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

Gyrotron experiments employing a field emission array cathode

The design and operation of a field emission array (FEA) cathode and the subsequent demonstration of the first FEA gyrotron are presented. Up to 10 mA from 30 000 tips was achieved reproducibly from each of ten chips in a gyrotron environment, namely, a vacuum 1 x 10(-8) mbar, -50 kV potential with multiple chip operation, The design parameters of the FEA gun were similar to those of a magnetron injection gun with an achievable electron beam current of 50-100 mA and measured power 720 W cw. Coherent microwave radiation was detected in both TE(02) at 30.1 GHz and TE(03) at 43.6 GHz, with a starting current of 1 mA

A novel use of a classification system to audit severe maternal morbidity

Objective: obstetric haemorrhage remains a significant cause of maternal morbidity and mortality worldwide and is significant in terms of patient safety and quality of care. One drastic outcome of haemorrhage is the need for peripartum hysterectomy. A classification system that can be used to audit severe events such as peripartum hysterectomy would be a useful adjunct to patient safety systems, but it would need to account for pre-existing risk factors, such as previous caesarean section. One system that accounts for important risk factors is the Robson Ten Group Classification System (TGCS). The aim of this study was to examine whether the TGCS could be extended in a novel way to classify who required peripartum hysterectomy. Setting: population-based matched case-control study data from the UK Obstetric Surveillance System was used. All eligible UK hospitals participated. Participants: women who underwent peripartum hysterectomy between February 2005 and February 2006 and their matched controls. Methods: cases and controls were categorised using the TGCS. The odds of having a peripartum hysterectomy in each classification group were calculated using logistic regression. An adjusted analysis was undertaken controlling for potential confounders. Findings: 307 of the 315 women who had a peripartum hysterectomy were classified into one of the 10 groups; 606 of the 608 control women were classified. Women who underwent a peripartum hysterectomy were predominantly from the more complex classification groups. After adjusting for age, ethnicity and socio-economic status, the groups with an increased odds of peripartum hysterectomy were those who had a previous caesarean section. Conclusions: the TGCS can be used in a novel way, that is, to examine an outcome other than caesarean section, and could be part of a new system to monitor patient safety. Population-based data were used as an example of how an existing classification system could be used in a different way from that for which it was created, and could make comparisons across institutions and countries while adjusting for case mix in a simple manner. The TGCS may not necessarily be a useful way to monitor other events in childbirth. Further work is needed to develop other classification systems which could be used as a benchmarking tools to monitor patient safety in maternity care. © 2010 Elsevier Ltd

What are the attributes of good pharmacy faculty (lecturers)? An international comparison of the views of pharmacy undergraduate students from universities in Australia and Wales, UK

This study aimed to investigate what La Trobe pharmacy students (Australia) considered to be the attributes of a good lecturer (faculty member) and to compare the findings to pharmacy undergraduates at Cardiff University, Wales, UK. A 22 item questionnaire, developed at Cardiff, was administered to students at La Trobe University. Data were analysed using descriptive statistics, and Mann-Whitney U Test or Kruskal-Wallis Test were used to compare groups. Ethics approval was obtained. Pharmacy students believed good lecturers (faculty) provided clear instruction and assessment criteria, were enthusiastic, inspired students to do their best, motivated students to learn, were accessible for support and started the teaching sessions on time. They also provided timely feedback and illustrated the relevance of material to pharmacy. Australian and UK pharmacy undergraduates in this study shared the same opinions on most aspects of the positive attributes of faculty (lecturers)

Should beta-blocker therapy be reduced or withdrawn after an episode of decompensated heart failure? Results from COMET.

BACKGROUND: It is unclear whether beta-blocker therapy should be reduced or withdrawn in patients who develop acute decompensated heart failure (HF). We studied the relationship between changes in beta-blocker dose and outcome in patients surviving a HF hospitalisation in COMET. METHODS: Patients hospitalised for HF were subdivided on the basis of the beta-blocker dose administered at the visit following hospitalisation, compared to that administered before. RESULTS: In COMET, 752/3029 patients (25%, 361 carvedilol and 391 metoprolol) had a non-fatal HF hospitalisation while on study treatment. Of these, 61 patients (8%) had beta-blocker treatment withdrawn, 162 (22%) had a dose reduction and 529 (70%) were maintained on the same dose. One-and two-year cumulative mortality rates were 28.7% and 44.6% for patients withdrawn from study medication, 37.4% and 51.4% for those with a reduced dosage (n.s.) and 19.1% and 32.5% for those maintained on the same dose (HR,1.59; 95%CI, 1.28-1.98; p<0.001, compared to the others). The result remained significant in a multivariable model: (HR, 1.30; 95%CI, 1.02-1.66; p=0.0318). No interaction with the beneficial effects of carvedilol, compared to metoprolol, on outcome was observed (p=0.8436). CONCLUSIONS: HF hospitalisations are associated with a high subsequent mortality. The risk of death is higher in patients who discontinue beta-blocker therapy or have their dose reduced. The increase in mortality is only partially explained by the worse prognostic profile of these patients

Improving chlamydia knowledge should lead to increased chlamydia testing among Australian general practitioners: a cross-sectional study of chlamydia testing uptake in general practice

Female general practitioners (GPs) have higher chlamydia testing rates than male GPs, yet it is unclear whether this is due to lack of knowledge among male GPs or because female GPs consult and test more female patients

The pleasures and perils of inheritance

Facing death, reflecting on one’s legacies (material and ethical, personal and political) and the legal and interpersonal attempts to resolve or prevent inheritance conflicts, all bring to the fore constructions of memory and identity, intergenerational relations, and the complexities of doing and undoing family and kinship. Consequently, drawing attention to inheritance, keeping sight of it, and bringing it into play is a useful piece of the puzzle of ageing across a range of disciplines and this article provides an overview of some of the key themes in this emerging field

Literary remains:Muriel Spark, auto|biography, and the archive

This essay explores Muriel Spark’s archival practice as a form of auto|biography, charting the relationship between Spark’s archives and her published work, and inquiring into the place of archives in literary and cultural studies: What are we doing in writers’ archives? And what is the archive doing here