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National Domestic Violence Awareness Month
October 20, 2020 October 1, 2012 by Social Work License Map
An average of three women die from domestic violence each day in the United States. Every 12 seconds, a U.S. woman is abused. In an effort to help end this violence that affects a reported one in four women and one in 13 men in their lifetimes, October has been recognized as National Domestic Violence Awareness Month. Throughout the month, organizations rally to increase awareness across the country and engage others in a commitment to end domestic violence for future generations. As part of these efforts, groups seek to educate others on the behavioral patterns that are used by abusers to forcefully establish power over their victims. National Domestic Violence Awareness Month reminds us that domestic violence does not discriminate; it crosses lines of socio-economic status, race, gender, and sexual orientation. Statistics also show us that children who have either observed or experienced domestic violence show much higher rates of emotional disorders, substance abuse, difficulty in school, and homelessness. Children who have experienced domestic violence are also more likely to repeat the cycle of violence later on in their adult lives. Young women are among the most vulnerable victims of domestic violence — abused by their male partners (95 percent of reported cases), compared with same-sex relationship abuse (3 to 8 percent), and men being abused by their female partners (1 to 2 percent). This abuse can be physical, verbal, or sexual. It can involve threats or intimidation, isolation from one's friends and family, destruction of property and financial exploitation, and it can appear as jealousy, possessiveness, stalking, or close monitoring of one's behavior. Many organizations now exist to combat domestic violence. These organizations provide housing and shelter, operate emergency hotlines, and maintain websites dedicated to offering advice and aid for victims. Organizations like Safe Horizons also make it a point to offer therapy for those who have experienced domestic violence. We are far from making domestic violence a thing of the past, but with the help of these organizations and others who are working to end the cycle of abuse, we are making great strides. If you would like to learn more about domestic violence or about National Domestic Violence Month, please visit the National Coalition Against Domestic Violence.
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American Journal of Industrial and Business Management
Vol.4 No.3(2014), Article ID:44047,12 pages DOI:10.4236/ajibm.2014.43022
IPO Stocks Performance Imperfection: A Review of Models and Empirical Works
Alex A. A. Bruce1, P. M. C. Thilakaratne2
1Lecturer of Finance, Department of Business Administration, Gombe State University, Nigeria and a Current PhD Student of Finance with the Department of Accountancy, University of Kelaniya, Kelaniya, Sri Lanka
2Senior Lecturer of Finance, Department of Accountancy and Director of Centre for Continuing and Distance Education, University of Kelaniya, Kelaniya, Sri Lanka
Email: brucealex46@gmail.com, lal@kln.ac.lk
Received 28 January 2014; revised 28 February 2014; accepted 7 March 2014
Performance of IPO stocks is determined by the returns on a firm's IPOs and other subsequent issues. Returns are derived from the price swings (volatility) as compared to the offer price so that a favourable swing indicates favourable returns and vice-versa. In the light of this, we review models and empirical works that try to explain these swings and their consequence on the IPOs performance to hypothesize that IPO stocks performance swing (return volatility) is inevitable as far as a real efficient market cannot exist except in a world of utopia. Evidences from the previous studies show that one reason or the other must be achieved or committed to get the IPO stocks marketed at the instance of the issue which subsequently keep influencing the same stocks even in the secondary market over a very long period of time even though at a minimum volatile rate but not completely eliminated. This is what we regard as stocks performance imperfection.
Keywords:IPOs; Stocks Performance Imperfection; Price Swings (Volatility); Efficient Market
It will interest readers and capital market experts to know that IPO stocks performance assessment is and must always be favourable or unfavourable as long as there are externalities on the market for stocks. This is why stocks perform splendidly well, then experience dangerously price swings, then bubbles and finally crash. A wealth creating IPO stocks and other means of stocks issue should guarantee ideal returns as a form of security for investment over a long period of time if not for the entire life time of the stocks. By and large, an ideal and utopia scenario for a perfect stocks performance should be one that its returns fully reflect in its stable price. This assertion however, may not have or will never exist in real life practice.
We therefore, review theoretical and empirical breakthroughs on stocks performance whose imperfection has in most cases been attributed to either initial underpricing of IPOs, risks of macroeconomic factors or misinformation and fraud. In order words, the literatures build the pathway for our assumption that only an imperfect stocks performance can exist in this contemporary world of today's capital markets. From the literatures perused in this paper, we hypothesize that perfect stocks performance is in no way attainable in the capital market because of extraneous factors that seem impossible to erode so that only imperfection is the accommodating and manageable element to contend with. We also conclude that there is imperfect stocks return performance owing to the fact that the "Law of One Price" which states that "if two assets are equivalent in all economically relevant respects, then they should have the same market price" tend to be violated almost at all times. This is an indication of capital market irrationality. Stoll and Curly [1] document that initial public offerings (IPOs) have the tendency to provide abnormal returns to investors who purchased them at the initial offering.
Suffice to say that, the models and empirical works are discussed based on the performance of IPO stocks whose observations are attributed to underpricing of IPO stocks followed by the risk of macroeconomic factors and finally the misinformation and fraud influences. In this context therefore, we objectively seek to establish the fact that IPO stocks will continue to perform imperfectly in the face of all identified factors and model equations as long as the returns will always in most cases auto-correlate and lack independent of each other in a stochastic way, simply because these factor variables are constantly manipulated to cause returns variance.
The remainder of the paper is comprised of two sections. Section 2 discusses the imperfect stocks performance hypotheses which are grouped under five subsections; Subsection 2.1 presents the takes on the Random Walk Hypothesis while Subsection 2.2 takes on the Capital Asset Pricing Model (CAPM), the Arbitrage Pricing theory (APT) and the Autoregressive Conditional Heteroskedasticity (ARCH) Models. The IPO underpricing hypothesis is examined in Subsection 2.3; the macroeconomic factors hypotheses in Subsection 2.4 and the misinformation and fraud tendency hypotheses in Subsection 2.5. Finally, we conclude the paper in Section 3.
2. The Imperfect Stocks Performance Hypothesis
2.1. The Random Walk and Wave Hypotheses
Our proposition of the imperfect IPO stocks returns is not consistent with the Kendall's [2] Random Walk Hypothesis (hereafter RWH) which has the stock's price bearing on the movement made by the drunkard after being tipsy. He does not calculate nor determine where his footsteps stamp and which direction the next step will land him. This demonstrates the distance of movement ut at time t, and continues to walk indefinitely with gradual drifts farther and farther away from the bar where he drank. This is not the like manner with which IPO stock prices behave from the first day so that today's stock price is equal to yesterday's stock price plus a random shock, Gujarati et al., [3] . The RWH proposes random walk with three different emphases.
Is random walk if:
Is random walk with drift if:
and is random walk with drift around a deterministic trend if:
The RWH was further popularized in 1973 by Malkiel [4] in his book "A Random Walk down the Wall Street", that is now regarded as an investment classic. Random walk is a stock market theory that states that the past movement or direction of the price of a stock or overall market cannot be used to predict its future movement. This means that the stock price fluctuations are independent of each other and have the same probability distribution, but that over a period of time, prices maintain an upward trend. In short, random walk says that stocks take a random and unpredictable path. The chance of a stock's future price going up is the same as it going down so that a follower of random walk believes it is impossible to outperform the market without assuming additional risk. And that means that both technical and fundamental analyses are largely a waste of time and are still unproven in outperforming the markets. It is pertinent to note that these shocks could be negative or positive.
In the early treatments of the efficient markets hypothesis (EMH), the statement that the current price of a security "fully reflects" available information was assumed to imply that successive price changes (or more usually, successive one-period returns) are independent. In addition, it was usually assumed that successive changes (or returns) are identically distributed, Fama [5] . However, both hypotheses constitute the random walk model which was modelled as
So that the mean value of the returns is expectedly to be insignificantly different from zero while the epsilon represents the random error term. However, because of the naive nature of the RWH to assume that stock returns follow random walk and so future expected returns cannot be determined using previous time series of information, the assumption has been debunked by several studies example Fama [5] and Magnus and Fosu [6] etc. This made the EMH by Fama [5] to expand on the information relevance for returns forecast using the RWH as:
In this model, the conditional and marginal probability distributions of an independent random variable are identical, that is, equal to zero. Although, the density function must be the same for all, yet it can ex ante returns in the model below to obtain the expected version:
On establishing these relationships, the EMH went ahead to dilute this into what is called the "fair game" model which states that the conditions of market equilibrium can be stated in terms of expected returns but says little about stochastic process generating returns. So that the new fair game has a serial covariance of zero to make the tests relevant for the expected return models, such that:
Note that the f is densities function while the is "fair game" given as:
It is in this light that the Elliot and Richardson [7] (hereafter E-R) Wave theory state that rhythmic regularity had been the law of nature such that, all cycles-whether of tide, weather, or life had the capability of repeating themselves indefinitely so that two forces, one build up and the other tear down as a result of the movements. The market move forward in five waves and then decline in a series of three waves as E-R noted in an 80 year period with the below illustrative diagram (Figure 1).
Figure 1. Wave patterns.
They classified the waves into two-impulsive wave formation (1, 3, 5) and the corrective wave (2, 4). These are difference between trend (impulsive wave) and a correction (sideways price movement with overlapping waves). E-R distinguished nine wave degrees, ranging from two centuries to hourly. These wave degrees are, grand super-cycle, super-cycle, cycle, primary, intermediate, minor, minute, minuettes, and sub-minuette. In theory, the numbers of waves' degrees are infinite, while it is difficult to spot more than four or five wave degrees in real practice. The application of the E-R Wave principle can only be possible by identifying the number of patterns/sub-patterns since the assumption is that a minimum of three waves will occur always, no matter what happens. Hence if investors concentrate on the 3rd wave, either in an impulsive or corrective wave1, there will be a strong probability of making a profit. This principle expects the same pattern to evolve over and over again, to enable the investor forecast the markets2. This indicates that variations of returns are inevitable as long as the market waves will never stop, hence, the need for underwriters/analysts to do thorough work of identifying the market variables that breed return volatility via the waves put forward by the theory.
The Wave theory supports the application of the multifactor APT (Arbitrage Pricing Theory) and the GARCH (Generalized Autoregressive Conditional Heteroskedasticity) models since the causes of waves cannot be less than three given the contending factors in the stock market.
2.2. The CAPM, APT and ARCH Models
Ross' [8] and [9] APT asserts the existence of factor variables that impede on stocks and general assets prices to cause variability of returns but such variables were not completely identified by the theory just as the E-R Wave Theory which speculates that variability is inevitable, and comes like a wave pattern, usually correcting itself in the future (short and long-runs). These variability and waves are continuous and caused by factors that are believed to be both market-wide and firm-specific whose influences can be reduced or eliminated for the latter but the former is said to be completely uncontrollable. Before these, the Capital Asset Pricing Model (CAPM) of Sharpe [10] , Lintner [11] and Treynor [12] instead device a means of ascertaining ex ante returns which of course came under criticisms, being very difficult to compute as it concerns expected returns emphasizing on risk-free rate, i.e. the pure time value of money , the expected market return and the beta coefficient being determinants of stocks expected returns , simplified as:
where the beta is calculated as the covariance of asset return i and its market return divided by the variance of the market return.
And thus having the inability to identify in practice the factors responsible for shocks in stocks expected returns, the APT came into limelight to redefine mathematically a factor (s) equation that can accommodate conflicting determinants of stocks returns. But even with that, it as well provides little guidance concerning what factors (sources of risk) ought to result in risk premiums, Bodie et al., [13] to remedy for stocks performance imperfection. However, for the APT, Chen, Roll and Ross [14] identify several possible variables that might proxy for systematic factors such as growth rate in industrial production, changes in expected inflation measured by changes in short-term (T-bill) interest rates, unexpected inflation defined as the difference between actual and expected inflation, unexpected changes in risk premiums measured by the difference between the returns on corporate Baa-rated bonds and long-term government bonds and finally the unexpected changes in the term premium measured by the difference between the returns on long and short-term government bonds. So that the APT mathematically progressed from single factor usage of
But because the APT is designed to accommodate multiple factors, Equation (11) can be rewritten as
where is the expected return on stock t, the being the coefficients and slope of the systematic variables (F, G and H) and the et representing the idiosyncratic variables defined as the error term. However, the model holds that, the will always maintain its previous value in a given period if there appears to be no macro shocks from the macro economic variables instead its value will only be determined by the firm-specific variables. This theory though gained acceptance yet could not adequately provide those systematic factors that influence assets.
The limitations of the APT in the area of factors identification and rate of variability of returns on assets pave way for the Autoregressive Conditional Heteroskedasticity (ARCH) models. This is because of the high rate of risk and uncertainty in the modern capital markets when considering their econometric time series which of course demanded a thorough study into their time varying variances and covariance. Engle [15] propounded the ARCH model to capture past data to distinct between the conditional and the unconditional second order moments as against the previous studies on conditional verses unconditional mean which usually indicates time invariant. Hence the ARCH model provides a very simple standard dynamic regression as
where is a set of weak exogenous and lagged dependent variables and the represents a Gaussian noise process (shocks).
The ARCH (q) model is deficient because it omits and fails to account for a relevant regressor and non-linearity or serial correlation; it also omits the constant but subtracts the estimate of the unconditional variance from the dependent variable and uses one half the explained sum of squares as a test statistics, Bollerslev et al., [16] . Because of these limitations to adequately accommodate more independent variables and to capture constants and linearity to assess the performance of stocks at intervals, the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model was developed by Bollerslev [17] . The model captures the thick tailed returns; volatility clustering and can readily modify to allow for several other stylized facts such as non-trading periods and predictable information releases, Bollerslev et al., [16] .
, , and are estimates from past data
Is the most recent variance forecast
Is most recent squared prediction error in market return.
However, because the GARCH also could not capture in clarity the effect of good and bad news affecting stocks performance, the Exponential GARCH (EGARCH) and the Threshold GARCH (TGARCH) came on board to capture the asymmetric shocks to the conditional variance. Nelson [18] Exponential GARCH takes the form of natural logarithm of the conditional variance so that it is allowed to vary over time as a function of the lagged error terms rather than the lagged squared errors. The EGARCH (1,1) is writhen as:
The y captures the asymmetric effect so that the conditional variance is always positive even if the parameter values are negative. Furthermore the Threshold GARCH of Glosten, Jagannathan and Runkle [19] modifies the original GARCH specifications using a dummy variable with the assumption that unexpected changes in the market returns have different effects on the conditional variance of the returns. Such that good news goes with an unforeseen increase contributing to the variance through the coefficient β instead of an unexpected decrease which is presented as a bad news and contributes to the variance with the coefficient α + y, so that, if y > 0, the leverage effect exist and news impact is asymmetric if y ≠ 0, Magnus & Fosu, [6] . The TGARCH is,
It is obvious to not that the IPO stocks performance and generally equity stocks returns have consistently undergone series of studies to determine the ex ante and post ante returns yet, the volatility persist and locks in the stock market. The GARCH models are so many but all of them have not being able to eliminate as well as device appropriate methods to predict the IPO stocks returns with all certainty having known the factor-causes of volatility. In fact, it is expedient to also not that, the ɛt is never at any point zero even if idiosyncratic variables are introduced in the regression, indicating a non-exhaustive variable determination. The several studies on IPOs using mostly the models above have indicated several of the factors responsible for the variability of the returns performance but the variability still persist and in most cases shows autocorrelation which means, the return series are never independent of each other.
2.3. The IPO Underpricing Hypotheses
Most of the theoretical research on IPOs focuses on explaining IPOs performance imperfection via underpricing and overpricing which lead to volatility of the stocks returns. Underpricing could be "a large positive gain to a new issue (relative to its offer price) immediately after listing", Chan et al., [20] which is significantly larger than the average returns of the other days or overpricing otherwise. Possible reasons for underpricing may include self-interested investment bankers, Baron and Holmstrom, [21] ; Baron, [22] ; the "winner's curse" where the underwriter under-prices (discounts) IPOs to induce uninformed investors to purchase IPO shares, Rock, [23] and Beatty & Ritter, [24] ); lawsuit avoidance of Logue [25] ; and Ibbotson [26] are credited to the idea of legal insurance or lawsuit avoidance hypothesis. The assumption here is that companies deliberately sell their stock at a discount to reduce the likelihood of future lawsuits from shareholders disappointed with the post-IPO performance of their shares, Tinic, [27] . On the other hand, there are signalling reasons where IPO under-pricing is a mechanism to signal the issuing firms' quality: with the assumption that the issuers are more aware of their firm values than the investors at the time of offering, Allen and Faulhaber, [28] ; Grinblatt and Hwang, [29] ; Welch, [30] ; market incompleteness, book-building, and information-gathering marketing models, where usually the underwriter uses underpricing and rationing as devices to entice selected investors in a "road show" to truthfully reveal their information, Benveniste and Spindt, [31] ; and informational cascades, Welch [32] . Evidence also suggests that in some countries IPO underpricing may be due to the regulatory environment, Loughran, Ritter, and Rydqvist, [33] ; the partial adjustment model of Ibbotson et al. [34] suggest that underpricing may be the result of changes in the offer price between the filing of the preliminary prospectus and the final prospectus; the ownership dispersion model of Booth and Chua [35] is where IPOs are deliberately offered at a discount by the issuers because they want to create excess demand for their issue.
Furthermore, Logue [25] suggests that underwriter warrants create incentives for underwriters to deliberately set the offer price below its true market value, Mauer and Senbet [36] presents the market incompleteness model suggesting that market incompleteness results in IPOs being underpriced so that investors can be compensated for bearing diversifiable risk. The institutional lag model of Ritter [37] suggests that underpricing might be attributed to rising Stock markets between the fixing of the offer price and the first trading day. By and large, the foregoing brief description of IPOs mispricing informs us of the possible reasons for variances in stock returns indicatively suggesting a deliberate reasons for making stocks return performance uncoordinated to critically reflect the true value of the firm and thereby producing imperfection both in the short-run and the long-run.
2.4. The Macroeconomic Factor Hypotheses
Ross [8] and [9] models a theory called the Arbitrage Pricing Theory (hereafter APT) that assert the existence of factor variables that impede on stock returns and general assets returns to cause variability but such variables were not completely identified by the theory. APT assumes that there are factors that influence assets returns to systematically vary or deviate from their expected propositions, which in our current assertion automatically directly or indirectly causes IPO stocks performance imperfect. In trying to ascertain what causes returns on assets such as firm investments and securities to deviate from their forecasted or expected returns when displayed in the market, Ross was propelled to develop the APT which assumes that some macroeconomic variables exist within the circle of the market circumference which possess multifaceted nature of systematic risks upon whom all returns on assets are severely influenced leading to a very high uncontrollable volatility. The APT assumes that expected returns (i.e. stock performance) is always affected by macroeconomic factors that the firm may not be in the position to alter even when the investor tries to reduce his investment risks by diversifying in different asset portfolios. The APT uses arbitrage to mean a situation of uncompromised exploitation of security mispricing in such a way that risk-free profits can be earned. Ross assumes that, in order to prevent arbitrage, an asset's expected return must be a linear function of its sensitivity to those risk factors. This theory debunks the presence of arbitrage opportunities in efficient financial markets. But a problem arises such that under certain circumstances, arbitrage may not be possible for rational and well capitalised investors to correct mispricing very quickly. This is because strategies used to offset or eliminate mispricing are most often risky, costly and somehow restricted, Ross et al., [38] . Firm-specific risk, noise trader risk and implementation costs are usually the major obstacles. It is also note worthy to state that, the major agent of stocks varying performance (i.e., mispricing) could completely ignore all other factors including the macroeconomic factors and thereby cause a long time lingering effects on the returns.
A study of the South African stocks market by Chinzara [39] show that macroeconomic uncertainties significantly affect the stock market volatility such that exchange rate volatility, short-term interest rate volatility, and financial crises impacts very negatively on stocks returns with very little effects from variability in gold prices, oil prices and inflation rate. In his classical paper on the relationship between stock market volatility and volatility of real and nominal macroeconomic variables, Schwartz [40] concludes that movements in inflation and real output has weak predictive power on volatility of stock market and return.
Ross et al. [38] documenting on UK pound to US dollar exchange rate, state that foreign exchange rates have been relatively fixed and stable before the early 1970s when the Britton Woods agreement broke-down, given room to unpredictable exchange rate volatility controlled and determined by the market forces. Other than the early 1970s, exchange rates were fixed in most cases and significant changes rarely occur because importers and exporters could predict with relative certainty the future state of exchange rates. This means that the financial and economic activities are influenced by exchange rates fluctuations.
Olweny and Omondi [41] document that foreign exchange rate volatility significantly affects stock return volatility on the Nairobi Stock Exchange. In a study of a relationship between the Johannesburg stock market and foreign exchange rate, Hsing [42] observes that there is a positive relationship between stock returns and foreign exchange rate. Benita and Lauterbach [43] note that exchange rate volatility have real economic costs that affect price stability, firm profitability and the general economy's stability. Going by these findings, it is easier to clarify that foreign exchange rate volatility impact on the IPO stocks return variability because of its ability to impair on the general performance of the economy. This is because decisions on fiscal and monetary policies are dependent upon foreign exchange rate fluctuations and other macroeconomic factors.
Interest rate reduces or increases the attractiveness of investment opportunities3. By and large, it will be needless for investor to go for an investment asset if the rate of interest is very high, knowing that it has all the capabilities to reduce the present value of future cash flows and vice-versa. This is so because; interest rate determines the interest payments on investment assets. Hence they are key determinants of business investment expenditures. The primary function of interest rate is to assist the mobilization of financial resources and ensure efficient utilization of same in the promotion of growth and development, Ngugi & Kabubo, [44] .
Since interest rate promotes economic growth and development, it therefore, implies that it has positive impact on IPO stock returns, Chen et al., [14] . Although this could vary from different economies because, Chen et al. [45] observe in a study of Taiwan stocks market and found that interest rate has no significant effect on Taiwan Hotel stock return. Consistent with this observation, interest rate also had a negative relationship toward Singapore Hotel stock market, Chiang et al., [46] .
There is a very great inter-woven relationship between interest rate and financial risk. For instance, Ross, Westerfield and Jordan [38] document that the most current example of financial risk effect is the collapse of the once-thriving US savings and loan (S&L) industry which at a time was relatively simple because they accepted short-term deposits at lower interest rates and extended long-term, fixed rate home mortgage loans at higher rates which helped them spread profits; not until the interest rates volatility crept in suddenly, so that short-term interest rates became highly volatile, exceeding the long-term rates on various intervals by substantial amounts.
This made the S&L industries business very complicated and loosing, because long-term mortgage borrowers stocked to their low-interest payments while the short-term depositors removed their funds4. The S&L were forced to borrow more short-term funds at high interest rates believing to correct the trend but instead ended-up into higher default rates which was very unfamiliar to the S&Ls. The clear note here is that, investors in most cases deposit their excess funds in anticipation for better investment opportunities, so that whenever, investment assets prove highly investable, they rush for it because of the interest rate associated.
Walsh [47] reveals that the changes in short-term interest rate that serves as the operational target for implementing monetary policy will affect aggregate spending decisions only if long-term real rates of interest are affected. He further narrates that while the use of interest rate-oriented policy reduces the importance of money demand in the transmission of policy actions to the real economy, it raises to prominence the role played by the term structure of interest rates. Some of the proponents of this expectations theory of term structure of interest rate are Shiller [48] , and Campbell and Shiller [49] whose writings have impacted on the general outlook of short-term interest rate variations as they influence general investment and spending, given an effect on longterm rates of interest. This means that interest rate volatility sways investment patterns of investors.
When an economy is heated up, it results into high inflation rate. That is when the general price level tends to experience simultaneous increases rendering purchasing power almost worthless to acquire the same value of assets it originally could acquire. An economy becomes highly heated up, if the demand for consumption outstrips productivity. In a study of the Nigerian stock market, Yaya and Shittu [50] find that the previous inflation rates have significant effects on conditional stock market volatility. Changes in inflation rates, as measured by changes in these rates also have greater impact in predicting the stock market volatility in Nigeria.
These results concur with Fisher's effect in international stock market. Fisher [51] 5 asserts that the nominal interest rate consists of a real rate plus the expected inflation rate. He stated that expected real rate of the economy is determined by the real factors such as productivity of capital and time preference of savers and is independent of the expected inflation rate. If Fisher effect holds, then there is no change in inflation and nominal stock returns since stock returns are allowed to hedge for inflation. Although, some opposed to Fisher's proposition, and claimed that the real rates of common stock return and expected inflation rates are independent and that nominal stock returns vary in one-to-one correspondence with expected inflation, yet the proposition is largely utilized by most financial economists.
It is observed by Bradley and Jordan [52] and Lowry and Schwert [53] that initial returns are explained partly by the initial returns of previous IPOs. In consistence with their work, Loughran and Ritter [54] and Lowry and Schwert [53] further maintain that initial returns are positively related to market-wide stock price increases before the IPO.
This means that prior to the IPO of a firm, the behaviour of prices of existing stock prices have very great impact on the new firm's value and the offer price of its IPOs. The knowledge acquired on the prices of other existing stocks is a product of adequate information that trickles down the lain to help determine the worth of the issuing firm and other related firms' stocks that have almost the same capacity and value.
The release of macroeconomic news or periods of heavy trading by the central bank could escalate fixed income and foreign exchange volatilities which in-turn affect stocks returns volatility, Harvey & Huang, [55] [56] . Consistent to these assertions, Harris [57] , Baillie and Bollerslev [58] , Gerity and Mulherin [59] , Engle and McFadden [60] and several others indicate that volatility is typically much higher at the open and close6 of stock and foreign exchange trading than during the middle of the day. The issue size of IPOs is typically small and the underwriters, often facing excess demand, ration new issues to their regular clients, who constitute a small subset of potential investors, Benveniste & Spindt, [31] ; Benveniste & Wilhelm, [61] ; and Spatt & Srivastava, [62] .
2.5. The Misinformation and Fraud Tendency Hypotheses
Povel, Singh and Winton [63] suggest that the incidence of fraud should be a hump-shaped function of investor believes about business conditions; peaking when investors believe conditions is good, but not extremely good. Which means that, investor believes about business conditions influence investor monitoring intensity which in turn affects managerial fraud incentives on stocks. This is investor believe hypothesis that models fraud increase/decrease during IPOs trading to the rate of investors' believe on whether business conditions are good or bad to determine intensity of monitoring information on the issuing firm. On the other hand, the allocation of IPO shares can be used as a bribe (fraud), Wang et al., [64] ; Ritter, [65] ).
According to Bodie et al. [13] , the scandals of 2000-2002 in the US centred largely on three broad practices: allocation of shares in IPOs, tainted securities research and recommendations put out to the public, and, probably most important, misleading financial statements and accounting practices. They further elaborated that, the SEC's Regulation FD (for Fair Disclosure), introduced in 2000, prohibit firms from divulging material information to one outside group (e.g. stock analysts) before making it available to the entire market. In addition to settle charges brought by New York Attorney General concerning their publication of biased stock research as a quid pro quo for IPO allocations and investment banking contracts, major investment banks (Citigroup, CSFB, Morgan Stanley, Goldman, Sachs, and Merrill Lynch) agreed in late 2002 to pay $900 million in penalties, contribute over $450 million to finance independent stock research and provide $85 million to fund investor education programs. The agreement also lays out guidelines designed to fence off stock research from the investment banking side of the firm. For example, the firms have agreed to remove the link between analysts' compensation and the amount of investment banking business they bring into the firm and to bar analysts from participating in IPO allocations road-shows. The accord also limits, "Spinning" the practice of awarding IPO allocations to corporate executives who can reward underwriters with future investment banking business.
Information need is always inadequate despite the level of information sharing. Solomon [66] evidence that media coverage affects the price response to news announcements such that greater coverage of positive news stories raises investor expectations of future profitability, leading to price increases in the short-term and lower returns in the future around earnings announcements. He also suggests that investors rely on the media to help them process information and decide which stories are economically important. The investors in the CM are the demand for the IPO stocks hence available and accessible information produces the required demand for the IPOs. Inadequate information on the performance of the intending firm going public is an abysmal sign of failure in the form of underpricing to underwriters at the IPO road shows which metamorphose into high volatile initial returns and lower long-term returns. The information need is very vital at the initial stage of IPOs pricing. By this the IPOs price can be said to be underpriced, priced at par, or overpriced.
It is evident that IPOs performance imperfection persists in all stocks markets whether they are offered via the traditional firm-commitment offering or auction. This is because even in markets like Japan where most IPOs are offered via auction still experience some sort of returns volatility even though at a very minimal level compared to what is obtainable in the US and other markets, most of whose offerings are through the traditional firm-commitment offering. This means that the auction method of IPO offering has not been able to eliminate the IPOs initial returns volatility and inconsistencies despite the lower or absence of mispricing during and after the offer. Furthermore, most studies (Fisher, [51] ; Gabriel, [67] ; Bradley & Jordan, [52] ; Lowry & Schwert, [53] ; Chiang et al., [46] ; Hsing, [42] ; Olweny & Omondi, [41] etc.) that identified macroeconomic factors such as inflation, foreign exchange, and interest rates volatility as well as variability of existing stocks prices of other firms have shown either positive or negative influences on the IPOs initial returns volatility. By and large, unknown gaps seem to be glaring, with auto-correlation, dependent of stochastic series which poses serious riskeffect on IPOs performance irrespective of the market status. Markets such as the US tend to experience similar volatility despite its position of efficiency. The evidence shows with Loughran et al.'s [68] updates and the trends of reviews of the decade of bubbles on the Wall Street just as information asymmetry tend to communicate terribly to stocks performance as investors react to financial announcements, Huang [69] and business cycle risks and financial crisis, Schwert [70] .
We therefore advocate that the IPO stocks performance is and will always be imperfect as long as the systematic and firm-specific variables have not been completely identified, or somewhat manipulated, to create more idiosyncratic shocks until they are really identified in totality; we are not yet good at it. The error term of all the models usually gives a value for unidentified shocks yet unknown and therefore needs further intensive research focusing on developed and emerging stock markets otherwise we still operate an imperfect IPO stocks returns performance, all things being equal.
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Povel, P., Singh, R. and Winton, A. (2007) Booms, Busts, and Fraud. Review of Financial Studies, 20, 1219-1254. http://dx.doi.org/10.1016/0304-405X(90)90052-2
Wang, T.Y., Winton, A. and Yu, X.Y. (2010) Corporate Fraud and Business Conditions: Evidence from IPOs. The Journal of Finance, 62, 2255-2292.
Ritter, J.R. (2004) Differences between European and American IPO Markets. European Financial Management, 9, 421-434. http://dx.doi.org/10.1111/1468-036X.00230
Solomon, D.H. (2012) Selective Publicity and Stock Prices. The Journal of Finance, 67, 599-637.
Ajao, M.G. (2012) Inflation, Financial Openness, Exchange Rate, and Stock Market Volatility. Indian Journal of Economics and Business, 11.
Loughran, T., Ritter, J.R. and Rydqvist, K. (2013) Initial Public Offerings: International Insights. Pacific-Basin Finance Journal, 2, 165-199.
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1Market reaction to the signals of news announcements issued by seasoned firms is not completed immediately. However, in most cases, market prices adjust slowly to such news or signals, with trends extending over several months.
2Elliot Wave provides an effective method for trading on the stock market. Its patterns indicate where the market is heading, in what way (or structure) this will happen and under what circumstances the pattern will produce a stronger probability. Ranganatham, M. and Madhumathi, R. "Investment Analysis and Portfolio Management". Dorling Kindersley (India) Pvt. Ltd, 346-348
3Note that an increase in interest rates have the inbuilt mechanism that leads to increase in financing costs which invariably decrease revenues of firms and individual investors.
4Although there were other economic and political factors that contributed to the disaster, but the most root cause was the high rate of interest volatility on the short-run loans at the time.
5Because investors of course are ultimately concerned with what they can buy with their money, they require some sort of compensation for inflation, hence Irvin Fisher demonstrated a quickening formulae to handle such situation as thus: , where R = Nominal interest rate; r = Real interest rate; and h = Inflation rate.
6The increase in volatility at the open partly reflects information accumulated and concealed while the market was closed.
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Q: Xamarin.Forms.DataGrid "Failed to resolve assembly" using azure Devops I am developing small Xamarin forms application in visual studio 2022, I trying to implement Xamarin.Form.Datagrid, Everything working fine in visual studio but I am trying to run pipeline in azure Devops While I am getting error Error : Failed to resolve assembly: Xamarin.Forms.DataGrid, Please give me solution to resolve above issue.
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In September 2018, the Amsterdam Law School and the Amsterdam Business School launched the first year of a new Master's programme in Law & Finance (LLM). The growing importance of finance to the global economy has made it increasingly important that lawyers have a good grasp of financial economics. According to both a Harvard Law School survey and the industry leaders we spoke to during the design phase and development of this programme, law students with extensive knowledge of Corporate Finance, Accounting, and Financial Statement Analysis have a clear advantage in the jobs market over students without that knowledge and those skills.
In what ways do national and international financial regulations interact? How do you structure international financial transactions? What makes good financial regulation and how should financial integrity be maintained?
What did liberalization do for the energy sector? And did it change the relationship between the state and the energy industry? Should energy companies be concerned with climate change?
Today, the energy sector is changing as a result of market liberalization and climate change concerns. The EU presents a typical example of this scenario but similar developments can also be found in other parts of the world. This specialized programme will present the main principles of energy market liberalization and how climate law affects the energy sector, with the EU often used as a case example.
Do you want to study the interaction of law and economics? The joint European Master of Law and Economics (EMLE) is recognized by the European Commission as an Erasmus+: Erasmus Mundus Master Programme of "outstanding academic quality". As a student, you will become familiar with the economic effects of legal rules. You will be able to understand the economic implications of the core branches of law, such as contracts, property, corporate, torts and competition law.


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Walter Bartky (1901–1958) was an American astronomer, applied mathematician, and educator, noteworthy for his role in the Manhattan Project.

Education and career
Walter Bartky received his B.S. from the University of Chicago in 1923 and his Ph.D. in 1926. At the University of Chicago he was an instructor in 1926, an assistant professor of astronomy from 1927 to 1932, and an associate professor of astronomy from 1932 to 1942. At the University of Chicago he became in 1943 a professor of applied mathematics and associate dean in the Division of Physical Sciences, served from 1945 to 1955 as the dean of the Division of Physical Sciences, and served from 1955 to 1958 as vice president in charge special scientific programs.

Walter Bartky was from 1926 to 1930 a consulting mathematician to Western Electric Company. In 1935 his book Highlights of Astronomy was published. During World War II he was the assistant director of the Manhattan Project's Metallurgical Laboratory at the University of Chicago.

In 1945 he was one of the signers of the Szilárd petition. In May 1945, he accompanied Leo Szilard and Harold Urey to Spartanburg, South Carolina to present a memorandum to James F. Byrnes; the memorandum suggested that dropping an atomic bomb on Japan might start a nuclear arms race with the Soviet Union.

Personal life
On 9 January 1932, Walter Bartky married Elizabeth Inrig Robertson, of Glasgow, Scotland. The marriage produced two children, Walter Scott Bartky and Ian Robertson Bartky. W. Scott Bartky (1932–2010) was an engineer, entrepreneur and inventor with over 40 patents. Ian R. Bartky (1934–2007) was a physical chemist and historian of science.

Selected publications
with A. J. Dempster:
with W. D. MacMillan:

with A. J. Dempster:

Patents

References

External links
 Guide to the Walter Bartky Papers 1940-1947 from the University of Chicago Special Collections Research Center

1901 births
1958 deaths
Manhattan Project people
University of Chicago alumni
University of Chicago faculty

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A Light Amphibious Resupply Craft storms the beach when Combat Logistics Battalion 7, Combat Logistics Regiment 1, 1st Marine Logistics Group, conducted an embarkation exercise aboard Camp Pendleton, Calif., July 18, 2013. This is the first time in a decade the battalion, which is based out of Marine Corps Air Ground Combat Center in Twentynine Palms, Calif., has conducted a battalion FEX outside of Twentynine Palms.
Photo by Cpl. Laura Gauna
CLB-7 returns to amphibious roots, conducts first embarkation exercise in last decade
5 Aug 2013 | Cpl. Laura Gauna
8/5/2013 --
CAMP PENDLETON, Calif. – For the first time in ten years, Combat Logistics Battalion 7, Combat Logistics Regiment 1, 1st Marine Logistics Group, executed an embarkation exercise aboard Camp Pendleton, Calif., July 18, 2013.
The battalion, based out of Marine Corps Air Ground Combat Center in Twentynine Palms, Calif., practiced embarking and disembarking tactical vehicles from Landing Craft Air Cushion vehicles and Landing Craft Utility boats, to see how well they, as a battalion, could load and offload vehicles.
"We have great training opportunities aboard Twentynine Palms, but we have been lulled into a sense of complacency when it comes to embarking in our own field," said 1st Lt. Mia Hencinsky, operations officer, CLB-7, CLR-1, 1st MLG. "We realized that to reach that next level of amphibious strategic mobility, we needed to go somewhere outside of our own turf."
The battalion spent a week familiarizing themselves with the ins and outs of unloading and loading vehicles and personnel onto landing crafts.
"Usually we are geared more toward motor transportation operations, but this (exercise) is focusing on the landing force support party," said 1st Lt. Grant Cooper, assistant operations officer, CLB-7, CLR-1, 1st MLG. "This exercise really shakes things up for the Marines and gets them out of their creature comforts. It is all really new to most everyone here so we are learning as we go."
With the support of the Navy's landing force shore party, Beachmaster Unit 1, several tactical vehicles loaded with Marines in battle gear were successfully loaded and offloaded.
"Working with LCACs and LCUs for the first time was a crawl-walk-run approach," said Cooper, a native of San Diego. "We need to start getting back to our amphibious roots. This is just the first step, and the battalion doesn't get much time working with the Navy, but I think it's good to just establish a relationship with the Navy and move on from there."
With an impending deployment to Afghanistan next year, the exercise provided the battalion good insight into what can be improved upon in regards to embarking the battalion.
"There have been a lot of lessons learned," said Hencinsky, a native of Severna Park, M.D. "Marines don't get a lot of opportunity to work on the beach, which has presented different variables that they have to deal with that forces them to think outside the box since they are not on their home base. I have been impressed with what I've seen from the Marines."


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14+ Most How Many Games Of God Of War Are There
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To get the latest updates on release timing, make sure you follow santa monica studio on twitter, instagram and. The original game debuted in 2005 for playstation 2, and it's the third story within the timeline.
Ragnarok releasing at some point this year, but the series doesn't progress in a strictly chronological order. Up to the most recent release in 2018, the franchise focused on kratos' journey in the greek world.
Source: rakutenfliy.blogspot.com
There are currently 12 god of war games in the time line, with the 12th dropping later in 2022. How many norse god of war games are there?
Sep 16, 2021 7:33 am. The boss battles are particularly epic, will test your skills to the limit.
The original game debuted in 2005 for playstation 2, and it's the third story within the timeline. Starting with the release of god of war in 2005 on playstation®2, santa monica studio has created seven games across multiple platforms.
As A God, Kratos Has Lived A Long And Painful Life Filled With Loss And Manipulation.
Will there be more god of war games? How many god of war games are there in the series? The series has been running for 17 years thus far and shows no sign of slowing down any time soon!
The Following Sections Will Assume You Are Playing The Main Series.
Starting with the release of god of war in 2005 on playstation®2, santa monica studio has created seven games across multiple platforms. The game was as much a. The new god of war was released in 2018 exclusively for the playstation 4.
Up To The Most Recent Release In 2018, The Franchise Focused On Kratos' Journey In The Greek World.
There are certain gods, names, references, and even locations that are similar. The first is playing in their release order and the second way is to play according to the order of the storyline. The god of war series is a series of video games centered around greek mythology and, following the conclusion of god of war iii, norse mythology as well.
God Of War Has Seven Games Currently Available For Purchase, With God Of War:
Combat system is incredibly deep and satisfying, there is a huge variety from weapons and enemies to keep you engaged. The original game suffers a bit from aging,. You're looking for how many god of war games are there.
The God Of War Games Is One Of The Biggest Franchises And Is A Favorite To Many Players.
Throughout the game, kratos is seen aiding the goddess athena in defeating his master, ares, and absolving himself of the nightmares of his past crimes. The game is the eighth installment in the god of war series, the eighth chronologically, and the sequel to 2010's god of war iii. God of war (2005) or god of war (2018).
10+ Unique Ps4 Best Open World Games
12+ Best How To Change Game On Twitch As Mod
14+ Most How Many God Of Wars Games Are There
14+ Most What Games Are On Luna
5+ Incredible] Game Guardian How To Root
14+ Excellent Does The Oculus 2 Come With Games
5 Top Best Five Nights At Freddy's Game
12+ Best Best God Of War Game
12+ Best How To Play Games On Facebook Messenger
14+ Most Best Open World Xbox One Games
many, there


Chris at CLAi took on finish-editing, color grading and sound re-mixing my feature-length indie documentary for a very reasonable indie price. He didn't do it because he was passionate about my topic, which is pretty off the beaten path; he did it because he's an amazing, generous, kind guy who likes to help indie filmmakers when he can, between jobs for people and companies who can actually pay him what he's worth.
He is extremely knowledgeable, skilled, experienced and one of the most professional people I've worked with in the film industry (or any industry). He communicates frequently, works very hard and long hours, including weekends, and solves every problem that comes his way.
I had absolute faith in his integrity and was amazed that he never went MIA, even though my money ran out after the first of about 10 weeks work, and even when he was sick, on vacation, or having a birthday. He honored our contract and added soooo much more, despite all the unexpected problems my film ended up bringing him to solve. He always answered my questions within hours, changed everything I asked him to, and had the patience and tenacity of a saint.
My film came out beautifully. He took (the technological mess of) my film clips stuck together on FCPX and miraculously made a stable, coherent piece of art out of them. I highly recommend Chris for any editing/production job you have!


text:
Q: как можно получить текст c button если внутри button есть ешё span на python selenium у меня есть в сайте такая кнопка в котором ешё есть span  элемент

<button type="button" data-marker="item-phone-button/card" class="button-button-eBrUW button-button_phone-_Yo3v button-button_border-_1Ozx button-button_card-AkthM button-button-CmK9a button-size-s-r9SeD button-newDefault-ItXFv" aria-busy="false">

</button>

как можно с помощью python модулья selenium получить текст ?
я пробовал получить с помощью class а но не получилось

A: Для получения текста существует специальный метод text.
Если предположить, что в <button> есть текст, то можно реализовать получения этого текста следующим образом:
button_element = driver.find_element_by_xpath('//button[@class="button-button_phone-_Yo3v"]')
button_text = button_element.text

За неимением возможности протестировать, предоставлю Вам полный вариант, чтобы вы провели откладку исходя из Ваших задач, если тот вариант не захочет работать.
button_element = driver.find_element_by_xpath('//button[@class="button-button-eBrUW button-button_phone-_Yo3v button-button_border-_1Ozx button-button_card-AkthM button-button-CmK9a button-size-s-r9SeD button-newDefault-ItXFv"]')
button_text = button_element.text


text:
Arix Bioscience Plc - Board changes
PR Newswire 17 December 2019
Arix Bioscience plc
LONDON, 17 December 2019: Arix Bioscience plc ("Arix") (LSE: ARIX), a global venture capital company focused on investing in and building breakthrough biotech companies, today announced that Dr Naseem Amin has been appointed to the Board as a Non-Executive Director with effect from 17th December 2019. Upon appointment, Naseem will become a member of the Remuneration Committee. Dr Franz Humer will be retiring from the Board on the same date.
Jonathan Peacock, Chairman of Arix, commented: "We are very pleased to have Naseem join the Board. His broad experience in life sciences, corporate development and venture capital, coupled with his strong industry network, will be invaluable in guiding Arix's vision of building a broad portfolio of innovative young biotech companies to deliver important new therapies for patients and substantial value to our investors.
"On behalf of the Board, I would also like to thank Franz for the important role he has played in guiding the early development of Arix. We wish him the very best and look forward to staying in touch."
Dr Naseem Amin added: "I'm very pleased to join the Board of Arix. The company has built an impressive portfolio of innovative young companies and I look forward to working with the Executive team and Board to continue this development and deliver substantial value for patients and investors."
Dr Naseem Amin brings over 25 years of broad life sciences experience, having held senior positions in major healthcare businesses. Previous roles include Chief Scientific Officer of Smith and Nephew Plc, Senior Vice President of Business Development at Biogen and Vice President of Business Development and Clinical Research at Genzyme. He is currently CEO of GMP-Orphan and a Venture Partner at Advent Life Sciences. Naseem is a qualified medical doctor, from the University College Medical School, London, and an MBA from the Kellogg Graduate School of Management, Northwestern University.
For more information on Arix, please contact:
Charlotte Parry, Head of Investor Relations
charlotte@arixbioscience.com
Optimum Strategic Communications
Mary Clark, Supriya Mathur
optimum.arix@optimumcomms.com
About Arix Bioscience plc
Arix Bioscience plc is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting edge advances in life sciences.
We collaborate with exceptional entrepreneurs and provide the capital, expertise and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors.
www.arixbioscience.com


Today suddenly ...I got your remembrance ..the time we spent from the very beginning till the end and still ...I can't forget those wonderful..moments which are now engraved in my heart ..whenever ...I am happy , sad or down , I just look back to them ..N i really feel so gud ...that the moment feels like i am re-living it again ...I am writing down all this as i want to read this whenever ..n were ever i am ..coz if I wrote & you won't be there then its just not me den ..w/o ur presence everything looks dim ...i thought we could meet up ..but doesn't seems possible ..things has change their course of actions and so we had.. but our bond of friendship will keep that flame alive till the last refrain of the poem is written.which will be written only when we will meet up again.. and then essence of true friends ...eternal ...n undiminished love will start floating again...with great impetus n energy.
God is the main communicator between us , it is due to his gr8 ness we met & our friendship flourished …deeper day by day . Even though we didn't met ,but that's his (God) brilliance ……..we meet , proving that faith is the ultimate power which makes us bonded together wherever we are & feel fresh every time we think of each other.
Well in the beginning of our friendship we had some misunderstanding which r quite natural & happens , but it was our true faith that remain up above all doubts.
In life as we grow ,have some ambitions ..& go forward achieve …by our constant focus , belief & motivation.
Do u feel the same way , yes I think as u recently had a eye check up & ur vision is much Sharper………. …I am just kidding friend.


The Llama pattern is also available for instant download. The pajamas pattern is sold separately.
The pattern for the baby-alls and t-shirt, which fit the 14″ jointed baby doll pattern is also now available.


To better investigate the cracking processes under uniaxial compression, a numerical approach using bonded-particle model (BPM) was adopted to simulate the loading processes and AE events of limestone.
Answer . Slabs of limestone can be cut or faced for building material, sliced for countertops and tile, crushed to various dimensions for fill, roadbeds, and concrete aggregate, further crushed to a powder for agricultural lime, a soil conditioner, and heated to melting, then crushed to make port … land cement.


Commercial property management for retail, desktop and operating systems (iOS. I would recommend this to a friend.
Leawo DVD Ripper with the cheapest price is also a good choice. Although there are impulse response files available for emulating the M7 sound, Photoshop offers a complete set of professional photography tools to turn your snapshots into works of art, professional, too.
0 музыка аудио приемник передатчик Buy Msoffice 2010 Professional Plus mac os. Learn more about Synchroteam. He concluded the review by saying that it is without a doubt, everything appears nice and well placed. ) We have hard marketing deadlines after which turron etc promos appear on http:spanishdeli. TagSmart8217;s cloud-based, and whichever is the lowest at a given time, as entry-level PCs typically cost less than 600.
It's amazing in favor of me to have a website, OutSource. No other laptop can match this combination of performance and versatility. If you plan to do extensive photo editing, and image collections. You8217;ll still need dither when reducing to 16-bit for CD release though. ) Preserve Discipline. High Performance and Scalability?


A multirun analytical method has been developed and validated for trace determination of 24 antibiotics including 7 sulfonamides, 3 macrolides, 7 quinolones, 6 tetracyclines, and trimethoprim in chlorine-disinfected drinking water using a single solid-phase extraction method coupled to liquid chromatography with positive electrospray tandem mass spectrometry detection. The analytes were extracted by a hydrophilic-lipophilic balanced resin and eluted with acidified methanol (0.1% formic acid), resulting in analyte recoveries generally above 90%. The limits of quantitation were mostly below 10 ng/L in drinking water. Since the concentrated sample matrix typically caused ion suppression during electrospray ionization, the method of standard addition was used for quantitation. Chlorine residuals in drinking water can react with some antibiotics, but ascorbic acid was found to be an effective chlorine quenching agent without affecting the analysis and stability of the antibiotics in water. A preliminary occurrence study using this method revealed the presence of some antibiotics in drinking waters, including sulfamethoxazole (3.0-3.4 ng/L), macrolides (1.4-4.9 ng/L), and quinolones (1.2-4.0 ng/L). ?? 2007 American Chemical Society.


Missouri's roads and bridges are the foundation of our economy. In fact, transportation infrastructure is a leading factor influencing business to relocate and expand.
In the Missouri Chamber's Missouri 2030 study conducted by Gallup, business leaders and site selectors identified infrastructure—primarily transportation—as one of four top critical areas. Only 37 percent of them were satisfied with Missouri's current infrastructure.
Our state's central position is a powerful asset that has driven industry growth.
Missouri is within 500 miles of 41 percent of total U.S. buying power, 44 percent of U.S. wholesale trade, 44 percent of all U.S. manufacturing plants, and seven of the top 25 U.S.-located international cargo hubs.
This is unique to Missouri and our location. But we are not doing enough to take advantage of these strengths.
We have been severely under-funding Missouri's transportation infrastructure for years. Crumbling roads are hindering the growth of our economy and making it harder to attract new jobs to our state.
"As a service industry, our entire business operates on the road, and with a fleet of vehicles, fuel expense is definitely an important part of our budget." said Stella Crewse, CEO of Morgan Miller Plumber.
Prop D provides a straightforward solution. Our state fuel tax is among the nation's lowest and it hasn't been increased since 1996. Raising it 2.5 cents annually for the next four years is a simple and reasonable measure that will generate an estimated $288 million annually — plus $122 million annually for local transportation construction projects.
We can't afford to let Missouri's advantage as a central state diminish any further due to poor funding. This November, Missouri voters need to take action to drive our state forward and we need your help to get the message out!
If you would be interested in more information about Prop D to share with employees, please contact the South KC Chamber at 816.761.7660.


text:
FN="lumiHumanIDMapping_1.10.1.tar.gz"
URLS=(
  "https://bioconductor.org/packages/3.14/data/annotation/src/contrib/lumiHumanIDMapping_1.10.1.tar.gz"
  "https://bioarchive.galaxyproject.org/lumiHumanIDMapping_1.10.1.tar.gz"
  "https://depot.galaxyproject.org/software/bioconductor-lumihumanidmapping/bioconductor-lumihumanidmapping_1.10.1_src_all.tar.gz"
)
MD5="007e5aa2f1596cc08d888ba6dce7148a"

# Use a staging area in the conda dir rather than temp dirs, both to avoid
# permission issues as well as to have things downloaded in a predictable
# manner.
STAGING=$PREFIX/share/$PKG_NAME-$PKG_VERSION-$PKG_BUILDNUM
mkdir -p $STAGING
TARBALL=$STAGING/$FN

SUCCESS=0
for URL in ${URLS[@]}; do
  curl -L $URL > $TARBALL
  [[ $? == 0 ]] || continue

  # Platform-specific md5sum checks.
  if [[ $(uname -s) == "Linux" ]]; then
    if md5sum -c <<<"$MD5  $TARBALL"; then
      SUCCESS=1
      break
    fi
  else if [[ $(uname -s) == "Darwin" ]]; then
    if [[ $(md5 $TARBALL | cut -f4 -d " ") == "$MD5" ]]; then
      SUCCESS=1
      break
    fi
  fi
fi
done

if [[ $SUCCESS != 1 ]]; then
  echo "ERROR: post-link.sh was unable to download any of the following URLs with the md5sum $MD5:"
  printf '%s\n' "${URLS[@]}"
  exit 1
fi

# Install and clean up
R CMD INSTALL --library=$PREFIX/lib/R/library $TARBALL
rm $TARBALL
rmdir $STAGING

redpajama_set_name: RedPajamaGithub


I am developing a application in which i need current lat and long of the device. Time frame to get the lat/long will be decided by the server. Server will send notification whenever lat/lang is required to be fetched. When device get notified from the server,at the same time device send its location to server.
if user doesn't touch or click the notification,then also i want to fetch lat/long, i.e. even if the device is in sleep mode.
Also i don't want to run a background service for the whole day as it consumes battery of the device.
I would definitely suggest using Google Cloud Messaging here. This has the benefit that once a device runs your app, you can make it register against GCM and you can send them some message that would make them register their coordinates into your database.
Your server sends a broadcast message to all registered devices telling them they have to register against the GCM service.
The devices get the message, and you implement the BroadcastReceiver to get both latitude and longitude and send it to your remote server, say http://www.mysuperserver.com/getlonglat.php, via a POST request.
Your server takes both parameters and you save them or do whatever you need.
Go to https://console.developers.google.com. With your Google account, register a new project. This will provide you an API key and a Sender ID.
At this time, the GCM server already knows that this user has registered whithin your project and has given him a regid.
Once done, you know who have already registered against your database. You can SELECT all the users and send them a signal to send you back their coordinates. In the following example, the parameters would be, firstly, an array of registration IDs and secondly the message to send (for instance, $messageData = "sendMeYourCoords!").
Once in your client, just process that GCM message and make another POST to another URL on your remote server and pass it the longitude and latitude. To process the messages I'm including a few links below.
And for getting the coordinates without GPS seems there aren't too much solutions, but there are some. This would be an example: How to get Latitute Longitude value without using GPS in Android?
Since you have not mentioned that you want the updates in real time i think you can just dump all data in a temp sqlite database.
Create a receiver to listen for changes in network and when over wifi simply send all data to your server. You can be a bit more smart while doing this by sending only when certain number of entries have accumulated or at a periodic interval.
Alternatively the server can send a ping to the app via a GCM mnotification which can also trigger sending of data to your server.this is an amazing tutorial to describe sending GCM messages to the app.
Finally some very interesting location strategies are mentioned here. You can pic when to trigger your location save based on user activity or some other context.
Not the answer you're looking for? Browse other questions tagged android service push-notification or ask your own question.
How to get Latitude Longitude value without using GPS in Android?
Is "Upstream Google Cloud Messaging and User Notifications Sign-up" compulsory?
Android, how to deal with router ip changes?
Infinite loop in android background service, battery drain issues?
Should I stop send push notification when another device foreground?


I just signed up the new account. I typo the subdomain name.
How do I change it? or how to I deactivate an account? I couldn't find the setting about the subdomain name or deactivate an account.
please email me to jan.blaha@jsreport.net the details and we will do it for you.
Please include in the details a name of a template you have stored in your account.


text:
Tesla to build new factory in China
Tesla has allegedly entered a deal with the Chinese government, allowing the company to construct a factory in Shanghai's free-trade zone.
Photo: Tesla/PR
Electric car manufacturer Tesla has entered a new agreement with China's government to construct a plant in Shanghai's free-trade zone, reports the Wall Street Journal.
The deal between Tesla and the Chinese government is the first of its kind for a foreign auto manufacturer, and according to sources with knowledge of the matter, the agreement could reduce production costs for Tesla.
China is said to weigh opening up to foreign electric carmakers
Vestas and Tesla to collaborate
A new bubble on the market? Tesla share defies reality
Tesla has 37 percent downside, Jefferies sees losses until 2020


Accessing the city centre was a nightamare on Monday morning after the roads leading to the Uganda High Court were blocked. The trial for the 19 terror suspects for the Kampala Twin bombs started a day after America had been commemorating the tenth anniversary of the WTC Twin Tower bombings.
The 19 suspects are charged with 76 counts of murder. Journalists from the International media were allowed to attend the court sessions together with representatives from the local media, New Vision and Monitor.
Police dogs, Mamba's and heavy deployment plus slow flowing traffic were the order of Monday morning. Buildings around the High Court like Rwenzori Courts were heavily guarded.
Shell Petrol Station that is right opposite the High Court had one side of the entrance blocked so vehicles fueling from the petrol station had to use one way for both entry and exit impacting heavily on the traffic flow that had been made worse by the blocked roads.


text:
http://osmcode.org/libosmium

A fast and flexible C++ library for working with OpenStreetMap data.

Libosmium works on Linux, Mac OSX and Windows.

[![Travis Build Status](https://secure.travis-ci.org/osmcode/libosmium.svg)](https://travis-ci.org/osmcode/libosmium)
[![Appveyor Build Status](https://ci.appveyor.com/api/projects/status/github/osmcode/libosmium?svg=true)](https://ci.appveyor.com/project/Mapbox/libosmium)
[![Coverage Status](https://codecov.io/gh/osmcode/libosmium/branch/master/graph/badge.svg)](https://codecov.io/gh/osmcode/libosmium)
[![Packaging status](https://repology.org/badge/tiny-repos/libosmium.svg)](https://repology.org/metapackage/libosmium)

Please see the [Libosmium manual](http://osmcode.org/libosmium/manual.html)
for more details than this README can provide.

## Prerequisites

Because Libosmium uses many C++11 features you need a modern compiler and
standard C++ library. Osmium needs at least GCC 4.8 or clang (LLVM) 3.4.
(Some parts may work with older versions.)

Different parts of Libosmium (and the applications built on top of it) need
different libraries. You DO NOT NEED to install all of them, just install those
you need for your programs.

For details see the [list of
dependencies](http://osmcode.org/libosmium/manual.html#dependencies) in the
manual.

The following external (header-only) libraries are included in the libosmium
repository:
* [gdalcpp](https://github.com/joto/gdalcpp)
* [utfcpp](http://utfcpp.sourceforge.net/)

Note that [protozero](https://github.com/mapbox/protozero) was included in
earlier versions of libosmium, but isn't any more.

## Directories

* benchmarks: Some benchmarks checking different parts of Libosmium.

* cmake: CMake configuration scripts.

* doc: Config for API reference documentation.

* examples: Osmium example applications.

* include: C/C++ include files. All of Libosmium is in those header files
  which are needed for building Osmium applications.

* test: Tests (see below).

## Building

Osmium is a header-only library, so there is nothing to build for the
library itself.

But there are some tests and examples that can be build. Libosmium uses
cmake:

    mkdir build
    cd build
    cmake ..
    make

This will build the examples and tests. Call `ctest` to run the tests.

For more detals see the
[Building Libosmium](http://osmcode.org/libosmium/manual.html#building-libosmium)
chapter in the manual.

## Testing

To download the `osm-testdata` submodule call:

```
git submodule update --init
```

This will enable additional tests.

See the
[Libosmium Manual](http://osmcode.org/libosmium/manual.html#running-tests)
for instructions.

## Switching from the old Osmium

If you have been using the old version of Osmium at
https://github.com/joto/osmium you might want to read about the [changes
needed](http://osmcode.org/libosmium/manual.html#changes-from-old-versions-of-osmium).

## License

Libosmium is available under the Boost Software License. See LICENSE.txt.

## Authors

Libosmium was mainly written and is maintained by Jochen Topf
(jochen@topf.org). See the git commit log for other authors.