We solve initial boundary value problems with information unavailable at random time-steps. The randomly unavailable information represents asynchrony between processing elements. To approximate the initial boundary value problem, finite difference operators with summation-by-parts proper-ties and weak boundary procedures are used. Utilizing the energy method, we derive energy estimates for synchronous and asynchronous problems. The simulations show that the solutions may remain accurate and stable, even in the asynchronous case.

The purpose of this study was to determine the physiological responses of subjects to an initial psychological interview, and to study the effect of physical proximity and touch on these responses. Heart rate and total skin conductance variability were the responses monitored. To assess the subjects' like or dislike of the psychologist interviewer, a measure of interpersonal attraction, the Interpersonal Judgment Scale, was employed. The California Psychological Inventory was utilized to investigate possible personality correlates with the physiological responses. Sixty females, between the ages of 18 and 28, responded to the California Psychological Inventory and were then connected to the physiological monitoring devices. The subjects' physiological responses were recorded for a 10-minute period in an empty office and then they randomly received one of the following treatments: In treatment I the psychologist entered the counseling office, introduced himself, and sat one foot from the subject while orally administering the Rotter Incomplete Sentences Blank--Adult Form. When the psychologist reached item 15 he stated, "Very good, now let's go on to page 2." After the test, the psychologist said, "That's all for today, thank you for your help. If you will wait here, the experimenter will be right in." The psychologist then left the office, and the subject responded to the Interpersonal Judgment Scale. Treatment II was identical to treatment I, except the subject was touched three times during the interview, once on the shoulder and twice on the arm. In treatment III the psychologist entered the office, sat behind a desk and followed the procedure outlined in treatment I. The results indicated that a subject's reaction to an initial psychological interview is a mild to moderate defensive response manifested by an increase in physiological stress levels. Total skin conductance variability increased significantly during the period when the psychologist was in the office. Heart rate increased in 54 out of 60 cases, but did not increase sufficiently enough in magnitude to justify significance. There were no significant differences between the three treatment groups on heart rate, skin conductance, or interpersonal attraction, and there were no personality correlates which were great enough to be of practical value. The data collected in the experiment supported the conclusion that a subject's reaction to an initial psychological interview is a mild to moderate stress response manifested by increments in physiological stress levels. Touch and physical proximity do not appear to alter the stress response or the subject's like--dislike attitude toward the psychologist.

A study of biosorption of cobalt metal by Pseudomonas Aerguinosa gram-negative bacterial strain is presented. The present study is carried out to determine the optimum conditions of cobalt biosorption at ultra-low concentration (ppb range) in aqueous solutions. The receptiveness of cobalt metal on the extracellular surface of bacterial strain was examined by varying the pH, Initial concentration of metal and treatment time. Experimental data showed that effect of pH and treatment time is prevalent in biosorption of cobalt and by increasing both these parameters resulted in the efficient sorption of cobalt on the extracellular surface of Pseudomonas Aerguinosa. In some cases, higher initial concentration of cobalt resulted in higher metal removal. However, there is no clear relationship is obtained between efficiency of biosorption and initial concentration of cobalt.

ABSTRACT In the first essay titled "The Value of Strategic Alliances in Acquisitions and IPOs," I investigate how firms' strategic alliance experience affects their valuations as acquisition targets or in IPOs. I propose that strategic alliance experience serves as a valuable signaling device for target and IPO firms, particularly those with more intangible assets and greater opacity. The results show that takeover targets with alliance experience receive higher premiums than those without such experience. More recent alliance experience as well as alliance experience in the same industry also contributes to a larger target gain. Similarly, IPO firms that have alliance experience are shown to obtain higher valuations than those without the experience. Finally, alliance experience increases the likelihood that private firms exit by going public rather than being acquired. In the second essay titled "For Better or For Worse: The Spillover Effect of Innovation Events on Alliance Partners," I examine the spillover effects of breakthrough innovations on the strategic alliance partners of the innovative firm. I find direct stock market evidence that the shareholders of strategic alliance partners significantly benefit from the spillover effects of these innovations. Multivariate analyses indicate that young and newly listed innovator firms with better growth opportunities generate bigger abnormal returns when announcing innovation events and bring larger spillover effects for their alliance partners with similar characteristics. In addition, I explore the risks associated with alliance partnerships, showing that FDA warning letters cause significant wealth losses for both the innovative firm and their alliance partners.

本研究的主要目的在探討是否我國新上市公司盈餘管理的現象與証券交易法上所規定的上市申請的門檻有關。我國新上市公司在上市後多有業績衰退及上市前盈餘管理之現象（曾國楊，民國84年）。這種人為的業績擴充或增加盈餘，往往是為了符合法規中上市申請的規定，特別是上市門檻的規定。倘若公司上市可以為原始股東帶來大量的邊際利益，列在可接受的範圍內，申請上市公司自有動機從事上市前業績人為擴充及盈餘管理的現象。本研究就在探討這項研究問題。 本研究以民國74年至83年間斬上市的公司為樣本，測試獲利能力較差或存續期間較短之新上市公司，是否較有動機在上市前從事盈餘管理。實証結果顯示： 就獲利能力來說，獲利能力較差之第一類上市公司在上市前會以應計項目及與營業有關之應計項目來操縱盈餘；但就第二類上市公司而言，實証結果反而與假說所預測的相反，即獲利能力較優的新上市公司反而會在上市前操縱盈餘。 就存續期間來說，第一類上市公司之實証結果大致與假說所預測的一致，但未達顯著水準，即存續期間較短之新上市公司，並不會在上市前以應計項目式與營業有關之應計項目來進行盈餘管理。就第二類上市公司來說，實証結果則與假說相反，但也未達顯著水準。 / This study aims to investigate whether the earnings management prior to IPO (Initial Public Offerings) relates to the qualifications of an IPO. In general, a firm will manage its earnings prior to IPO and have sales recess subsequent to IPO. Due to mandated IPO qualifications, perhaps, the motivation of earnings management or artificial sales expansion comes from the mandated IPO qualifications. The empirical sample period covers from 1985 to 1994 on which the empirical findings can be summarized as follows. 1. Low profitability first class firms will manage their earnings prior to IPO by the use of net accruals and net accruals from operations. In contrast, high profitability second class firms will manage their earnings prior to IPO. 2. This study cannot conclude that a younger IPO firm has a stronger incentive in managing its earnings than an older firm does.

本研究首先以資訊差異模型描述IPOs股價橫斷面與縱斷面的比較與變化。在橫斷面比較上，本研究利用貝氏定理，令投資人在擬掛牌公司釋放出歷史資訊後，首先修正其事前信念以獲得事後信念，最後再以事後有限的資訊數量推估下一期的報酬率，然因歷史資訊之數量與品質不等，下一期預測報酬率之β係數亦顯然不同。資訊結構較佳者，估計風險較低，β係數較小；資訊結構較差者，估計風險較高，β係數較大。因此，為吸引投資人對資訊結構較差之IPOs的興趣，在必要報酬率要求較高的前提下，資訊結構較差之IPOs的承銷價格必須低訂，以製造投資人可以獲利的空間。因此，在其他條件相同的情況下，資訊結構較差之IPOs其掛牌初期的股價報酬率應該優於資訊結構較佳的IPOs。 其次，在IPOs縱斷面股價行為差異之模型推導上，本研究將市場IPOs區分成資訊結構佳者與資訊結構較差者，在資訊數量與發行時間成正相關的假設下，推導出當掛牌時間t趨近時，證券間之資訊差異效果遞減，且新發行證券之β係數遞減，因而進一步推論，就所有IPOs而言，後市股價報酬率將低於估計風險相對較高的掛牌初期股價報酬率。 另外，本研究之實證共分三個層次：第一層次就IPOs橫斷面股價行為方面。本研究首先就不同發行市場的IPOs之初期股價表現進行驗證。不同發行市場對擬掛牌公司之輔導期間與體質結構有不同的要求，一般而言，集中市場之發行面較店頭市場嚴格，因此，集中市場IPOs之資訊結構理論上比店頭市場IPOs佳。實證結果發現，資訊結構較佳之集中市場IPOs，其初期投資報酬率比店頭市場IPOs差。是故，實證結果支持不同發行市場之資訊結構差異假說。繼之，根據過去文獻與個案訪談的整理，若以內部人持股比、企業規模、企業年齡、承銷商聲譽、會計師聲譽與是否轉換發行市場作為單一發行市場內資訊結構優劣分際的標準時，發現，集中市場內資訊差異效果顯著；然店頭市場內，卻只有在空頭時期上櫃之IPOs，其初期投資報酬率具有資訊差異效果。 實證之第二層次為檢定IPOs縱斷面之股價變化是否亦具有資訊差異效果。首先就不同發行市場做比較，實證結果發現，集中市場因資訊結構較佳，正式掛牌前投資人與發行公司間資訊不對稱情形較不嚴重，因此，當蜜月期過後，股價逐漸迴歸真值時，掛牌一年後股價之修正幅度較資訊結構相對不佳的店頭市場IPOs小，因此，不同發行市場間，IPOs資訊結構之縱斷面差異效果獲得支持。另外，集中市場IPOs類屬資訊結構較佳者，其後市股價下修程度遠比資訊結構差者來得少。至於店頭市場之差異效果，雖然資訊結構較佳者其股價修正幅度小於資訊結構較差者，然兩者間並未達到統計上顯著差異性，因此店頭市場縱斷面之資訊差異效果並未獲得支持。 實證之第三層次，為檢定IPOs錯估訊號來源。實證結果發現，集中市場內，由聲譽較差之承銷商輔導上市及上市前每股盈餘越少之IPOs，越容易產生價格錯估行為。而店頭市場內，越是由聲譽較差之承銷商輔導上櫃或類屬傳統產業類股之IPOs，越容易產生價格錯估行為。 / The objective of this study is twofold. First, the paper develops a model to examine cross-sectionally and dynamically the effects of differential information on various initial public offerings (IPOs). Second, this paper examines the initial return and the after-market performance for IPOs, particularly the security valuation effects of structural differences in available information. There is a diversity of information among issuing firms at the time of their offering and particularly under certain trading system and certain market conditions. Through Bayesian model development, we support the effect of differential information among IPOs of structural differences. From empirical evidence, we find that during hot market conditions and under over-the-counter (OTC) trading system and for firms characterized by poor levels of available information, the market values of issuing firms are more likely to be overestimated in the immediate after-market. We also find positive overestimation of market values to be more likely for IPOs of smaller earnings per share (EPS) and those marketed by the less prestigious underwriters under Taiwan Security Exchange (TSE) trading system, and for IPOs other than hi-tech securities and those marketed by the less prestigious underwriters under OTC trading system.

<p>Syftet med uppsatsen är att undersöka om det förkommer underprissättning och om den består de första fem månaderna samt finna sannolikheten för en positiv utveckling efter börsintroduktionen. Eftersom vi har studerat kursförändringar efter börsintroduktioner har vi valt att använda en kvantitativ metodansats i form av en eventstudie. Teorierna behandlar främst förklaringar till varför en underprissättning sker samt hur publicitet och informations asymmetri påverkar prissättningen. Teorier som berörs är bland annat ”Winners Curse”, ”Cascade theory” och ”Signalling theory”.</p><p>Våra empiriska data kommer främst från bolagens prospekt samt kursinformation från Affärsvärlden och Stockholmsbörsen. Prospekten har visat kursintervall och introduktionsdatum, val av garant med mera. Affärsvärlden visar branschtillhörighet samt bransch- och indexhistorik. Stockholmsbörsen tillför slutkurser för samtliga bolag samt information om noteringskrav och -process.</p><p>Studien visar att de nyintroducerade bolagen har varit underprissatta med i genomsnitt 2,17% under perioden 2001-2006, vilket är betydligt lägre än vad tidigare studier visat. Detta beror främst på att de tidigare studierna har baserats på den amerikanska marknaden och under en tidsperiod då större underprissättning har förekommit än under 2001-2006. Den genomsnittliga utvecklingen efter 5 dagar, 1 månad, 3 månader, 5 månader respektive 1 år har varit 2,40%, 2,46%, 3,06%, 3,73% respektive 5,01%. Det har även förkommit stora skillnader mellan olika branscher, garanter, introduktionsår, introduktionspris och överteckningsgrad.</p> / <p>The purpose of this essay is to examine if it occurs under pricing and if it last the first five month and find the probability of a positive share development after a initial public offering. Since we have studied exchange fluctuation after initial public offerings have we chosen to use an quantitative method approach. The theories consider explanations to why under pricing occurs and how publicity and information asymmetry affect the price determination. ”Winners Curse”, ”Cascade theory” and ”Signalling theory” are some of the theories that are mentioned.</p><p>Our empirical data is mainly captured from the companies prospects and share price information from Affärsvärlden and the Stockholm Exchange. The prospects has shown share price intervals, initial public offering dates, underwriter etc. Affärsvärlden show type of business and index history. The Stockholm Exchange contribute closing prices for all of the studied companies and information about demands for quotation and the process regarding initial public offerings.</p><p>Our study show that initial public offerings have been under priced with an average of 2,17% during the period 2001-2006, which is considerably lower than earlier studies. The reason is mainly because the earlier studies has based on the American stock market and under a period when larger under pricing have existed. The average development after 5 days, 1 month, 3 months, 5 months respectively 1 year has been 2,40%, 2,46%, 3,06%, 3,73% respectively 5,01%. It has also occurred big differences between different type of business, underwriters, year of introduction, oversubscribtion and initial share price.</p>

<p>This study follows student teachers from initial teacher education into their first teaching jobs, with the aim of gaining insights how student teachers become teachers of mathematics and science. The study has in two stages. In the first part focus, the focus is on the beliefs and conceptions – termed here as ’personal didactics’- that student teachers have about teaching and learning mathematics and science. These are captured by open-ended interviews on completion of initial teacher education. Stage 1 is thus subject specific. Findings indicate that student teachers have an applied approach to mathematics and science. Findings of the study challenge teacher education to develop mathematics and science as a more democratic, moral and cultural enterprise. It is suggested that closer connections are needed between different parts of initial teacher with a continued discussion about how and in what areas subject teaching can develop in teacher education. The second stage of research - two years later – involved data collection through observation, field notes and post-observation interviews. This stage is a follow-up study building on the stage 1 and has a more sociological emphasis inspired by Bernstein’s concept of educational codes. The research shows how the structure of schools influences teachers and their possibilities to enact teaching that is consistent with their understanding of mathematics and science as school subjects. Schools have different codes and teachers’ practices were constrained by the opportunities that each school offered as well as each teacher’s personal didactics. Most of the teachers in the study worked in schools organised in such a way that new teachers have considerable autonomy over their own teaching. After two years of practise teachers generally felt freer to organise science teaching and put more planning and preparation of science lessons as compared to mathematics. The overall study illuminates the relationship between initial teacher education and school practice, and suggests an enhancement of initial teacher education and professional development as a unity.</p>

<p>The concept of grandstanding comes from Gompers (1996), in his article, he defined “to grandstand” as “to act or conduct oneself with a view to impressing onlookers”. The idea of grandstanding does not only apply solely to venture capital but also could apply to underwriters of IPOs industry as well.</p><p>IPOs activities provide huge revenues for underwriters, so underwriters compete with each other for IPO business. China’s stock market grows explosively after 2006, and it has the highest underpricing, as well as more and more underwriters have emerged recently, so our paper is constrained under Chinese stock market environment. We empirically examine whether inexperienced underwriters grandstand when they conduct IPOs in order to achieve more market shares, for example by deliberate underpricing or charging lower fee rates.</p><p>This study is conducted from the underwriter’s perspective. We use two kinds of reputation measurement methods to define “inexperienced” and “prestigious underwriters” and employ a quantitative approach to analyze the data. Evidence from a sample of 392 IPOs from June 19, 2006 to March 24, 2010 suggests that inexperienced underwriters do not have incentives to grandstand. The number of IPOs that underwriters have conducted and recent IPO performance do not always contribute to a gain of market share directly. Therefore, inexperienced underwriters do not provide more underpriced IPOs nor do they charge lower fee rates. Evidence also marginally supports that underwriters do not intend to conduct small offer sized IPOs.</p>

L'introduction en bourse, en anglais : Initial Public Offering (IPO), est une étape majeure de la vie d'une entreprise. Bien préparée et opportunément décidée, l'introduction permet non seulement de trouver des fonds propres supplémentaires et de diversifier les sources de financement de l'entreprise, mais aussi d'acquérir notoriété et crédibilité à l'échelle nationale et internationale. La recherche s'inscrit dans un vaste courant de pensée économique qui porte sur le corporate governance. Elle a pour objectif de présenter les introductions en bourse sur les différents segments de l'Euro.NM entre 1997 et 1999 et les compare à des opérations similaires réalisées sur le NASDAQ. Elle analyse aussi leurs coûts qui peuvent être divisés en coûts explicites et en coûts implicites. Les coûts explicites concernent la rémunération des intermédiaires financiers, les campagnes de communication, etc. ; ils représentent, en règle générale, moins de 1% de la capitalisation boursière des sociétés étudiées. La recherche s'intéresse particulièrement aux coûts implicites qui sont liés à la sous-évaluation des titres à l'introduction, c'est-à-dire la différence entre le cours d'équilibre et le prix payé par les investisseurs lors de l'introduction. Les modèles théoriques n'expliquent que très partiellement l'existence d'une telle sous-évaluation. La thèse aborde successivement quatre thématiques : (i) la sous-évaluation initiale des introductions en bourse ; (ii) la structure de propriété ; (iii) la liquidité de ces opérations et (iv) la performance boursière à long terme (à trois ans) après l'introduction en bourse. Nos résultats empiriques confirment et prolongent les résultats obtenus sur les marchés anglo-saxons. Ils peuvent se résumer à six points principaux : (1) la sous-évaluation des introductions en bourse sur l'Euro.NM est en moyenne plus forte que celle des opérations équivalentes réalisées sur le NASDAQ ; (2) les actionnaires d'origine des sociétés de l'Euro.NM jouent un rôle plus important dans l'introduction en bourse en proposant plus de titres que ceux du NASDAQ ; (3) les marchés financiers ajustent les erreurs d'évaluation dès le premier jour de cotation ; (4) la sous-évaluation initiale d'une offre d'introduction peut aider à stabiliser la structure de propriété après l'introduction : cela signifie que les gros investisseurs sont discriminés dans le processus d'allocation du capital ; (5) une dégradation est observée dans la performance des entreprises étudiées du NASDAQ tandis que, sur notre échantillon Euro.NM, on note une performance boursière à long terme significativement positive ; finalement, (6) il ressort que les entreprises dont « la part détenue » par les actionnaires d'origine dans le capital est la plus importante semblent ne pas présenter de meilleures performances à long terme par rapport aux autres.