Underpricing, underperformance and overreaction in initial public offerings : evidence from investor attention using online searches

Online activity of Internet users has proven very useful in modeling various phenomena across a wide range of scientific disciplines. In our study, we focus on two stylized facts or puzzles surrounding the initial public offerings (IPOs) - the underpricing and the long-term underperformance. Using the Internet searches on Google, we proxy the investor attention before and during the day of the offering to show that the high attention IPOs have different characteristics than the low attention ones. After controlling for various effects, we show that investor attention still remains a strong component of the high initial returns (the underpricing), primarily for the high sentiment periods. Moreover, we demonstrate that the investor attention partially explains the overoptimistic market reaction and thus also a part of the long-term underperformance

Time evolution of spin state of radical ion pair in microwave field: An analytical solution

The paper reports an exact solution for the problem of spin evolution of radical ion pair in static magnetic and resonant microwave field taking into account Zeeman and hyperfine interactions and spin relaxation. The values of parameters that provide one of the four possible types of solution are analysed. It is demonstrated that in the absence of spin relaxation, besides the zero field invariant an invariant at large amplitudes of the resonant microwave field can be found. The two invariants open the possibility for simple calculation of microwave pulses to control quantum state of the radical pair. The effect of relaxation on the invariants is analysed and it is shown that changes in the high field invariant are induced by phase relaxation.Comment: 18 pages, 7 figure

Cytokine gene polymorphisms in preterm infants with necrotising enterocolitis: genetic association study

BACKGROUND The inflammatory cytokine cascade is implicated in the pathogenesis of necrotising enterocolitis (NEC). Genetic association studies of cytokine polymorphisms may help to detect molecular mechanisms that are causally related to the disease process. AIM To examine associations between the common genetic variants in candidate inflammatory cytokine genes and NEC in preterm infants. METHODS Multi-centre case-control and genetic association study. DNA samples were collected from 50 preterm infants with NEC and 50 controls matched for gestational age and ethnic group recruited to a multi-centre case-control study. Ten candidate single-nucleotide polymorphisms in cytokines previously associated with infectious or inflammatory diseases were genotyped. The findings were included in random-effects meta-analyses with data from previous genetic association studies. RESULTS All allele distributions were in Hardy-Weinberg equilibrium. None of the studied cytokine polymorphisms was significantly associated with NEC. Four previous genetic association studies of cytokine polymorphisms and NEC in preterm infants were found. Meta-analyses were possible for several single-nucleotide polymorphisms. These increased the precision of the estimates of effect size but did not reveal any significant associations. CONCLUSIONS The available data are not consistent with more than modest associations between these candidate cytokine variant alleles and NEC in preterm infants. Data from future association studies of these polymorphisms may be added to the meta-analyses to obtain more precise estimates of effects sizes.The study was funded by Tenovus (Scotland)

A study of an intelligent system to support decision making in the management of labour using the cardiotocograph - the INFANT study protocol

Background Continuous electronic fetal heart rate monitoring in labour is widely used but its potential for improving fetal and neonatal outcomes has not been realised. The most likely reason is the difficulty of interpreting the fetal heart rate trace correctly during labour. Computerised interpretation of the fetal heart rate and intelligent decision-support has the potential to deliver this improvement in care. This trial will test whether the addition of decision support software to aid the interpretation of the cardiotocogram (CTG) during labour will reduce the number of ‘poor neonatal outcomes’ in those women judged to require continuous electronic fetal heart rate monitoring. Methods and design An individually randomised controlled trial of 46,000 women who are judged to require continuous electronic fetal monitoring in labour. Eligibility criteria: Women admitted to a participating labour ward who are judged to require continuous electronic fetal monitoring, have a singleton or twin pregnancy, are ≥ 35 weeks’ gestation, have no known gross fetal abnormality and are ≥ 16 years of age. Exclusion criteria: Triplets or higher order pregnancy, elective caesarean section prior to the onset of labour, planned admission to NICU. Trial interventions: Computerised interpretation of the CTG with decision-support. Primary outcomes: Short term: A composite of ‘poor neonatal outcome’ including stillbirth after trial entry, early neonatal death except deaths due to congenital anomalies, significant morbidity: neonatal encephalopathy, admissions to the neonatal unit with 48 h for > 48 h with evidence of feeding difficulties, respiratory illness or encephalopathy where there is evidence of compromise at birth. Long term: Developmental assessment at the age of 2 years in a subset of 7000 surviving babies. Data Collection: For all participating women and babies, labour variables and outcomes will be stored automatically and contemporaneously onto the Guardian® system. Discussion The results of this trial will have importance for pregnant women and for health professionals who provide care for them

Understanding hydrogen recombination line observations with ALMA and EVLA

Hydrogen recombination lines are one of the major diagnostics of H II region physical properties and kinematics. In the near future, the Expanded Very Large Array (EVLA) and the Atacama Large Millimeter Array (ALMA) will allow observers to study recombination lines in the radio and sub-mm regime in unprecedented detail. In this paper, we study the properties of recombination lines, in particular at ALMA wavelengths. We find that such lines will lie in almost every wideband ALMA setup and that the line emission will be equally detectable in all bands. Furthermore, we present our implementation of hydrogen recombination lines in the adaptive-mesh radiative transfer code RADMC-3D. We particularly emphasize the importance of non-LTE (local thermodynamical equilibrium) modeling since non-LTE effects can drastically affect the line shapes and produce asymmetric line profiles from radially symmetric H II regions. We demonstrate how these non-LTE effects can be used as a probe of systematic motions (infall & outflow) in the gas. We use RADMC-3D to produce synthetic observations of model H II regions and study the necessary conditions for observing such asymmetric line profiles with ALMA and EVLA.Comment: MNRAS in pres

The Density of Lyman-alpha Emitters at Very High Redshift

We describe narrowband and spectroscopic searches for emission-line star forming galaxies in the redshift range 3 to 6 with the 10 m Keck II Telescope. These searches yield a substantial population of objects with only a single strong (equivalent width >> 100 Angstrom) emission line, lying in the 4000 - 10,000 Angstrom range. Spectra of the objects found in narrowband-selected samples at lambda ~5390 Angstroms and ~6741 Angstroms show that these very high equivalent width emission lines are generally redshifted Lyman alpha 1216 Angstrom at z~3.4 and 4.5. The density of these emitters above the 5 sigma detection limit of 1.5 e-17 ergs/cm^2/s is roughly 15,000 per square degree per unit redshift interval at both z~3.4 and 4.5. A complementary deeper (1 sigma \~1.0 e-18 ergs/cm^2/s) slit spectroscopic search covering a wide redshift range but a more limited spatial area (200 square arcminutes) shows such objects can be found over the redshift range 3 to 6, with the currently highest redshift detected being at z=5.64. The Lyman alpha flux distribution can be used to estimate a minimum star formation rate in the absence of reddening of roughly 0.01 solar masses/Mpc^3/year (H_0 = 65 km/s/Mpc and q_0 = 0.5). Corrections for reddening are likely to be no larger than a factor of two, since observed equivalent widths are close to the maximum values obtainable from ionization by a massive star population. Within the still significant uncertainties, the star formation rate from the Lyman alpha-selected sample is comparable to that of the color-break-selected samples at z~3, but may represent an increasing fraction of the total rates at higher redshifts. This higher-z population can be readily studied with large ground-based telescopes.Comment: 7 pages, 5 encapsulated figures; aastex, emulateapj, psfig and lscape style files. Separate gif files for 2 gray-scale images also available at http://www.ifa.hawaii.edu/faculty/hu/emitters.html . Added discussion of foreground contaminants. Updated discussion of comparison with external surveys (Sec. 5 and Fig. 5). Note: continuum break strength limits (Fig. 3 caption) are correct here -- published ApJL text has a sign erro

Detection and Enhancement of Ketocarotenoid Accumulation in the Newly Isolated Sarcinoid Green Microalga Chlorosarcinopsis PY02

The sarcinoid alga PY02 is a newly isolated soil alga native to western Thailand. In this study PY02 is described, the carotenoid profile of the green and red forms of the algal cells are compared, and the effect of nitrogen reduction and media volume on ketocarotenoid production are reported. Partial sequences of the genes from elongation factor Tu (tufA) and 18S rRNA reveal that the alga is from theChlorosarcinopsisgenus. Growth studies demonstrated thatChlorosarcinopsisPY02 is capable of photoautotrophic, heterotrophic and mixotrophic growth. A gradual change in colony colour from green to red was observed over a period of four weeks under mixotrophic conditions. Pigment analysis of lyophilized red cells using ultrahigh performance liquid chromatography (UPLC) with Photo Diode Array Detection (PDA), showed for the first time that an alga from the genusChlorosarcinopsisis capable of producing ketocarotenoids such as adonixanthin and 3-OH-echinenone, with canthaxanthin as the dominant pigment. Interestingly, a reduction of nitrogen in the medium exerts a positive effect on the rate of colour change from one month to less than seven days. Enhancements of the canthaxanthin content from 520 to 1504 or 1427 µg·gDW-1were detected under 50% and 10% nitrogen content, respectively. An increase of 16% in biomass production of PY02 was unexpectedly detected from a 50% nitrogen reduction under mixotrophic culture. Notably, in liquid mixotrophic media with volumes of 15, 30 and 60 mL, the lowest volume produced a significantly higher biomass and canthaxanthin content

Towards operational measures of computer security

Ideally, a measure of the security of a system should capture quantitatively the intuitive notion of ‘the ability of the system to resist attack’. That is, it should be operational, reflecting the degree to which the system can be expected to remain free of security breaches under particular conditions of operation (including attack). Instead, current security levels at best merely reflect the extensiveness of safeguards introduced during the design and development of a system. Whilst we might expect a system developed to a higher level than another to exhibit ‘more secure behaviour’ in operation, this cannot be guaranteed; more particularly, we cannot infer what the actual security behaviour will be from knowledge of such a level. In the paper we discuss similarities between reliability and security with the intention of working towards measures of ‘operational security’ similar to those that we have for reliability of systems. Very informally, these measures could involve expressions such as the rate of occurrence of security breaches (cf rate of occurrence of failures in reliability), or the probability that a specified ‘mission’ can be accomplished without a security breach (cf reliability function). This new approach is based on the analogy between system failure and security breach. A number of other analogies to support this view are introduced. We examine this duality critically, and have identified a number of important open questions that need to be answered before this quantitative approach can be taken further. The work described here is therefore somewhat tentative, and one of our major intentions is to invite discussion about the plausibility and feasibility of this new approach

Managing an Ageing Population: Challenging Oral Epidemiology

Global population projections indicate that the proportion of older people is increasing and will continue to do so for the foreseeable future. Many countries are already experiencing the challenges of managing an ageing population, including increased pension contributions from workers, rises to national retirement ages, and spiralling healthcare costs. In oral health terms, in addition to simply an ageing population, epidemiological studies have demonstrated significant changes in the oral health of older adults in recent years. As the numbers of edentulous older adults has declined, there has been a significant increase in the number of partially dentate elderly. Changing attitudes, improved access to dental care and more effective preventative programmes have meant that large numbers of patients are now retaining natural teeth into old age. However, as older patients retain natural teeth for longer, the dental profession is charged with controlling chronic dental diseases in an increasingly challenging oral environment

A novel use of a classification system to audit severe maternal morbidity

Objective: obstetric haemorrhage remains a significant cause of maternal morbidity and mortality worldwide and is significant in terms of patient safety and quality of care. One drastic outcome of haemorrhage is the need for peripartum hysterectomy. A classification system that can be used to audit severe events such as peripartum hysterectomy would be a useful adjunct to patient safety systems, but it would need to account for pre-existing risk factors, such as previous caesarean section. One system that accounts for important risk factors is the Robson Ten Group Classification System (TGCS). The aim of this study was to examine whether the TGCS could be extended in a novel way to classify who required peripartum hysterectomy. Setting: population-based matched case-control study data from the UK Obstetric Surveillance System was used. All eligible UK hospitals participated. Participants: women who underwent peripartum hysterectomy between February 2005 and February 2006 and their matched controls. Methods: cases and controls were categorised using the TGCS. The odds of having a peripartum hysterectomy in each classification group were calculated using logistic regression. An adjusted analysis was undertaken controlling for potential confounders. Findings: 307 of the 315 women who had a peripartum hysterectomy were classified into one of the 10 groups; 606 of the 608 control women were classified. Women who underwent a peripartum hysterectomy were predominantly from the more complex classification groups. After adjusting for age, ethnicity and socio-economic status, the groups with an increased odds of peripartum hysterectomy were those who had a previous caesarean section. Conclusions: the TGCS can be used in a novel way, that is, to examine an outcome other than caesarean section, and could be part of a new system to monitor patient safety. Population-based data were used as an example of how an existing classification system could be used in a different way from that for which it was created, and could make comparisons across institutions and countries while adjusting for case mix in a simple manner. The TGCS may not necessarily be a useful way to monitor other events in childbirth. Further work is needed to develop other classification systems which could be used as a benchmarking tools to monitor patient safety in maternity care. © 2010 Elsevier Ltd