The Relationship Between Liquidity, Trading Activity and Return - Studies of the Finnish and Swedish Stock Markets

Liquidity, or how easy an investment is to buy or sell, is becoming increasingly important for financial market participants. The objective of this dissertation is to contribute to the understanding of how liquidity affects financial markets. The first essays analyze the actions taken by underwriters immediately after listing to improve liquidity of IPO stock. To estimate the impact of underwriter activity on the pricing of the IPOs, the order book during the first weeks of trading in the IPO stock is studied. Evidence of stabilization and liquidity enhancing activities by underwriters is found. The second half of the dissertation is concerned with the daily trading of stocks where liquidity may be impacted by policy issues such as changes in taxes or exchange fees and by opening the access to the markets for foreign investors. The desirability of a transaction tax on securities trading is addressed. An increase in transaction tax is found to cause lower prices and higher volatility. In the last essay the objective is to determine if the liquidity of a security has an impact on the return investors require. The results support the notion that returns are negatively correlated to liquidity.

Knowledge Transfer within Western Multinationals' Subsidiary Units in China and Finland - The Impact of Headquarter Control Mechanisms, Subsidiary Location and Social Capital (summary section only)

It is suggested that the ability and practices of how the multinational corporation (MNC) manages knowledge transfer among its geographically dispersed subsidiary units are crucial for the building and development of firm competitive advantage. However, cross-border transfer of valuable organizational knowledge is likely to be problematic and laborious, especially within diversified and differentiated MNCs. Using data collected from 164 western multinational companies’ subsidiary units located in China and Finland, this study aims to investigate cross-border knowledge transfer within the MNC. It explores a number of factors that influence the transfer of knowledge among units in the differentiated MNC. The study consists of five individual papers. Paper 1 investigates a range of organizational mechanisms that may positively influence a subsidiary’s propensity to undertake knowledge transfers to other parts of the corporation. Paper 2 explores the impact of subsidiary location on the motivational dispositions of knowledge receiving units to value and accept knowledge from subsidiaries located in economically less advanced countries. Paper 3 examines the influence of social capital variables on knowledge transfer in dyadic relationships between foreign-owned subsidiaries and their sister and patent units. Paper 4 provides some initial insights into potentially different effects of trust and shared vision in intra-organizational vs. inter-organizational relationships. Using a case study setting, Paper 5 explores means and mechanisms used in transferring human resource management practices to Western MNCs’ business units in China from a cultural perspective. The results of the study show that MNC management through choices regarding organizational controls can encourage and enhance corporate-internal knowledge transfer. It also finds evidence that more knowledge is transferred from subsidiaries located in an industrialized country (e.g., Finland) than subsidiaries located in a developing country (e.g., China). While the study has highlighted the importance of social capital in promoting knowledge transfer, it has also uncovered some new findings that the effect of trust and shared vision may be contingent upon different contexts. Finally, in Paper 5, a number of mechanisms used in transferring selected HRM practices and competences to the Chinese business units have been identified. The findings suggest that cultural differences should be taken into consideration in the choice and use of different transfer mechanisms.

An extended verifiable secret redistribution protocol for archival systems

Existing protocols for archival systems make use of verifiability of shares in conjunction with a proactive secret sharing scheme to achieve high availability and long term confidentiality, besides data integrity. In this paper, we extend an existing protocol (Wong et al. [9]) to take care of more realistic situations. For example, it is assumed in the protocol of Wong et al. that the recipients of the secret shares are all trustworthy; we relax this by requiring that only a majority is trustworthy.

Starburst in the ultraluminous galaxy Arp 220: Constraints from observations of radio recombination lines and continuum

We present observations of radio recombination lines (RRL) from the starburst galaxy Arp 220 at 8.1 GHz (H92 alpha) and 1.4 GHz (H167 alpha and H165 alpha) and at 84 GHz (H42 alpha), 96 GHz (H40 alpha) and 207 GHz (H31 alpha) using the Very Large Array and the IRAM 30 m telescope, respectively. RRLs were detected at all the frequencies except 1.4 GHz, where a sensitive upper limit was obtained. We also present continuum flux measurements at these frequencies as well as at 327 MHz made with the VLA. The continuum spectrum, which has a spectral index alpha similar to -0.6 (S-nu proportional to nu(alpha)) between 5 and 10 GHz, shows a break near 1.5 GHz, a prominent turnover below 500 MHz, and a flatter spectral index above 50 GHz. We show that a model with three components of ionized gas with different densities and area covering factors can consistently explain both RRL and continuum data. The total mass of ionized gas in the three components is 3.2 x 10(7) M., requiring 3 x 10(5) O5 stars with a total Lyman continuum production rate N-Lyc similar to 1.3 x 10(55) photons s(-1). The ratio of the expected to observed Br alpha and Br gamma fluxes implies a dust extinction A(V) similar to 45 mag. The derived Lyman continuum photon production rate implies a continuous star formation rate (SFR) averaged over the lifetime of OB stars of similar to 240 M yr(-1). The Lyman continuum photon Production rate of similar to 3% associated with the high-density H II regions implies a similar SFR at recent epochs (t < 10(5) yr). An alternative model of high-density gas, which cannot be excluded on the basis of the available data, predicts 10 times higher SFR at recent epochs. If confirmed, this model implies that star formation in Arp 220 consists of multiple starbursts of very high SFR (few times 10(3) M. yr(-1)) and short duration (similar to 10(5) yr). The similarity of IR excess, L-IR/L-Ly alpha similar to 24, in Arp 220 to values observed in starburst galaxies shows that most of the high luminosity of Arp 220 is due to the ongoing starburst rather than to a hidden active galactic nucleus (AGN). A comparison of the IR excesses in Arp 220, the Galaxy, and M33 indicates that the starburst in Arp 220 has an initial mass function that is similar to that in normal galaxies and has a duration longer than 107 yr. If there was no infall of gas during this period, then the star formation efficiency (SFE) in Arp 220 is similar to 50%. The high SFR and SFE in Arp 220 is consistent with their known dependences on mass and density of gas in star-forming regions of normal galaxies.

Polarization enhancement in compositionally graded vanadium doped bismuth titanate thin films

Compositionally up and downgraded Bi4-x/3Ti3-xVxO12 (x=0.0, 0.012,0.03, 0.06) thin films were grown on Pt coated silicon substrates by pulsed laser deposition technique. Downgraded fabrication showed improved ferroelectric polarization in comparison to upgraded fabrication. Films deposited at 650 and 700 degrees C showed very large remnant polarization (2P(r)) value of 82 mu C cm(-2), which is comparatively large among all bismuth based thin films reported so far. A mechanism based on vanadium enrich seeded layer formation in the downgraded structure is proposed for the improvement. Moreover, frequency independent behavior (100Hz-5kHz) of the graded films ensures its potential application for various microelectronic devices. (c) 2010 American Institute of Physics. [doi :10.1063/1.3431543].

Specification-driven approach for protocol design of distributed computing systems

An important issue in the design of a distributed computing system (DCS) is the development of a suitable protocol. This paper presents an effort to systematize the protocol design procedure for a DCS. Protocol design and development can be divided into six phases: specification of the DCS, specification of protocol requirements, protocol design, specification and validation of the designed protocol, performance evaluation, and hardware/software implementation. This paper describes techniques for the second and third phases, while the first phase has been considered by the authors in their earlier work. Matrix and set theoretic based approaches are used for specification of a DCS and for specification of the protocol requirements. These two formal specification techniques form the basis of the development of a simple and straightforward procedure for the design of the protocol. The applicability of the above design procedure has been illustrated by considering an example of a computing system encountered on board a spacecraft. A Petri-net based approach has been adopted to model the protocol. The methodology developed in this paper can be used in other DCS applications.

Supramolecular insulin assembly II for a sustained treatment of type 1 diabetes mellitus

Diabetes is a chronic disease requiring continuous medical supervision and patient education to prevent acute secondary complications. In this study, we have harnessed the inherent property of insulin to aggregate into an oligomeric intermediate on the pathway to amyloid formation, to generate a form that exhibits controlled and sustained release for extended periods. Administration of a single dose of the insulin oligomer, defined here as the supramolecular insulin assembly II (SIA-II), to experimental animals rendered diabetic by streptozotocin or alloxan, released the hormone capable of maintaining physiologic glucose levels for > 120 days for bovine and > 140 days for recombinant human insulin without fasting hypoglycemia. Moreover, the novel SIA-II described here not only improved the glycemic control, but also reduced the extent of secondary diabetic complications.

Design of an HA2-based Escherichia coli expressed influenza immunogen that protects mice from pathogenic challenge

Influenza HA is the primary target of neutralizing antibodies during infection, and its sequence undergoes genetic drift and shift in response to immune pressure. The receptor binding HA1 subunit of HA shows much higher sequence variability relative to the metastable, fusion-active HA2 subunit, presumably because neutralizing antibodies are primarily targeted against the former in natural infection. We have designed an HA2-based immunogen using a protein minimization approach that incorporates designed mutations to destabilize the low pH conformation of HA2. The resulting construct (HA6) was expressed in Escherichia coli and refolded from inclusion bodies. Biophysical studies and mutational analysis of the protein indicate that it is folded into the desired neutral pH conformation competent to bind the broadly neutralizing HA2 directed monoclonal 12D1, not the low pH conformation observed in previous studies. HA6 was highly immunogenic in mice and the mice were protected against lethal challenge by the homologous A/HK/68 mouse-adapted virus. An HA6-like construct from another H3 strain (A/Phil/2/82) also protected mice against A/HK/68 challenge. Regions included in HA6 are highly conserved within a subtype and are fairly well conserved within a clade. Targeting the highly conserved HA2 subunit with a bacterially produced immunogen is a vaccine strategy that may aid in pandemic preparedness.

Functional linkages can reveal protein complexes for structure determination

The study of molecular machines, and protein complexes in general, is a growth area of biology. Is there a computational method for inferring which combinations of proteins in an organism are likely to form a crystallizable complex? We use the Protein Data Bank (PDB) to assess the usefulness of inferred functional protein linkages for this task. We find that of 242 nonredundant prokaryotic protein complexes (complexes excluding structural variants of the same protein) from organisms that are shared between the current PDB and the Prolinks functional linkage database, 44% (107/242) contain proteins that are linked at high-confidence by one or more methods of computed functional linkages. This suggests that computing functional linkages will be useful in defining protein complexes for structural studies. We offer a database of such inferred linkages corresponding to likely protein complexes for some 629,952 pairs of proteins in 154 prokaryotes and archea.

Structure of 1,2,4-oxadiazolidine-3,5-dione monohydrate

C2H2N203.H20, Mr= 120.07, monoclinic,P21/c, a= 5.011 (1), b= 11.796(2), c= 7.689 (2)A,fl= 95.22 (2) ° , V= 452.61 A 3, Z= 4, Dx= 1.76, D m = 1.75 gcm -3, /].(Cu Ks) = 1.5418 A, g = 14-0 cm -l,F(000) = 248, T = 293 K, crystal quality was poor and the final R =0.107, wR =0.090 for 881 observed reflections. The compound is derived from a novel form of the monopropellant oxalohydroxamic acid. The two exocyclic C-O bond lengths of 1.240 (3) and 1.228 (4)A indicate double bonds. The C-N bond lengths of 1.334 (4), 1.390 (4) and 1.359 (4) A are characteristic of the amide bond. The N atom covalently bonded to the two carbonyl C atoms acts as a proton donor in an intermolecular hydrogen bond to the ring O atom: N1...O3i = 2.854 ]k (i =x-- 1,y, z), H...O = 2.15 A, N-H...O = 159 °.

Structure of L-Arginyl-L-aspartie Acid Dihydrate

C~0H~gN5Os.2H20, Mr=325.32, monoclinic,P2~, a = 12.029 (2), b=4.904 (2), c=13.215 (2) A, fl= 107.68 (2) ° , F= 743 (1) A 3, Z= 2,D m = 1-45, D x = 1.45 Mg m -3, Cu Ka, 2 = 1.54184 A,fl= 1.01mm -1, F(000)=348, T=293K. The final R value for 1277 observed reflections 110 >_ 3tr(Io)l is 0.031. The dipeptide exists as a zwitterion. The arginyl side-chain conformation is similar to that found in arginyl-glutamic acid [Pandit, Seshadri & Viswamitra (1983). Acta Cryst. C39, 1669-16721. The guanidyl group forms a pair of hydrogen bonds with oxygen atoms of the backbone carboxyl group. The crystal structure is also stabilized by -bonding interactions involving both water molecules.