Underpricing, underperformance and overreaction in initial public offerings : evidence from investor attention using online searches

Online activity of Internet users has proven very useful in modeling various phenomena across a wide range of scientific disciplines. In our study, we focus on two stylized facts or puzzles surrounding the initial public offerings (IPOs) - the underpricing and the long-term underperformance. Using the Internet searches on Google, we proxy the investor attention before and during the day of the offering to show that the high attention IPOs have different characteristics than the low attention ones. After controlling for various effects, we show that investor attention still remains a strong component of the high initial returns (the underpricing), primarily for the high sentiment periods. Moreover, we demonstrate that the investor attention partially explains the overoptimistic market reaction and thus also a part of the long-term underperformance

The potential of Antheraea pernyi silk for spinal cord repair

This work was supported by the Institute of Medical Sciences of the University of Aberdeen, Scottish Rugby Union and RS McDonald Charitable Trust. We are grateful to Mr Nicholas Hawkins from Oxford University and Ms Annette Raffan from the University of Aberdeen for assistance with tensile testing. We thank Ms Michelle Gniβ for her help with the microglial response experiments. We also thank Mr Gianluca Limodio for assisting with the MATLAB script for automation of tensile testing’s data analysis.Peer reviewedPublisher PD

Analyzing Farmer Participation Intentions and Enrollment Rates for the Average Crop Revenue Election (ACRE) Program

The 2008 Farm Bill created the Average Crop Revenue Election (ACRE) program as a new commodity support program. Using a multinomial logit model to analyze a mail survey administered before the ACRE sign-up deadline, we identify factors driving farmer intentions regarding ACRE participation. Using a two-limit Tobit model to analyze actual county-level ACRE enrollment rates, we assess the effect of similar factors on actual farmer decisions. Results suggest that primary crops, risk perceptions, risk aversion, and program complexity were important factors. Farmer beliefs and attitudes also played key roles and were evolving during the months before the ACRE deadline.

A structural study of a C3H3 species coadsorbed with CO on Pd(1 1 1)

The combination of chemical-state-specific C 1s scanned-energy mode photoelectron diffraction (PhD) and O K-edge near-edge X-ray absorption fine structure (NEXAFS) has been used to determine the local adsorption geometry of the coadsorbed C3H3 and CO species formed on Pd(1 1 1) by dissociation of molecular furan. CO is found to adopt the same geometry as in the Pd(1 1 1)c(4 × 2)-CO phase, occupying the two inequivalent three-fold coordinated hollow sites with the C–O axis perpendicular to the surface. C3H3 is found to lie with its molecular plane almost parallel to the surface, most probably with the two ‘outer’ C atoms in equivalent off-atop sites, although the PhD analysis formally fails to distinguish between two distinct local adsorption sites

Fast light, slow light, and phase singularities: a connection to generalized weak values

We demonstrate that Aharonov-Albert-Vaidman (AAV) weak values have a direct relationship with the response function of a system, and have a much wider range of applicability in both the classical and quantum domains than previously thought. Using this idea, we have built an optical system, based on a birefringent photonic crystal, with an infinite number of weak values. In this system, the propagation speed of a polarized light pulse displays both superluminal and slow light behavior with a sharp transition between the two regimes. We show that this system's response possesses two-dimensional, vortex-antivortex phase singularities. Important consequences for optical signal processing are discussed.Comment: 9 pages, 4 figures, accepted in Physical Review Letters (2003

Enhanced Characterization of Drug Metabolism and the Influence of the Intestinal Microbiome: A Pharmacokinetic, Microbiome, and Untargeted Metabolomics Study.

Determining factors that contribute to interindividual and intra-individual variability in pharmacokinetics (PKs) and drug metabolism is essential for the optimal use of drugs in humans. Intestinal microbes are important contributors to variability; however, such gut microbe-drug interactions and the clinical significance of these interactions are still being elucidated. Traditional PKs can be complemented by untargeted mass spectrometry coupled with molecular networking to study the intricacies of drug metabolism. To show the utility of molecular networking on metabolism we investigated the impact of a 7-day course of cefprozil on cytochrome P450 (CYP) activity using a modified Cooperstown cocktail and assessed plasma, urine, and fecal data by targeted and untargeted metabolomics and molecular networking in healthy volunteers. This prospective study revealed that cefprozil decreased the activities of CYP1A2, CYP2C19, and CYP3A, decreased alpha diversity and increased interindividual microbiome variability. We further demonstrate a relationship between the loss of microbiome alpha diversity caused by cefprozil and increased drug and metabolite formation in fecal samples. Untargeted metabolomics/molecular networking revealed several omeprazole metabolites that we hypothesize may be metabolized by both CYP2C19 and bacteria from the gut microbiome. Our observations are consistent with the hypothesis that factors that perturb the gut microbiome, such as antibiotics, alter drug metabolism and ultimately drug efficacy and toxicity but that these effects are most strongly revealed on a per individual basis

Comparative study of design: application to Engineering Design

A recent exploratory study examines design processes across domains and compares them. This is achieved through a series of interdisciplinary, participative workshops. A systematic framework is used to collect data from expert witnesses who are practising designers across domains from engineering through architecture to product design and fashion, including film production, pharmaceutical drugs, food, packaging, graphics and multimedia and software. Similarities and differences across domains are described which indicate the types of comparative analysis we have been able to do from our data. The paper goes further and speculates on possible lessons for selected areas of engineering design which can be drawn from comparison with processes in other domains. As such this comparative design study offers the potential for improving engineering design processes. More generally it is a first step in creating a discipline of comparative design which aims to provide a new rich picture of design processes

The adsorption structure of furan on Pd(1 1 1)

The structure of molecular furan, C4H4O, on Pd(1 1 1) has been investigated by O K-edge near-edge X-ray absorption fine structure (NEXAFS) and C 1s scanned-energy mode photoelectron diffraction (PhD). NEXAFS shows the molecule to be adsorbed with the molecular plane close to parallel to the surface, a conclusion confirmed by the PhD analysis. Chemical-state specific C 1s PhD data were obtained for the two inequivalent C atoms in the furan, the α-C atoms adjacent to the O atom, and the β-C atoms bonded only to C atoms, but only the PhD modulations for the α-C emitters were of sufficiently large amplitude for detailed evaluation using multiple scattering calculations. This analysis shows the α-C atoms to be located approximately 0.6 Å off-atop surface Pd atoms with an associated C–Pd bondlength of 2.13 ± 0.03 Å. Two alternative local geometries consistent with the data place the O atom in off-atop or near-hollow locations, and for each of these local structures there are two equally-possible registries relative to the fcc and hcp hollow sites. The results are in good agreement with earlier density functional theory calculations which indicate that the fcc and hcp registries are equally probable, but the PhD results fail to distinguish the two distinct local bonding geometries