Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

Wi-share: partilha de configurações wi-fi

A popularidade dos dispositivos móveis tem vindo a aumentar significativamente nos últimos anos e, com isso, surge a necessidade de aceder à Internet nos smartphones e tablets, quer para fins laborais quer para lazer. Devido às limitações de tráfego nas redes móveis, como 3G ou 4G, as pessoas procuram conectar-se aos pontos de acesso nas suas proximidades para poupar tráfego móvel. Os pontos de acesso também são uma outra forma de se conseguir conectar à Internet no estrangeiro, mesmo quando não se tem disponível um plano de dados móveis. As soluções existentes, que visam conectar os seus utilizadores à Internet através de pontos de acesso, requerem o pagamento de uma taxa elevada ou violam a privacidade das redes Wi-Fi ao permitir que todos os utilizadores se consigam conectar sem a devida autorização dos proprietários e que consumam tráfego e largura de banda sem quaisquer restrições. Com este trabalho pretende-se permitir que os proprietários das redes possam limitar os recursos de quem acede às suas redes (tráfego, largura de banda e/ou número de utilizadores conectados) usando apenas uma aplicação Android para fazer todo o controlo de acesso e limitação de recursos. Além de limitar os recursos pretende-se possibilitar a interoperabilidade entre pontos de acesso de diferentes plataformas para permitir que utilizadores de diferentes operadores de telecomunicações possam partilhar as suas redes mutuamente. Para se atingir estes objetivos foi desenvolvido um sistema composto por uma aplicação Android e um servidor web. O teste da solução foi feito através de testes com utilizadores, identificando-se que os participantes partilharam maioritariamente as suas próprias redes. A maioria dos utilizadores optou por partilhar as suas redes de forma pública (com todos os utilizadores) e limitar o número de utilizadores conectados para salvaguardar o desempenho da sua ligação. Com este trabalho, consegue-se concluir que é possível incentivar os utilizadores a partilhar as suas redes caso estejam presentes mecanismos que consigam manter a privacidade da rede e que lhes consigam dar controlo sobre a partilha.

Bioqueries: a collaborative environment to create, explore and share SPARQL queries in Life Sciences

Bioqueries provides a collaborative environment to create, explore, execute, clone and share SPARQL queries (including Federated Queries). Federated SPARQL queries can retrieve information from more than one data source.

Órbitas ordenadas del mapeo shift, raíz cuadrada y la escalera del diablo

Nuestro principal objetivo en este trabajo será seguir el artículo en el que consideran una órbita del “mapeo doblamiento”, shift: σ t → 2t en R=Z (este es el mapeo cuadrático cuando pensamos a R=Z como el círculo unitario en el plano complejo). Llamaremos a un subconjunto cerrado A de R=Z ordenado bajo σ si A es invariante (esto es σ (A) = A) y si σ preserva el orden cíclico de los puntos de A. Tales conjuntos tienen asignado un número de rotación, que lo llamamos así porque se parece mucho al que definimos en homeomorfismos del círculo, otra manera de ver el número de rotación es tomar la expansión decimal de cualquier t en A y luego calcular la frecuencia con la cual el dígito ’1’ se produce en esta expansión binaria. En este trabajo nos preocuparemos por dar una clasificación completa de los subconjuntos A que cumplen con ser ordenados, explícitamente daremos un algoritmo para su construcción, algunas propiedades de teoría de números, una generalización de la noción de orden y una caracterización del orden de todos los puntos alrededor de R=Z

Bioqueries: a collaborative environment to create, explore and share SPARQL queries in Life Sciences

Bioqueries provides a collaborative environment to create, explore, execute, clone and share SPARQL queries (including Federated Queries). Federated SPARQL queries can retrieve information from more than one data source.

The scientific rationale, design and implementation plan for a Biogeochemical-Argo float array

Biogeochemical-Argo is the extension of the Argo array of profiling floats to include floats that are equipped with biogeochemical sensors for pH, oxygen, nitrate, chlorophyll, suspended particles, and downwelling irradiance. Argo is a highly regarded, international program that measures the changing ocean temperature (heat content) and salinity with profiling floats distributed throughout the ocean. Newly developed sensors now allow profiling floats to also observe biogeochemical properties with sufficient accuracy for climate studies. This extension of Argo will enable an observing system that can determine the seasonal to decadal-scale variability in biological productivity, the supply of essential plant nutrients from deep-waters to the sunlit surface layer, ocean acidification, hypoxia, and ocean uptake of CO2. Biogeochemical-Argo will drive a transformative shift in our ability to observe and predict the effects of climate change on ocean metabolism, carbon uptake, and living marine resource management. Presently, vast areas of the open ocean are sampled only once per decade or less, with sampling occurring mainly in summer. Our ability to detect changes in biogeochemical processes that may occur due to the warming and acidification driven by increasing atmospheric CO2, as well as by natural climate variability, is greatly hindered by this undersampling. In close synergy with satellite systems (which are effective at detecting global patterns for a few biogeochemical parameters, but only very close to the sea surface and in the absence of clouds), a global array of biogeochemical sensors would revolutionize our understanding of ocean carbon uptake, productivity, and deoxygenation. The array would reveal the biological, chemical, and physical events that control these processes. Such a system would enable a new generation of global ocean prediction systems in support of carbon cycling, acidification, hypoxia and harmful algal blooms studies, as well as the management of living marine resources. In order to prepare for a global Biogeochemical-Argo array, several prototype profiling float arrays have been developed at the regional scale by various countries and are now operating. Examples include regional arrays in the Southern Ocean (SOCCOM ), the North Atlantic Sub-polar Gyre (remOcean ), the Mediterranean Sea (NAOS ), the Kuroshio region of the North Pacific (INBOX ), and the Indian Ocean (IOBioArgo ). For example, the SOCCOM program is deploying 200 profiling floats with biogeochemical sensors throughout the Southern Ocean, including areas covered seasonally with ice. The resulting data, which are publically available in real time, are being linked with computer models to better understand the role of the Southern Ocean in influencing CO2 uptake, biological productivity, and nutrient supply to distant regions of the world ocean. The success of these regional projects has motivated a planning meeting to discuss the requirements for and applications of a global-scale Biogeochemical-Argo program. The meeting was held 11-13 January 2016 in Villefranche-sur-Mer, France with attendees from eight nations now deploying Argo floats with biogeochemical sensors present to discuss this topic. In preparation, computer simulations and a variety of analyses were conducted to assess the resources required for the transition to a global-scale array. Based on these analyses and simulations, it was concluded that an array of about 1000 biogeochemical profiling floats would provide the needed resolution to greatly improve our understanding of biogeochemical processes and to enable significant improvement in ecosystem models. With an endurance of four years for a Biogeochemical-Argo float, this system would require the procurement and deployment of 250 new floats per year to maintain a 1000 float array. The lifetime cost for a Biogeochemical-Argo float, including capital expense, calibration, data management, and data transmission, is about $100,000. A global Biogeochemical-Argo system would thus cost about $25,000,000 annually. In the present Argo paradigm, the US provides half of the profiling floats in the array, while the EU, Austral/Asia, and Canada share most the remaining half. If this approach is adopted, the US cost for the Biogeochemical-Argo system would be ~$12,500,000 annually and ~$6,250,000 each for the EU, and Austral/Asia and Canada. This includes no direct costs for ship time and presumes that float deployments can be carried out from future research cruises of opportunity, including, for example, the international GO-SHIP program (http://www.go-ship.org). The full-scale implementation of a global Biogeochemical-Argo system with 1000 floats is feasible within a decade. The successful, ongoing pilot projects have provided the foundation and start for such a system.

Trapping phenomena in AlGaN and InAlN barrier HEMTs with different geometries

PAPER Trapping phenomena in AlGaN and InAlN barrier HEMTs with different geometries S Martin-Horcajo1, A Wang1, A Bosca1, M F Romero1, M J Tadjer1,2, A D Koehler2, T J Anderson2 and F Calle1 Published 11 February 2015 • © 2015 IOP Publishing Ltd Semiconductor Science and Technology, Volume 30, Number 3 Article PDF Figures References Citations Metrics 350 Total downloads Cited by 1 articles Export citation and abstract BibTeX RIS Turn on MathJax Share this article Article information Abstract Trapping effects were evaluated by means of pulsed measurements under different quiescent biases for GaN/AlGaN/GaN and GaN/InAlN/GaN. It was found that devices with an AlGaN barrier underwent an increase in the on-resistance, and a drain current and transconductance reduction without measurable threshold voltage change, suggesting the location of the traps in the gate-drain access region. In contrast, devices with an InAlN barrier showed a transconductance and a decrease in drain associated with a significant positive shift of threshold voltage, indicating that the traps were likely located under the gate region; as well as an on-resistance degradation probably associated with the presence of surface traps in the gate-drain access region. Furthermore, measurements of drain current transients at different ambient temperatures revealed that the activation energy of electron traps was 0.43 eV and 0.38 eV for AlGaN and InAlN barrier devices, respectively. Experimental and simulation results demonstrated the influence of device geometry on the observed trapping effects, since devices with larger gate lengths and gate-to-drain distance values exhibited less noticeable charge trapping effects.

The export performance of the 2004 EU enlargement economies since the 1990s : a constant market share analysis

This study focuses the export performance of the 2004 EU enlargement economies between 1990 and 2013. The long time span analysed allows to capture different stages in the relationship of these new members with the EU before and after accession. The study is based on the Constant Market Share methodology of decomposing an ex-post country’s export performance into different effects. Two different Constant Market Share Analysis (CMSA) were selected in order to disentangle, for the exports of the new members to the EU15, (i) the growth rate of exports and (ii) the growth rate of exports relatively to the world. Both approaches are applied to manufactured products first without disaggregating results by sectors and then grouping all products into two different classification of sectors: one considering the technological intensity of manufactured exports and another evaluating the specialization factors of the products exported. Results provide information not only on the ten economies’ export performance as a group but also individually considered and on the importance of each EU15 destination market to the export performance of these countries.

A novel concept-level approach for ultra-concise opinion summarization

The Web 2.0 has resulted in a shift as to how users consume and interact with the information, and has introduced a wide range of new textual genres, such as reviews or microblogs, through which users communicate, exchange, and share opinions. The exploitation of all this user-generated content is of great value both for users and companies, in order to assist them in their decision-making processes. Given this context, the analysis and development of automatic methods that can help manage online information in a quicker manner are needed. Therefore, this article proposes and evaluates a novel concept-level approach for ultra-concise opinion abstractive summarization. Our approach is characterized by the integration of syntactic sentence simplification, sentence regeneration and internal concept representation into the summarization process, thus being able to generate abstractive summaries, which is one the most challenging issues for this task. In order to be able to analyze different settings for our approach, the use of the sentence regeneration module was made optional, leading to two different versions of the system (one with sentence regeneration and one without). For testing them, a corpus of 400 English texts, gathered from reviews and tweets belonging to two different domains, was used. Although both versions were shown to be reliable methods for generating this type of summaries, the results obtained indicate that the version without sentence regeneration yielded to better results, improving the results of a number of state-of-the-art systems by 9%, whereas the version with sentence regeneration proved to be more robust to noisy data.

Competitividade e parcelas de mercado: um estudo do modelo Constant Market Share para as exportações do melão brasileiro.

Terceiro maior produtor de frutas frescas do mundo, o Brasil se destaca no mercado agrícola por apresentar um clima tropical favorável à produção de diversas frutas. O melão e a manga são exemplos de frutas frescas que apresentam grandes índices de exportação. Os estados do Ceará e do Rio Grande do Norte são responsáveis pela maior parte da produção do melão brasileiro, já o mercado da União Europeia, é responsável quase que pela totalidade da importação do melão brasileiro. O objetivo desta pesquisa é analisar a competitividade e as parcelas de mercado do melão brasileiro no mercado mundial, no período de 2003 a 2011, tomando como base o modelo Constant Market Share. Os resultados mostram a diferença de direção dos subperíodos analisados. No primeiro subperíodo, têm-se o crescimento da exportação ocasionado pelo crescimento do comércio mundial e pelo fator competitividade, diferente do segundo período em que há uma queda principalmente na competitividade ocasionando o declínio na exportação da fruta produzida no Brasil

Hardware-in-the-loop implementation of single- and dual-phase shift control for dual active bridge converters in EV applications

Isolated DC-DC converters play a significant role in fast charging and maintaining the variable output voltage for EV applications. This study aims to investigate the different Isolated DC-DC converters for onboard and offboard chargers, then, once the topology is selected, study the control techniques and, finally, achieve a real-time converter model to accomplish Hardware-In-The-Loop (HIL) results. Among the different isolated DC-DC topologies, the Dual Active Bridge (DAB) converter has the advantage of allowing bidirectional power flow, which enables operating in both Grid to Vehicle (G2V) and Vehicle to Grid (V2G) modalities. Recently, DAB has been used in the offboard chargers for high voltage applications due to SiC and GaN MOSFETs; this new technology also allows the utilization of higher switching frequencies. By empowering soft switching techniques to reduce switching losses, higher switching frequency operation is possible in DAB. There are four phase shift control techniques for the DAB converter. They are Single Phase shift, Extended Phase shift, Dual Phase shift, Triple Phase shift controls. This thesis considers two control strategies; Single-Phase, and Dual-Phase shifts, to understand the circulating currents, power losses, and output capacitor size reduction in the DAB. Hardware-In-The-Loop (HIL) experiments are carried out on both controls with high switching frequencies using the PLECS software tool and the RT box supporting the PLECS. Root Mean Square Error is also calculated for steady-state values of output voltage with different sampling frequencies in both the controls to identify the achievable sampling frequency in real-time. DSP implementation is also executed to emulate the optimized DAB converter design, and final real-time simulation results are discussed for both the Single-Phase and Dual-Phase shift controls.

Patient data sharing for the improvement of healthcare and medical research: towards a moral duty of patients to share health-related data?

The project answers to the following central research question: ‘How would a moral duty of patients to transfer (health) data for the benefit of health care improvement, research, and public health in the eHealth sector sit within the existing confidentiality, privacy, and data protection legislations?’. The improvement of healthcare services, research, and public health relies on patient data, which is why one might raise the question concerning a potential moral responsibility of patients to transfer data concerning health. Such a responsibility logically would have subsequent consequences for care providers concerning the further transferring of health data with other healthcare providers or researchers and other organisations (who also possibly transfer the data further with others and other organisations). Otherwise, the purpose of the patients’ moral duty, i.e. to improve the care system and research, would be undermined. Albeit the arguments that may exist in favour of a moral responsibility of patients to share health-related data, there are also some moral hurdles that come with such a moral responsibility. Furthermore, the existing European and national confidentiality, privacy and data protection legislations appear to hamper such a possible moral duty, and they may need to be reconsidered to unlock the full use of data for healthcare and research.

Investigating perceptual multisensory impairments in Autism through a neural network: a possible neural implementation for the shift from cross-modal competition to facilitation

Resolution of multisensory deficits has been observed in teenagers with Autism Spectrum Disorders (ASD) for complex, social speech stimuli; this resolution extends to more basic multisensory processing, involving low-level stimuli. In particular, a delayed transition of multisensory integration (MSI) from a default state of competition to one of facilitation has been observed in ASD children. In other terms, the complete maturation of MSI is achieved later in ASD. In the present study a neuro-computational model is used to reproduce some patterns of behavior observed experimentally, modeling a bisensory reaction time task, in which auditory and visual stimuli are presented in random sequence alone (A or V) or together (AV). The model explains how the default competitive state can be implemented via mutual inhibition between primary sensory areas, and how the shift toward the classical multisensory facilitation, observed in adults, is the result of inhibitory cross-modal connections becoming excitatory during the development. Model results are consistent with a stronger cross-modal inhibition in ASD children, compared to normotypical (NT) ones, suggesting that the transition toward a cooperative interaction between sensory modalities takes longer to occur. Interestingly, the model also predicts the difference between unisensory switch trials (in which sensory modality switches) and unisensory repeat trials (in which sensory modality repeats). This is due to an inhibitory mechanism, characterized by a slow dynamics, driven by the preceding stimulus and inhibiting the processing of the incoming one, when of the opposite sensory modality. These findings link the cognitive framework delineated by the empirical results to a plausible neural implementation.