The Variability of IPO Initial Returns

The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during "hot" IPO markets. Consistent with IPO theory, the volatility of initial returns is higher among firms whose value is more difficult to estimate, i.e., among firms with higher information asymmetry. Our findings highlight underwriters' difficulty in valuing companies characterized by high uncertainty, and, as a result, raise serious questions about the efficacy of the traditional firm commitment underwritten IPO process. One implication of our results is that alternate mechanisms, such as auctions, may be beneficial, particularly for firms that value price discovery over the auxiliary services provided by underwriters.

Industry Contagion in Loan Spreads

Spreads on new and renegotiated corporate loans are significantly higher when the loan originates (or is renegotiated) in the two years surrounding bankruptcy filings by industry rivals. This industry-specific contagion is particularly severe in the middle of industry bankruptcy waves. Furthermore, this contagion in loan spreads is mitigated in concentrated industries, consistent with the hypothesis and evidence in Lang and Stulz (1992) that bankruptcy filings in concentrated industries can have positive consequences for rivals (increased market share and/or power). There is also some evidence that contagion affects non-spread terms in loan contracts

A simple one step process for enhancement of titanium foil dye sensitised solar cell anodes

The photo-conversion efficiency and stability of back-illuminated dye sensitised solar cells with titanium foil based photoanodes are enhanced by a simple nitric acid treatment through which the foil is passivated. This treatment changes the morphology of the titanium foil and increases its electrochemical double layer capacitance

Towards a flexible Decision Support Tool for MSY-based Marine Protected Area design for skates and rays

Peer-reviewed Paper. This is a pre-copyedited, author-produced version of an article accepted for publication in ICES Journal of Marine Science following peer review. The version of record Dedman, S., Officer, R., Brophy, D., Clarke, M., & Reid, D. G. (2017). Towards a flexible Decision Support Tool for MSY-based Marine Protected Area design for skates and rays. Ices Journal of Marine Science, 74(2), 576–587. https://doi.org/10.1093/icesjms/fsw147 is available online at: https://academic.oup.com/icesjms/article/74/2/576/2669563 & https://doi.org/10.1093/icesjms/fsw147.It is recommended that demersal elasmobranchs be managed using spatial proxies for Maximum Sustainable Yield. Here we combine escapement biomass—the percentage of the stock which must be retained each year to conserve it—with maps of predicted Catch Per Unit Effort (CPUE) of four ray species [cuckoo (Leucoraja naevus), thornback (Raja clavata), blonde (Raja brachyura), and spotted (Raja montagui)], created using Boosted Regression Tree modelling. We then use a Decision Support Tool to generate location and size options for Marine Protected Areas to protect these stocks, based on the priorities of the various stakeholders, notably the minimisation of fishing effort displacement. Variations of conservation/fishing priorities are simulated, as well as differential priorities for individual species, with a focus on protecting nursery grounds and spawning areas. Prioritizing high CPUE cells results in a smaller closed area that displaces the most fishing effort, whereas prioritizing low fishing effort results in a larger closed area that displaces the least fishing effort. The final result is a complete software package that produces maps of predicted species CPUE from limited survey data, and allows disparate stakeholders and policymakers to discuss management options within a mapping interface

Photoelectrochemical cells based on inherently conducting polymers

This review of photoelectrochemical cells (PECs) based on inherently conducting polymers (ICPs) deals with the mechanisms of operation and the various factors that influence the overall efficiency of PECs. The factors addressed include ICP composition and oxidation state, the use of nanostructured surfaces and interfaces, and the PEC electrolyte and redox mediator

Strengthening Community Schools Through University Partnerships

Given the mounting call for academic achievement gains in America’s public schools— particularly urban schools labeled “failing”—the need for community engagement to tackle a host of underlying social challenges warrants the resources of the nation’s colleges and universities (Harkavy & Hartley, 2009). Because colleges and universities are often underutilized anchors of resources in communities, coordinated alignment of K-12 and higher education goals can create a seamless pipeline of educational attainment for communities challenged to produce high academic achievement. Higher education’s engagement with community schools further helps to address the whole child and their families in K-12 education by expanding the opportunities for the students and community to access necessary support services. Drawing upon experiences of Indiana University Purdue University Indianapolis (IUPUI) and collaboration with its adjacent neighborhoods, this article illustrates the transformative and relevant impact of university and community engagement, as well as new pedagogical approaches to teaching, learning, and training. This article reflects upon the experiences of IUPUI and nearby George Washington Community High School as it can uniquely serve as a roadmap for other school community/university partnerships that are interested in embarking upon a similar education reform path

Extrusion printed graphene/polycaprolactone/ composites for tissue engineering

In this work fibres and complex three-dimensional scaffolds of a covalently linked graphene-polycaprolactone composite were successfully extruded and printed using a melt extrusion printing system. Fibres with varying diameters and morphologies, as well as complex scaffolds were fabricated using an additive fabrication approach and were characterized. It was found that the addition of graphene improves the mechanical properties of the fibres by over 50% and in vitro cytotoxicity tests showed good biocompatibility indicating a promising material for tissue engineering applications

Deep Hole States in Two Particle Transfer Reactions

This work was supported by National Science Foundation Grant PHY 76-84033 and Indiana Universit

Electrodeposition of pyrrole and 3-(4-tert-butylphenyl)thiophene copolymer for supercapacitor applications

The electropolymerization of pyrrole (Py), 3-(4-tert-butylphenyl)thiophene (TPT) monomer or the mixed Py and TPT monomers on stainless steel mesh substrate were performed in 1 M LiClO4/acetonitrile solution. A much lower potential of 0.75 V was required for the co-electropolymerization of Py and TPT, in sharp contrast to that of 1.20 V for poly(3-(4-tert-butylphenyl)thiophene) (PTPT) formation. The resultant homopolymers and copolymer were characterized with FESEM and FTIR, and assembled into supercapacitors to investigate their electrochemical performances. The copolymer electrode delivered the highest specific capacitance of 291 F g−1 at a scan rate of 5 mV s−1, in comparison with that of 216 and 26 F g−1 for PPy and PTPT, respectively. This copolymer also exhibited a greatly improved cycling stability – only 9% of capacitance decrease was observed after 1000 charging–discharging cycles at a current density of 5 A g−1, while the capacitance losses for PPy and PTPT were 16% and 60%, respectively