Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation

We examine why firms combine convertible debt offerings with stock repurchases. In 2006, 33% of the convertible issuers in the US simultaneously repurchased stock. These combined transactions are inconsistent with traditional motivations for convertible issuance. We document that convertible arbitrage drives these stock repurchases. Convertible debt arbitrageurs simultaneously buy convertibles and short sell the issuer’s common stock, resulting in downward pressure on the stock price. To prevent such short-selling activity, firms repurchase their stock directly from arbitrageurs. We show that combined transactions exhibit lower short-selling activity and that convertible arbitrage explains both the size and speed of the stock repurchases.

Venda de kiwis online: www.prosmokiwi.com

Avui en dia la venda de productes, mitjançant les possibilitats que ens ofereix Internet, es troba en ple creixement. Aquest projecte pretén posar en funcionament una pàgina Web dedicada a la venda de fruita, concretament kiwis. Des de fa un temps, la població comença a ser conscient del desequilibri entre l'agent productor i l'agent comercial. Com passa també en altres sectors, el productor ven a un preu molt inferior respecte al que després es ficarà de cara al comprador final. En el cas de la fruita, el client acaba comprant un producte més car i normalment de menys qualitat. L'objectiu principal d'aquest projecte és promoure la venda online a partir d'una mercaderia de qualitat i més econòmica, aconseguint un major benefici tant per part del productor com del client.

Trade in bilateral oligopoly with endogenous market formation

We study a strategic market game in which traders are endowed with both a good and money and can choose whether to buy or sell the good. We derive conditions under which a non-autarkic equilibrium exists and when the only equilibrium is autarky. Autarky is ‘nice’ (robust to small perturbations in the game) when it is the only equilibrium, and ‘very nice’ (robust to large perturbations) when no gains from trade exist. We characterize economies where autarky is nice but not very nice; that is, when gains from trade exist and yet no trade takes place.

Self-Fulfilling Price Cycles

This paper presents a model of a self-fulfilling price cycle in an asset market. Price oscillates deterministically even though the underlying environment is stationary. The mechanism that we uncover is driven by endogenous variation in the investment horizons of the different market participants, informed and uninformed. On even days, the price is high; on odd days it is low. On even days, informed traders are willing to jettison their good assets, knowing that they can buy them back the next day, when the price is low. The anticipated drop in price more than offsets any potential loss in dividend. Because of these asset sales, the informed build up their cash holdings. Understanding that the market is flooded with good assets, the uninformed traders are willing to pay a high price. But their investment horizon is longer than that of the informed traders: their intention is to hold the assets they purchase, not to resell. On odd days, the price is low because the uninformed recognise that the informed are using their cash holdings to cherry-pick good assets from the market. Now the uninformed, like the informed, are investing short-term. Rather than buy-and-hold as they do with assets purchased on even days, on odd days the uninformed are buying to sell. Notice that, at the root of the model, there lies a credit constraint. Although the informed are flush with cash on odd days, they are not deep pockets. On each cherry that they pick out of the market, they earn a high return: buying cheap, selling dear. However they don't have enough cash to strip the market of cherries and thereby bid the price up.

Persistence of EBV Antigen-Specific CD8 T Cell Clonotypes during Homeostatic Immune Reconstitution in Cancer Patients.

Persistent viruses are kept in check by specific lymphocytes. The clonal T cell receptor (TCR) repertoire against Epstein-Barr virus (EBV), once established following primary infection, exhibits a robust stability over time. However, the determinants contributing to this long-term persistence are still poorly characterized. Taking advantage of an in vivo clinical setting where lymphocyte homeostasis was transiently perturbed, we studied EBV antigen-specific CD8 T cells before and after non-myeloablative lympho-depleting chemotherapy of melanoma patients. Despite more advanced T cell differentiation, patients T cells showed clonal composition comparable to healthy individuals, sharing a preference for TRBV20 and TRBV29 gene segment usage and several co-dominant public TCR clonotypes. Moreover, our data revealed the presence of relatively few dominant EBV antigen-specific T cell clonotypes, which mostly persisted following transient lympho-depletion (TLD) and lymphocyte recovery, likely related to absence of EBV reactivation and de novo T cell priming in these patients. Interestingly, persisting clonotypes frequently co-expressed memory/homing-associated genes (CD27, IL7R, EOMES, CD62L/SELL and CCR5) supporting the notion that they are particularly important for long-lasting CD8 T cell responses. Nevertheless, the clonal composition of EBV-specific CD8 T cells was preserved over time with the presence of the same dominant clonotypes after non-myeloablative chemotherapy. The observed clonotype persistence demonstrates high robustness of CD8 T cell homeostasis and reconstitution.

IPH response to the DSD consultation on regulations to prohibit or restrict irresponsible promotions of alcohol in Northern Ireland

IPH responded to the Department for Social Development consultation on the banning of certain promotions that may encourage irresponsible and excessive drinking. The consultation relates to regulations Article 57A(2)(d) of the 1996 Licensing Order “involving the supply of unlimited amounts of intoxicating liquor for a fixed charge (including any charge for entry to the premises)” and Article 31A(2)(d) of the Registration of Clubs Order “restricting the price at which the holder of a licence or the licence holder’s servant or agent may sell on licensed premises a package containing two or more intoxicating liquor products”. IPH welcomes this consultation and supports the Department’s proposals to restrict promotions that involve the supply of unlimited amounts of intoxicating liquor for a fixed charge. IPH welcomes this tangible action linked to the renewed commitment to tackling alcohol-related harms on the island of Ireland set out in the Steering Group Report on a National Substance Strategy (Dept of Health, 2012) and in the New Strategic Direction on Alcohol and Drugs (DHSSPS, 2011). IPH considers that irresponsible alcohol promotions can contribute to this burden of physical and mental ill-health, accidental and non-accidental injury and other harms associated with excessive alcohol consumption in Northern Ireland. As previously stated in the IPH submissions on the introduction of powers to prohibit or restrict irresponsible alcohol promotions (Dec, 2010), IPH considers that the issues of promotion and price are inter-related. The effectiveness of the proposed restrictions could be reinforced by the expeditious introduction of minimum unit pricing of alcohol on an all-island basis.

Association of human leukocyte antigen DQ1 and dengue fever in a white Southern Brazilian population

Dengue is an infectious disease of viral etiology transmitted by the mosquitoes Aedes aegypti, A. albopictus, and A. scutellaris. It can develop either as a benign form or as a severe hemorrhagic form. Previous work showed an association of the hemorrhagic form with human leukocyte antigens (HLA), suggesting a role of genetic factors in disease susceptibility. Nevertheless, data on HLA association with the classical form of the disease is scarce in literature. Sixty-four patients and 667 normal individuals, living in the state of Paraná, Southern Brazil, were used as test and control group, respectively. The patients developed the disease during a virus 1 dengue outbreak either in Maringá city in 1995 (47) or in Paranavaí city in 1999 (17). The diagnostic was confirmed through serology and/or viral culture. HLA class I and II typing was performed by the classical microlynfocitotoxicity test using monoclonal antisera and fluorobeads. Qui-square statistical analysis confirmed a positive association with HLA-DQ1 (76.6% vs 57.7%; p = 0.005243; pc = 0.026215). HLA-DR1 also presented an increased frequency in the test group, not statistically significant after p correction though (32.8% vs 15.9%; p = 0.005729; pc = 0.080206). In conclusion, genetic factors may play a role on the susceptibility to the classical dengue, virus 1, in the Brazilian population. Further independent studies should be performed in the Brazilian population to confirm these preliminary data.

e-Serveis : Botiga Virtual

Aquest projecte presenta un cas d'estudi a partir del qual es vol fer un procés de desenvolupament de programari. Concretament, l'objectiu és crear un sistema de venda de productes i serveis per mitjà de la xarxa d'Internet.

The Reco Youth Cafe

We provide and sell freshly prepared main meals with high quality nutritional value to young people in the area. Adults can also avail of the cafe and their purchases effectively subsidise the project. The Young Peoples Facilities and Services Fund and The City of Dublin Youth Service Board and traded Initiative Type Community Cafés Location Dublin 11 Target Groups Children (13-18 years) Funding The Young Peoples Facilities and Services Fund and The City of Dublin Youth Service Board and traded Partner Agencies City of Dublin Youth Service Board

Cherry Orchard Community Garden

Community garden project and allotments aims to increase community involvement, participation and activity in the locality.  We have a number of family groups (parents and children) working together. It is a lot of fun and a great way to meet new people from the area, get out of the house a few hours a week and be part of a really nice community group. We see our garden somewhat like a Co-op. Everyone is welcome to join us, we meet up at least three times a week and do the jobs around the garden together – mainly around vegetables and some fruit trees but we are interested in flowers and other things as well. We have a garden sale every Thursday between 12pm-2pm. We sell all organic produce grown in the garden and make our own jams to sell weekly also. At the end of the season we all share the crops, vegetables and fruits if there is any left after the sale on Thursday. Contact: Kevin Dunne, 087 272 4537. Email: communitygardens@ballyfermotpartnership.ie   Dublin City Council via Cherry Orchard Regeneration Board Initiative Type Community Food Growing Projects Location Dublin 10 Target Groups Children ( 4-12 years) Children (0-4 years) Children (13-18 years) Lone parents Men Older people Unemployed Funding Dublin City Council via Cherry Orchard Regeneration Board Website https://www.youtube.com/channel/UCxED179ZBWiRa251UQh4l1A Connect with this Initiative Facebook

Micropagaments amb monedes Payword

Aquesta memòria presenta un projecte per a crear un prototipus que permeti veure el funcionament dels micropagaments amb monedes PayWord. Es tracta d'un sistema de venda d'elements multimèdia (cançons MP3), que es paguen amb el sistema de micropagaments PayWord.

Protection against hepatitis B by the Butang® recombinant vaccine in newborn children in South Brazil

The prevention of hepatitis B by vaccination is one of the most efficient tools to avoid the transmission of the virus. This study evaluated the immunogenicity of the national vaccine Butang® in children born in Campo Mourão City, state of Paraná, Brazil, aged 7 to 12 months, by determining the anti-HBsAg antibodies levels after completion of the National Immunization Program Protocol for hepatitis B. All 70 children evaluated by the MEIA method (immune-enzymatic micro particles) showed seroconversion to the Butang® vaccine. Nine children (12.9%) presented a low response, with anti-HBs titers between 11 and 100 mUI/ml; 39 children (55.7%) showed a good response to the vaccine, with titers between 101 and 1000 mUI/ml; and 22 children (31.4%) showed antibodies titers higher than 1000 mUI/ml. The mean titer of the anti-HBs antibody titers was 1408.1 ± 2870.26 mUI/ml (15.7 to 19560.0 mUI/ml). The levels of antibodies produced by the prematurely-born children were not statistically different from those found in the newborns. Fifty-five children were also evaluated through the ELFA method (ELISA with a final detection in fluorescence), which presented similar results. The results obtained in our study corroborated the effectiveness of the national vaccine Butang® in newborn children of Campo Mourão City, Paraná, even if they were premature.

Audiofaktor, comerç online de components hi-Fi i HT

Memòria de creació d'un comerç online dedicat a la comercialització de components d'alta fidelitat i cinema a casa.

Desarrollo web Drupal para una tienda de instrumentos musicales

Mediante el proyecto descrito en esta memoria se repasan las fases que se han seguido en la elaboración de una tienda virtual para la venta de instrumentos musicales haciendo uso de la plataforma Drupal.

Bottled natural mineral water in catalonia: origin and geographical evolution of its consumption and production

During the second half of the nineteenth century a major mineral water bottling industry appeared in Catalonia which vigorously lasted until the first third of the 20th century. The fact that the industry appeared in Catalonia and in other parts of Europe and the United States almost at the same time and had not existed before can be explained by a series of factors which coincided in time. This situation encouraged producers to pack, transport and sell bottled water from their respective sources. Among these factors there is the rise of hygienism, very influential in Catalonia, the declining water quality due to industrialization, the increase in population density, the improvement in transport, the emergence of thermal tourism or the invention of better containers used to store water. This project aims to explain thoroughly all the mentioned factors, and to give some light to why, when and how the Catalan bottled water industry appeared.