, net uplift of the inner-caldera on a trapdoor fault resulted in 1.5 m of permanent resurgence. These observations reveal the importance of intra-caldera faulting in affecting resurgence, and the mechanisms of eruption in the absence of well-developed rift systems