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.

Thermodynamic and structural studies of cavity formation in proteins suggest that loss of packing interactions rather than the hydrophobic effect dominates the observed energetics

The hydrophobic effect is widely believed to be an important determinant of protein stability. However, it is difficult to obtain unambiguous experimental estimates of the contribution of the hydrophobic driving force to the overall free energy of folding. Thermodynamic and structural studies of large to small substitutions in proteins are the most direct method of measuring this contribution. We have substituted the buried residue Phe8 in RNase S with alanine, methionine, and norleucine, Binding thermodynamics and structures were characterized by titration calorimetry and crystallography, respectively. The crystal structures of the RNase S F8A, F8M, and F8Nle mutants indicate that the protein tolerates the changes without any main chain adjustments, The correlation of structural and thermodynamic parameters associated with large to small substitutions was analyzed for nine mutants of RNase S as well as 32 additional cavity-containing mutants of T4 lysozyme, human lysozyme, and barnase. Such substitutions were typically found to result in negligible changes in Delta C-p and positive values of both Delta Delta H degrees and aas of folding. Enthalpic effects were dominant, and the sign of Delta Delta S is the opposite of that expected from the hydrophobic effect. Values of Delta Delta G degrees and Delta Delta H degrees correlated better with changes in packing parameters such as residue depth or occluded surface than with the change in accessible surface area upon folding. These results suggest that the loss of packing interactions rather than the hydrophobic effect is a dominant contributor to the observed energetics for large to small substitutions. Hence, estimates of the magnitude of the hydrophobic driving force derived from earlier mutational studies are likely to be significantly in excess of the actual value.

Phase diagram and dielectric studies of binary organic materials

The phase equilibrium studies of organic system, involving resorcinol (R) and p-dimethylaminobenzaldehyde (DMAB), reveal the formation of a 1:1 molecular complex with two eutectics. The heat of mixing, entropy of fusion, roughness parameter, interfacial energy, and the excess thermodynamic functions were calculated based on enthalpy of fusion data determined via differential scanning calorimetric (DSC) method. X-ray powder diffraction studies confirm that the eutectics are not simple mechanical mixture of the components under investigation. The spectroscopic investigations (IR and NMR) suggest the occurrence of hydrogen bonding between the components forming the molecular complex. The dielectric measurements, carried out on hot-pressed addition compound (molecular complex), show higher dielectric constant at 320 K than that of individual components. The microstructural investigations of eutectic and addition compound indicate dendritic and faceted morphological features. (C) 2000 Elsevier Science B.V. All rights reserved.

Crystal structure of 2-thiophene-2-yl-3(thiophene-2-carboxylideneamino)-1,2-dihydroquinazolin-4(3H)-one and the synthesis, spectral and thermal studies of its transition metal(II) complexes

The synthesis of manganese(II), cobalt(II), nickel(II), copper(II), zinc(II) and cadmium(II) complexes of a new ligand 2-thiophene-2-yl-3(thiophene-2-carboxylidene-amino)-1,2-dihydroquinazolin-4(3H)-one (TTCADQ) is described. The ligand and metal complexes were characterized by elemental analysis, conductivity measurements, spectral (u.v.-vis., i.r., 1D n.m.r., 2D hetcor and e.p.r.) and thermal studies. The formation of 1,2-dihydroquinazolin-4(3H)-one rather than hydrazone, in the reaction of aromatic aldehyde and o-aminobenzoylhydrazide is proved by single crystal X-ray diffraction and 2D hetcor n.m.r. studies. On the basis of elemental analysis, u.v.-vis.spectroscopy and magnetic moment studies, six coordinate geometry for all the complexes was proposed. The i.r. spectral studies reveal the bidentate behaviour of the ligand.

Design and performance evaluation of a systolic architecture for hidden-surface removal

In this paper, we propose a systolic architecture for hidden-surface removal. Systolic architecture is a kind of parallel architecture best known for its easy VLSI implementability. After discussing the design details of the architecture, we present the results of the simulation experiments conducted in order to evaluate the performance of the architecture.

ESR and optical studies of Mo5+ and W5+ ions in phosphomolybdate and phosphotungstate glasses

ESR and optical studies of phosphomolybdate and phosphotungstate glasses are discussed. Both the ESR and optical results indicate that molybdenum or tungsten ions are present in distorted octahedral environments in these glasses. In addition, ESR spectra of Mo5+ and W5+ ions show that the d electrons are localized on molybdenum and tungsten sites respectively. The variation of gperpendicular and gshort parallel values has been examined using appropriate structural models of these glasses.

Syntheses and structural studies of new bicyclic 1,3-diphenyl-1,3,2.lambda.3,4.lambda.3-diazadiphosphetidines

Reactions of cis-[(C6H5N)PC1]z(1 ) with the difunctional reagents HO(CH2)20H,H (CH3)N(CHz)zN(CH3)HH, (CH3)N(CH& OH, and HO(CHz)30Hi n the presence of triethylamine yield the new bicyclic 1,3,2X3,4h3-diazadiphosphetidines[( C6H5- N)PIZ[-O(CHZ)Zo-l (2), [(C6H5N)PlZ[-(CH3)N(CHZ)ZN(CH3)-l (319 [(C6H~N)PlZ~-(CH3)N(cHZ)20 (4), and [(C6H5 N)P],[-Q(CH2),0-] (5), respectively. The products have been characterized by elemental analyses and IR and NMR spectroscopic data. The structures of 4 and 5 have been determined by single-crystal X-ray analysis. Crystal data for 4: monoclinic, P2,/c, a = 9.823 (2) A, b = 8.608 (1) A, c = 18.423 (3) A, i3 = 90.55 (1)O, Z = 4. Crystal data for 5 monoclinic, P2,/c, a = 9.727 (2) A, b = 8.064 (2) A, c = 19.702 (4) A, @ =I 91.31 (l)', 2 = 4. The structures have been solved by direct methods and refined to R = 0.028 for 4 and R = 0.050 for 5. Compound 4 is the first example of an aminoalkoxy-l,3,2X3,4X3-diazadiphosphetidine. The PzNz ring is slightly puckered in both 4 and 5 and the puckering occurs in a manner opposite to that observed for cis-[(RN)PX],structures.

Synthesis, Structure and Optical Studies of a Family of Three-Dimensional Rare-Earth Aminoisophthalates M(mu(2)-OH)(C8H5NO4)] (M = Y3+, La3+, Pr3+, Nd3+, Sm3+, Eu3+, Gd3+, Dy3+, and Er3+)

A hydrothermal reaction of the acetate salts of the rare-earths, 5-aminoisophthalic acid (H(2)AIP), and NaOH at 150 degrees C for 3 days gave rise to a new family of three-dimensional rare-earth aminoisophthalates, M(mu(2)-OH)(C8H5NO4)] M = Y3+ (I), La3+ (II), Pr3+ (III), Nd3+ (IV), Sm3+ (V), Eu3+ (VI), Gd3+ (VII), Dy3+ (VIII), and Er3+ (IX)]. The structures contain M-O(H)-M chains connected by AIP anions. The AIP ions are connected to five metal centers and each metal center is connected with five AIP anions giving rise to a unique (5,5) net. To the best of our knowledge, this is the first observation of a (5,5) net in metal-organic frameworks that involve rare-earth elements. The doping of Eu3+/(3+) ions in place of Y3+/ La3+ in the parent structures gave rise to characteristic metal-centered emission (red = Eu3+, green = Tb3+). Life-time studies indicated that the excited emission states in the case of Eu3+ (4 mol-% doped) are in the range 0.287-0.490 ms and for Tb3+ (4 mol-% doped) are in the range of 1.265-1.702 ms. The Nd3+-containing compound exhibits up-conversion behavior based on two-photon absorption when excited using lambda = 580 nm.

Structural and functional studies of Bacillus stearothermophilus serine hydroxymethyl transferase: the role of N341, Y60 and F351 in tetrahydrofolate binding.

SHMT (serine hydoxymethyltransferase), a type I pyridoxal 5'-phosphate-dependent enzyme, catalyses the conversion of L-serine and THF (tetrahydrofolate) into glycine and 5,10 -methylene THE SHMT also catalyses several THF-independent side reactions such as cleavage of P-hydroxy amino acids, trans-amination, racemization and decarboxylation. In the present study, the residues Asn(341), Tyr(60) and Phe(351), which are likely to influence THF binding, were mutated to alanine, alanine and glycine respectively, to elucidate the role of these residues in THF-dependent and -independent reactions catalysed by SHMT. The N341A and Y60A bsSHMT (Bacillus stearothermophilus SHMT) mutants were inactive for the THF-dependent activity, while the mutations had no effect on THF-independent activity. However, mutation of Phe(351) to glycine did not have any effect oil either of the activities. The crystal structures of the glycine binary complexes of the mutants showed that N341A bsSHMT forms an external aldimine as in bsSHMT, whereas Y60A and F351G bsSHMTs exist as a Mixture of internal/external aldimine and gem-diamine forms. Crystal structures of all of the three Mutants obtained in the presence of L-allo-threonine were similar to the respective glycine binary complexes. The structure of the ternary complex of F351G bsSHMT with glycine and FTHF (5-formyl THF) showed that the monoglutamate side chain of FTHF is ordered in both the subunits of the asymmetric unit, unlike in the wild-type bsSHMT. The present studies demonstrate that the residues Asn(341) and Tyr(60) are pivotal for the binding of THF/FTHF, whereas Phe(351) is responsible for the asymmetric binding of FTHF in the two subunits of the dimer.

Synthesis and spectral studies of polyamide-phosphate esters from phosphine-oxide-containing diols with aryl phosphorodichloridates and their thermal and flammability behaviour

Polyamide-phosphate esters were synthesized by interfacial polycondensation of aryl phosphorodichloridates with the diols of phenoxaphosphine and phosphine oxide in the presence of a phase-transfer catalyst. The polymers were characterized by infra-red and 1H, 13C and 31P nuclear magnetic resonance (n.m.r.) spectroscopy. The molecular weights were determined by end-group analysis using 31P n.m.r. spectral data. The phenoxaphosphine-containing polymers showed superior thermostability and flame retardancy over the phosphine-oxide-containing polymers.

XPES and UVPES studies of iron oxides

X-Ray and uv photoelectron spectra of FeO, Fe2O3, and Fe3O4 have been studied along with those of a few model compounds. It has been possible to assign distinct bands due to Fe2+ and Fe3+ in the 3d, 3p, 3s, and 2p bands of Fe3O4. The spectra of Fe3O4 do not show major changes through the Verwey transition.

Characterization, electrical percolation and magnetization studies of polystyrene/multiwall carbon nanotube composite films

Polystyrene/multiwall carbon nanotube composite films are prepared with loading up to 7 weight percent (wt%) of multiwall carbon nanotubes by solution processing and casting technique. In the formation of these composite films, iron filled carbon nanotubes with high aspect ratio (similar to 4000) were used. Scanning electron microscopy study shows that the nanotubes are uniformly dispersed within the polymer matrix. At high magnification, bending of carbon nanotubes is noticed which can be attributed to their elastic properties. The electrical conductivity measurements show that the percolation threshold is rather low at 0.21 wt%. Hysteresis loop measurements on the bulk multiwall carbon nanotube and composite samples are done at 10, 150 and 300 K and the coercivity values are found to be largest at all the temperatures, for 1 wt% composite sample. (C) 2010 Elsevier B.V. All rights reserved.

Synthetic and physicochemical studies of uranium complexes with semicarbazone and hydrazone

Uranyl complexes of two Schiff bases, semicarbazone and hydrazone containing OON donor atoms have been synthesized and characterized on the basis of NMR, IR and electronic spectral studies, conductance, magnetic susceptibility and thermogravimetric data. The 1H NMR spectrum of the semicarbazone complex shows low field signals due to OH, NH and ---CH=N groups at 10.23, 9.31 and 8.17 ppm, respectively. The aromatic protons appear in the range 7.74–7.40 ppm. On complexation with U(VI) the signals due to OH and NH disappear evidently due to their participation in coordination. The coordination number of the o-vanillin semicarbazone (oVSC) complex is 6 whereas, that of the o-vanillin isonicotinic acid hydrazone (oVINAH) complex is 8, in addition to the two oxygen atoms already bonded to U(VI) in each species. The thermograms show the presence of 3 and 2 water molecules in these complexes, respectively and the IR spectral data also support the above conclusion. Suitable structures have been assigned.

Chemical toughening of epoxies. II. Mechanical, thermal, and microscopic studies of epoxies toughened with hydroxyl-terminated poly(butadiene-co-acrylonitrile)

Diglycidyl ether–bisphenol-A-based epoxies toughened with various levels (0–12%) of chemically reacted liquid rubber, hydroxyl-terminated poly(butadiene-co-acrylonitrile) (HTBN) were studied for some of the mechanical and thermal properties. Although the ultimate tensile strength showed a continuous decrease with increasing rubber content, the toughness as measured by the area under the stress-vs.-strain curve and flexural strength reach a maximum around an optimum rubber concentration of 3% before decreasing. Tensile modulus was found to increase for concentrations below 6%. The glass transition temperature Tg as measured by DTA showed no variation for the toughened formulations. The TGA showed no variations in the pattern of decomposition. The weight losses for the toughened epoxies at elevated temperatures compare well with that of the neat epoxy. Scanning electron microscopy revealed the presence of a dual phase morphology with the spherical rubber particles precipitating out in the cured resin with diameter varying between 0.33 and 6.3 μm. In contrast, a physically blended rubber–epoxy showed much less effect towards toughening with the precipitated rubber particles of much bigger diameter (0.6–21.3 μm).

Structural, mechanical and biocompatibility studies of hydroxyapatite-derived composites toughened by zirconia addition

Hydroxyapatite(OHAp)-based ceramic composites with added ZrO2 have been prepared both by sintering at 1400 °C and by hot isostatic pressing (HIP) at 1450 °C and 140 MPa pressure (argon atmosphere). The development of the crystalline phases and the microstructure of the composites have been examined using X-ray diffraction, electron microscopy, infrared and magic-angle spinning nuclear magnetic resonance (MASNMR) spectroscopic techniques. The fracture toughness and biocompatibility of the composites have also been studied. The effect of the addition of CeO2- and Y2O3-stabilized ZrO2 and of simple monoclinic ZrO2 to the initial physical mixture, on the structure and properties of the resulting composites has been investigated. In most of the sintered or HIP samples, the OHAp decomposes into tricalcium phosphate (β-TCP). CaO, which forms as a product of decomposition, dissolves completely in ZrO2 and stabilizes the latter in its cubic/tetragonal phase. Presence of the β-TCP phase in the product seems to be the result of a structural synergistic effect of hexagonal OHAp. Two structurally distinct orthophosphate groups have been identified in the composites by MASNMR of 31P and attributed to decomposition products of OHAp at higher temperatures. The composites possess high KIC values (2–3 times higher than that of pure OHAp). Decomposition of hydroxyapatite gives rise to differences in microstructure between HIP and simply sintered composites although fracture toughness values are similar in magnitude indicating the presence of several toughening mechanisms. The in vitro SP2-O cell test suggests that these composites possess good biocompatibility. The combination of good biocompatibility, desirable microstructure and easy availability of initial reactants indicates that the simply sintered composite of OHAp and monoclinic ZrO2(ZAP-30) appears to be the most suitable for prosthetic applications.