638 research outputs found
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What causes the IPO underpricing? New evidence from China’s SME market
No full text© 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group. We study 10-year IPO initial returns in China’s small and medium-sized enterprise (SME) board between 2006 and 2016, including 755 IPO samples. At the same time, we test how policy changes of IPO pricing and trading mechanism affect first-day initial returns. Our article adopts the stochastic frontier approach to estimate the fair value of IPOs and decompose the components of deliberate underpricing and mis-valuation factors, then using linear regressions investigate correlation between first-day initial returns and deliberate underpricing or mis-valuation factors. We find it is mis-valuation factors, especially, the irrational behaviour of individual investors that mainly cause the IPO underpricing in China’s SME market rather than deliberate underpricing. Besides, influenced by IPO pricing policies, the characteristic of IPO pricing varies from period to period
Work-limiting health, earnings, and employment: an analysis with SIPP data
No full text© 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group. This study examines the role of work-limiting health conditions on employed people’s earnings, employment status, and working hours, and distinguishes between the different degree and severity of predictable shocks. Using data from the 2004 Survey of Income and Program Participation (SIPP), we evaluate the impact of any work-limiting health condition as well as a subset of health conditions that appear to arrive largely exogenously on post-onset earnings, employment, and working hours. We find that people who report being employed and later experience the onset of any work-limiting health condition tend to have lower subsequent earnings, a reduced probability of being employed, and fewer working hours per month compared to those who remain healthy. The adverse impact is even greater for people with health conditions that arrive less predictably. We use a difference-in-differences regression model with person and year fixed effects as the primary estimation method
Quantum-clustered two-photon walks
No full text© 2020 American Physical Society. We demonstrate a previously unknown two-photon effect in a discrete-time quantum walk. Two identical bosons with no mutual interactions nonetheless can remain clustered together as they walk on a lattice of directionally reversible optical four-ports acting as Grover coins; both photons move in the same direction at each step due to a two-photon quantum interference phenomenon reminiscent of the Hong-Ou-Mandel effect. The clustered two-photon amplitude splits into two localized parts, one oscillating near the initial point and the other moving ballistically without spatial spread, in solitonlike fashion. But the two photons are always clustered in the same part of the superposition, leading to potential applications for transport of entanglement and opportunities for novel two-photon interferometry experiments
Leaves in Front of Donahue Hall
No full textFall leaves in front of Donahue Hall during the fall of 2020.https://soar.stonehill.edu/stonehillcampus_images/1112/thumbnail.jp
Fall Reflections
No full textReflections from the pond behind the Chapel of Mary during the fall of 2020.https://soar.stonehill.edu/stonehillcampus_images/1121/thumbnail.jp
Fall Surrounds the Library
No full textAutumn leaves surround the library during the fall of 2020.https://soar.stonehill.edu/stonehillcampus_images/1118/thumbnail.jp
A Cloud Over the Library Fountain
No full textThe library fountain surrounded by a cloud on a summer morning.https://soar.stonehill.edu/stonehillcampus_images/1001/thumbnail.jp
May Hall in Summer
No full textA front view of May Hall and Donahue Hall during the summer of 2020. Photo edited with Brushstroke for a watercolor effect.https://soar.stonehill.edu/stonehillcampus_images/1012/thumbnail.jp
The MacPhaidin Library in Summer
No full textThe front exterior of the MacPhaidin Library during the summer of 2020. Photo edited with Brushstroke for a watercolor effect.https://soar.stonehill.edu/stonehillcampus_images/1011/thumbnail.jp
Library Reflection
No full textA reflection of the main library window in the fountain\u27s top basin in the winter.https://soar.stonehill.edu/stonehillcampus_images/1082/thumbnail.jp