The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange

This study examines the long-standing IPO performance in the Istanbul Stock Exchange (ISE) by using new factors such as source of shares (new issue or sale of large shareholders), allocation of shares and dispersion of investors as well as existing factors such as market conditions (hot/cold), underwriters’ reputation, and firm characteristics (firm size, E/P, and B/M ratios) in the period of 1990-2000. Our results differ from the previous studies at least three ways. First, the magnitude of underpricing is significantly lower, while underperformance is higher than those of in other studies. Our strong evidence supports the existence of the underpricing by positive initial excess returns (5.94%) and the long-term underperformance up to three-year holding period (-84.5%) in the ISE. Second, underperformance starts much earlier than in other markets i.e. at the end of first month following the IPO because of myopic behavior of investors seeking short-term returns. Third, the underperformance disappears for IPOs made in a cold market, and those made through the sale of large shareholders. Allocation of shares in an IPO and firm size also impact after-market performance of sharesInitial Public Offerings, Underperformance, Underpricing, Market Efficiency, Emerging Markets

Increasing productivity in high speed milling of airframe components using chatter stability diagrams

In this study, the application of chatter stability diagrams in industrial operations is presented with representative cases. Challenges arising due to the practical aspects of production systems are discussed in detail. Effects of tool, tool holder, spindle and CNC machine on chatter stability diagrams are presented. The implementation of the stability diagrams under such challenges is presented through real application examples showing significant reduction in machining times

Havacılık sanayinde süreç optimizasyonu için kararlılık diyagramlarının kullanımı

Kararlılık diyagramları tırlama tipi titresimlerin önlenmesi amacıyla kullanılan ve deneme yanılma metotlarına göre çok hızlı sürede en uygun kesme parametrelerinin belirlenmesi için kullanılan araçlardır. Bu çalısmada havacılık sanayinde kararlılık diyagramlarının kullanımı ile ilgili örnekler ve ortaya çıkabilecek problemlere çözüm önerileri sunulmustur. Bilimse tabanlı yöntemler kullanılarak üretilen bir havacılık sanayi parçasında hem titresimler bertaraf edilmis hem de kesme zamanı %45 mertebelerinde azaltılmıstır

Harmonic Effects on Electromechanical Overcurrent Relays

Elektromekanik aşırı akım koruma röleleri sinüsoidal akım altında çalışmak üzere tasarlanmıştır. Bu rölelerin harmonikli akımda çalışmaları güvenilir değildir. Literatürde harmonikler ve rölelerle ilgili pek çok teorik çalışma bulunmaktadır. Bu makalede, harmoniklerin elektromekanik ters zamanlı aşırı akım rölesinin (TZAAR) çalışmasına etkileri incelenmiş ve TZAAR’nin bozulmuş dalga şekilleri için davranışı deneysel çalışma ile analiz edilmiştir. Deneyde, elektromekanik TZAAR olarak, indüksiyon disk yapısında bir röle kullanılmıştır. Değişik harmonik spektrumlara sahip, sinüsoidal olmayan yük akımları TZAAR’a uygulanmış ve bu yük akımları data toplama kartı ve harmonik analiz programı ile bilgisayar ortamında işlenmiştir. Deney sonuçları gözönüne alındığında, TZAAR’ın çalışma akımı ve çalışma zamanının, sinüsoidal olmayan akımın toplam harmonik distorsiyonu (THD) ile orantılı olarak arttığı görülmüştür. Bu yapıda olan bir rolenin, akımın harmonik içermesi durumunda sistemi güvenli bir şekilde koruyamayacağı sonucu elde edilmiştir.The electromechanical overcurrent protection relays are designed to operate with sinusoidal current. The operation of protective relay with harmonic currents is not reliable. The literature on harmonics and relays covers mostly the theoretical studies. In this paper, the harmonic effects on operation of electromechanical inverse time overcurrent relay (ITOCR) were examined. Not common in existing studies, the behaviour of ITOCR was analysed with laboratory experiments for distorted waveforms. A type of induction disc relay was used as an electromechanical ITOCR in the experiments. The non-sinusoidal load currents that consist of different harmonic spectra were applied to ITOCR and these nonlinear-load currents were processed by a data acquisition card and a harmonic analysis programme in the computer environment. According to the experiment results, the pick up current and the operating time of the ITOCR increase proportionally to the total harmonic distortion (THD) value of the non-sinusoidal current. It is concluded that, this type of relay cannot protect the system reliably due to the harmonic components of current

Perspectives on utilization of edible coatings and nano-laminate coatings for extension of postharvest storage of fruits and vegetables

It is known that in developing countries, a large quantity of fruit and vegetable losses results at postharvest and processing stages due to poor or scarce storage technology and mishandling during harvest. The use of new and innovative technologies for reducing postharvest losses is a requirement that has not been fully covered. The use of edible coatings (mainly based on biopolymers) as a postharvest technique for agricultural commodities has offered biodegradable alternatives in order to solve problems (e.g., microbiological growth) during produce storage. However, biopolymer-based coatings can present some disadvantages such as: poor mechanical properties (e.g., lipids) or poor water vapor barrier properties (e.g., polysaccharides), thus requiring the development of new alternatives to solve these drawbacks. Recently, nanotechnology has emerged as a promising tool in the food processing industry, providing new insights about postharvest technologies on produce storage. Nanotechnological approaches can contribute through the design of functional packing materials with lower amounts of bioactive ingredients, better gas and mechanical properties and with reduced impact on the sensorial qualities of the fruits and vegetables. This work reviews some of the main factors involved in postharvest losses and new technologies for extension of postharvest storage of fruits and vegetables, focused on perspective uses of edible coatings and nano-laminate coatings.María L. Flores-López thanks Mexican Science and Technology Council (CONACYT, Mexico) for PhD fellowship support (CONACYT Grant Number: 215499/310847). Miguel A. Cerqueira (SFRH/BPD/72753/2010) is recipient of a fellowship from the Fundação para a Ciência e Tecnologia (FCT, POPH-QREN and FSE Portugal). The authors also thank the FCT Strategic Project of UID/ BIO/04469/2013 unit, the project RECI/BBB-EBI/0179/2012 (FCOMP-01-0124-FEDER-027462) and the project ‘‘BioInd Biotechnology and Bioengineering for improved Industrial and AgroFood processes,’’ REF. NORTE-07-0124-FEDER-000028 Co-funded by the Programa Operacional Regional do Norte (ON.2 – O Novo Norte), QREN, FEDER. Fundação Cearense de Apoio ao Desenvolvimento Científico e Tecnológico – FUNCAP, CE Brazil (CI10080-00055.01.00/13)

Atomically Resolved Imaging of Highly Ordered Alternating Fluorinated Graphene

One of the most desirable goals of graphene research is to produce ordered 2D chemical derivatives of suitable quality for monolayer device fabrication. Here we reveal, by focal series exit wave reconstruction, that C2F chair is a stable graphene derivative and demonstrates pristine long-range order limited only by the size of a functionalized domain. Focal series of images of graphene and C2F chair formed by reaction with XeF2 were obtained at 80 kV in an aberration-corrected transmission electron microscope. EWR images reveal that single carbon atoms and carbon-fluorine pairs in C2F chair alternate strictly over domain sizes of at least 150 nm^2 with electron diffraction indicating ordered domains >/= 0.16 square micrometer. Our results also indicate that, within an ordered domain, functionalization occurs on one side only as theory predicts. Additionally we show that electron diffraction provides a quick and easy method for distinguishing between graphene, C2F chair and fully fluorinated stoichiometric CF 2D phases

17β-estradiol promotes extracellular vesicle release and selective miRNA loading in ERα-positive breast cancer

The causes and consequences of abnormal biogenesis of extracellular vesicles (EVs) are not yet well understood in malignancies, including in breast cancers (BCs). Given the hormonal signaling dependence of estrogen receptor–positive (ER+) BC, we hypothesized that 17β-estradiol (estrogen) might influence EV production and microRNA (miRNA) loading. We report that physiological doses of 17β-estradiol promote EV secretion specifically from ER+ BC cells via inhibition of miR-149-5p, hindering its regulatory activity on SP1, a transcription factor that regulates the EV biogenesis factor nSMase2. Additionally, miR-149-5p downregulation promotes hnRNPA1 expression, responsible for the loading of let-7’s miRNAs into EVs. In multiple patient cohorts, we observed increased levels of let-7a-5p and let-7d-5p in EVs derived from the blood of premenopausal ER+ BC patients, and elevated EV levels in patients with high BMI, both conditions associated with higher levels of 17β-estradiol. In brief, we identified a unique estrogen-driven mechanism by which ER+ BC cells eliminate tumor suppressor miRNAs in EVs, with effects on modulating tumor-associated macrophages in the microenvironment

Graphene re-knits its holes

Nano-holes, etched under an electron beam at room temperature in singlelayer graphene sheets as a result of their interaction with metalimpurities, are shown to heal spontaneously by filling up with either non-hexagon, graphene-like, or perfect hexagon 2D structures. Scanning transmission electron microscopy was employed to capture the healing process and study atom-by-atom the re-grown structure. A combination of these nano-scale etching and re-knitting processes could lead to new graphene tailoring approaches.Comment: 11 pages, 4 figure

The effect of local corticosteroid injection on F-wave conduction velocity and sympathetic skin response in carpal tunnel syndrome

The aim of this study was to evaluate the efficacy of steroid injection for the treatment of the carpal tunnel syndrome (CTS), with F-wave parameters and sympathetic skin response (SSR). Seventeen hands of 10 women patients were treated with local steroid injection with 2-month follow-up. All patients underwent single injection into the carpal tunnel. Response to injection was measured nerve conduction studies (NCSs), median nerve F waves, and SSR before and after treatment. To determine the normal values, 42 hands of 21 healthy women were also studied. There was a significant improvement of sensory and motor nerve conduction values when compared to baseline values (P < 0.01). At the end of follow-up period, the median sensory distal latency and the sensory latency differences between the median and the ulnar nerve were improved 35 and 65%, respectively. The maximum, mean F-wave amplitudes and chronodispersion showed a slight improvement with respect to baseline values and controls, but statistical significance was not achieved after treatment. Although no statistically significant improvements were observed in SSR parameters, slightly decreased amplitudes and increased habituation of SSR were noted at the end of the treatment. The present study shows that the local steroid injection results in improvement in NCSs values, but the F-wave parameters were not effectual in short-term outcome of CTS treatment. These findings suggest that the sensory latency differences between the median and the ulnar wrist-to-digit 4 are better parameters in the median nerve recovery after treatment than the median sensory distal latency. Furthermore, the SSR does not seem to be a sensitive method in follow-up of CTS treatment