Prior researches find that advertising is the most common marketing strategy and also one of the most effective way to influence consumers¡¦ purchasing decisions. On the other hand, innovation plays an important role to enhance competitiveness of firms. However, little attention has been paid to the relationship among advertising, innovation and firm values in the existing literature. The main purpose of this paper is to examine the effect of pre-IPO advertising and innovation on the level of IPO underpricing. Furthermore, this study examines whether market states influence the impact of pre-IPO marketing expenditures and innovation on IPO underpricing levels. The empirical results show: (1) without considering market states, pre-IPO advertising expenditures significantly reduce IPO underpricing levels; (2) without considering market states, pre-IPO innovation activities significantly increase IPO underpricing levels; (2) pre-IPO innovation activities significantly increase IPO underpricing levels; (3) pre-IPO advertising expenditures cannot significantly reduce IPO underpricing levels in bull markets; and (4) pre-IPO advertising expenditures can significantly reduce IPO underpricing levels in bear and correction markets; and (5) pre-IPO innovation activities significantly increase IPO underpricing levels in bull, bear and correction markets.

During the last two centuries many methods have been proposed to solve the angles-only initial orbit determination problem. As this problem continues to be relevant as an initial estimate is needed before high accuracy orbit determination is accomplished, it is important to perform direct comparisons among the popular methods with the aim of determining which methods are the most suitable (accuracy, robustness) for the most important orbit determination scenarios. The methods tested in this analysis were the Laplace method, the Gauss method (suing the Gibbs and Herrick-Gibbs methods to supplement), the Double R method, and the Gooding method. These were tested on a variety of scenarios and popular orbits. A number of methods for quantifying the error have been proposed previously. Unfortunately, many of these methods can overwhelm the analyst with data. A new method is used here that has been shown in previous research by the author. The orbit error is here quantified by two new general orbit error parameters identifying the capability to capture the orbit shape and the orbit orientation. The study concludes that for nearly all but a few cases, the Gooding method best estimates the orbit, except in the case for the polar orbit for which it depends on the observation interval whether one uses the Gooding method or the Double R method. All the methods were found to be robust with respect to noise and the initial guess (if required by the method). All the methods other than the Laplace method suffered no adverse effects when additional observation sites were used and when the observation intervals were unequal. Lastly for the case when the observer is in space, it was found that typically the Gooding method performed the best if a good estimate is known for the range, otherwise the Laplace method is generally best.

Earthquake and submarine mass failure are the most frequent causes of tsunami waves. While the process of the tsunami generation by earthquakes is reasonably well understood, the generation of tsunami waves during submarine mass failure is not. Estimates of the energy released during a tsunamigenic earthquake and respective tsunami wave draw a clear picture of the efficiency of the tsunami-generating process. However for submarine landslides, this is not as straightforward because the generation process has never been recorded in nature making energy inferences very difficult. Hence the efficiency of submarine landslide as tsunami generators is yet to be conclusively determined. As the result of this uncertainty, different equations, derived from experimental data or theory, result in leading-wave amplitude that vary over 6 orders of magnitude for the same initial slide conditions. To arrive at more robust estimates of the leading-wave characteristics and associated runup, the spatiotemporal dynamics of the coupling between the slide body and water column needs to be investigated. The duration the water surface deformation is coupled with the slide motion is an essential question to shed light on the energy transfer. A parametric study is conducted with the state of-the-art hydrocode iSALE in order to shed light on this complex geophysical event. The mass, viscosity, and depth of submergence are the particular slide parameters varied and their relationship to runup and decoupling time is analyzed.

ABSTRACT Ibbotson and Ritter (1995) indicate that there are three anomalies in IPO markets: IPO underpricing, IPO long-run underperformance, and hot-issue market. Contrary to most of the previous studies which focus on IPO underpricing or IPO long-run performance, this dissertation examines the existence of hot-issue phenomenon in Taiwan IPO markets. ¡§Hot-Issue anomaly¡¨ means that cycle exists in both the IPO volume and IPO underpricing. Consequently, issuers tend to issue new equity to the public when faced with high average initial returns of IPOs. Ritter (1984) argues that IPOs in hot markets experience higher initial returns. Moreover, young IPOs experience more underpricing in hot markets. A possible explanation for hot-issue phenomenon is the positive feedback hypothesis: market investors positively react to IPO underpricing. When investors earn initial returns from IPOs, they are more likely to subscribe to future IPOs leading to the fact that issuers tend to issue when previous IPOs are more underpriced. Hot-issue is considered as an anomaly because underpricing or initial return is referred as an indirect cost of issuance. Issuers should try to reduce the extent of underpricing to raise IPO proceeds. From the point of view of maximizing proceeds, previous studies fail to explain the hot-issue anomaly in IPO markets. Ibbotson, Sindelar, and Ritter (1994) show that IPO hot-issue phenomenon exists not only in U.S. market but also in Germany, South Korea, and U.K. markets. To make up this gap, this dissertation first tests if there exists hot-issue anomaly in Taiwan and then examines why hot-issue anomaly exists to provide an explanation to the anomaly. I find that IPO initial return leads IPO issuance. However, issuance of IPOs does not reduce the extent of underpricing of the followed up IPOs. I further show that IPO initial return is not related to the initial return of the followed up ones. The issuance of IPOs cannot be attributed to the information of initial returns of preceding IPOs. Rather, the market information between IPO filing date and IPO issuance date is the cause for the lead-lag relation between IPO initial return and IPO issuance. IPO offer price will fully reflect to the negative recent market return but simply partially to the recent positive market return. Most of the IPO initial return can be explained by the information revealed after offer price has been set implying that the offer price is set efficiently. The large amount of IPO volume following high IPO initial return can be attributed to the positive market reaction to the preceding IPOs instead of the filed IPO pricing of preceding IPOs. Our findings explain the hot-issue anomaly. During hot markets, investors¡¦ excess demand on IPOs leads to high initial returns of IPOs. Faced with investors¡¦ excess demand, issuers attempt to issue IPOs to take advantage of investors¡¦ sentiments to maximize IPO proceeds.

In stead of assuming the starting observations as zero, the cointegration test statistic derived in this paper takes the initial conditions into consideration. The statistic helps us understand how the initial conditions affect the test and helps us recognize whether the cointegration relationship exists in the data generation process or not. Beside, with this statistic derived with the concept of discriminant function and residual based test, we can simulate our own critical value table in according to what starting observations we have in hand, what significant level we want and what value of rho we meet under H_1.

Recently, there has been considerable concern with determining underpricing of initial public offerings (IPOs). This study utilizes both OLS and quantile regression model to examine whether pre-listing marketing expenditure reduce IPO underpricing using China A-share IPOs data. Our OLS result shows that firm¡¥s marketing expenditure could reduce IPO underpricing significantly that was consist with Luo¡¥s (2008) finding who investigate US IPOs market. With regard to quantile regression results, we find that pre-listing IPO marketing expenditures are significantly associated with lower underpricing for lower-underpricing stocks but with no significant effects for median-, and higher-underpricing stocks. We infer that: for lower-underpricing stocks, the risk premium investors require would be lowered because pre-listing marketing expenditures can help for raising transparency of the firm.

Distillers’ spent grain (DSG) is a by-product of ethanol production and used for swine feed supplement due to its nutrient composition. Lowering the moisture content of DSG using superheated steam (SS) drying can be more energy efficient compared to hot air drying. One objective was to investigate parameters associated with SS drying on DSG including maximum condensation, condensation time, and restoration time. Increasing SS temperature from 120 to 180 °C and SS velocity from 1.0 to 1.4 m/s resulted in a 97% and 67% decrease in maximum condensation, respectively. Another objective was to determine the effect of SS temperature, velocity, and pellet orientation on effective moisture diffusivity of DSG pellets. The diffusion model was based on finite cylinder geometry accounting for volumetric shrinkage. The diffusivity coefficient was determined to be 1.56 × 10-8 m2/s. A significant effect of pellet orientation on moisture diffusivity was found during the constant drying-rate period. / October 2015

In the first essay, I show that the transition to public equity markets have important implications to firms’ innovative process. To establish a causal effect of the IPO, I compare the long-run innovation of firms that completed their filing and went public with that of firms that withdrew their filing and remained private. I use NASDAQ fluctuations during the book-building period as a source of exogenous variation that affects IPO completion but is unlikely to affect long-run innovation. Using this approach, I find that the quality of internal innovation declines by 50 percent relative to firms that remained private. The decline in innovation is driven by both an exodus of skilled inventors and a decline in productivity among remaining inventors. However, going public allows firms to attract new human capital and purchase externally generated innovations through mergers and acquisitions. In the second essay, we explore the effects of private equity investments on the industries they invest at. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. Finally, in the third essay we model situations in which a principal offers a set of contracts to a group of agents to participate in a project. Agents’ benefits from participation depend on the identity of other participating agents. We show that when assuming multilateral externalities, the optimal contracts’ payoff relies on a ranking of the agents, which can be described as arising from a tournament among the agents. Rather than simply ranking agents according to a measure of popularity, the optimal contracting scheme makes use of a more refined two-way comparison between the agents. We derive results on the principal’s revenue extraction and the role of the level of externalities’ asymmetry. / Economics

The thesis is devoted to the investigation of the initial-value problem for linearized Euler equations utilizing an idealized one-reaction detonation model in the case of three-dimensional perturbations in a circular pipe.The problem is solved using the Laplace transform in time, Fourier series in the azimuthal angle, and expansion into Bessel's functions of the radial variable.For each radial and azimuthal mode, the inverse Laplace transform can be presented as an expansion of the solution into the normal modes of discrete and continuous spectra. The dispersion relation for the discrete spectrum requires solving the homogeneous ordinary differential equations for the adjoint system and evaluation of an integral through the reaction zone.The solution of the initial-value problem gives a convenient tool for analysis of the flow receptivity to various types of perturbations in the reaction zone and in the quiescent gas.

The importance of human capital is rising tremendously since the last few decades. Human capital is now rewarded as the most important factor in an organization on the way to success. Nowadays in the Netherlands talents need to be able to show employers that they possess certain qualities and employers need to be able to show that they offer something worthwhile for talents. The match is: You can employ men and hire hands to work for you, but you must win their hearts to have them work with you. —Tiorio This research project is primarily about the initial screening within the matching process, where both parties (employer & talent) need to express themselves to each other without having live contact. The strategic question throughout this research is: How can we explain problems between employer and talent during the initial screening phase in the matching process, in terms of measuring, explicating and expressing qualities? Within this question perspectives of both parties are included: to understand the position, requirements and expectations of qualities. The objective of this research is to explore, get insight in and elaborate on the process taking place in the initial meeting. This is researched through qualitative research in the form of a mix of interviews, experiments and text analyses. The result of this research conducts of several tips based on the analyses of this research. The tips are for talents as well as employers. Even though the results of this research were very diverse from the talent‘s perspective, some patterns could be seen. From the employers’ perspective the answers were less diverse and more clear patterns emerged. Altogether many interesting aspects are highlighted in this research.