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  • 1
    Electronic Resource
    Electronic Resource
    Bradford : Emerald
    International journal of managerial finance 1 (2005), S. 76-94 
    ISSN: 1743-9132
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Purpose - To test the effects of underpricing and share retention (i.e. the proportion of shares retained by the pre-initial-public-offering (IPO) owners) on IPO aftermarket liquidity. Design/methodology/approach - Uses both percentage spread and turnover ratio to measure liquidity. The percentage spread is the quoted bid-ask spread divided by the quoted midpoint and measures the trading cost relative to share price. Turnover ratio is the daily trading volume divided by the number of shares offered and measures the speed of transaction. Both non-parametric analyses and multiple regressions are conducted to investigate the effects of underpricing and share retention on liquidity. Findings - Results indicate that initial return is positively related to turnover ratio and negatively related to percentage spread. These relations are significant even after controlling for other factors. Also finds that the pre-IPO owners' retention rate is positively related to turnover ratio and negatively related to percentage spread. High retention rates attract more trades, provide quality assurance, and improve IPO aftermarket liquidity. Originality/value - This paper investigates the theoretical links between underpricing and liquidity and provides direct evidence on Booth and Chua's liquidity theory. In addition, this is one of the first empirical studies to analyze the effect of share retention on aftermarket liquidity.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    New York, NY : Wiley-Blackwell
    International Journal of Quantum Chemistry 44 (1992), S. 181-205 
    ISSN: 0020-7608
    Keywords: Computational Chemistry and Molecular Modeling ; Atomic, Molecular and Optical Physics
    Source: Wiley InterScience Backfile Collection 1832-2000
    Topics: Chemistry and Pharmacology
    Notes: In this article we discuss several principles and tools which should expedite description of the electrostatic potentials and electrostatic interactions of molecules, and show that these also lead to some rather remarkable results in the theory of the irreducible representations of the full rotation group SO(3). First, by representing a molecule's charge-density matrix over a basis of atomic-like orbitals (on the various atoms), we observe that outside its charge distribution the molecule's electrostatic potential is exactly the same as if that charge distribution were merely a sum (and in the case of a finite orbital basis, this is a finite sum) of point multipoles on each of the atomic centers and line multipoles on the line segments joining each of those atomic centers. Possible methods of approximating the field of these line charges and line multipoles, as if they were due to point charges and point multipoles, are discussed. The calculation of the interaction of point multipoles of high order, as is necessary for this procedure to successfully calculate the interaction of arbitrarily oriented molecules, motivates our second topic. Here we present a differential operator which, when acting on the 3-dimensional delta function, produces the source density for a scalar field that is exactly an (l,m) multipole field. Using the Hermitian adjoint of this operator, we express the interaction of this (l,m) multipole with an external scalar field as the result of this differential operator acting on that external field at the location of this multipole source. Irreducible representation matrices of the full rotation group are then used, together with these relations, to simplify the interaction of two arbitrarily oriented multipoles of any orders. Finally, we use the representation of the Condon and Shortley “raising and lowering” relations on eigenstates of the z-component of angular momentum, in an orientation that is not aligned with its fundamental basis states, to generate recursion relations that allow simple calculations of the irreducible representation matrices of the full rotation group, SO(3), and the special unitary group, SU(2). From these recursion relations we display some useful symmetry properties of our parameterization of these matrices, that allow the entire matrix to be very simply generated from an explicit calculation of only about 1/8 of its elements. © 1992 John Wiley & Sons, Inc.
    Type of Medium: Electronic Resource
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