Inefficiency in the Market for Initial Public Offerings

The market for initial public offerings ( IPOs ) of common stock is inefficient, and this fact is not reflected in securities law. New statistical evidence shows that, on average, companies go public at times when the general stock market is priced 22.7% higher than its normal level, and that underwriters sell IPO stock at a further 12.5% premium to the prevailing, high market. These two figures are based on the long-term performance of IPOs and comparable non-IPO stocks over the period 1970 to 1990, and are consistent with the beliefs of knowledgeable practicing investors. The value and number of IPOs varies greatly from year to year, but overpayment by the public averages out to at least $1.4 billion annually, counting both of the aforementioned pricing phenomena. The effort to capture this inefficiency draws resources away from productive economic activity and so imposes a drag on national well-being beyond the amount of the overpayment. To at least some degree, the short-term benefits to issuing companies and investment banks are offset by the intense cyclicality of the IPO market. Certain practices of underwriters facilitate IPO overpricing. These practices include stabilization, issuance of unduly positive research reports on recent IPOs, the syndicate penalty bid, and refusal to lend shares for short sales. Securities law can and should be used to discourage or eliminate these activities

Legal Counseling and Lawyers\u27 Fees: A Quadrilogue

Discusses the relationship between legal counseling and lawyers\u27 fees. Attitudes of lawyers toward legal counseling; Area of legal counseling related to human needs and human interactions; Usefulness of counseling time

Legal Counseling and Lawyers\u27 Fees: A Quadrilogue

Discusses the relationship between legal counseling and lawyers\u27 fees. Attitudes of lawyers toward legal counseling; Area of legal counseling related to human needs and human interactions; Usefulness of counseling time

Concert recording 2018-11-13

[Track 1]. Douzes etudes pour Caisse Claire. No. 1 / Jacques Delecluse -- [Track 2]. Ghost garden / Adam Hopper -- [Track 3]. Rotation no. 4 / Eric Sammut -- [Track 4]. Nine French-American rudimental solos. No. 6 / Unknown -- [Track 5]. Advanced studies for snare drum. No. 3 / Mitchell Peters -- [Track 6]. Tempest / Todd Ukena -- [Track 7]. Excerpt from Northern lights / Eric Ewazen -- [Track 8]. Caleidoscópio / Gene Koschinksi -- [Track 9]. Advanced studies for snare drum. No. 1 / Peters -- [Track 10]. Sweet dreams from Album for the young / Tchaikovsky arranged by L.H. Stevens -- [Track 11]. Furioso and valse in D minor / Earl Hatch -- [Track 12]. Pratt\u27s taps / William Schinstine -- [Track 13]. Max / J.C. Combs -- [Track 14]. Raga no. 1 / William Cahn -- [Track 15]. Sechs Miniaturen. No. 3 / Matthias Schmitt -- [Track 16]. Eden / Adam Miller -- [Track 17]. Four pieces for timpani. Mvts. 3 & 4 / John Bergamo -- [Track 18]. Swerve / Gene Kaschinski -- [Track 19]. White knuckle stroll / Casey Cangelosi -- [Track 20]. Evergreen / Benjamin Finley -- [Track 21]. Time remembered / Branden Steinmetz

Frame Theory for Signal Processing in Psychoacoustics

This review chapter aims to strengthen the link between frame theory and signal processing tasks in psychoacoustics. On the one side, the basic concepts of frame theory are presented and some proofs are provided to explain those concepts in some detail. The goal is to reveal to hearing scientists how this mathematical theory could be relevant for their research. In particular, we focus on frame theory in a filter bank approach, which is probably the most relevant view-point for audio signal processing. On the other side, basic psychoacoustic concepts are presented to stimulate mathematicians to apply their knowledge in this field

Concert recording 2019-04-16

[Track 1]. Rotation #2 / Eric Sammut -- [Track 2]. Pines of Rome mvt 1 / Ottorino Respighi -- [Track 3]. Chart #2 / Fernando Valencia -- [Track 4]. Chopstakovich / Jesse Sieff -- [Track 5]. Drei Skizzen mvt. III / Matthias Schmitt -- [Track 6]. Sonata no. 1 for G in violoncello. Prelude [Track 7]. Sarabande [Track 8]. Courante / J.S. Bach -- [Track 9]. #1 from Douze Etudes / Jacques Delecluse -- [Track 10]. The offering / Michael Burritt -- [Track 11]. Prelude and blues / Ney Rosauro -- [Track 12]. Danny boy / traditional arranged by Brian Mueller -- [Track 13]. Ransom / Mark Ford -- [Track 14]. Sonata for timpani mvt III / John Beck -- [Track 15]. Dr. Gradus ad Parnassum / Claude Debussy arranged by Paul Bissell -- [Track 16]. Etude #1 / Vic Firth -- [Track 17]. Highlights from Northern lights / Eric Ewazen -- [Track 18]. Jesus loves me / Chad Floyd -- [Track 19]. Faded lines / Andrea Venet - [Track 20]. Triplets / George Hamilton Green arranged by Bob Becker -- [Track 21]. Girlfriends medley / Bob Becker -- [Track 22]. Selections from Oru Secu. Guaguancó [Track 23]. Guarapachangueo / Traditional trans. Valencia

Effect of controlled and uncontrolled cooling rate on motility parameters of cryopreserved ram spermatozoa

<p>Abstract</p> <p>Background</p> <p>Ram spermatozoa are sensitive to extreme changes in temperature during the freeze-thaw process. The degree of damage depends on a combined effect of various factors including freezing temperature. The aim of this study was to determine the effects of two cooling method (controlled-rate and uncontrolled-rate) on pre-freezing and post-thaw sperm motility parameters.</p> <p>Results</p> <p>Ejaculates were collected using the artificial vagina from four Chal rams and three replicates of the ejaculates were diluted with a Tris-based extender and packed in 0.25 ml straws. Then, sample processed according to the two methods. Method 1: straws cooled from 37 to 5°C, at a liner rate of -0.3°C/min in a controlled-rate cooling machine (custom-built) and equilibrated at 5°C for 80 min, then the straws were frozen at rate of -0.3°C/min from 5°C to -10°C and -25°C/min from -10°C to -150°C and plunged into liquid nitrogen for storage. Method 2: straws were transferred to refrigerator and maintained at 5°C for 3 h, then the straws were frozen in liquid nitrogen vapor, 4 cm above the liquid nitrogen for 15 min and plunged into liquid nitrogen. Computer-assisted sperm motility analysis was used to analyze sperm motion characteristics.</p> <p>Conclusions</p> <p>Controlled rate of freezing (Method 1) significantly improve the pre-freezing and post-thaw total and progressive motility compared to uncontrolled rate (Method 2). In specific kinetic parameters, Method 1 gives significantly higher value for VSL and VCL in comparison with Method 2. There are no significant differences between the two methods for VAP and LIN. In conclusion, controlled rate of cooling conferred better cryopreserving ability to ram spermatozoa compared to uncontrolled rate of cooling prior to programmable freezing.</p