The Impact of Investor Demand on Security Offerings

The studies in this thesis contribute to a growing stream of papers showing that capital structure decisions are not only influenced by corporate determinants, but also by fluctuations in investor tastes and capital available for investment. This is a relatively new way of looking at corporate decisions, but is also given the deserved importance in the literature. This view contrasts with the traditional approach in the literature that largely considered corporate decisions to be distinct from the decision process of investors. Chapters 2 and 3 use convertible debt issuance to analyze the impact of intertemporal variation in investor demand on corporate decisions, and the market reaction to these decisions. Chapter 2 shows that convertible debt issuance, pricing, and design decisions are influenced by demand forces from investors. Chapter 3 finds that a shift in the convertible bond investor base from long-only investors towards convertible arbitrage funds resulted in an increasingly negative stock price reaction, induced by short-selling pressure. Thus, the first two studies in this thesis provide more evidence of corporate opportunism, using data on issuers of convertible debt. The fourth chapter uses data from repeat issuers of equity, and provides evidence in line with the hypothesis that investors take opportunism into account when firms issue new equity. In addition, the paper shows that firms’ choice of capital structure is influenced by their past behavior

On next-to-eikonal corrections to threshold resummation for the Drell-Yan and DIS cross sections

We study corrections suppressed by one power of the soft gluon energy to the resummation of threshold logarithms for the Drell-Yan cross section and for Deep Inelastic structure functions. While no general factorization theorem is known for these next-to-eikonal (NE) corrections, it is conjectured that at least a subset will exponentiate, along with the logarithms arising at leading power. Here we develop some general tools to study NE logarithms, and we construct an ansatz for threshold resummation that includes various sources of NE corrections, implementing in this context the improved collinear evolution recently proposed by Dokshitzer, Marchesini and Salam (DMS). We compare our ansatz to existing exact results at two and three loops, finding evidence for the exponentiation of leading NE logarithms and confirming the predictivity of DMS evolution.Comment: 17 page

Investigating diversity in European audiences for public engagement with research : Who attends European Researchers' Night in Ireland, the UK and Malta?

European Researchers’ Night is an annual pan-European synchronized event devoted to public engagement with research. It was first held in 2005 and now occurs in over 400 cities across Europe, with the aim of bringing researchers closer to the general public. To investigate social inclusion in these events, we conducted survey research across three national contexts (Ireland, Malta and the UK) and events in seven cities between 2016 and 2019 (n = 1590). The results from this exploratory descriptive study confirmed one hypothesis, namely that event attendees had substantially higher levels of university qualification than the national publics. This is in line with wider patterns of unequal participation in public engagement with research activities based on socio-economic status. However, we also found mixed evidence on the prevalence of ethnic minority representation among event attendees compared to the general population, thus failing to uphold the second hypothesis that predicted an over-representation of white majority participants. This second finding diverges from existing research findings about ethnic diversity amongst science communication audiences, raising the possibility that some public engagement events are over-performing on this dimension of social inclusion. Overall, the findings demonstrate that European Researchers’ Night has potential for addressing the critical goal of enhancing the diversity of audiences for public engagement with research, even as it falls short on the key metric of socio-economic diversity.peer-reviewe

How does moving public engagement with research online change audience diversity? Comparing inclusion indicators for 2019 & 2020 European Researchers' night events

Taking place annually in more than 400 cities, European Researchers’ Night is a pan- European synchronized event that aims to bring researchers closer to the public. In this paper audience profiles are compared from events in 2019 and 2020. In 2019, face-to-face events reached an estimated 1.6 million attendees, while in 2020, events shifted online due to the COVID-19 pandemic and reached an estimated 2.3 million attendees. Focusing on social inclusion metrics, survey data is analyzed across two national contexts (Ireland and Malta) in 2019 (n = 656) and 2020 (n = 506). The results from this exploratory, descriptive study shed light on how moving public engagement with research online shifted audience profiles. Based on prior research about the digital divide in access and use of online media, hypotheses were proposed that online European Researchers’ Night events would attract audiences with higher educational attainment levels and greater self-reported, subjective economic well-being. While changes were observed from 2019 to 2020, results for each hypothesis show a mixed picture. The first hypothesis was upheld for the highest education levels but failed for the lowest levels suggesting that the pivot to online events simultaneously attracted participants with no formal education and those with postgraduate qualifications, while attracting less of those with undergraduate or lower levels of education. The second hypothesis was not upheld, with online European Researchers’ Night events attracting audiences with slightly higher levels of economic well-being compared to face-to-face events. The findings of this study indicate that European Researchers’ Night events present a clear opportunity to measure the effects of the digital divide in relation to public engagement with research across Europe.peer-reviewe

Why are convertible bond announcements associated with increasingly negative issuer stock returns? An arbitrage-based explanation

While convertible offerings announced between 1984 and 1999 induce average abnormal stock returns of −1.69%, convertible announcement effects over the period 2000–2008 are more than twice as negative (−4.59%). We hypothesize that this evolution is attributable to a shift in the convertible bond investor base from long-only investors towards convertible arbitrage funds. These funds buy convertibles and short the underlying stocks, causing downward price pressure. Consistent with this hypothesis, we find that the differences in announcement returns between the Traditional Investor period (1984–1999) and the Arbitrage period (2000–September 2008) disappear when controlling for arbitrage-induced short selling associated with a range of hedging strategies. Post-issuance stock returns are also in line with the arbitrage explanation. Average announcement effects of convertibles issued during the Global Financial Crisis are even more negative (−9.12%), due to a combination of short-selling price pressure and issuer, issue, and macroeconomic characteristics associated with these offerings

Next-to-eikonal corrections to soft gluon radiation: a diagrammatic approach

We consider the problem of soft gluon resummation for gauge theory amplitudes and cross sections, at next-to-eikonal order, using a Feynman diagram approach. At the amplitude level, we prove exponentiation for the set of factorizable contributions, and construct effective Feynman rules which can be used to compute next-to-eikonal emissions directly in the logarithm of the amplitude, finding agreement with earlier results obtained using path-integral methods. For cross sections, we also consider sub-eikonal corrections to the phase space for multiple soft-gluon emissions, which contribute to next-to-eikonal logarithms. To clarify the discussion, we examine a class of log(1 - x) terms in the Drell-Yan cross-section up to two loops. Our results are the first steps towards a systematic generalization of threshold resummations to next-to-leading power in the threshold expansion.Comment: 66 pages, 19 figure

Treat-to-target in dermatology:A scoping review and International Eczema Council survey on the approach in atopic dermatitis

Treat-to-target (T2T) is a pragmatic therapeutic strategy being gradually introduced into dermatology after adoption in several other clinical areas. Atopic dermatitis (AD), one of the most common inflammatory skin diseases, may also benefit from this structured and practical therapeutic approach. We aimed to evaluate existing data regarding the T2T approach in dermatology, with a specific focus on AD, as well as the views of International Eczema Council (IEC) members on the potential application of a T2T approach to AD management. To do so, we systematically searched for peer-reviewed publications on the T2T approach for any skin disease in the PubMed and Scopus databases up to February 2022 and conducted a survey among IEC members regarding various components to potentially include in a T2T approach in AD. We identified 21 relevant T2T-related reports in dermatology, of which 14 were related to psoriasis, five to AD, one for juvenile dermatomyositis and one for urticaria. In the IEC member survey, respondents proposed treatable traits (with itch, disease severity and sleep problems getting the highest scores), relevant comorbidities (with asthma being selected most commonly, followed by anxiety and depression in adults), recommended specialists that should define the approach in AD (dermatologists, allergists and primary care physicians were most commonly selected in adults), and applicable assessment tools (both physician- and patient-reported), in both adult and paediatric patients, for potential future utilization of the T2T approach in AD. In conclusion, while the T2T approach may become a useful tool to simplify therapeutic goals and AD management, its foundation in AD is only starting to build. A multidisciplinary approach, including a wide range of stakeholders, including patients, is needed to further define the essential components needed to utilize T2T in AD.</p

Recoil and Threshold Corrections in Short-distance Cross Sections

We identify and resum corrections associated with the kinematic recoil of the hard scattering against soft-gluon emission in single-particle inclusive cross sections. The method avoids double counting and conserves the flow of partonic energy. It reproduces threshold resummation for high-p_T single-particle cross sections, when recoil is neglected, and Q_T-resummation at low Q_T, when higher-order threshold logarithms are suppressed. We exhibit explicit resummed cross sections, accurate to next-to-leading logarithm, for electroweak annihilation and prompt photon inclusive cross sections.Comment: minor modifications of the text, some references added. 51 pages, LaTeX, 6 figures as eps file

Genomic organisation of the Mal d 1 gene cluster on linkage group 16 in apple

European populations exhibit progressive sensitisation to food allergens, and apples are one of the foods for which sensitisation is observed most frequently. Apple cultivars vary greatly in their allergenic characteristics, and a better understanding of the genetic basis of low allergenicity may therefore allow allergic individuals to increase their fruit intake. Mal d 1 is considered to be a major apple allergen, and this protein is encoded by the most complex allergen gene family. Not all Mal d 1 members are likely to be involved in allergenicity. Therefore, additional knowledge about the existence and characteristics of the different Mal d 1 genes is required. In the present study, we investigated the genomic organisation of the Mal d 1 gene cluster in linkage group 16 of apple through the sequencing of two bacterial artificial chromosome clones. The results provided new information on the composition of this family with respect to the number and orientation of functional and pseudogenes and their physical distances. The results were compared with the apple and peach genome sequences that have recently been made available. A broad analysis of the whole apple genome revealed the presence of new genes in this family, and a complete list of the observed Mal d 1 genes is supplied. Thus, this study provides an important contribution towards a better understanding of the genetics of the Mal d 1 family and establishes the basis for further research on allelic diversity among cultivars in relation to variation in allergenicity