2,087 research outputs found
Public information and IPO underpricing
We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new predictions. First, investors require more underpricing to truthfully reveal positive private information in bear markets than in bull markets (the incentive effect). Second, the fraction of positive private signals and of underpriced IPOs is increasing in market returns (the demand effect). Combined, these two effects can explain why IPO underpricing is positively related to pre-issue market returns, consistent with extant evidence. Using a sample of 5,000 U.S. IPOs from 1981-2008, we show that the empirical implications of the model are borne out in the data.Public information; partial adjustment; underpricing; IPOs; bookbuilding
On Aharonov-Casher bound states
In this work bound states for the Aharonov-Casher problem are considered.
According to Hagen's work on the exact equivalence between spin-1/2
Aharonov-Bohm and Aharonov-Casher effects, is known that the
term cannot be neglected in the
Hamiltonian if the spin of particle is considered. This term leads to the
existence of a singular potential at the origin. By modeling the problem by
boundary conditions at the origin which arises by the self-adjoint extension of
the Hamiltonian, we derive for the first time an expression for the bound state
energy of the Aharonov-Casher problem. As an application, we consider the
Aharonov-Casher plus a two-dimensional harmonic oscillator. We derive the
expression for the harmonic oscillator energies and compare it with the
expression obtained in the case without singularity. At the end, an approach
for determination of the self-adjoint extension parameter is given. In our
approach, the parameter is obtained essentially in terms of physics of the
problem.Comment: 11 pages, matches published versio
Modified attractive inverse-square potential in the induced electric dipole system
We examine the spatial distribution of electric charges within an extended,
non-conductive cylinder featuring an inner radius denoted as . Our
investigation unveils the emergence of a distinct modified attractive-inverse
square potential, arising from the intricate interplay between the electric
field and the induced electric dipole moment of a neutral particle. This
modified potential notably departs from the conventional inverse-square
potential, showcasing an additional term proportional to . As a result,
we present compelling evidence for the realization of a discrete energy
spectrum within this intricate system.Comment: 9 page
On the attractive inverse-square potential in the induced electric dipole system under the influence of the harmonic oscillator
We obtain the analytical solutions to the Schr\"odinger equation for the
attractive inverse-square potential in an induced electric dipole moment system
under the influence of the harmonic oscillator. We show that bound states can
exist when the electric field configuration brings a cut-off point that imposes
a forbidden region for the neutral particle. Then, by dealing with -waves,
we obtain the energy eigenvalues in the strong electric field regime and for
small values of the angular frequency of the harmonic oscillator. Further, we
extend our discussion about the energy eigenvalues beyond the -waves.Comment: 10 page
Partial Adjustment to Public Information in the Pricing of IPOs
Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a rational explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt (1989)’s information-based framework. A novel result of our model is that the compensation required by investors to truthfully reveal their information decreases with the public signal. This “incentive effect” receives strong empirical support in a sample of 6300 IPOs in 1983–2012. Controlling for the incentive effect, the positive relation between initial returns and pre-issue market returns disappears for top-tier underwriters, where the order book is held to be most informative, effectively resolving the predictability puzzle
On the influence of a Coulomb-like potential induced by the Lorentz symmetry breaking effects on the Harmonic Oscillator
In this work, we obtain bound states for a nonrelativistic spin-half neutral
particle under the influence of a Coulomb-like potential induced by the Lorentz
symmetry breaking effects. We present a new possible scenario of studying the
Lorentz symmetry breaking effects on a nonrelativistic quantum system defined
by a fixed space-like vector field parallel to the radial direction interacting
with a uniform magnetic field along the z-axis. Furthermore, we also discuss
the influence of a Coulomb-like potential induced by Lorentz symmetry violation
effects on the two-dimensional harmonic oscillator.Comment: 14 pages, no figure, this work has been accepted for publication in
The European Physical Journal Plu
Exposure to Fibres, Crystalline Silica, Silicon Carbide and Sulphur Dioxide in the Norwegian Silicon Carbide Industry
Objectives: The aim of this study was to assess personal exposure to fibres, crystalline silica, silicon carbide (SiC) and sulphur dioxide in the Norwegian SiC industry
Prediction Possibility in the Fractal Overlap Model of Earthquakes
The two-fractal overlap model of earthquake shows that the contact area
distribution of two fractal surfaces follows power law decay in many cases and
this agrees with the Guttenberg-Richter power law. Here, we attempt to predict
the large events (earthquakes) in this model through the overlap time-series
analysis. Taking only the Cantor sets, the overlap sizes (contact areas) are
noted when one Cantor set moves over the other with uniform velocity. This
gives a time series containing different overlap sizes. Our numerical study
here shows that the cumulative overlap size grows almost linearly with time and
when the overlapsizes are added up to a pre-assigned large event (earthquake)
and then reset to `zero' level, the corresponding cumulative overlap sizes
grows upto some discrete (quantised) levels. This observation should help to
predict the possibility of `large events' in this (overlap) time series.Comment: 6 pages, 6 figures. To be published as proc. NATO conf. CMDS-10,
Soresh, Israel, July 2003. Eds. D. J. Bergman & E. Inan, KLUWER PUB
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