Determinants of capital market reactions to seasoned equity offers by German corporations

Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the significant negative abnormal returns reported for the U.S. We provide evidence that these results are due to differences in both issuing characteristics and floatation methods, and in the corporate governance and ownership structures of the two countries. Our study explains much of the empirical puzzle of different market reactions to seemingly similar events across financial markets

Domain and droplet sizes in emulsions stabilized by colloidal particles

Particle-stabilized emulsions are commonly used in various industrial applications. These emulsions can present in different forms, such as Pickering emulsions or bijels, which can be distinguished by their different topologies and rheology. We numerically investigate the effect of the volume fraction and the uniform wettability of the stabilizing spherical particles in mixtures of two fluids. For this, we use the well-established three-dimensional lattice Boltzmann method, extended to allow for the added colloidal particles with non-neutral wetting properties. We obtain data on the domain sizes in the emulsions by using both structure functions and the Hoshen-Kopelman (HK) algorithm, and demonstrate that both methods have their own (dis-)advantages. We confirm an inverse dependence between the concentration of particles and the average radius of the stabilized droplets. Furthermore, we demonstrate the effect of particles detaching from interfaces on the emulsion properties and domain size measurements.Comment: 9 pages, 9 figure

Estimating the expected cost of equity capital using consensus forecasts

In this study, we develop a technique for estimating a firm’s expected cost of equity capital derived from analyst consensus forecasts and stock prices. Building on the work of Gebhardt/Lee/-Swaminathan (2001) and Easton/Taylor/Shroff/Sougiannis (2002), our approach allows daily estimation, using only publicly available information at that date. We then estimate the expected cost of equity capital at the market, industry and individual firm level using historical German data from 1989-2002 and examine firm characteristics which are systematically related to these estimates. Finally, we demonstrate the applicability of the concept in a contemporary case study for DaimlerChrysler and the European automobile industry

Timescales of emulsion formation caused by anisotropic particles

Particle stabilized emulsions have received an enormous interest in the recent past, but our understanding of the dynamics of emulsion formation is still limited. For simple spherical particles, the time dependent growth of fluid domains is dominated by the formation of droplets, particle adsorption and coalescence of droplets (Ostwald ripening), which eventually can be almost fully blocked due to the presence of the particles. Ellipsoidal particles are known to be more efficient stabilizers of fluid interfaces than spherical particles and their anisotropic shape and the related additional rotational degrees of freedom have an impact on the dynamics of emulsion formation. In this paper, we investigate this point by means of simple model systems consisting of a single ellipsoidal particle or a particle ensemble at a flat interface as well as a particle ensemble at a spherical interface. By applying combined multicomponent lattice Boltzmann and molecular dynamics simulations we demonstrate that the anisotropic shape of ellipsoidal particles causes two additional timescales to be of relevance in the dynamics of emulsion formation: a relatively short timescale can be attributed to the adsorption of single particles and the involved rotation of particles towards the interface. As soon as the interface is jammed, however, capillary interactions between the particles cause a local reordering on very long timescales leading to a continuous change in the interface configuration and increase of interfacial area. This effect can be utilized to counteract the thermodynamic instability of particle stabilized emulsions and thus offers the possibility to produce emulsions with exceptional stability.Comment: 14 pages, 14 figure

Thermally induced magnetic switching in bit-patterned media

This article may be downloaded for personal use only. Any other use requires prior permission of the author and AIP Publishing. This article appeared in Journal of Applied Physics 122, 043907 (2017) and may be found at https://doi.org/10.1063/1.4992808.We have studied the thermal variation of the switching field of magnetic islands at room temperature. A model bit-pattern media composed of an assembly of islands with 80 nm width was fabricated by sputter deposition onto a pre-patterned substrate. Using direct magnetic-contrast imaging of the islands under applied field, we extract the switching probabilities of individual islands. Based on an analytical model for the thermally activated switching of the islands, we are able to determine the intrinsic magnetic anisotropy of each island and, consequentially, a distribution of anisotropies for the island ensemble investigated. In the distribution, we identify a separated group of islands with a particularly small anisotropy. We attribute this group to islands containing misaligned grains triggering the magnetic reversal. At room temperature and slow field sweep rates, the observed thermal broadening of the switching-field distribution is small compared to the intrinsic broadening. However, we illustrate that thermal fluctuations play a crucial role at high sweep rates by extrapolating our results to technological relevant regimes