Modelling the behaviour of the new issue market

This paper analyses the time series behaviour of the initial public offering (IPO) market using an equilibrium model of demand and supply that incorporates the number of new issues, average underpricing, and general market conditions. Model predictions include the existence of serial correlation in both the number of new issues and the average level of underpricing, as well as interactions between these variables and the impact of general market conditions. The model is tested using 40 years of monthly IPO data. The empirical results are generally consistent with predictions.

Determination of chromophore charge states in the low pH color transition of the fluorescent protein Rtms5(H146S) via time-dependent DFT

The red fluorescent protein Rtms5H146S displays a transition from blue (absorbance λmax 590 nm) to yellow (absorbance λmax not, vert, similar453 nm) upon titration to low pH. The pKa of the reaction depends on the concentration of halide, offering promise for new expressible halide sensors. The protonation state involved in the low pH form of the chromophore remains, however, ambiguous. We report calculated excitation energies of different protonation states of an RFP chromophore model. These suggest that the relevant titration site is the phenoxy moiety of the chromophore, and the relevant base and conjugate acid are anionic and neutral chromophore species, respectively.

Modelling the input-output behaviour of piezoelectric structural health monitoring systems for composite plates

This paper investigates the input-output characteristics of structural health monitoring systems for composite plates based on permanently attached piezoelectric transmitter and sensor elements. Using dynamic piezoelectricity theory and a multiple integral transform method to describe the propagating and scattered flexural waves an electro-mechanical model for simulating the voltage input-output transfer function for circular piezoelectric transmitters and sensors adhesively attached to an orthotropic composite plate is developed. The method enables the characterization of all three physical processes, i.e. wave generation, wave propagation and wave reception. The influence of transducer, plate and attached electrical circuit characteristics on the voltage output behaviour of the system is examined through numerical calculations, both in frequency and the time domain. The results show that the input-output behaviour of the system is not properly predicted by the transducers' properties alone. Coupling effects between the transducers and the tested structure have to be taken into account, and adding backing materials to the piezoelectric elements can significantly improve the sensitivity of the system. It is shown that in order to achieve maximum sensitivity, particular piezoelectric transmitters and sensors need to be designed according to the structure to be monitored and the specific frequency regime of interest.

Seasonal changes in the diel surfacing behaviour of the bimodally respiring turtle Rheodytes leukops

The purpose of this study was to determine whether a relationship existed between the diel surfacing trends of the bimodally respiring freshwater turtle Rheodytes leukops and daily fluctuations in specific biotic and abiotic factors: The, diel surfacing behaviour of adult R. leukops was recorded over four consecutive seasons (Austral autumn 2000 - summer 2001) within Marlborough Creek, central Queensland, Australia, using pressure-sensitive time-depth recorders. Additionally, diurnal variations in water temperature and aquatic Po-2 level, as well as the turtle's behavioural state (i.e., active versus resting), were monitored. In autumn and summer, surfacing frequency increased significantly during the daylight hours, with peak levels normally occurring around dawn (0500-0700) and. dusk (1700-1900). However, no consistent diel surfacing trend was recorded, for the turtles in winter or spring, owing to considerable variation among individual R. leukops. Diurnal surfacing trends recorded for R. leukops in, autumn and summer are attributed to periods of increased activity (possibly associated with foraging) during the daylight hours and not to daily variations in water temperature or aquatic Po-2 level. Turtles generally remained at a depth greater than 1 m throughout the day, where the effect of diel fluctuations in water temperature, (

Anodic behaviour of arsenopyrite and cathodic reduction of ferrate(VI) and oxygen in alkaline solutions

This paper presents the results of an electrochemical study of the anodic characteristics of arsenopyrite in strongly alkaline solutions and of the cathodic reduction of ferrate( VI) and of dissolved oxygen at an arsenopyrite surface at potentials which are relevant to the oxidation reactions. Cyclic voltammetry at both arsenopyrite disc and arsenopyrite disc/platinum ring electrodes has shown that arsenic(III) is the main product of the anodic process at potentials in the region of the rest potential during oxidation by either ferrate( VI) or oxygen. Evidence for partial passivation of both the anodic and cathodic reactions has been obtained from potentiostatic current - time transients. The initial stage of oxidation by ferrate( VI) has been shown to be mass-transport controlled and this is also true of the oxidation by oxygen in dilute solutions of sodium hydroxide.

Strength-ductility behaviour of Al-Si-Cu-Mg casting alloys in T6 temper

A comparative study of the mechanical properties of 20 experimental alloys has been carried out. The effect of different contents of Si, Cu, Mg, Fe and Mn, as well as solidification rate, has been assessed using a strength-ductility chart and a quality index-strength chart developed for the alloys. The charts show that the strength generally increases and the ductility decreases with an increasing content of Cu and Mg. Increased Fe (at Fe/Mn ratio 0.5) dramatically lowers the ductility and strength of low Si alloys. Increased Si content generally increases the strength and the ductility. The increase in ductility with increased Si is particularly significant when the Fe content is high. The charts are used to show that the cracking of second phase particles imposes a limit to the maximum achievable strength by limiting the ductility of strong alloys. The (Cu + Mg) content (at.%), which determines the precipitation strengthening and the volume fraction of Cu-rich and Mg-rich intermetallics, can be used to select the alloys for given strength and ductility, provided the Fe content stays below the Si-dependent critical level for the formation of pre-eutectic alpha-phase particles or beta-phase plates.

Effect of Si additions and heat treatment on the mechanical behaviour of an Al-5Mg casting alloy

Adding 1%Si to binary Al-5Mg alloy slightly increases the yield stress in comparison with the Si free alloy but dramatically reduces the ductility and tensile strength due to the formation of brittle eutectic Mg2Si and pi-Al8FeMg3Si6 particles. Adding 3%Si slightly reduces the yield stress, presumably due to some of the Mg being tied up in the Mg2Si, and further reduces the ductility due to the increased volume fraction of intermetallics. Solution heat treatment at 436degreesC decreases the yield stress of both Si containing alloys, and slightly increases the ductility in the alloy with 3%Si. Subsequent ageing at 180degreesC has no further effects on the strength or ductility. The loss in strength of the heat treated alloys seems to be due to overageing Of Mg2Si precipitates dispersed in the bulk of the alloy. (C) 2004 W. S. Maney Son Ltd.

Glass transition behaviour of fructose

The glass transition temperature and the second transition (the endothermic change between the glass transition and melting temperatures) of fructose were studied. The thermal history strongly affected both transitions of fructose. Storage for 10 days at 22degreesC increased the dynamic glass transition temperature from 16 to 25degreesC and decreased the second transition of fructose from 110 to 98degreesC in the first differential scanning calorimetric (DSC) scan. The amplitude of the second transition increased slightly with storage time and reached 260% of the first transition for vacuum oven dried samples. The effect of thermal history on the glass transition temperature of fructose can be removed by scanning the sample in a DSC to 130degreesC. The effects of water content, glucose and sucrose on the two transitions were also investigated.

Diving behaviour of a reptile (Crocodylus johnstoni) in the wild: Interactions with heart rate and body temperature

The differences in physical properties of air and water pose unique behavioural and physiological demands on semiaquatic animals. The aim of this study was to describe the diving behaviour of the freshwater crocodile Crocodylus johnstoni in the wild and to assess the relationships between diving, body temperature, and heart rate. Time-depth recorders, temperature-sensitive radio transmitters, and heart rate transmitters were deployed on each of six C. johnstoni (4.0-26.5 kg), and data were obtained from five animals. Crocodiles showed the greatest diving activity in the morning (0600-1200 hours) and were least active at night, remaining at the water surface. Surprisingly, activity pattern was asynchronous with thermoregulation, and activity was correlated to light rather than to body temperature. Nonetheless, crocodiles thermoregulated and showed a typical heart rate hysteresis pattern (heart rate during heating greater than heart rate during cooling) in response to heating and cooling. Additionally, dive length decreased with increasing body temperature. Maximum diving length was 119.6 min, but the greatest proportion of diving time was spent on relatively short (

Foraging behaviour of Helicoverpa armigera first instar larvae on crop plants of different developmental stages

Understanding how insect pests forage on their food plants can help optimize management strategies. Helicoverpa armigera (Hubner) (Lep., Noctuidae) is a major polyphagous pest of agricultural crops worldwide. The immature stages feed and forage on crops at all stages of plant development, damaging fruiting and non-fruiting structures, yet very little is known about the influence of host type or stage on the location and behaviour of larvae. Through semi-continuous observation, we evaluated the foraging (movement and feeding) behaviours of H. armigera first instar larvae as well as the proportion of time spent at key locations on mungbean [Vigna radiata (L.) Wilczek] and pigeon pea [Cajanus cajan (L.) Millspaugh] of differing developmental stages: seedling- and mature (flowering/pod fill)-stage plants. Both host type and age affected the behaviour of larvae. Larvae spent more time in the upper parts of mature plants than on seedlings and tended to stay at the top of mature plants if they moved there. This difference was greater in pigeon pea than in mungbean. The proportion of time allocated to feeding on different parts of a plant differed with host and age. More feeding occurred in the top of mature pigeon pea plants but did not differ between mature and seedling mungbean plants. The duration of key behaviours did not differ between plant ages in either crop type and was similar between hosts although resting bouts were substantially longer on mungbeans. Thus a polyphagous species such as H. armigera does not forage in equivalent ways on different hosts in the first instar stage.

Gene codon composition determines differentiation-dependent expression of a viral capsid gene in keratinocytes in vitro and in vivo

By establishing mouse primary keratinocytes (KCs) in culture, we were able, for the first time, to express papillomavirus major capsid (L1) proteins by transient transfection of authentic or codon-modified L1 gene expression plasmids. We demonstrate in vitro and in vivo that gene codon composition is in part responsible for differentiation-dependent expression of L1 protein in KCs. L1 mRNA was present in similar amounts in differentiated and undifferentiated KCs transfected with authentic or codon-modified L1 genes and had a similar half-life, demonstrating that L1 protein production is posttranscriptionally regulated. We demonstrate further that KCs substantially change their tRNA profiles upon differentiation. Aminoacyl-tRNAs from differentiated KCs but not undifferentiated KCs enhanced the translation of authentic L1 mRNA, suggesting that differentiation-associated change to tRNA profiles enhances L1 expression in differentiated KCs. Thus, our data reveal a novel mechanism for regulation of gene expression utilized by a virus to direct viral capsid protein expression to the site of virion assembly in mature KCs. Analysis of two structural proteins of KCs, involucrin and keratin 14, suggests that translation of their mRNAs is also regulated, in association with KC differentiation in vitro, by a similar mechanism

Factors affecting the vigilance and flight behaviour of impalas

This study investigated the influences of various natural and anthropogenic factors on the vigilance and flight behaviour of impalas in the Save Valley Conservancy, Zimbabwe, using multivariate statistical techniques. The factor that most significantly affected the proportions of time that individuals spent being vigilant and their rates of vigilance was the position of a focal animal in the group; impalas on the periphery of a group were more vigilant than central impalas. Both measures of vigilance were also negatively related to group size. Males spent more total time being vigilant but females raised their heads more often. Impalas spent more time being vigilant in the late afternoon than in the early morning, when greater than ten metres from cover, and when predators had been nearby within the previous six hours. Impalas spent more time vigilant at the property where more impalas were hunted, possibly reflecting the differences in the intensity of hunting by humans on the two properties. Flight distances at the approach of humans were significantly greater at one property than the other, and were also greater for small groups. Further research into the effects of hunting by humans on animals' antipredator behaviours would provide valuable insights for wildlife managers.