The long-run performance of IPOs: the case of the Stock Exchange of Mauritius

This study examines the long-run performance of initial public offerings on the Stock Exchange of Mauritius (SEM). The results show that the 3-year equally weighted cumulative adjusted returns average −16.5%. The magnitude of this underperformance is consistent with most reported studies in different developed and emerging markets. Based on multivariate regression models, firms with small issues and higher ex ante financial strength seem on average to experience greater long-run underperformance, supporting the divergence of opinion and overreaction hypotheses. On the other hand, Mauritian firms do not on average time their offerings to lower cost of capital and as such, there seems to be limited support for the windows of opportunity hypothesis.

Stone tool use in wild bearded capuchin monkeys, Cebus libidinosus. Is it a strategy to overcome food scarcity?

To determine whether tool use varied in relation to food availability in bearded capuchin monkeys, we recorded anvil and stone hammer use in two sympatric wild groups, one of which was provisioned daily, and assessed climatic variables and availability of fruits, invertebrates and palm nuts. Capuchins used tools to crack open encased fruits, mostly palm nuts, throughout the year. Significant differences between wet and dry seasons were found in rainfall, abundance of invertebrates and palm nuts, but not in fruit abundance. Catule nuts were more abundant in the dry season. We tested the predictions of the necessity hypothesis (according to which tool use is maintained by sustenance needs during resource scarcity) and of the opportunity hypothesis (according to which tool use is maintained by repeated exposure to appropriate ecological conditions, such as preferred food resources necessitating the use of tools). Our findings support only the opportunity hypothesis. The rate of tool use was not affected by provisioning, and the monthly rate of tool use was not correlated with the availability of fruits and invertebrates. Conversely, all capuchins cracked food items other than palm nuts (e.g. cashew nuts) when available, and adult males cracked nuts more in the dry season when catule nuts (the most common and exploited nut) are especially abundant. Hence, in our field site capuchins use tools opportunistically. (C) 2012 The Association for the Study of Animal Behaviour. Published by Elsevier Ltd. All rights reserved.

Size-assortative pairing in Gammarus pulex (Crustacea : Amphipoda): a test of the timing hypothesis

We present the first empirical test of the timing hypothesis regarding the generation of size-assortative pairing in amphipods. The timing hypothesis proposes that, since large males are better able to afford the costs of mate guarding than small males, the former can take larger females into precopula earlier in the female moult cycle than is feasible for the latter. This leaves small males to form pairs with smaller females closer to moult, thus generating size assortment. We presented male Gammarus pulex, collected both in precopula and as singletons, with females that were (1) previously guarded and therefore near to copulatory moult and (2) previously unguarded and therefore far from copulatory moult. This comparison tested the prediction of the timing hypothesis, that size assortment should break down when the opportunity for time-based male decisions is removed, but that size assortment should occur where timing is not disrupted. Counter to the hypothesis, we found that size assortment did not break down upon removal of the time factor. Large males tended to initiate mate guarding earlier than small males in both female moult groups. However, only in the previously unguarded group did large males guard for longer than small males. This result suggests that, although size assortment occurred in all groups, the causative mechanisms that generated this pattern may differ between these groups. We therefore consider the possible importance of mechanisms such as aggression, simultaneous manipulation of females and female resistance in producing size assortment where males encounter numerous females that are close to moult. We also observed that prior recent guarding experience by males had no effect on latency to guard or size-assortative pairing. (C) 2002 The Association for the Study of Animal Behaviour. Published by Elsevier Science Ltd. All rights reserved.

Late industrialization and the increased merit selection hypothesis - Ireland as a test case

The Irish case provides a particularly appropriate test of the increasing merit selection hypothesis deriving from the liberal theory of industrialization. This is so not only because the lateness and speed of economic change allows us to capture such change through a set of national surveys conducted in the past three decades, but also because such change was based on a sustained policy of increased openness to international competitive forces. The functional requirements of the economy and a rapid increase in the supply of those with higher educational qualifications provided an ideal context in which to observe the movement from ascription to achievement predicted by the liberal theory. However, while changes in the class structure and a rapid expansion of educational opportunity had significant consequences in terms of absolute mobility, there was no evidence of a significant shift towards meritocratic principles. At the same time as the service class increased their advantage over other classes in the pursuit of educational qualifications, the impact of educational qualifications on class destination diminished. Controlling for education, we find that the impact of class origin effects is substantial and shows little sign of diminishing over time. In our conclusion we discuss the implications of our findings in the context of the recent debate on meritocracy.

The Analogical Peacock Hypothesis: The Sexual Selection of Mind-Reading and Relational Cognition in Human Communication

This integrative review presents a novel hypothesis as a basis for integrating two evolutionary viewpoints on the origins of human cognition and communication, the sexual selection of human mental capacities, and the social brain hypothesis. This new account suggests that mind-reading social skills increased reproductive success and consequently became targets for sexual selection. The hypothesis proposes that human communication has three purposes: displaying mind-reading abilities, aligning and maintaining representational parity between individuals to enable displays, and the exchange of propositional information. Intelligence, creativity, language, and humor are mental fitness indicators that signal an individual’s quality to potential mates, rivals, and allies. Five features central to the proposed display mechanism unify these indicators, the relational combination of concepts, large conceptual knowledge networks, processing speed, contextualization, and receiver knowledge. Sufficient between-mind alignment of conceptual networks allows displays based upon within-mind conceptual mappings. Creative displays communicate previously unnoticed relational connections and novel conceptual combinations demonstrating an ability to read a receiver’s mind. Displays are costly signals of mate quality with costs incurred in the developmental production of the neural apparatus required to engage in complex displays and opportunity costs incurred through time spent acquiring cultural knowledge. Displays that are fast, novel, spontaneous, contextual, topical, and relevant are hard-to-fake for lower quality individuals. Successful displays result in elevated social status and increased mating options. The review addresses literatures on costly signaling, sexual selection, mental fitness indicators, and the social brain hypothesis; drawing implications for nonverbal and verbal communication.

An examination of the effects on learning seen in children afforded the opportunity to control the order of repetitions for three novel spatiotemporal sequences

Children were afforded the opportunity to control the order of repetitions for three novel spatiotemporal sequences. The following was predicted: a) children and adults in the self-regulated (SELF) groups would produce faster movement (MT) and reaction times (R T) and greater recall success (RS) during retention compared to the age-matched yoked (YOKE) groups; b) children would choose to switch sequences less often than adults; c) adults would produce faster MT and RT and greater RS than the children during acquisition and retention, independent of experimental group. During acquisition, no effects were seen for RS, however for MT and RT there was a main effect for age as well as block. During retention a main effect for practice condition was seen for RS and failed to reach statistical significance for MT and RT, thus partially supporting our first and second hypotheses. The third hypothesis was not supported.

Mild hypothermia during global cardiac ischemia opens a window of opportunity to develop heart donation after cardiac death

Although heart donation after cardiac death (DCD) could greatly improve graft availability, concerns regarding warm ischemic damage typically preclude transplantation. Improving tolerance to warm ischemia may thus open a window of opportunity for DCD hearts. We investigated the hypothesis that, compared with normothermia, mild hypothermia (32° C) initiated after ischemic onset improves cardiac functional recovery upon reperfusion. Isolated, working hearts from adult, male Wistar rats underwent global, no-flow ischemia, and reperfusion (n = 28). After ischemic onset, temperature was maintained at either 37° C for 20 or 30 min or reduced to 32° C for 40, 50, or 60 min. Recovery was measured after 60-min reperfusion. Following normothermic ischemia, recovery of rate-pressure product (RPP; per cent of preischemic value) was almost complete after 20-min ischemia (97 ± 9%), whereas no recovery was detectable after 30-min ischemia. After mildly hypothermic ischemia (32° C), RPP also recovered well after 40 min (86 ± 4%). Markers of metabolism and necrosis were similar in 37° C/20 min and 32° C/40 min groups. Simple reduction in cardiac temperature by a few degrees after the onset of global ischemia dramatically prolongs the interval during which the heart remains resistant to functional deterioration. Preservation of hemodynamic function is associated with improved metabolic recovery and reduced necrosis. The application of mild hypothermia may be a simple first step towards development of clinical protocols for DCD heart recovery.

Masculinity-femininity as a national characteristic and its relationship with national agoraphobic fear levels: Fodor's sex role hypothesis revitalized

Hofstede's dimension of national culture termed Masculinity-Femininity [Hofstede (1991). Cultures and organizations: software of the mind. London: McGraw-Hill] is proposed to be of relevance for understanding national-level differences in self-assessed agoraphobic fears. This prediction is based on the classical work of Fodor [Fodor (1974). In: V. Franks & V. Burtle (Eds.), Women in therapy: new psychotherapies for a changing society. New York: Brunner/Mazel]. A unique data set comprising 11 countries (total N = 5491 students) provided the opportunity of scrutinizing this issue. It was hypothesized and found that national Masculinity (the degree to which cultures delineate sex roles, with masculine or tough societies making clearer differentiations between the sexes than feminine or modest societies do) would correlate positively with national agoraphobic fear levels (as assessed with the Fear Survey Schedule-III). Following the correction for sex and age differences across national samples, a significant and large effect-sized national-level (ecological) r = +0.67 (P = 0.01) was found. A highly feminine society such as Sweden had the lowest, whereas the champion among the masculine societies, Japan, had the highest national Agoraphobic fear score. (C) 2003 Elsevier Science Ltd. All rights reserved.

Equality of opportunity, cultural diversity and claims for fairness

The present paper examines some of the tensions, problems and challenges associated with claims for equality of opportunity (the fairness argument). The introductory part identifies three separate forms of justification for public education, including the argument associated with equality of opportunity. Part II examines in detail two questions that reveal part of the anatomy of equality of opportunity: (1) what an opportunity is, and (2) when individuals’ opportunities are equal. This is followed by a presentation of the two basic principles of equality of opportunity: (1) the principle of non-discrimination, and (2) the “levelling the playing field” principle. The next part takes up the multiculturalist hypothesis advanced by minority groups for the accommodation and recognition of cultural diversity. This is followed by the identification of a set of claims comprising the “fairness argument”. The last section focuses on the “currency problem” associated with cultural diversity as a form of “unfair disadvantage”. Part V examines two of the major shortcomings associated with the multicultural conception of equality of opportunity, while the concluding part discusses some of the questions that must be answered by any conception of equal opportunities. (DIPF/Orig.)

A New Opportunity to Pulp Bagasse in Australia?

Despite the large quantity of sugarcane grown in Australia, no bagasse is pulped in the country. This is largely because of an established pulp industry based on the abundant native hardwood resources. However, increasing demand for fibre and the limited availability of additional forest areas make bagasse pulping attractive. Issues relating to infrastructure and economics are discussed, and scenarios of acceptable risk identified. It is shown that there should be scope for the production of bleached bagasse pulp in Australia.

Evaluating equal employment opportunity and its impact on the increased participation of men and women in the transport industry

This paper seeks to identify the approaches undertaken in implementing equal employment opportunity in the transport industry in Australia and the links between these approaches and indicators of increased participation of women. This male dominated industry employs limited numbers of women with fewer numbers of women in management. The study analyses data from a unique set of equal opportunity progress reports from all organisations in the transport industry that are required to provide public reports under Australian legislation. The findings indicate a correlation between some approaches to equal opportunity and increased numbers of women in some areas. The study is equally remarkable for what it does not find. Despite widespread equal opportunity implementation across a broad number of employment measures there are limited measures that predict increases in the numbers of women in management or in non-traditional roles. This study differs from others in that it identifies issues specific to one industry and links organisational approach to equal opportunity with the employment status of both women and men.

Does venture opportunity variation matter? investigating systematic process differences between innovative and imitative new ventures

The central thesis in the article is that the venture creation process is different for innovative versus imitative ventures. This holds up; the pace of the process differs by type of venture as do, in line with theory-based hypotheses, the effects of certain human capital (HC) and social capital (SC) predictors. Importantly, and somewhat unexpectedly, the theoretically derived models using HC, SC, and certain controls are relatively successful explaining progress in the creation process for the minority of innovative ventures, but achieve very limited success for the imitative majority. This may be due to a rationalistic bias in conventional theorizing and suggests that there is need for considerable theoretical development regarding the important phenomenon of new venture creation processes. Another important result is that the building up of instrumental social capital, which we assess comprehensively and as a time variant construct, is important for making progress with both types of ventures, and increasingly, so as the process progresses. This result corroborates with stronger operationalization and more appropriate analysis method what previously published research has only been able to hint at.