Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings

This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information regarding first day underpricing cannot completely explain the institutional abnormal profits. Underwriters are better informed about the companies they take public, and use that information to favor their long term clients. The preferential treatment of institutional investors, however, does not come at the expense of retail investors. Retail investors earn positive profits from participating in the new issues market. The driving factor behind the relative retail large allocation in overpriced issues when compared to underpriced offerings is not the underwriter allocation bias in favor of institutional investors. Retail investors subscribe more heavily to underpriced issues, consistent with individuals being partially informed. JEL Classification: G32, G24Allocations, Initial Public Offerings, Retail Investors, Winner's Curse

Children with SLI can exhibit reduced attention to a talker's mouth

It has been demonstrated that children with specific language impairment (SLI) show difficulties not only with auditory but also with audiovisual speech perception. The goal of this study was to assess whether children with SLI might show reduced attention to the talker's mouth compared to their typically developing (TD) peers. An additional aim was to determine whether the pattern of attention to a talking face would be related to a specific subtype of SLI. We used an eye-tracker methodology and presented a video of a talker speaking the children's native language. Results revealed that children with SLI paid significantly less attention to the mouth than the TD children. More specifically, it was also observed that children with a phonological-syntactic deficit looked less to the mouth as compared to the children with a lexical-syntactic deficit

Soft Information, Hard Sell: The Role of Soft Information in the Pricing of Intellectual Property

There is a growing literature on the differential impact of soft' vs. hard' information on organizational structure and behavior. This study is an attempt to empirically quantify the value of soft information, using a data-base on the market for screenplays. Script quality is difficult to estimate without subjective evaluation. Therefore soft information should be an integral part of the pricing of these intellectual assets. In our empirical analysis, we find that hard information' (reputation) variables as well as soft information' proxies are priced. Screenplays with high soft information content are priced significantly lower than high concept' harder information'- type scripts. We also follow the screenplays to production, and find that buyers seem to be able to forecast the success of a script, paying more for screenplays resulting in more successful films. In other words, high concept' (harder information) screenplays sell for more and result in more successful movies.

Medieval multilingualism and the expression of emotion: fear in the Gawain-Poet's texts

The Gersum Project has significantly developed our understanding of Norse-derived terms in English by providing a highly systematic typology for their identification. However, this paper shows that, in order to fully comprehend the lexical impact that Anglo-Scandinavian contact had on medieval English, we need to go beyond the identification of the Norse-derived terms and explore their process of integration into English. To exemplify the benefits of this approach, the paper analyses the make-up of the lexico-semantic field of EMOTION, particularly FEAR, in the texts attributed to the Gawain-poet, and examines the interaction between native, Norse- and French-derived terms. This analysis moves away from the traditional study of the texts’ vocabulary in relation to their sociohistorical context, considering the terms instead from semasiological, onomasiological and stylistic perspectives. By taking this novel approach, this paper addresses key linguistic and literary topics: the formal and semantic factors that facilitated the integration of Norse-derived terms into this lexico-semantic field and, more broadly, the impact that multilingualism had on the expression of emotions in medieval England; diachronic and diatopic variation in the field; and the Gawain-poet’s artistry and interest in fear as a key emotion closely linked to other affective and cognitive processes

Norse-derived vocabulary in La estorie del evangelie

While the study of Norse-derived terms in medieval English has benefitted from recent etymological advances (e.g. the Gersum project), the study of their process of integration lags behind. The latter requires the analysis of the dialectal and semantic distribution of the terms, as well as their interactions with other members of their lexico-semantic fields. This paper offers a case study of this approach by presenting the first comprehensive account of the Norse-derived terms included in La estorie del evangelie, an early Middle English poem from south Lincolnshire / north Norfolk. Besides identifying and classifying the Norse loans on the basis of the Gersum typology and the Historical thesaurus of English, the paper examines the different layers of scribal reworking in its seven fourteenth- and fifteenth-century manuscripts from various dialectal areas to separate the Norse-derived terms that can be attributed to the original composition from those that represent later lexical substitutions, thus tracing the terms’ fate into the late Middle English period. This work shows that this understudied text offers valuable information on the interaction between native, Norse and French terms both in the early Middle English period of the original Fenland author and the later period of the surviving copies. Given that the methodology showcased here should not be restricted only to the analysis of Norse-derived terms, the paper’s significance transcends its immediate focus, as it also contributes to our understanding of medieval English lexicology more broadly

Rehabilitación cardiaca basada en el ejercicio: estudio de caso

Un bajo fitness cardiorrespiratorio junto con otros diversos factores como la obesidad, la hipertensión, el tabaquismo etc. pueden provocar una enfermedad cardiovascular como el infarto agudo de miocardio. En este estudio de caso se planteó una rehabilitación cardiaca basada en el ejercicio para reducir el riesgo de reinfarto mejorando la composición corporal, la resistencia aeróbica, la función vagal del SNA y la fuerza máxima. Se planificaron 12 semanas de entrenamiento con una valoración inicial, una intermedia y una final que consistían en una prueba de esfuerzo, una evaluación indirecta del RM, una antropometría y una medición de la variabilidad de la frecuencia cardiaca en reposo. Se prescribieron entrenamientos enfocados a la mejora de la fuerza (3 días por semana) y otros a la mejora de la resistencia aeróbica (2 días por semana). En los primeros, se entrenó en el gimnasio realizando 4 series de un bloque que estaba formado por 6 ejercicios multiarticulares además de un calentamiento previo. En los segundos, entre 40 y 60 minutos de bicicleta o de carrera a pie a una determinada intensidad. Se obtuvieron tanto mejoras en la composición corporal (reduciéndose la masa grasa), como en la función vagal del SNA (aumentándose el RMSSD y el índice parasimpático). Además, se incrementó la fuerza máxima y la eficiencia cardiorrespiratoria. Con estos resultados se puede concluir que la metodología de entrenamiento utilizada es efectiva para la optimización de todo aquello que se evaluó

Speech representation as a narrative technique in Sir Gawain and the Green Knight

Speech plays a central role in Sir Gawain and the Green Knight, a trait that it shares with other Arthurian romances. Accordingly, its dialogues have been scrutinized for their lexical choices and their significance for a number of key elements in the story. However, the stylistic and pragmatic effects of speech representation have not received similar attention. By presenting a typology of modes of speech representation that takes into account the distinctive features of medieval texts and focusing on their role in (mis)guiding the audience’s reaction towards the events they are presented with, this paper identifies the representation of speech as a key narrative technique in the poem, an element of the poet’s craft comparable to others that have been studied more frequently, such as his lexical choices or the text’s structural patterns. In this respect, the paper is of interest to literary critics of medieval narrative and historical stylisticians