Investability and Firm Value

We study how investability, or openness to foreign equity investors, affects firm value in a sample of over 1,400 firms from 26 emerging markets. We find that, on average, investability is associated with a 9% valuation premium (as measured by Tobin's q). However, in firm-fixed effects regressions this valuation premium disappears, suggesting that investability does not have a causal effect on firm value. Analysis of the components of Tobin's q shows that firms that become investable experience significant increases in both market values and physical investment. These effects are strongest for firms that face country-level or firm-level financial constraints prior to becoming investableFinancial liberalization; Investability; Foreign investors; Tobin's q

Prospective review of 30-day morbidity and mortality in a paediatric neurosurgical unit

Purpose: The purpose of this study is to record the 30-day and inpatient morbidity and mortality in paediatric patients in a tertiary neuroscience centre over a 2-year period. The intentions were to establish the frequency of significant adverse events, review the current published rates of morbidity in paediatric neurosurgical patients and propose three clinical indicators for future comparison. Methods: All deaths and adverse events were prospectively recorded from 1 January 2014 to 31 December 2015. Each adverse event was categorised, allocated a clinical impact severity score and linked to a neurosurgical procedure wherever possible. Where a patient suffered several adverse events in the same admission, each event was recorded separately. If a patient had been discharged home, an adverse event was recorded if it occurred within 30 days of admission. Results: Five hundred forty-nine procedures were performed in 287 patients (aged <16 years). One hundred thirty significant adverse events were identified. The following are the three clinical indicators: significant adverse event rate: 111 (20.2%) operations were linked to at least one significant adverse event; unscheduled return to theatre rate: 81 (14.8%) operations were associated with an adverse event that resulted in an unscheduled return to theatre; and surgical site infection rate: 29 (5.3%) operations were associated with an infection. Conclusion: Complications and adverse events are common in paediatric neurosurgery. Prospective, continuous surveillance will promote both quality assurance and quality improvement in the neurosurgical care delivered to patients

Transience and multifractal analysis

We study dimension theory for dissipative dynamical systems, proving a conditional variational principle for the quotients of Birkhoff averages restricted to the recurrent part of the system. On the other hand, we show that when the whole system is considered (and not just its recurrent part) the conditional variational principle does not necessarily hold. Moreover, we exhibit the first example of a topologically transitive map having discontinuous Lyapunov spectrum. The mechanism producing all these pathological features on the multifractal spectra is transience, that is, the non-recurrent part of the dynamics.Comment: Some updates following referee suggestion

Recurrence and transience for suspension flows

We study the thermodynamic formalism for suspension flows over countable Markov shifts with roof functions not necessarily bounded away from zero. We establish conditions to ensure the existence and uniqueness of equilibrium measures for regular potentials. We define the notions of recurrence and transience of a potential in this setting. We define the "renewal flow", which is a symbolic model for a class of flows with diverse recurrence features. We study the corresponding thermodynamic formalism, establishing conditions for the existence of equilibrium measures and phase transitions. Applications are given to suspension flows defined over interval maps having parabolic fixed points.Comment: In this version of the paper some typos have been corrected and some references updated. Note that the former title of this paper was "Parabolic suspension flows

Considerations for Future IGS Receivers

Future IGS receivers are considered against the backdrop of GNSS signal modernization and the IGS’s goal of further improving the accuracy of its products. The purpose of this paper is to provide IGS members with a guide to making decisions about GNSS receivers. Modernized GNSS signals are analyzed with a view toward IGS applications. A schedule for minimum IGS receiver requirements is proposed. Features of idealized conceptual receivers are discussed. The prospects for standard commercial receivers and for software-defined GNSS receivers are examined. Recommendations are given for how the IGS should proceed in order to maximally benefit from the transformation in GNSS that will occur over the next decade.Aerospace Engineering and Engineering Mechanic

HPLC Analysis of Amino Acids in Algae

Undergraduate Basi