A duration analysis of the time from prospectus to listing for Australian initial public offerings

A finding of the Australian Initial Public Offerings (IPOs) literature is that the time from prospectus registration to listing is related to the level of informed demand. This makes the understanding of time to listing an important matter. This study analyses the time to listing for 834 IPOs in Australia over the period 1994 to 2004. The study finds that a shorter time to listing is associated with higher issue prices, and the use of an underwriter or Big 5 independent accountant. In contrast, IPOs offering share options take longer to list. The significant role of variables associated with the degree of certainty about a listing is consistent with informed demand hypotheses about the time to listing.

A duration analysis of the time from prospectus to listing for A-REIT IPOs

Dimovski (2010) finds that the time from prospectus registration to listing is significantly positively related to the amount of underpricing amongst 45 Australian Real Estate Investment Trust (A-REIT) initial public offerings (IPOs) from 2002 to 2008. This makes the understanding of the time from prospectus registration to listing for A-REITs an important matter. This study analyses 82 A-REIT IPOs from 1994 to 2008 using a Cox proportional hazard model to analyse the duration from prospectus date to listing date. The study finds that A-REIT IPOs issued after 2000 listed more quickly, as did those A-REITs that were underwritten and also those that sought to raise larger amounts of equity capital. Those that proposed higher debt to assets ratios in their prospectuses listed more slowly. When the data is partitioned into 1994 to 1999 and 2002 to 2008 groupings, earlier A-REIT IPOs listed more quickly if they were larger while in the more recent group, those that had higher debt to asset ratios took longer to fill their subscriptions.

The persistent colombian conflict bubnational analysis of the duration of violence

The growing empirical literature on the analysis of civil war has recently included the study of conflict duration at the cross-country level. This paper presents, for the first time, a within-country analysis of the determinants of violence duration. I focus on the experience of the Colombian armed conflict. While the conflict has been active for about five decades, local violence ebbs and flows and areas experiencing continuous conflict coexist with places that have been able to resile and where violence is mostly absent. I examine a wide range of factors potentially associated with violence duration at the municipal level, including scale variables, geographical conditions, economic and social variables, institutions and state presence, inequality, government intervention, and victimization variables. I characterize a few variables robustly correlated with the persistence of localized conflict, both across specifications and using different econometric models of duration analysis.

Information externalities and export trade duration at the firm level

Recent empirical work emphasizes the importance of the extensive margin of trade (new exporters, new export activities) for long run export growth. In this context, understanding the determinants of duration of new exporters is key for underpinning the dynamics of exports growth. As new exporters tend to show low survival rates, identifying the determinants of export duration is highly relevant for academic and policy purposes. In this paper, we explore whether information externalities arising from different levels of spatial interaction allow new exporters to increase the duration of their trade activities. For this, we use transaction level data on Colombian exports between 2004 and 2011. Results show that export networks, understood as the agglomeration of exporting firms at different spatial levels, reduce the risk of dropping out from exporting and that this effect is stronger the more similar are export activities carried out by firms

Reducing SCADA System Nuisance Alarms in the Water Industry in Northern Ireland

The advancement of telemetry control for the water industry has increased the difficulty of 14 managing large volumes of nuisance alarms (i.e. alarms that do not require a response). The aim 15 of this study was to identify and reduce the number of nuisance alarms that occur for Northern 16 Ireland (NI) Water by carrying-out alarm duration analysis to determine the appropriate length of 17 persistence (an advanced alarm management tool) that could be applied. All data was extracted 18 from TelemWeb (NI Water’s telemetry monitoring system) and analysed in Excel. Over a 6 19 week period, an average of 40,000 alarms occurred per week. The alarm duration analysis, which 20 has never been implemented before by NI Water, found that an average of 57% of NI Water 21 alarms had a duration of <5 minutes. Applying 5 minute persistence; therefore, could prevent an 22 average 26,816 nuisance alarms per week. Most of these alarms were from wastewater assets.

The Impact of income support programs on transitions to employment

The income support programs are created with the purpose of fighting both, the poverty trap and the inactivity trap. The balance between both is fragile and hard to find. Thus, the goal of this work is to contribute to solve this issue by finding how income support programs, particularly the Portuguese RSI, affect transitions to employment. This is made through duration analysis, namely using Cox and Competing Risks models. A particular feature is introduced in this work as it incorporates the possibility of Defective Risks. The estimated hazard elasticity with respect to the amount of RSI received for individuals who move to employment is -0,41. More than a half of RSI receivers stays for more than a year and the probability of never leaving to employment is 44%. The results appear to indicate that RSI has affected negatively transitions to employment.

A simple test of momentum in foreign exchange markets

This study proposes a new method for testing for the presence of momentum in nominal exchange rates, using a probabilistic approach. We illustrate our methodology estimating a binary response model using information on local currency / US dollar exchange rates of eight emerging economies. After controlling for important variables a§ecting the behavior of exchange rates in the short-run, we show evidence of exchange rate inertia; in other words, we Önd that exchange rate momentum is a common feature in this group of emerging economies, and thus foreign exchange traders participating in these markets are able to make excess returns by following technical analysis strategies. We Önd that the presence of momentum is asymmetric, being stronger in moments of currency depreciation than of appreciation. This behavior may be associated with central bank intervention

Bounds for the probability distribution function of the linear ACD process

This paper derives both lower and upper bounds for the probability distribution function of stationary ACD(p, q) processes. For the purpose of illustration, I specialize the results to the main parent distributions in duration analysis. Simulations show that the lower bound is much tighter than the upper bound.

Os efeitos das transferências de renda sobre a duração do emprego no mercado formal

A população pobre brasileira é analisada em relação a um suposto efeito preguiça, que seria causado pela diminuição de oferta de trabalho das famílias que recebem o benefício financeiro do Programa Bolsa Família. Um modelo de sobrevivência foi usado para comparar a duração no emprego entre beneficiários do programa e um grupo controle, utilizando uma base de dados com mais de 3 milhões de indivíduos. A hipótese de um efeito preguiça é rejeitada. O risco de desligamento do emprego para os beneficiários do Bolsa Família é medido como sendo de 7% a 10% menor, o que é capaz de anular, por exemplo, o maior risco de saída do emprego causado pela presença de filhos pequenos na composição familiar.

Aspectos fisiológicos do mountain biking competitivo

A prática do ciclismo off-road (mountain biking - MTB), cresceu muito nas últimas duas décadas, sendo incluído como esporte olímpico, nos Jogos de Atlanta em 1996, na modalidade Cross Country. Na última década, houve um aumento no número de publicações científicas que verificaram a demanda fisiológica durante competições, assim como o estudo de possíveis preditores da performance nesta modalidade. O objetivo deste estudo de revisão foi descrever alguns aspectos fisiológicos específicos do MTB Cross Country (MTB CC) competitivo (intensidade de provas, perfil fisiológico de atletas de elite, uso de suspensões e determinantes da performance em subidas). Observa-se na literatura analisada que as provas de MTB CC parecem impor uma sobrecarga fisiológica maior, quando analisada através da frequência cardíaca, do que provas de ciclismo de estrada com duração semelhante. Entretanto, quando analisada pela potência de pedalada, observa-se claramente a característica intermitente da modalidade, com variações de potência durante a prova entre zero e 500W, e potência média relativamente baixa em comparação aos valores de FC encontrados. Outro fator importante levantado neste estudo são as alterações fisiológicas decorrentes do uso de suspensões nas bicicletas de MTB CC. O uso deste equipamento reduz o estresse muscular provocado pelo terreno acidentado, embora pareça não afetar o gasto energético total, tanto em percurso plano como em subidas. Entretanto, é fato que o desempenho em circuitos acidentados é melhorado com o uso das suspensões. Com base nos estudos abordados nessa revisão, conclui-se que o MTB CC enquanto modalidade competitiva apresenta uma grande variação de intensidade (avaliada através da potência), sendo esta atribuída principalmente ao tipo de terreno (irregular e com muitas aclives e declives acentuados) em que as provas de MTB CC acontecem.

Avoiding the middle income trap : indigenous innovative effort vs foreign innovative effort

This paper investigates how innovation potential of a country contributes to avoid or escape the middle income trap. We measure innovation potentials of 77 countries from 1975 to 2010 from patent data. Then, we test whether indigenous innovative efforts or foreign ones help avoid and escape middle income traps

Arterial traffic congestion analysis using Bluetooth duration data

The aim of this study is to assess the potential use of Bluetooth data for traffic monitoring of arterial road networks. Bluetooth data provides the direct measurement of travel time between pairs of scanners, and intensive research has been reported on this topic. Bluetooth data includes “Duration” data, which represents the time spent by Bluetooth devices to pass through the detection range of Bluetooth scanners. If the scanners are located at signalised intersections, this Duration can be related to intersection performance, and hence represents valuable information for traffic monitoring. However the use of Duration has been ignored in previous analyses. In this study, the Duration data as well as travel time data is analysed to capture the traffic condition of a main arterial route in Brisbane. The data consists of one week of Bluetooth data provided by Brisbane City Council. As well, micro simulation analysis is conducted to further investigate the properties of Duration. The results reveal characteristics of Duration, and address future research needs to utilise this valuable data source.