IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany

The underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets around the world and has often been explained to be as a result of asymmetrically distributed information and ex-ante uncertainty. However, as Ritter and Welch (2002) argue to the contrary, these theories are unlikely to explain the persistent pattern of high initial returns during the first trading day as well as other features of the returns data. This paper add some further alternative explanations to the traditional theory while focusing on German IPOs during the 1997 to 2001 period and covering a sample of 410 firms. Using time series regressions the cyclical behaviour of the issue activity is examined and we report, using VAR analysis, that lagged underpricing and IPO volume influence the decision to go public. The cross-sectional regression analysis, using both censored and uncensored data, shows that the initial returns are mainly influenced by investor sentiment and demand, and less by ex-ante uncertainty, especially during the dot-com boom. --Initial Public Offerings (IPO),Underpricing,Investor Sentiment,Hot-issue Markets,Ex-ante Uncertainty

The Existence and Effectiveness of Price Support Activities in Germany: A Note

The overallotment or greenshoe option has become very popular in the German IPO market since its introduction in 1995 and is nowadays an important tool to stabilize IPOs or to issue additional shares in the case of excess demand. Besides providing evidence for the prevalence of price support activities by the underwriter we show that the greenshoe option which seems to be used to support overpriced offerings in the secondary market is not very effective in propping up aftermarket prices. Additionally, the market seems to decide quite early which firms are ?losers? and which are ?winners? in terms of stock market performance. --Initial Public Offerings (IPO),Price Support,Overallotment Option

Protein-mediated DNA Loop Formation and Breakdown in a Fluctuating Environment

Living cells provide a fluctuating, out-of-equilibrium environment in which genes must coordinate cellular function. DNA looping, which is a common means of regulating transcription, is very much a stochastic process; the loops arise from the thermal motion of the DNA and other fluctuations of the cellular environment. We present single-molecule measurements of DNA loop formation and breakdown when an artificial fluctuating force, applied to mimic a fluctuating cellular environment, is imposed on the DNA. We show that loop formation is greatly enhanced in the presence of noise of only a fraction of $k_B T$, yet find that hypothetical regulatory schemes that employ mechanical tension in the DNA--as a sensitive switch to control transcription--can be surprisingly robust due to a fortuitous cancellation of noise effects

Candidate Landing Site for the Mars Science Laboratory: Vernal Crater, S.W. ARabia Terra

In the fall of 2009, the Mars Science Laboratory (MSL) will be launched to Mars. The purpose of this mission is to assess biologic potential and geology and to investigate planetary processes of relevance to past habitability. MSL will be able to provide visual, chemical, radiation, and environmental data with its suite of instruments [1]. In order to be selected for the MSL landing site, certain engineering requirements must be met [1] and the area should contain geologic features suggestive of past habitability, so that the overriding science goal of the mission will be attained. There are a total of 33 proposed landing sites as of the first MSL Landing Site Workshop held in Pasadena, CA from May 31st to June 2nd, 2006 [1]. There will be an opportunity to gather high resolution visual and hyperspectral data on all proposed landing sites from the now-orbiting Mars Reconnaissance Orbiter (MRO) which entered martian orbit and began its main science phase in November of 2006 [2]. The data being gathered are from: the high resolution imaging science experiment (HiRISE), the context (CTX) camera and the compact reconnaissance imaging spectrometer (CRISM) onboard the spacecraft. The footprints of these instruments are centered on a single point, and each proposer must submit these coordinates, along with the coordinates of the proposed landing ellipse. Data from these instruments, along with new MOC images and THEMIS mosaics, will be used to enhance our understanding of the geologic and engineering parameters of each site

Sensitivity to the KARMEN Timing Anomaly at MiniBooNE

We present sensitivities for the MiniBooNE experiment to a rare exotic pion decay producing a massive particle, Q^0. This type of decay represents one possible explanation for the timing anomaly reported by the KARMEN collaboration. MiniBooNE will be able to explore an area of the KARMEN signal that has not yet been investigated

Annexin A2 is regulated by ovarian cancer-peritoneal cell interactions and promotes metastasis

Our recent research identified the protein annexin A2 to be regulated by ovarian cancer-peritoneal cell interactions. This study investigated the role of annexin A2 in ovarian cancer metastasis and its potential utility as a novel therapeutic target, using in vitro and in vivo ovarian cancer models. Annexin A2 expression was examined by qRT-PCR and western blotting in ovarian cancer cell lines and immunohistochemistry in serous ovarian carcinoma tissues. Annexin A2 siRNAs were used to evaluate the effects of annexin A2 suppression on ovarian cancer cell adhesion, motility, and invasion. Furthermore, annexin A2 neutralizing antibodies were used to examine the role of annexin A2 in tumor invasion and metastasis in vivo using a chick chorioallantoic membrane assay and an intraperitoneal xenograft mouse model. Strong annexin A2 immunostaining was observed in 90% (38/42) of the serous ovarian cancer cells and was significantly increased in the cancer-associated stroma compared to non-malignant ovarian tissues. Annexin A2 siRNA significantly inhibited the motility and invasion of serous ovarian cancer cells and adhesion to the peritoneal cells. Annexin A2 neutralizing antibodies significantly inhibited OV-90 cell motility and invasion in vitro and in vivo using the chick chorioallantoic membrane assay. The growth of SKOV-3 cells and their peritoneal dissemination in nude mice was significantly inhibited by annexin A2 neutralizing antibodies. Annexin A2 plays a critical role in ovarian cancer metastasis and is therefore a potential novel therapeutic target against ovarian cancer.Noor A. Lokman, Alison SF. Elder, Miranda P Ween, Carmen E. Pyragius, Peter Hoffmann, Martin K. Oehler, and Carmela Ricciardell

Layered Sediments, Rampart Craters, and Potential Fluvio-Lacustrine Activity in S.W. Arabia Terra, Mars: Support for a History of Aqueous Conditions

Arabia Terra is a unique area on Mars in that it is the only major, equatorial region characterized by high abundances of near-surface water (as measured by gamma ray and neutron spectroscopy). Vernal Crater is a 55 km-diameter structure in southwest Arabia Terra, centered at 6 N, 355.5 E. The crater includes layered sediments, potential remnants of fluvio-lacustrine activity, and indications of aeolian processes. Regional considerations, along with new THEMIS and MOC data, are being assessed to gain insight into the significance of the geomorphic units within Vernal Crater and the geologic history of SW Arabia Terra

Keratin 5 overexpression is associated with serous ovarian cancer recurrence and chemotherapy resistance

This study investigated the clinical significance of keratin 5 and 6 expression in serous ovarian cancer progression and chemotherapy resistance. KRT5 and KRT6 (KRT6A, KRT6B & KRT6C) gene expression was assessed in publically available serous ovarian cancer data sets, ovarian cancer cell lines and primary serous ovarian cancer cells. Monoclonal antibodies which detect both K5/6 or only K5 were used to assess protein expression in ovarian cancer cell lines and a cohort of high grade serous ovarian carcinomas at surgery (n = 117) and after neoadjuvant chemotherapy (n = 21). Survival analyses showed that high KRT5 mRNA in stage III/IV serous ovarian cancers was significantly associated with reduced progression-free (HR 1.38, P < 0.0001) and overall survival (HR 1.28, P = 0.013) whilst high KRT6 mRNA was only associated with reduced progression-free survival (HR 1.2, P = 0.031). Both high K5/6 (≥ 10%, HR 1.78 95% CI; 1.03−2.65, P = 0.017) and high K5 (≥ 10%, HR 1.90, 95% CI; 1.12−3.19, P = 0.017) were associated with an increased risk of disease recurrence. KRT5 but not KRT6C mRNA expression was increased in chemotherapy resistant primary serous ovarian cancer cells compared to chemotherapy sensitive cells. The proportion of serous ovarian carcinomas with high K5/6 or high K5 immunostaining was significantly increased following neoadjuvant chemotherapy. K5 can be used to predict serous ovarian cancer prognosis and identify cancer cells that are resistant to chemotherapy. Developing strategies to target K5 may therefore improve serous ovarian cancer survival.Carmela Ricciardelli, Noor A Lokman, Carmen E Pyragius, Miranda P Ween, Anne M Macpherson, Andrew Ruszkiewicz, Peter Hoffmann, Martin K Oehle