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.

An Analysis of Stock Market Performance:The Dow Jones Industrial Average and the Three Top Performing Lodging Firma: 1982-1988

In their dialogue - An Analysis of Stock Market Performance: The Dow Jones Industrial Average and the Three Top Performing Lodging Firms 1982 – 1988 - by N. H. Ringstrom, Professor and Elisa S. Moncarz, Associate Professor, School of Hospitality Management at Florida International University, Professors Ringstrom and Moncarz state at the outset: “An interesting comparison can be made between the Dow Jones lndustrial Average and the three top performing, publicly held lodging firms which had $100 million or more in annual lodging revenues. The authors provide that analytical comparison with Prime Motor Inns Inc., the Marriott Corporation, and Hilton Hotels Corporation.” “Based on a criterion of size, only those with $100 million in annual lodging revenues or more resulted in the inclusion of the following six major hotel firms: Prime Motor Inns, Inc., Marriott Corporation, Hilton Hotels Corporation, Ramada Inc., Holiday Corporation and La Quinta Motor Inns, Inc.,” say Professors Ringstrom and Moncarz in framing this discussion with its underpinnings in the years 1982 to 1988. The article looks at each company’s fiscal and Dow Jones performance for the years in question, and presents a detailed analysis of said performance. Graphic analysis is included. It helps to have a fairly vigorous knowledge of stock market and fiscal examination criteria to digest this material. The Ringstrom and Moncarz analysis of Prime Motor Inns Incorporated occupies the first 7 pages of this article in and of itself. Marriot Corporation also occupies a prominent position in this discussion. “Marriott, a giant in the hospitality industry, is huge and continuing to grow. Its 1987 sales were more than $6.5 billion, and its employees numbered over 200,000 individuals, which place Marriott among the 10 largest private employers in the country,” Ringstrom and Moncarz parse Marriott’s influence as a significant financial player. “The firm has a fantastic history of growth over the past 60 years, starting in May 1927 with a nine-seat A & W Root Beer stand in Washington, D.C.,” offer the authors in initialing Marriot’s portion of the discussion with a brief history lesson. The Marriot firm was officially incorporated as Hot Shoppes Inc. in 1929. As the thesis statement for the discussion suggests the performance of these huge, hospitality giants is compared and contrasted directly to the Dow Jones Industrial Average performance. Reasons and empirical data are offered by the authors to explain the distinctions. It would be difficult to explain those distinctions without delving deeply into corporate financial history and the authors willingly do so in an effort to help you understand the growth, as well as some of the setbacks of these hospitality based juggernauts. Ringstrom and Moncarz conclude the article with an extensive overview and analysis of the Hilton Hotels Corporation performance for the period outlined. It may well be the most fiscally dynamic of the firms presented for your perusal. “It is interesting to note that Hilton Hotels Corporation maintained a very strong financial position with relatively little debt during the years 1982-1988…the highest among all companies in the study,” the authors paint.

Caracterização da fração de óleo de café extraido de grãos sadios, verdes e preto-verdes, e a influência na adição deste na sensorial de café liofilizado

The application of roasted coffee oil directly on freeze dried soluble coffee is used to minimize the formation of fine poder which adhere on the glass packaging, which results in a negative visual appearance, as well as contributes to the aromatic impact when opening the packaging. The coffee oil is considered a high cost product obtained from Arabica coffee beans, previosly selected and roasted, by mechanical press. In Brazil the coffee culture and marketing results in the selection of the beans by type of defects and beverage, the volume of exportation works with types of coffee beans with low quantity of defects resulting in a large volume of defective coffee beans trading on the domestic market. Nevertheless, coffees which present defective grains like green, black-green beans present differences in the final flavor of the roasted coffees. The aim of this study was to evaluate the chemical composition of the oils extracted from grains classified as normal, green and black-green, at natural and roasted conditions. The oil was obtained by cold extraction using solvents of different polarities, and yield was calculated as well as its fatty acid composition. The oil of the roasted defective coffee grains was also used to prepare drinks of lyophilized soluble coffee in order to verify if jugdes were able to differenciate the sensory caracteristics of the beverages, in comparison to the product prepared using commercial oil obtained by mechanical pressing. Samples of oil obtained from defective grains showed similar extraction yields compared to hot extraction. Cromatographs of oils of the deffective grains did not showed differences compared to normal grains. In relation to the sensory analysis of the soluble coffee beverages, it was verified that when applying oils of light roasted black-green beans or oils of medium and dark roasted green beans obtained with rapid process, judges had more difficulties to distinguish differences between samples. Economic viability demonstrated that with the actual prices of the coffee beans, the use of defective beans could reduce in 64% the costs of the raw beans.

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.

Clemson Sandhill Farmers Market : market flash

This periodical tells about all the activities going on at the Sandhill Farmers Market and other markets in the Columbia area. Many things are hot linked to the market flash including recipes, planting tips, Clemson University and the South Carolina Farmer's Market.

Clemson Sandhill Farmers Market : market flash

This periodical tells about all the activities going on at the Sandhill Farmers Market and other markets in the Columbia area. Many things are hot linked to the market flash including recipes, planting tips, Clemson University and the South Carolina Farmer's Market.

Clemson Sandhill Farmers Market : market flash

This periodical tells about all the activities going on at the Sandhill Farmers Market and other markets in the Columbia area. Many things are hot linked to the market flash including recipes, planting tips, Clemson University and the South Carolina Farmer's Market.

Durabilidade de compósito biomassa vegetal-cimento modificado por polímero

The durability of the cellulose-cement composites is a decisive factor to introduce such material in the market. Polymers have been used in concrete and mortar production to increase its durability. The goal of this work was the physical and mechanical characterization of cellulose-cement composites modified by a polymer and the subsequent durability evaluation. The work also evaluated the dispersion of acrylic polymer in composites made of Pinus caribaea residues. The physical properties observed were water absorption by immersion and bulk density. Rupture modulus and toughness were determined by flexural test. The specimens were obtained from pads, produced by pressing and wet curing. Samples were subjected to accelerated aging tests by repeated wetting and drying cycles and hot-water bath and natural aging. The scanning electron microscopy (SEM) allowed verifying the fiber and composite characteristics along the time. For the composite range analyzed, it was observed the polymer improved the mechanical properties of composites besides a significant decreasing in water absorption. The use of polymer improved the performance of vegetable fiber-cement composites when compared to the conventional mortar, due to water absorption decreasing.

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.

Características de carcaça de suínos de três linhagens genéticas em diferentes idades ao abate

O objetivo deste trabalho foi estudar as características da carcaça de suínos de diferentes linhagens genéticas, em diferentes idades ao abate. Foram utilizados 88 suínos por linhagem, fêmeas e machos castrados, com idade e peso médio iniciais de 74 dias e 30kg, respectivamente, pertencentes a três linhagens genéticas distintas, designadas de AgroceresPic, Dalland e Seghers. A etapa experimental foi dividida em quatro fases (Crescimento I, Crescimento II, Terminação I e Terminação II). Ao final de cada etapa, foram abatidos 60 animais (10 por linhagem/sexo), para as caracterizações: Peso (PCQ) e Rendimento de Carcaça Quente (RCQ), Área de Olho de Lombo (AOL) e Espessura de Toucinho (ET). Na análise dos resultados foi utilizado um delineamento inteiramente casualizado com desdobramento dos graus de liberdade em esquema fatorial 4 x 3 x 2, sendo quatro idades ao abate (90, 119, 150 e 186 dias), três linhagens (AgroceresPic, Dalland e Seghers) e dois sexos (fêmea e macho castrado), com 10 repetições por tratamento, sendo utilizado o pacote PROC MIXED do Softwear SAS. Os valores médios de peso vivo apresentaram diferença entre as linhagens e interação entre fase e linhagem (P<0,05). Os valores médios das demais variáveis estudadas apresentaram diferença e a interação (P<0,05) entre fase, linhagem e sexo, sendo que de maneira geral as principais diferenças ocorreram a partir da fase de Terminação I, em que as fêmeas das linhagens AgroceresPic e Dalland apresentaram melhores resultados (P<0,05) de RCQ (80,4 e 80,7%, respectivamente) em comparação com os machos (78,8 e 78,7%, respectivamente) e além disso as fêmeas Dalland apresentaram valores superiores (P<0,01) de AOL e ET (45,7cm² e 11,4mm x 38,3cm² e 18,3mm). Conclui-se que as linhagens genéticas avaliadas apresentaram características de carcaça muito interessantes para o mercado atual e que as fêmeas suínas podem ser utilizadas em programas que visem o abate de animais mais pesados.

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.