Public information and IPO underpricing

We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new predictions. First, investors require more underpricing to truthfully reveal positive private information in bear markets than in bull markets (the incentive effect). Second, the fraction of positive private signals and of underpriced IPOs is increasing in market returns (the demand effect). Combined, these two effects can explain why IPO underpricing is positively related to pre-issue market returns, consistent with extant evidence. Using a sample of 5,000 U.S. IPOs from 1981-2008, we show that the empirical implications of the model are borne out in the data.Public information; partial adjustment; underpricing; IPOs; bookbuilding

Active and passive radon concentration measurements and first-step mapping in schools of Banja Luka, Republic of Srpska

Radon concentration measurements were performed in all 25 primary schools in Banja Luka city, the capital of Republika Srpska, during 2011 and 2012, using both active RAD7 continual radon measuring instruments and CR-39 passive (commercially known as Gamma) detectors. The two complimentary methods were employed not only to obtain annual averages, but also to study the dynamics of radon concentration changes during the week. For each school, average and temporal variations of radon concentrations were analysed, taking into consideration local geology, building materials and meteorological conditions. The influence of forced ventilation, caused by frequent opening of doors and windows during working hours, with typical dawn and weekend peaks is evident in most but not all schools. Elevated levels of radon concentration (>400 Bq m-3) were found in a few schools using both methods. Although high correlation factor of 0.8 between passive and active methods was found, still short-time (one-week) measurements cannot be used for annual estimation of radon activity but screening one. Thus, the conclusion concerns only long time measurements as valid indicator of annual radon activity.JRC.E.8-Nuclear securit

Pemanfaatan Jasa Layanan Koleksi Buku Tandon (Reservation) Oleh Mahasiswa Di Upt Perpustakaan Unsrat

Perpustakaan perguruan tinggi merupakan sarana untuk menyebarkan informasi bagi civitas akademik, maka sumber-sumber informasi yang dimiliki haruslah mengacu pada tujuan pendidikan yang tercermin dalam kurikulum. Salah satu civitas akademik dalam hal ini adalah mahasiswa, sehingga dengan tersedianya salah satu koleksi yang sesuai dengan kurikulum akan berdampak bagi pemanfaatan jasanya. Koleksi ini merupakan satu exemplar buku dari koleksi yang ada di perpustakaan dan koleksi buku tandon ini tidak dapat dipinjamkan dibawa pulang oleh pengguna namun hanya bisa dibaca ditempat dan dikopi saja. Manfaat koleksi buku tandon yaitu sebagai bahan rujukan atau alternatif jika koleksi buku yang tersedia di layanan sirkulasi sudah habis dipinjam. Dari uraian tersebut, maka penelitian ini bertujuan untuk mengetahui pemanfaatan jasa layanan koleksi buku tandon dapat memenuhi kebutuhan informasi pengguna.Metode yang digunakan dalam penelitian ini adalah metode Deskriptif. Dengan teknik pengumpulan data melalui data primer dan sekunder. Teknik analisa data yaitu dengan cara mengumpulkan seluruh data primer dan sekunder, kemudian melakukan penyuntingan (editing) terhadap kualitas data berupa kelengkapan, konsistensi, ketepatan, keseragaman dan relevansi. Selanjutnya akan dilakukan pencatatan dan pemberian kode berupa angka atas hasil jawaban responden melalui kuesioner. Peneliti kemudian akan mengelompokkan atau mentabulasi data tersebut sesuai dengan kebutuhan data yang ingin dicapai dalam penelitian ini. Perhitungan presentase jawaban yang diberikan responden adalah dengan menggunakan rumus P = F/N x 100%. Adapun responden dalam penelitian ini adalah 20 responden yang terdiri dari 1 mahasiswa Fakultas Pertanian, 4 mahasiswa Fakultas Hukum, 4 mahasiswa Fakultas Ekonomi dan Bisnis, 4 mahasiswa Fakultas Ilmu Sosial dan Politik, 1 mahasiswa Fakultas Ilmu Budaya, 4 mahasiswa Fakultas Matematika dan Ilmu Pengetahuan Alam, 2 mahasiswa Fakultas Kesehatan Masyarakat.Dari hasil penelitian menunjukkan bahwa, mahasiswa Universitas Sam Ratulangi yang berkunjung ke UPT Perpustakaan pada umumnya bertujuan datang berkunjung ke ruangan koleksi buku tandon karena mencari informasi untuk menyelesaikan tugas perkuliahan, frekuensi pemanfaatan koleksi buku tandon sebagian besar lebih dari 3 kali dalam 1 bulan. dan hampir setengah waktu yang dibutuhkan dalam sekali berkunjung adalah 2 jam dan lebih dari 2 jam, sebagian besar jumlah subjek yang dicari dalam sekali berkunjung adalah 1 – 2 subjek, namun subjek yang didapatkan oleh pengguna hanya 1 subjek, koleksi buku tandon ternyata dapat memenuhi kebutuhan informasi pengguna, walaupun koleksi buku tandon di UPT Perpustakaan kurang mutakhir dan kelengkapan informasi kurang lengkap, petugas perpustakaan khususnya jasa layanan koleksi buku tandon sangat memperhatikan sikapnya terhadap pengguna, hal ini dapat dilihat dari sikap petugas sangat ramah. Dengan penataan ruang baca yang sesuai, dan keseluruhan waktu pencarian setiap sumber informasi dari petugas sampai disajikan kepada pengguna yaitu kurang dari ¼ jam.Berdasarkan hasil penelitian tersebut saran penulis sebaiknya lebih meningkatkan kebutuhan informasi pengguna, setiap subjek perlu ditambah dan perlu diadakan pengadaan koleksi agar kemutakhiran informasi tercapai dan kebutuhan informasi dari pengguna semakin terpenuhi

La Piezosurgery come metodica alternativa alla strumentazione rotante tradizionale nell'estrazione di ottavi inferiori inclusi. Revisione della letteratura

La presente dissertazione si occupa di esporre la validità della piezosurgery nell'estrazione di ottavi inclusi inferiori come alternativa alla strumentazione rotante tradizionale. Ne vengono illustrati vantaggi e svantaggi con particolare attenzione al tempo impiegato per l'intervento, alla riduzione delle complicanze e al miglioramento del decorso postoperatorio, il tutto sulla base di una revisione sistematica che la letteratura propone su questo argomento corredata dall' esposizione di una serie di casi clinici

Coping with a changing environment: The effects of early life stress

Ongoing rapid domestication of Atlantic salmon implies that individuals are subjected to evolutionarily novel stressors encountered under conditions of artificial rearing, requiring new levels and directions of flexibility in physiological and behavioural coping mechanisms. Phenotypic plasticity to environmental changes is particularly evident at early life stages. We investigated the performance of salmon, previously subjected to an unpredictable chronic stress (UCS) treatment at an early age (10 month old parr), over several months and life stages. The UCS fish showed overall higher specific growth rates compared with unstressed controls after smoltification, a particularly challenging life stage, and after seawater transfer. Furthermore, subjecting fish to acute stress at the end of the experiment, we found that UCS groups had an overall lower hypothalamic catecholaminergic and brain stem serotonergic response to stress compared with control groups. In addition, serotonergic activity was negatively correlated with final growth rates, which implies that serotonin responsive individuals have growth disadvantages. Altogether, our results may imply that a subdued monoaminergic response in stressful farming environments may be beneficial, because in such situations individuals may be able to reallocate energy from stress responses into other life processes, such as growth

A simplicial gauge theory

We provide an action for gauge theories discretized on simplicial meshes, inspired by finite element methods. The action is discretely gauge invariant and we give a proof of consistency. A discrete Noether's theorem that can be applied to our setting, is also proved.Comment: 24 pages. v2: New version includes a longer introduction and a discrete Noether's theorem. v3: Section 4 on Noether's theorem has been expanded with Proposition 8, section 2 has been expanded with a paragraph on standard LGT. v4: Thorough revision with new introduction and more background materia

Treating spondyloarthritis, including ankylosing spondylitis and psoriatic arthritis, to target: recommendations of an international task force

Background: Therapeutic targets have been defined for diseases like diabetes, hypertension or rheumatoid arthritis and adhering to them has improved outcomes. Such targets are just emerging for spondyloarthritis (SpA). Objective: To define the treatment target for SpA including ankylosing spondylitis and psoriatic arthritis (PsA) and develop recommendations for achieving the target, including a treat-to-target management strategy. Methods: Based on results of a systematic literature review and expert opinion, a task force of expert physicians and patients developed recommendations which were broadly discussed and voted upon in a Delphi-like process. Level of evidence, grade and strength of the recommendations were derived by respective means. The commonalities between axial SpA, peripheral SpA and PsA were discussed in detail. Results: Although the literature review did not reveal trials comparing a treat-to-target approach with another or no strategy, it provided indirect evidence regarding an optimised approach to therapy that facilitated the development of recommendations. The group agreed on 5 overarching principles and 11 recommendations; 9 of these recommendations related commonly to the whole spectrum of SpA and PsA, and only 2 were designed separately for axial SpA, peripheral SpA and PsA. The main treatment target, which should be based on a shared decision with the patient, was defined as remission, with the alternative target of low disease activity. Follow-up examinations at regular intervals that depend on the patient's status should safeguard the evolution of disease activity towards the targeted goal. Additional recommendations relate to extra-articular and extramusculoskeletal aspects and other important factors, such as comorbidity. While the level of evidence was generally quite low, the mean strength of recommendation was 9-10 (10: maximum agreement) for all recommendations. A research agenda was formulated. Conclusions: The task force defined the treatment target as remission or, alternatively, low disease activity, being aware that the evidence base is not strong and needs to be expanded by future research. These recommendations can inform the various stakeholders about expert opinion that aims for reaching optimal outcomes of SpA