Hot and cold IPO markets : the case of the stock exchange of Mauritius

The aim of this study is to assess the characteristics of the hot and cold IPO markets on the Stock Exchange of Mauritius (SEM). The results show that the hot issues exhibit, on average, a greater degree of underpricing than the cold issues, although the hot issue phenomenon is not a significant driving force in explaining this short-run underpricing. The results are consistent with the predictions of the changing risk composition hypothesis in suggesting that firms going public during hot markets are on average relatively more risky. The findings also support the time adverse selection hypothesis in that the firms’ quality dispersion is statistically different between hot and cold markets. Finally, the study concludes that firms which go public during hot markets do not underperform those going public in cold markets over the longer term.

Three essays in dynamic corporate finance

Summary Throughout my thesis, I elaborate on how real and financing frictions affect corporate decision making under uncertainty, and I explore how firms time their investment and financing decisions given such frictions. While the macroeconomics literature has focused on the impact of real frictions on investment decisions assuming all equity financed firms, the financial economics literature has mainly focused on the study of financing frictions. My thesis therefore assesses the join interaction of real and financing frictions in firms' dynamic investment and financing decisions. My work provides a rationale for the documented poor empirical performance of neoclassical investment models based on the joint effect of real and financing frictions on investment. A major observation relies in how the infrequency of corporate decisions may affect standard empirical tests. My thesis suggests that the book to market sorts commonly used in the empirical asset pricing literature have economic content, as they control for the lumpiness in firms' optimal investment policies. My work also elaborates on the effects of asymmetric information and strategic interaction on firms' investment and financing decisions. I study how firms time their decision to raise public equity when outside investors lack information about their future investment prospects. I derive areal-options model that predicts either cold or hot markets for new stock issues conditional on adverse selection, and I provide a rational approach to study jointly the market timing of corporate decisions and announcement effects in stock returns. My doctoral dissertation therefore contributes to our understanding of how under real and financing frictions may bias standard empirical tests, elaborates on how adverse selection may induce hot and cold markets in new issues' markets, and suggests how the underlying economic behaviour of firms may induce alternative patterns in stock prices.

Flight to quality? An investigation of the attributes of sold properties in hot and cold markets

This paper uses sales transaction data in order to examine whether flight from risk phenomena took place in the US office property investment market during the financial crisis of 2007-2009. The effect of the crisis on the pricing of property quality attributes, mainly summarized by the class category of each building, is investigated. In addition, the paper examines how turnover levels were affected by the market downturn and whether there were significant variations between different real estate quality types. The results of the hedonic regression models suggest that the price spread between Class, A, B and C grew significantly during the downturn. We also find that property attributes such as size, height and age are priced significantly different in ‘hot’ and ‘cold’ markets.

Developing a commercial hot water treatment to control post-harvest rots on ‘Fiji Red’ papaya

Fiji exports approximately 800 t year-1 of 'Solo Sunrise' papaya marketed as 'Fiji Red' to international markets which include New Zealand, Australia and Japan. The wet weather conditions from November to April each year result in a significant increase in fungal diseases present in Fiji papaya orchards. The two major pathogens that are causing significant post-harvest losses are: stem end rot (Phytophthora palmivora) and anthracnose (Colletotrichum spp.). The high incidence of post-harvest rots has led to increased rejection rates all along the supply chain, causing a reduction in income to farmers, exporters, importers and retailers of Fiji papaya. It has also undermined the superior quality reputation on the market. In response to this issue, the Fiji Papaya industry led by Nature's Way Cooperative, embarked on series of trials supported by the Australian Centre for International Agricultural Research (ACIAR) to determine the most effective and economical post-harvest control in Fiji papaya. Of all the treatments that were examined, a hot water dip treatment was selected by the industry as the most appropriate technology given the level of control that it provide, the cost effectiveness of the treatment and the fact that it was non-chemical. A commercial hot water unit that fits with the existing quarantine treatment and packing facilities has been designed and a cost benefit analysis for the investment carried out. This paper explores the research findings as well as the industry process that has led to the commercial uptake of this important technology.

Preference Mapping Of Dulce De Leche Commercialized In Brazilian Markets.

Dulce de leche samples available in the Brazilian market were submitted to sensory profiling by quantitative descriptive analysis and acceptance test, as well sensory evaluation using the just-about-right scale and purchase intent. External preference mapping and the ideal sensory characteristics of dulce de leche were determined. The results were also evaluated by principal component analysis, hierarchical cluster analysis, partial least squares regression, artificial neural networks, and logistic regression. Overall, significant product acceptance was related to intermediate scores of the sensory attributes in the descriptive test, and this trend was observed even after consumer segmentation. The results obtained by sensometric techniques showed that optimizing an ideal dulce de leche from the sensory standpoint is a multidimensional process, with necessary adjustments on the appearance, aroma, taste, and texture attributes of the product for better consumer acceptance and purchase. The optimum dulce de leche was characterized by high scores for the attributes sweet taste, caramel taste, brightness, color, and caramel aroma in accordance with the preference mapping findings. In industrial terms, this means changing the parameters used in the thermal treatment and quantitative changes in the ingredients used in formulations.

Mechanical properties and porosity of dental glass-ceramics hot-pressed at different temperatures

The objective of this work was to evaluate biaxial-flexural-strength (σf), Vickers hardness (HV), fracture toughness (K Ic), Young's modulus (E), Poisson's ratio (ν) and porosity (P) of two commercial glass-ceramics, Empress (E1) and Empress 2 (E2), as a function of the hot-pressing temperature. Ten disks were hot-pressed at 1065, 1070, 1075 and 1080 °C for E1; and at 910, 915, 920 and 925 °C for E2. The porosity was measured by an image analyzer software and s f was determined using the piston-on-three-balls method. K Ic and HV were determined by an indentation method. Elastic constants were determined by the pulse-echo method. For E1 samples treated at different temperatures, there were no statistical differences among the values of all evaluated properties. For E2 samples treated at different temperatures, there were no statistical differences among the values of σf, E, and ν, however HV and K Ic were significantly higher for 910 and 915 °C, respectively. Regarding P, the mean value obtained for E2 for 925 °C was significantly higher compared to other temperatures.

Transiting exoplanets from the CoRoT space mission XVI. CoRoT-14b: an unusually dense very hot Jupiter

In this paper, the CoRoT Exoplanet Science Team announces its 14th discovery. Herein, we discuss the observations and analyses that allowed us to derive the parameters of this system: a hot Jupiter with a mass of 7.6 +/- 0.6 Jupiter masses orbiting a solar-type star (F9V) with a period of only 1.5 d, less than 5 stellar radii from its parent star. It is unusual for such a massive planet to have such a small orbit: only one other known higher mass exoplanet orbits with a shorter period.

Transiting exoplanets from the CoRoT space mission XVIII. CoRoT-18b: a massive hot Jupiter on a prograde, nearly aligned orbit

We report the detection of CoRoT-18b, a massive hot Jupiter transiting in front of its host star with a period of 1.9000693 +/- 0.0000028 days. This planet was discovered thanks to photometric data secured with the CoRoT satellite combined with spectroscopic and photometric ground-based follow-up observations. The planet has a mass M(p) = 3.47 +/- 0.38 M(Jup), a radius R(p) = 1.31 +/- 0.18 R(Jup), and a density rho(p) = 2.2 +/- 0.8 g cm(-3). It orbits a G9V star with a mass M(*) = 0.95 +/- 0.15 M(circle dot), a radius R(*) = 1.00 +/- 0.13 R(circle dot), and a rotation period P(rot) = 5.4 +/- 0.4 days. The age of the system remains uncertain, with stellar evolution models pointing either to a few tens Ma or several Ga, while gyrochronology and lithium abundance point towards ages of a few hundred Ma. This mismatch potentially points to a problem in our understanding of the evolution of young stars, with possibly significant implications for stellar physics and the interpretation of inferred sizes of exoplanets around young stars. We detected the RossiterMcLaughlin anomaly in the CoRoT-18 system thanks to the spectroscopic observation of a transit. We measured the obliquity psi = 20 degrees +/- 20 degrees +/- (sky-projected value lambda = -10 degrees +/- 20 degrees), indicating that the planet orbits in the same way as the star is rotating and that this prograde orbit is nearly aligned with the stellar equator.

Transiting exoplanets from the CoRoT space mission XIV. CoRoT-11b: a transiting massive ""hot-Jupiter"" in a prograde orbit around a rapidly rotating F-type star

The CoRoT exoplanet science team announces the discovery of CoRoT-11b, a fairly massive hot-Jupiter transiting a V = 12.9 mag F6 dwarf star (M(*) = 1.27 +/- 0.05 M(circle dot), R(*) = 1.37 +/- 0.03 R(circle dot), T(eff) = 6440 +/- 120 K), with an orbital period of P = 2.994329 +/- 0.000011 days and semi-major axis a = 0.0436 +/- 0.005 AU. The detection of part of the radial velocity anomaly caused by the Rossiter-McLaughlin effect shows that the transit-like events detected by CoRoT are caused by a planet-sized transiting object in a prograde orbit. The relatively high projected rotational velocity of the star (upsilon sin i(star) = 40 +/- 5 km s(-1)) places CoRoT-11 among the most rapidly rotating planet host stars discovered so far. With a planetary mass of M(p) = 2.33 +/- 0.34 M(Jup) and radius R(p) = 1.43 +/- 0.03 R(Jup), the resulting mean density of CoRoT-11b (rho(p) = 0.99 +/- 0.15 g/cm(3)) can be explained with a model for an inflated hydrogen-planet with a solar composition and a high level of energy dissipation in its interior.

Transiting exoplanets from the CoRoT space mission XIII. CoRoT-13b: a dense hot Jupiter in transit around a star with solar metallicity and super-solar lithium content

We announce the discovery of the transiting planet CoRoT-13b. Ground-based follow-up in CFHT and IAC80 confirmed CoRoT's observations. The mass of the planet was measured with the HARPS spectrograph and the properties of the host star were obtained analyzing HIRES spectra from the Keck telescope. It is a hot Jupiter-like planet with an orbital period of 4.04 days, 1.3 Jupiter masses, 0.9 Jupiter radii, and a density of 2.34 g cm(-3). It orbits a G0V star with T(eff) = 5 945 K, M(*) = 1.09 M(circle dot), R(*) = 1.01 R(circle dot), solar metallicity, a lithium content of +1.45 dex, and an estimated age of between 0.12 and 3.15 Gyr. The lithium abundance of the star is consistent with its effective temperature, activity level, and age range derived from the stellar analysis. The density of the planet is extreme for its mass, implies that heavy elements are present with a mass of between about 140 and 300 M(circle plus).

Transiting exoplanets from the CoRoT space mission XI. CoRoT-8b: a hot and dense sub-Saturn around a K1 dwarf

Aims. We report the discovery of CoRoT-8b, a dense small Saturn-class exoplanet that orbits a K1 dwarf in 6.2 days, and we derive its orbital parameters, mass, and radius. Methods. We analyzed two complementary data sets: the photometric transit curve of CoRoT-8b as measured by CoRoT and the radial velocity curve of CoRoT-8 as measured by the HARPS spectrometer**. Results. We find that CoRoT-8b is on a circular orbit with a semi-major axis of 0.063 +/- 0.001 AU. It has a radius of 0.57 +/- 0.02 R(J), a mass of 0.22 +/- 0.03 M(J), and therefore a mean density of 1.6 +/- 0.1 g cm(-3). Conclusions. With 67% of the size of Saturn and 72% of its mass, CoRoT-8b has a density comparable to that of Neptune (1.76 g cm(-3)). We estimate its content in heavy elements to be 47-63 M(circle plus), and the mass of its hydrogen-helium envelope to be 7-23 M(circle plus). At 0.063 AU, the thermal loss of hydrogen of CoRoT-8b should be no more than similar to 0.1% over an assumed integrated lifetime of 3 Ga.

Transiting exoplanets from the CoRoT space mission IX. CoRoT-6b: a transiting ""hot Jupiter"" planet in an 8.9d orbit around a low-metallicity star

The CoRoT satellite exoplanetary team announces its sixth transiting planet in this paper. We describe and discuss the satellite observations as well as the complementary ground-based observations - photometric and spectroscopic - carried out to assess the planetary nature of the object and determine its specific physical parameters. The discovery reported here is a ""hot Jupiter"" planet in an 8.9d orbit, 18 stellar radii, or 0.08 AU, away from its primary star, which is a solar-type star (F9V) with an estimated age of 3.0 Gyr. The planet mass is close to 3 times that of Jupiter. The star has a metallicity of 0.2 dex lower than the Sun, and a relatively high (7)Li abundance. While the light curve indicates a much higher level of activity than, e. g., the Sun, there is no sign of activity spectroscopically in e. g., the [Ca II] H&K lines.

Transiting exoplanets from the CoRoT space mission XVII. The hot Jupiter CoRoT-17b: a very old planet

We report on the discovery of a hot Jupiter-type exoplanet, CoRoT-17b, detected by the CoRoT satellite. It has a mass of 2.43 +/- 0.30 M(Jup) and a radius of 1.02 +/- 0.07 R(Jup), while its mean density is 2.82 +/- 0.38 g/cm(3). CoRoT-17b is in a circular orbit with a period of 3.7681 +/- 0.0003 days. The host star is an old (10.7 +/- 1.0 Gyr) main-sequence star, which makes it an intriguing object for planetary evolution studies. The planet's internal composition is not well constrained and can range from pure H/He to one that can contain similar to 380 earth masses of heavier elements.

Pressure of massless hot scalar theory in the boundary effective theory framework

We use the boundary effective theory approach to thermal field theory in order to calculate the pressure of a system of massless scalar fields with quartic interaction. The method naturally separates the infrared physics, and is essentially nonperturbative. To lowest order, the main ingredient is the solution of the free Euler-Lagrange equation with nontrivial (time) boundary conditions. We derive a resummed pressure, which is in good agreement with recent calculations found in the literature, following a very direct and compact procedure.