Who knows what when? : the information content of pre-IPO market prices : [Version Mai 2004]

To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the first price subsequently established on the exchange than both the midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left unexplained by other variables. The results imply that information asymmetries are much lower than the observed variance of underpricing suggests

Who knows what when? : The information content of pre-IPO market prices : [Version March/June 2002]

To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the first price subsequently established on the exchange than both the midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left unexplained by other variables. The results imply that information asymmetries are much lower than the observed variance of underpricing suggests

Select Frameworks for 21st Century Skills

Presentation given at the Focus on Assessment Conference, August 18, 2016. Includes handout

Horizontality: From "Window" to "Ground", Exploring Immersive Audiotory Space as an Interactive Participant Medium

My sound-based arts practice is currently concerned with the shift of focus from the materiality of the sonic art object to the conceptual and semantic dimensions involved in interaction within a system. The twentieth century saw the dawn of technologies that could not only mediate the sonic arts in new ways but also inform its techniques and tropes. Over the last few decades we have seen the emergence of the genres Transmission and Telematic Art, the methodology of both often being informed by new concepts of space. The rise of post-industrial Capitalism situates us in a new epoch of spatial awareness. This seems particularly relevant now that mediated sonic and communication technologies are an integral part of our lives. Transmitting media “punching a hole in space” now ignore acoustic container boundaries: a sound heard and its source can exist separately yet simultaneously. Physical location and distance become less relevant. How does this create a shift in how we perceive the spatial within the practice of living?; and 2. redefining concepts of author and audience. All who participate are involved in authorship creating a form that is impossible to mediate to a passive audience 5. My work explores how this situation and the aesthetics deriving from it inform me as a practitioner within the medium of sound: the generative and emergent behaviour that arises from relationship as a form of “composition” and, of particular interest to me, the desire to shift focus from the traditional role of sound as an object of aesthetic expression to immersive interactive auditory space as a means of entering into dialogue with the multidimensional environment which humanity inhabits

Contours of a Research Program

In this paper I sketch the contours of a research program which draws on the insights of both institutionalist theories of long term economic change and world system analysis in order to analyze the many ways in which national and global inequalities interact. While the political economy approach developed in the research program of Acemoglu and Robinson has provided important insights on the relationship between national inequalities and economic growth, world system analysis focuses on interactions and asymmetries in the global economic and political system and their effects on national trajectories. On the one hand, I propose ways to make national institutions endogenous to international economic and political interaction via the influences these may have on national inequalities. The key to this discussion is the realization that the impact of international economic interaction on domestic distribution may be changed significantly, even in sign, if rights are weakly enforced and “grabbing” type redistributive activities are ubiquitous, especially inside and by the state. On the other hand, I explore the gains from looking at the world system as an institutional system, applying ideas developed by Acemoglu and Robinson, and North, Wallis and Weingast to analyze inequalities and asymmetries in countries to the entire globe. Here, both the question of whether a global elite coalition is to be defined as a group of countries or as a network of global elites in states, business and media and the question of how the international institutional order limits access to global political and economic resources are central

'It ain’t what you do (It’s the way that you do it)': Reciprocity, co-operation and spheres of exchange in two community currency systems in the North of England.

The inter-relating topics of social capital, co-operation and spheres of exchange are examined in the context of case-studies of two very different community currency systems in the North of England. Participant observation, informal interviews and a questionnaire are complemented by the analysis of transaction records, using social network analysis. On a practical level, this research shows that community currency systems can be used to promote well-being, but that their success is greatly influenced by organisational culture and practices, and particularly by whether members are encouraged to set up transactions for themselves, and to form partnerships based upon direct reciprocity. The theoretical findings are of wider relevance. First of all I examine the amorphous concept of social capital, and suggest replacing it by two separate concepts: social cohesion and social reach, defined and measured using social network analysis. Turning to co-operation, I find that individuals with directly reciprocal social ties tend to cluster together, forming a network with a highly right-skewed degree distribution and a clear core-periphery structure, at the heart of which are a number of long-lasting Simmelian ties. This process relies on individuals being able to trade widely and change partners at will, while their behaviour is bounded by commonly held values relating to trust, equality and fairness. There are few examples of triad 030C, suggesting that if indirect reciprocity occurs at all, it is in conjunction with direct reciprocity, and/or in the form of a broken chain (with someone who mainly gives at one end, and someone who mainly receives at the other). Finally, although policy-makers are often keen to pigeonhole citizens’ behaviour as either ‘economic’ or ‘social’, a better model may be that of overlapping spheres of exchange. While some activities clearly take place in the sphere of the market economy, and others in the sphere of the gift economy, certain types of behaviour (e.g. transactions between members of community currency systems) may exist in the interstices of the spheres

Staffing with clergy teams in the United Methodist Church

https://place.asburyseminary.edu/ecommonsatsdissertations/1428/thumbnail.jp

Utilization of the seven principles for good practice in undergraduate education in general chemistry by community college instructors

In recent years, higher education has undergone many changes. The advent of assessment, accountability, and a newfound focus on teaching have required faculty to examine how they are teaching. Administrators and faculty are beginning to recognize that learning is not a one size fits all enterprise. To this end, Chickering and Gamson developed an inventory that examined faculty utilization of the Seven Principles of Good Practice in Undergraduate Education. The seven principles included by the authors included faculty-student interaction, cooperative learning, active learning, giving prompt feedback, emphasizing time on task, communicating high expectations, and respecting diverse talents and ways of learning. It was determined by Chickering and Gamson, as well as many other researchers, that these seven principles were hallmarks of successful undergraduate education.;Community colleges are important institutions to study, as many students begin their higher education at two-year colleges. Most students are also required to take one or more science classes for their general education requirements; therefore, many students must take at least one general chemistry course. Both community colleges and chemistry are rarely studied in literature, which makes this study important.;Community college general chemistry instructors were surveyed using an online version of Chickering and Gamson\u27s Faculty Inventory for the Seven Principles of Good Practice in Undergraduate Education. Responses were analyzed, and it was discovered that not only did instructors utilize the principles to a different extent, but there were also differences between genders as well as between the specific actions related to each principle