Influence of Secondary Offerings on the Liquidity and Trading Activity of Stocks Outstanding

This paper examines the influence of secondary offerings (SOs) on the liquidity and trading activity of stocks outstanding. The results reveal that liquidity and trading activity increase after the execution of SOs. We observe that the offering discount is explained by the size of the offering and its retail composition. We have also shown that changes in liquidity and trading activity are explained by the retail composition of the offering, such that the choice of ownership structure is decisive in the level of liquidity afforded by SOs. The offering discount is one of the chosen methods of attracting small-scale investors and promoting share liquidity following these operations.secondary offerings (SOs), liquidity, trading activity, microstructure, capital structure

Hydrogen Epoch of Reionization Array (HERA)

The Hydrogen Epoch of Reionization Array (HERA) is a staged experiment to measure 21 cm emission from the primordial intergalactic medium (IGM) throughout cosmic reionization ($z=6-12$), and to explore earlier epochs of our Cosmic Dawn ($z\sim30$). During these epochs, early stars and black holes heated and ionized the IGM, introducing fluctuations in 21 cm emission. HERA is designed to characterize the evolution of the 21 cm power spectrum to constrain the timing and morphology of reionization, the properties of the first galaxies, the evolution of large-scale structure, and the early sources of heating. The full HERA instrument will be a 350-element interferometer in South Africa consisting of 14-m parabolic dishes observing from 50 to 250 MHz. Currently, 19 dishes have been deployed on site and the next 18 are under construction. HERA has been designated as an SKA Precursor instrument. In this paper, we summarize HERA's scientific context and provide forecasts for its key science results. After reviewing the current state of the art in foreground mitigation, we use the delay-spectrum technique to motivate high-level performance requirements for the HERA instrument. Next, we present the HERA instrument design, along with the subsystem specifications that ensure that HERA meets its performance requirements. Finally, we summarize the schedule and status of the project. We conclude by suggesting that, given the realities of foreground contamination, current-generation 21 cm instruments are approaching their sensitivity limits. HERA is designed to bring both the sensitivity and the precision to deliver its primary science on the basis of proven foreground filtering techniques, while developing new subtraction techniques to unlock new capabilities. The result will be a major step toward realizing the widely recognized scientific potential of 21 cm cosmology.Comment: 26 pages, 24 figures, 2 table

Checklist of the vascular plants of the Cantabrian Mountains

We present the first standardized list of the vascular flora of the Cantabrian Mountains, a transitional zone between the Eurosiberian and Mediterranean biogeographic regions in northwestern Spain. The study area comprises 15000 km2 divided in UTM grid cells of 10 km x 10 km, for which we revised occurrence data reported in the Spanish Plant Information System (Anthos) and the online database of Iberian and Macaronesian Vegetation (SIVIM). We used a semi-automatic procedure to standardize taxonomic concepts into a single list of names, which was further updated by expert-based revision with the support of national and regional literature. In the current version, the checklist of the Cantabrian Mountains contains 2338 native species and subspecies, from which 56 are endemic to the study area. The nomenclature of the checklist follows Euro+Med in 97% of taxa, including annotations when other criteria has been used and for taxa with uncertain status. We also provide a list of 492 non-native taxa that were erroneously reported in the study area, a list of local apomictic taxa, a phylogenetic tree linked to The Plant List, a standardized calculation of Ellenberg Ecological Indicator Values for 80% of the flora, and information about life forms, IUCN threat categories and legal protection status. Our review demonstrates how the Cantabrian mountains represent a key floristic region in southern Europe and a relevant phytogeographical hub in south-western Europe. The checklist and all related information are freely accessible in a digital repository for further uses in basic and applied researchThis research was supported by the Jardín Botánico Atlántico de Gijón (SV-20-GIJON-JBA) and SEEDALP project (Spanish Reearch Agency; PID2019-108636GA/AEI/10.13039/501100011033)Peer reviewe

HI 21cm Cosmology and the Bi-spectrum: Closure Diagnostics in Massively Redundant Interferometric Arrays

New massively redundant low frequency arrays allow for a novel investigation of closure relations in interferometry. We employ commissioning data from the Hydrogen Epoch of Reionization Array to investigate closure quantities in this densely packed grid array of 14m antennas operating at 100 MHz to 200 MHz. We investigate techniques that utilize closure phase spectra for redundant triads to estimate departures from redundancy for redundant baseline visibilities. We find a median absolute deviation from redundancy in closure phase across the observed frequency range of about 4.5deg. This value translates into a non-redundancy per visibility phase of about 2.6deg, using prototype electronics. The median absolute deviations from redundancy decrease with longer baselines. We show that closure phase spectra can be used to identify ill-behaved antennas in the array, independent of calibration. We investigate the temporal behavior of closure spectra. The Allan variance increases after a one minute stride time, due to passage of the sky through the primary beam of the transit telescope. However, the closure spectra repeat to well within the noise per measurement at corresponding local sidereal times (LST) from day to day. In future papers in this series we will develop the technique of using closure phase spectra in the search for the HI 21cm signal from cosmic reionization.Comment: 32 pages. 11 figures. Accepted to Radio Scienc

Mitigating Internal Instrument Coupling for 21 cm Cosmology. II. A Method Demonstration with the Hydrogen Epoch of Reionization Array

We present a study of internal reflection and cross-coupling systematics in Phase I of the Hydrogen Epoch of Reionization Array (HERA). In a companion paper, we outlined the mathematical formalism for such systematics and presented algorithms for modeling and removing them from the data. In this work, we apply these techniques to data from HERA's first observing season as a method demonstration. The data show evidence for systematics that, without removal, would hinder a detection of the 21 cm power spectrum for the targeted Epoch of Reionization (EoR) line-of-sight modes in the range 0.2 h −1 Mpc−1 < ${k}_{\parallel }$ < 0.5 h −1 Mpc−1. In particular, we find evidence for nonnegligible amounts of spectral structure in the raw autocorrelations that overlaps with the EoR window and is suggestive of complex instrumental effects. Through systematic modeling on a single night of data, we find we can recover these modes in the power spectrum down to the integrated noise floor, achieving a dynamic range in the EoR window of 106 in power (mK2 units) with respect to the bright galactic foreground signal. Future work with deeper integrations will help determine whether these systematics can continue to be mitigated down to EoR levels. For future observing seasons, HERA will have upgraded analog and digital hardware to better control these systematics in the field

Detection of Cosmic Structures using the Bispectrum Phase. II. First Results from Application to Cosmic Reionization Using the Hydrogen Epoch of Reionization Array

Characterizing the epoch of reionization (EoR) at $z\gtrsim 6$ via the redshifted 21 cm line of neutral Hydrogen (HI) is critical to modern astrophysics and cosmology, and thus a key science goal of many current and planned low-frequency radio telescopes. The primary challenge to detecting this signal is the overwhelmingly bright foreground emission at these frequencies, placing stringent requirements on the knowledge of the instruments and inaccuracies in analyses. Results from these experiments have largely been limited not by thermal sensitivity but by systematics, particularly caused by the inability to calibrate the instrument to high accuracy. The interferometric bispectrum phase is immune to antenna-based calibration and errors therein, and presents an independent alternative to detect the EoR HI fluctuations while largely avoiding calibration systematics. Here, we provide a demonstration of this technique on a subset of data from the Hydrogen Epoch of Reionization Array (HERA) to place approximate constraints on the brightness temperature of the intergalactic medium (IGM). From this limited data, at $z=7.7$ we infer "$1\sigma$" upper limits on the IGM brightness temperature to be $\le 316$ "pseudo" mK at $\kappa_\parallel=0.33$ "pseudo" $h$ Mpc$^{-1}$ (data-limited) and $\le 1000$ "pseudo" mK at $\kappa_\parallel=0.875$ "pseudo" $h$ Mpc$^{-1}$ (noise-limited). The "pseudo" units denote only an approximate and not an exact correspondence to the actual distance scales and brightness temperatures. By propagating models in parallel to the data analysis, we confirm that the dynamic range required to separate the cosmic HI signal from the foregrounds is similar to that in standard approaches, and the power spectrum of the bispectrum phase is still data-limited (at $\gtrsim 10^6$ dynamic range) indicating scope for further improvement in sensitivity as the array build-out continues.Comment: 22 pages, 12 figures (including sub-figures). Published in PhRvD. Abstract may be slightly abridged compared to the actual manuscript due to length limitations on arXi