Can the Market Add and Subtract? Mispricing in Tech Stock Carve-Outs

Recent equity carve-outs in US technology stocks appear to violate a basic premise of financial theory: identical assets have identical prices. In our 1998-2000 sample, holders of a share of company A are expected to receive x shares of company B, but the price of A is less than x times the price of B. A prominent example involves 3Com and Palm. Arbitrage does not eliminate these blatant mispricing due to short sale constraints, so that B is overpriced but expensive or impossible to sell short. Evidence from options prices shows that shorting costs are extremely high, eliminating exploitable arbitrage opportunities.

Digital computer simulation of inductor-energy-storage dc-to-dc converters with closed-loop regulators

The simulation of converter-controller combinations by means of a flexible digital computer program which produces output to a graphic display is discussed. The procedure is an alternative to mathematical analysis of converter systems. The types of computer programming involved in the simulation are described. Schematic diagrams, state equations, and output equations are displayed for four basic forms of inductor-energy-storage dc to dc converters. Mathematical models are developed to show the relationship of the parameters

High-frequency high-voltage high-power DC-to-DC converters

The current and voltage waveshapes associated with the power transitor and the power diode in an example current-or-voltage step-up (buck-boost) converter were analyzed to highlight the problems and possible tradeoffs involved in the design of high voltage high power converters operating at switching frequencies in the range of 100 Khz. Although the fast switching speeds of currently available power diodes and transistors permit converter operation at high switching frequencies, the resulting time rates of changes of current coupled with parasitic inductances in series with the semiconductor switches, produce large repetitive voltage transients across the semiconductor switches, potentially far in excess of the device voltage ratings. The need is established for semiconductor switch protection circuitry to control the peak voltages appearing across the semiconductor switches, as well as to provide the waveshaping action require for a given semiconductor device. The possible tradeoffs, as well as the factors affecting the tradeoffs that must be considered in order to maximize the efficiency of the converters are enumerated

Analysis of transistor and snubber turn-off dynamics in high-frequency high-voltage high-power converters

Dc to dc converters which operate reliably and efficiently at switching frequencies high enough to effect substantial reductions in the size and weight of converter energy storage elements are studied. A two winding current or voltage stepup (buck boost) dc-to-dc converter power stage submodule designed to operate in the 2.5-kW range, with an input voltage range of 110 to 180 V dc, and an output voltage of 250 V dc is emphasized. In order to assess the limitations of present day component and circuit technologies, a design goal switching frequency of 10 kHz was maintained. The converter design requirements represent a unique combination of high frequency, high voltage, and high power operation. The turn off dynamics of the primary circuit power switching transistor and its associated turn off snubber circuitry are investigated

Derivation of linearized transfer functions for switching-mode regulations. Phase A: Current step-up and voltage step-up converters

Small-signal models are derived for the power stage of the voltage step-up (boost) and the current step-up (buck) converters. The modeling covers operation in both the continuous-mmf mode and the discontinuous-mmf mode. The power stage in the regulated current step-up converter on board the Dynamics Explorer Satellite is used as an example to illustrate the procedures in obtaining the small-signal functions characterizing a regulated converter

A Comprehensive Radio and Optical Study of Abell 2256: Activity from an Infalling Group

Abell 2256 is a nearby (z~0.06), rich cluster of galaxies with fascinating observed properties across a range of wavelengths. Long believed to represent a cluster merger, recent X-ray and optical results have suggested that in addition to the primary cluster and subcluster there is evidence for a third, poorer system. We present wide-field, high sensitivity 1.4 GHz VLA radio observations of Abell 2256 in conjunction with optical imaging and additional spectroscopy. Over 40 cluster radio galaxies are identified, with optical spectroscopy indicating the emission source (star formation or AGN) for most of them. While the overall fraction of galaxies exhibiting radio emission is consistent with a large sample of other nearby clusters, we find an increase in the activity level of galaxies belonging to the third system (hereafter, the ``Group''). Specifically, the Group has relatively more star formation than both the primary cluster and main subcluster. The position of the Group is also coincident with the observed cluster radio relic. We suggest that the Group recently (~0.3 Gyr) merged with the primary cluster and that this merger, not the ongoing merger of the primary and the main subcluster, might be responsible for many of the unusual radio properties of Abell 2256. Furthermore, the greater star formation activity of the Group suggests that the infall of groups is an important driver of galaxy evolution in clusters.Comment: 21 pages plus 13 JPEG figures; to appear in the Astronomical Journa