Market feedback, investment constraints, and managerial behavior

This paper examines the joint role of market feedback and investment constraints on managerial behavior. Using a sample of UK fixed price initial public offerings, we show that underperformance of share returns at the IPO significantly affects managerial investment decisions in the period after the offering. Firms with better investment opportunities and proportionately lower fixed (higher intangible) assets are more sensitive to negative market feedback. Over the longer term, the more responsive firms perform significantly better than their non-responsive counterparts. The findings contribute to the debate on the informational advantage of managers over investors and present strong evidence that the market, on aggregate, can provide a superior assessment of a firm's opportunities. Managers who are able to respond to negative market feedback can significantly improve their firm's future prospects

Training and Pruning Fruit Trees

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An Open Framework for Integrating Widely Distributed Hypermedia Resources

The success of the WWW has served as an illustration of how hypermedia functionality can enhance access to large amounts of distributed information. However, the WWW and many other distributed hypermedia systems offer very simple forms of hypermedia functionality which are not easily applied to existing applications and data formats, and cannot easily incorporate alternative functions which would aid hypermedia navigation to and from existing documents that have not been developed with hypermedia access in mind. This paper describes the extension to a distributed environment of the open hypermedia functionality of the Microcosm system, which is designed to support the provision of hypermedia access to a wide range of source material and application, and to offer straightforward extension of the system to incorporate new forms of information access

Unifying Distributed Processing and Open Hypertext through a Heterogeneous Communication Model

A successful distributed open hypermedia system can be characterised by a scaleable architecture which is inherently distributed. While the architects of distributed hypermedia systems have addressed the issues of providing and retrieving distributed resources, they have often neglected to design systems with the inherent capability to exploit the distributed processing of this information. The research presented in this paper describes the construction and use of an open hypermedia system concerned equally with both of these facets

Beyond good intentions: lessons on equipment donation from an African hospital.

OBJECTIVE: In 2000, a referral hospital in the Gambia accepted a donation of oxygen concentrators to help maintain oxygen supplies. The concentrators broke down and were put into storage. A case study was done to find the reasons for the problem and to draw lessons to help improve both oxygen supplies and the success of future equipment donations. METHODS: A technical assessment of the concentrators was carried out by a biomedical engineer with relevant expertise. Semi-structured interviews were undertaken with key informants, and content analysis and inductive approaches were applied to construct the history of the episode and the reasons for the failure. FINDINGS: Interviews confirmed the importance of technical problems with the equipment. They also revealed that the donation process was flawed, and that the hospital did not have the expertise to assess or maintain the equipment. Technical assessment showed that all units had the wrong voltage and frequency, leading to overheating and breakdown. Subsequently a hospital donations committee was established to oversee the donations process. On-site biomedical engineering expertise was arranged with a nongovernmental organization (NGO) partner. CONCLUSION: Appropriate donations of medical equipment, including oxygen concentrators, can be of benefit to hospitals in resource-poor settings, but recipients and donors need to actively manage donations to ensure that the donations are beneficial. Success requires planning, technical expertise and local participation. Partners with relevant skills and resources may also be needed. In 2002, WHO produced guidelines for medical equipment donations, which address problems that might be encountered. These guidelines should be publicized and used

The Axiverse Extended: Vacuum Destabilisation, Early Dark Energy and Cosmological Collapse

A model is presented in the philosophy of the "String Axiverse" of Arvanitaki et al (arXiv:0905.4720v2 [hep-th]) that incorporates a coupling of ultralight axions to their corresponding moduli through the mass term. The light fields roll in their potentials at late times and contribute to the dark sector energy densities in the cosmological expansion. The addition of a coupling and extra field greatly enrich the possible phenomenology of the axiverse. There are a number of interesting phases where the axion and modulus components behave as Dark Matter or Dark Energy and can have considerable and distinct effects on the expansion history of the universe by modifying the equation of state in the past or causing possible future collapse of the universe. In future such a coupling may help to alleviate fine tuning problems for cosmological axions. We motivate and present the model, and briefly explore its cosmological consequences numerically.Comment: 13 pages, 17 figures, published in PRD. v3: corrected SUSY interpretation of axion potential scal