Public information and IPO underpricing

We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new predictions. First, investors require more underpricing to truthfully reveal positive private information in bear markets than in bull markets (the incentive effect). Second, the fraction of positive private signals and of underpriced IPOs is increasing in market returns (the demand effect). Combined, these two effects can explain why IPO underpricing is positively related to pre-issue market returns, consistent with extant evidence. Using a sample of 5,000 U.S. IPOs from 1981-2008, we show that the empirical implications of the model are borne out in the data.Public information; partial adjustment; underpricing; IPOs; bookbuilding

Topological Dilatonic Supergravity Theories

We present a central extension of the $(m,n)$ super-Poincar\'e algebra in two dimensions. Besides the usual Poincar\'e generators and the $(m,n)$ supersymmetry generators we have $(m,n)$ Grassmann generators, a bosonic internal symmetry generator and a central charge. We then build up the topological gauge theory associated to this algebra. We can solve the classical field equations for the fields which do not belong to the supergravity multiplet and to a Lagrange multiplier multiplet. The resulting topological supergravity theory turns out to be non-local in the fermionic sector.Comment: 11 pages, plain TeX, IFUSP-P/112

A Violência no Local de Trabalho em Instituições de Saúde: Um Estudo Monocêntrico sobre Causas, Consequências e Estratégias de Prevenção

Introduction: Workplace violence is one of the main risk factors in the professional world. Healthcare workers are at higher risk when compared to other sectors. Our study aimed to characterize physical and verbal violence in a public hospital and to define occupational health prevention and surveillance strategies. Material and Methods: Single center observational cross-sectional study, carried amongst healthcare workers in a public hospital in Lisbon. A qualitative survey was carried out through six in-depth interviews. A quantitative survey was carried through questionnaires delivered to 32 workers. A significance level of 5% was accepted in the assessment of statistical differences. The Mann-Whitney test and the Fisher’s exact test were used to calculate p values. Results: The main results are: (1) 41 violence incidents were reported in the quantitative phase; (2) 5/21 [23.81%] victims notified the incident to the occupational health department; (3) 18/21 [85.71%] victims reported a permanent state of hypervigilance; (4) 22/28 [78.57%] participants self-reported poor or no familiarity with internal reporting procedures; (5) 24/28 [85.71%] participants believed it is possible to minimize workplace violence. Discussion: Workplace violence is favored by unrestricted access to working areas, absence of security guards and police officers or scarce intervention. The low notification rate contributes to organizational lack of action. The state of hypervigilance reported in our study reflects the negative effects of threatening occupational stressors on mental health. Conclusion: Our results show that workplace violence is a relevant risk factor that significantly impacts workers’ health in a noxious manner, deserving a tailored occupational health approach whose priority areas and strategies have been determined.Introdução: A violência no local de trabalho é um dos principais fatores de risco no mundo do trabalho. Os trabalhadores da saúde apresentam um risco superior. O nosso estudo teve como objetivo caracterizar a violência física e verbal num hospital público e definir estratégias de prevenção e vigilância em saúde ocupacional. Material e Métodos: Estudo observacional transversal monocêntrico, conduzido num hospital público em Lisboa com trabalhadores da saúde. Foi realizado um inquérito qualitativo com entrevistas em profundidade a seis trabalhadores e um inquérito quantitativo com questionários a 32 trabalhadores. Aceitou-se um nível de significância de 5% na avaliação das diferenças estatísticas. O teste de Mann-Whitney e o teste exato de Fisher foram usados para calcular os valores de p. Resultados: Os principais resultados são: (1) 41 episódios reportados na fase quantitativa; (2) 5/21 [23,81%] vítimas notificaram o incidente; (3) 18/21 [85.71%] vítimas reportaram estados de hipervigilância permanente; (4) 22/28 [78,57%] participantes não conheciam ou conheciam mal os procedimentos de notificação; (5) 24/28 [85,71%] consideravam possível minimizar o problema. Discussão: A violência é favorecida pelo acesso livre às zonas de trabalho, ausência de agentes de segurança e polícia ou falta da respetiva intervenção. A baixa notificação contribui para a ausência de medidas organizacionais. O estado de hipervigilância relatado reflete o efeito prejudicial da exposição a fontes de stress e ameaça. Conclusão: A violência no local de trabalho é um fator de risco relevante, com impacto negativo na saúde dos trabalhadores e merece uma abordagem individualizada no âmbito da saúde ocupacional, cujas áreas e estratégias prioritárias foram definidas neste estudo. Palavras-chave: Fatores de Risco Profissionais; Prevenção; Saúde Ocupacional; Trabalhadores da Saúde; Violência no Local de trabalho.info:eu-repo/semantics/publishedVersio

Partial Adjustment to Public Information in the Pricing of IPOs

Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a rational explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt (1989)’s information-based framework. A novel result of our model is that the compensation required by investors to truthfully reveal their information decreases with the public signal. This “incentive effect” receives strong empirical support in a sample of 6300 IPOs in 1983–2012. Controlling for the incentive effect, the positive relation between initial returns and pre-issue market returns disappears for top-tier underwriters, where the order book is held to be most informative, effectively resolving the predictability puzzle

Critical exponents from parallel plate geometries subject to periodic and antiperiodic boundary conditions

We introduce a renormalized 1PI vertex part scalar field theory setting in momentum space to computing the critical exponents $\nu$ and $\eta$, at least at two-loop order, for a layered parallel plate geometry separated by a distance L, with periodic as well as antiperiodic boundary conditions on the plates. We utilize massive and massless fields in order to extract the exponents in independent ultraviolet and infrared scaling analysis, respectively, which are required in a complete description of the scaling regions for finite size systems. We prove that fixed points and other critical amounts either in the ultraviolet or in the infrared regime dependent on the plates boundary condition are a general feature of normalization conditions. We introduce a new description of typical crossover regimes occurring in finite size systems. Avoiding these crossovers, the three regions of finite size scaling present for each of these boundary conditions are shown to be indistinguishable in the results of the exponents in periodic and antiperiodic conditions, which coincide with those from the (bulk) infinite system.Comment: Modified introduction and some references; new crossover regimes discussion improved; Appendixes expanded. 48 pages, no figure

Convergence of simple adaptive Galerkin schemes based on h − h/2 error estimators

We discuss several adaptive mesh-refinement strategies based on (h − h/2)-error estimation. This class of adaptivemethods is particularly popular in practise since it is problem independent and requires virtually no implementational overhead. We prove that, under the saturation assumption, these adaptive algorithms are convergent. Our framework applies not only to finite element methods, but also yields a first convergence proof for adaptive boundary element schemes. For a finite element model problem, we extend the proposed adaptive scheme and prove convergence even if the saturation assumption fails to hold in general

Estabilidade de agregados e distribuição de carbono e nutrientes em Argissolo sob adubação orgânica e mineral.

O objetivo deste trabalho foi avaliar o impacto da adubacao organica e mineral sobre a estabilidade de agregados e a distribuicao de C, N e P, em classes de agregados de um Argissolo Vermelho-Amarelo. Os tratamentos consistiram de 0 e 40 m3 ha.1 por ano de adubacao organica e de 0, 250 e 500 kg ha.1 de adubacao mineral N.P.K da formula 4.14.8. Uma area sob floresta atlantica foi utilizada como referencia. Amostras foram coletadas nas camadas de 0.10 e 10.20 cm. Houve predominio da classe de agregados entre 4 e 2 mm, que correspondeu a 39,7% do total de agregados separados por via seca no tratamento com composto organico. Os teores de C organico total para adubacao organica foram 17,5 e 36,7% maiores para as classes 4.2 e 0,105.0,25 mm. A adubacao organica contribuiu para teores de N e P totais de 43 e 38,7% (0.10 cm) e 35,4 e 36,8% (10.20 cm), maiores que os dos tratamentos sem adubo organico. A relacao carbono/nitrogenio se manteve constante entre as classes de agregados de um mesmo tratamento, enquanto a de carbono/fosforo reduziu com o uso de adubo organico ou mineral, em relacao a mata nativa. Os indices de estabilidade de agregados se correlacionaram positivamente aos teores de carbono organico total da classe 4.2 mm