Going Public Secretly: The SEC’s Unavailing Effort to Increase Initial Public Offerings Through Confidential Registration

In an effort to reverse the declining number of IPOs seen over the past two decades, newly-appointed SEC Chairman Jay Clayton announced in mid-2017 that any company seeking to go public could now initially file its registration statement confidentially rather than publicly. This announcement effectively extended a policy that had originally only applied to emerging growth companies—firms with less than $1.07 billion in revenue during their last fiscal year—to larger companies. Because there are advantages to confidentially filing a registration statement, this new policy was meant to encourage more large firms to go public and, as a result, increase the overall number of IPOs. This Note empirically examines the effect of this policy change over the course of its first year to analyze whether it has succeeded in effectuating more IPOs in the marketplace. The data suggest that this new policy has failed. And because it affects a relatively small number of firms, it will likely continue to fail to meaningfully increase the number of IPOs. This Note argues that in order to encourage more companies to go public, the SEC and Congress must stop focusing on changes to the process of going public and instead make being a public company more attractive to both smaller firms, which have the potential to increase the number of IPOs, and larger firms, which can drastically increase the amount of overall public capital raised—another necessary metric in evaluating the success of the IPO market. In recent years, benefits granted to private capital markets have enabled them to flourish as viable alternatives to the public markets. This has led to greater societal inequality since average investors are often shut out from private investments, such as venture capital and private equity. Therefore, this Note argues that in order to save the public markets, benefits awarded to private capital must be reduced. In addition, this Note presents new proposals to further mitigate the structural realities that incentivize companies to remain private and, instead, encourage them to go public: (1) award firms that go public temporary exemptions from burdensome regulations that apply to public companies, such as the Sarbanes-Oxley Act; and (2) offer tax credits to companies that conduct IPOs. Enacting such policies would help ensure more of today’s companies see the public markets as attractive sources of capital once again

X-ray Insights Into Interpreting CIV Blueshifts and Optical/UV Continua

We present 0.5-8.0 keV Chandra observations of six bright quasars that represent extrema in quasar emission-line properties -- three quasars each with small and large blueshifts of the CIV emission line with respect to the systemic redshift of the quasars. Supplemented with seven archival Chandra observations of quasars that met our selection criteria, we investigate the origin of this emission-line phenomenon in the general context of the structure of quasars. We find that the quasars with the largest CIV blueshifts show evidence, from joint-spectral fitting, for intrinsic X-ray absorption (N_H ~ 10^22 cm^-2). Given the lack of accompanying CIV absorption, this gas is likely to be highly ionized, and may be identified with the shielding gas in the disk-wind paradigm. Furthermore, we find evidence for a correlation of alpha_uv, the ultraviolet spectral index, with the hardness of the X-ray continuum; an analysis of independent Bright Quasar Survey data from the literature supports this conclusion. This result points to intrinsically red quasars having systematically flatter hard X-ray continua without evidence for X-ray absorption. We speculate on the origins of these correlations of X-ray properties with both CIV blueshift and alpha_uv and discuss the implications for models of quasar structure.Comment: 9 figs, 25 pages, AASTeX; accepted for publication in A

Magnetic Doping and Kondo Effect in Bi2Se3 Nanoribbons

A simple surface band structure and a large bulk band gap have allowed Bi2Se3 to become a reference material for the newly discovered three-dimensional topological insulators, which exhibit topologically-protected conducting surface states that reside inside the bulk band gap. Studying topological insulators such as Bi2Se3 in nanostructures is advantageous because of the high surface-to-volume ratio, which enhances effects from the surface states; recently reported Aharonov-Bohm oscillation in topological insulator nanoribbons by some of us is a good example. Theoretically, introducing magnetic impurities in topological insulators is predicted to open a small gap in the surface states by breaking time-reversal symmetry. Here, we present synthesis of magnetically-doped Bi2Se3 nanoribbons by vapor-liquid-solid growth using magnetic metal thin films as catalysts. Although the doping concentration is less than ~ 2%, low-temperature transport measurements of the Fe-doped Bi2Se3 nanoribbon devices show a clear Kondo effect at temperatures below 30 K, confirming the presence of magnetic impurities in the Bi2Se3 nanoribbons. The capability to dope topological insulator nanostructures magnetically opens up exciting opportunities for spintronics.Comment: 16 pages, 4 figure

A dinucleotide deletion in the ankyrin promoter alters gene expression, transcription initiation and TFIID complex formation in hereditary spherocytosis

Ankyrin defects are the most common cause of hereditary spherocytosis (HS). In some HS patients, mutations in the ankyrin promoter have been hypothesized to lead to decreased ankyrin mRNA synthesis. The ankyrin erythroid promoter is a member of the most common class of mammalian promoters which lack conserved TATA, initiator or other promoter cis elements and have high G+C content, functional Sp1 binding sites and multiple transcription initiation sites. We identified a novel ankyrin gene promoter mutation, a TG deletion adjacent to a transcription initiation site, in a patient with ankyrin-linked HS and analyzed its effects on ankyrin expression. In vitro, the mutant promoter directed decreased levels of gene expression, altered transcription initiation site utilization and exhibited defective binding of TATA-binding protein (TBP) and TFIID complex formation. In a transgenic mouse model, the mutant ankyrin promoter led to abnormalities in gene expression, including decreased expression of a reporter gene and altered transcription initiation site utilization. These data indicate that the mutation alters ankyrin gene transcription and contributes to the HS phenotype by decreasing ankyrin gene synthesis via disruption of TFIID complex interactions with the ankyrin core promoter. These studies support the model that in promoters that lack conserved cis elements, the TFIID complex directs preinitiation complex formation at specific sites in core promoter DNA and provide the first evidence that disruption of TBP binding and TFIID complex formation in this type of promoter leads to alterations in start site utilization, decreased gene expression and a disease phenotype in viv

Spectral Energy Distributions and Multiwavelength Selection of Type 1 Quasars

We present an analysis of the mid-infrared (MIR) and optical properties of type 1 (broad-line) quasars detected by the Spitzer Space Telescope. The MIR color-redshift relation is characterized to z ~ 3, with predictions to z = 7. We demonstrate how combining MIR and optical colors can yield even more efficient selection of active galactic nuclei (AGNs) than MIR or optical colors alone. Composite spectral energy distributions (SEDs) are constructed for 259 quasars with both Sloan Digital Sky Survey and Spitzer photometry, supplemented by near-IR, GALEX, VLA, and ROSAT data, where available. We discuss how the spectral diversity of quasars influences the determination of bolometric luminosities and accretion rates; assuming the mean SED can lead to errors as large as 50% for individual quasars when inferring a bolometric luminosity from an optical luminosity. Finally, we show that careful consideration of the shape of the mean quasar SED and its redshift dependence leads to a lower estimate of the fraction of reddened/obscured AGNs missed by optical surveys as compared to estimates derived from a single mean MIR to optical flux ratio

Lymph vessels:the forgotten second circulation in health and disease

The lymphatic circulation is still a somewhat forgotten part of the circulatory system. Despite this, novel insights in lymph angiogenesis in health and disease, application of immune markers for lymphatic growth and differentiation and also the introduction of new imaging techniques to visualize the lymphatic circulation have improved our understanding of lymphatic function in both health and disease, especially in the last decade. These achievements yield better understanding of the various manifestations of lymph oedemas and malformations, and also the patterns of lymphovascular spread of cancers. Immune markers that recognize lymphatic endothelium antigens, such as podoplanin, LYVE-1 and Prox-1, can be successfully applied in diagnostic pathology and have revealed (at least partial) lymphatic differentiation in many types of vascular lesion

A Population of X-ray Weak Quasars: PHL 1811 Analogs at High Redshift

We report the results from Chandra and XMM-Newton observations of a sample of 10 type 1 quasars selected to have unusual UV emission-line properties (weak and blueshifted high-ionization lines; strong UV Fe emission) similar to those of PHL 1811, a confirmed intrinsically X-ray weak quasar. These quasars were identified by the Sloan Digital Sky Survey at high redshift (z~2.2); eight are radio quiet while two are radio intermediate. All of the radio-quiet PHL 1811 analogs are notably X-ray weak by a mean factor of ~13. These sources lack broad absorption lines and have blue UV/optical continua, suggesting they are intrinsically X-ray weak. However, their average X-ray spectrum appears to be harder than those of typical quasars, which may indicate the presence of heavy intrinsic X-ray absorption. Our radio-quiet PHL 1811 analogs support a connection between an X-ray weak spectral energy distribution and PHL 1811-like UV emission lines; this connection provides an economical way to identify X-ray weak type 1 quasars. The fraction of radio-quiet PHL 1811 analogs in the radio-quiet quasar population is estimated to be < 1.2%. We have investigated correlations between relative X-ray brightness and UV emission-line properties for a sample combining radio-quiet PHL 1811 analogs, PHL 1811, and typical type 1 quasars. These correlation analyses suggest that PHL 1811 analogs may have extreme wind-dominated broad emission-line regions. Observationally, radio-quiet PHL 1811 analogs appear to be a subset (~30%) of radio-quiet weak-line quasars. The existence of a subset of quasars in which high-ionization "shielding gas" covers most of the BELR, but little more than the BELR, could potentially unify the PHL 1811 analogs and WLQs. The two radio-intermediate PHL 1811 analogs are X-ray bright. One of them appears to have jet-dominated X-ray emission, while the nature of the other remains unclear.Comment: ApJ accepted; 25 pages, 11 figures and 8 table