text:
Sword slaying shocks Oklahoma
Police say Stillwater man nearly decapitated teen acquaintance.
Police say Stillwater man nearly decapitated teen acquaintance.
Helmet camera captures high-speed collision between deer and motorcyclist.
Hidden camera shows home nursing aides beating elderly Alzheimer's patient.
Texas Young Republicans apologize for dart game featuring portraits of President Obama and other Democrats at an early voting polling statio…
Michigan police have arrested a couple after finding a mentally challenged man locked in a caged bed.
Texas officer arrested after offering to let woman out of ticket if he could "lick and smell" her feet.
Freshman football players at Ohio high school may face criminal charges for locker room incident.
Oklahoma man survives terrifying crash thanks to his car's headrest.
Arizona man invents "tankchair" so his paralyzed wife can enjoy the outdoors.
Man's remains found in car sunken in retention pond ten years after he disappeared.
Woman named "Isis" says her name is causing problems following the rise of the militant army fighting to take over Iraq and Syria.
These particular shots are from Tuesday when the 18 month old got himself stuck in a toy vending machine.
Parents are encouraging houses offering non-food treats to display teal pumpkins so children with allergies will know it's safe to stop.
Delivery men can't escape oncoming SUVs in horrific three vehicle crash.
Police dash cam shows police holding a woman in at gunpoint after she and her husband were pulled over while speeding to the hospital.


text:
Free public lecture. Tony Seba: Clean Disruption of Energy and Transportation. 5pm on Tuesday 31 March 2015 at the Soundings Theatre in Te Papa, Wellington.
World Energy Focus: January 2015
Message from the THIN ICE team
Generation Zero's latest report, The Big Ask, now available
Generation Zero Report: A Challenge to our Leaders. Why New Zealand needs a clean energy plan
Smart Grid Forum Members announced
Invitation for applications to participate in the New Zealand Smart Grid Forum

subset: commoncrawl


text:
Alright, y'all! The comments section is completely open for all members of the Peanuts gallery to leave comments for my 'rents about how cute I am. I know I told you I got it up and going in my letter, but it turns out my little fingers didn't click on the right button. I got it going now though, so leave your comments!
Peace out, m' ninjas...
Carson's 4 month Check-Up
4 months ago


text:
(October 21, 2011: Nicolaus, CA 95659) The East Nicolaus Spartans topped the visiting Williams Yellowjackets football team by a final score of 35-22 in Friday's league outing.
With the win, East Nicolaus improves its record to 4-4 on the season. The Spartans travel to Esparto (Esparto, CA) to face the Spartans in a Mid-Valley battle on Friday, October 28. The Spartans enter the battle with a record of 3-5. Esparto lost 28-8 in their recent league battle against Quincy (Quincy, CA)
Coming up next, the Yellowjackets face the Quincy Trojans (Quincy, CA) in a Mid-Valley battle, on Friday, October 28. Williams will attempt to advance on its 1-8 season record. The Trojans enter the battle with a 5-3 record after their 28-8 league win over Esparto (Esparto, CA).
Not a Member?
Join MaxPreps now for free access to rankings for thousands of teams across all sports.


text:
Is the only real option having it run into a sump that is pumped out into the yard/sewer?
My sink would be below grade.
I am tiring of bringing kegs etc upstairs to clean.
Also tired of the swill bucket for initial run-offs from kegs............... maybe I'll brew a Flanders
Most use a sewage crock and sewage pump to get things up to the sewage outlet.
When my house was built, the builder installed the sewage crock and drain lines for a bthroom. I only had to add the pump and make the connections needed to the drain system and vent to the roof. I now have wet bar, bathroom and I am adding a utility sink to my brew area for the same reason you list.
Cleaning kegs etc at my bar just makes a mess of the bar, countertop and floor.
Tap#1 = Beer
Tap#2 = Beer
THey change to often to keep up with the Sig.
Look for utility sink "tubs" or laundry "tubs". I use a Zoller but Flotec also makes a decent one. The images is of the Zoller unit I used, a 131.http://www.zoeller.com/zcopump/Produ.../drainpump.htm
Although most towns have strict codes about dumping - if you are simply using it for beer brewing and using biodegradable cleaning products...
Get a slop sink from your local home products warehouse.
Get two "y" fittings to tap water off your hot and cold washing machine service (if you have a service in the basement) to feed the sink faucet.
Drain it to a five gallon bucket with a cheap sump pump connected to a garden hose so that it discharges on your property AWAY from your drinking well (if you have one).
The only issue you should have is how to get the drain hose out of the house without leaving the basement door or window open and where the drain hose will ultimately discharge.
I've proposed this, presuming you don't live in an appartment downtown, of course (can't give those neighbors or environmentalists a reason to complain - and I work for an environmental company)!
I have an extra washing machine tap and drain set up in my garage and I've simply connected a slop sink with bucket/sump pump set up. Mine drains to my septic but again, if you are using it just for beer waste with bio products...there is really NO issue.
Hope this gives you some ideas on how to handle your situation.
As an Environmental Professional I would take the other approach...find a way to pipe it into your existing wastewater system. Dry wells or pumping onto your yard could spell problems or, depending on where you live, calls to the Town/City by your neighbors. Unless you have some SERIOUS limitations, you should be able to figure out a way to do it.
Thanks guys
I live on 6 acres of land
My house is just about dead nuts in the center of said land
My closest neighbor is 450 feet away
I think a sump pump into the septic system may be the easiest/cheapest way out.
I'll tie in to my hot water/cold water pipes in the basement then a 5 gallon bucket/pump up and over to where the washing machine goes into the septic.
The system should love all that yeastie trub anyway
I think that will be your best bet in the long run...you really won't be increasing the demand on your septic (as long as it is in good shape).


text:
Enjoy Our Fine Virginia Wine
Come experience The Winery at Bull Run. Travel back in time at our scenic, working farm vineyard in an authentic 1860's setting. The winery is conveniently located in Fairfax County, Virginia, less than a half hour from Washington DC and only 2 miles off Route 66. The Winery at Bull Run adjoins over 5,000 countryside acres of the historic Manassas National Battlefield Park providing you with a beautiful vista of preserved 19th century farmland. Not only will we be providing wine tastings of our fine Virginia wines but we offer you a glimpse of our rich Virginia heritage with winemaking techniques from the Civil War era, historical buildings & artifacts.
The Winery at Bull Run's Wine Listings are a preview of our growing collection. Available for your leisurely wine tasting enjoyment at our winery. Join The General's Club for exclusive savings on our inspiring wines while enjoying VIP status.
The Winery at Bull Run is also available as a unique wedding, party or meeting venue for your next Private Event. We look forward to welcoming you to our winery ~ and tempting you with our various intriguing red & white Award Winning Virginia wines. Open Sat. - Wed. 11am-7pm. Thursday 8pm and Friday until 9pm.
Live Music every Friday, Saturday and Sunday, Comedian Robert Mac Friday Feb 27th 8:30pm Tickets Here ~Check our Calendar of Events...


text:
Arts Talk
Join the A&E team's discussion of the arts in the Capital Region
Posts filtered on Category
Michael Gordon @ EMPAC, 9/15/12
By Priscilla McLean, Special to the Times Union On the Concert Hall stage at EMPAC a unique sight awaited the uninformed— seven bassoonists standing in a semi-circle with their lean, tall, colorful and ancient instruments. A world premiere of "Rushes", composed by Michael Gordon and commissioned by the New Music Bassoon Fund consortium, would have […] [Read More]
BSO, Music from Spain@Tanglewood, 8/25/12
By Priscilla McLean, Special to the Times Union A chance to experience music not heard so often was given at Tanglewood on Saturday evening — a concert of just two works by the Spanish composers Isaac Albeniz and Manuel de Falla. The conductor for this was Rafael Frühbeck de Burgos, also Spanish, who is a […] [Read More]
Philadelphia Orchestra: An Evening with Joshua Bell @ SPAC, 8/15/12
By Priscilla McLean, special to the TImes Union Joshua Bell is definitely a crowd pleaser. One of the largest audiences all summer at SPAC came and happily cheered. To start off the concert, the conductor Rafael Frühbeck de Burgos led his own composition, "Brahms Fanfare" on Themes of the Fourth Symphony. This was a short […] [Read More]
Philadelphia Orchestra's Arabian Nights @ SPAC, 8/04/12
By Priscilla McLean, Special to the Times Union A truly great orchestra showed its colors on Saturday evening. As a prelude to the concert, SPAC featured a Mideast bazaar, with exotic food, Turkish rugs, special clothes and jewelry for sale along with belly dancers and a storyteller, on the lawn in front of the ampitheater. […] [Read More]
Miami String Quartet @ SPAC, 7/29/12
By Priscilla McLean, Special to the Times Union Perhaps it was because of the beginning of Summer 2012 Olympics, where speed is one of the major factors in winning the trophy. Perhaps it is because performers in this 21st Century cannot imagine the pace of life in the 19th, and how speed and brevity are […] [Read More]
Buffalo Philharmonic @ SPAC, 7/25/12
By Priscilla McLean, Special to the Times Union A very special appearance occurred at SPAC on Wednesday evening— the Buffalo Philharmonic Orchestra came to town, the first invited classical orchestra in thirty years that was not the Philadelphia. Buffalo, under the directorship of JoAnn Falletta, is on a summer tour, and delighted the large audience […] [Read More]
Opera Saratoga @ SPAC, 7/8/12
By Priscilla McLean, Special to the Times Union A light program of two very different one act comic operettas was offered by Opera Saratoga Sunday afternoon. Presented for the first half was "Le 66" (Number 66) by Jacques Offenbach, and featured just three singer/actors. The kindest words about "Le 66" are that it proved a […] [Read More]
Boston Symphony Orch @ Tanglewood, 7/6/12
By Priscilla McLean, Special to the Times Union This is a special 75th anniversary season for the Boston Symphony Orchestra at Tanglewood, and for their opening night concert, the all-Beethoven program was an exact replica of their first-ever concert at Tanglewood on August 5, 1937. Since music director James Levine had to resign due to […] [Read More]
Albany Pro Musica, "John Brown's Body" @ EMPAC (Troy), 6/09/12
By Priscilla McLean, Special to the Times Union A powerful message about the horrors of war, slavery, and elusive peace was presented in a mixed media program that was about half music and half speeches and poetry. Slides from the NYS Archives depicting parts of the Civil War were projected on the huge screen above […] [Read More]
ASO "Capital Heritage" Concert @ Troy Savings Bank Music Hall, 5/20/12
By Priscilla McLean, Special to the Times Union This fourth and final concert had the special hook of being all about Troy Savings Bank Music Hall, heralded as one of the great halls of the world, and eight composers were commissioned to write music illustrating some aspect of the Hall that inspired them. Twelve members […] [Read More]
Show More


text:
Page 1
Magnetic Force Formulae for Magnets at Small Distances
Nikola Popovi´ c1, Dirk Praetorius2, and Anja Schl¨ omerkemper∗3
1BostonUniversity, DepartmentofMathematicsandStatisticsandCenterforBioDynamics, 111CummingtonStreet, Boston,
2Vienna University of Technology, Institute for Analysis and Scientific Computing, Wiedner Hauptstraße 8-10, A-1040
Vienna, Austria
3Max Planck Institute for Mathematics in the Sciences, Inselstr. 22-26, D-04103 Leipzig, Germany
In [7], the magnetic force on subregions of rigid magnetized bodies was studied as a discrete-to-continuum limit. The de-
rived force formula includes a new term, which depends on the underlying crystalline lattice structure L. It originates from
contributions of magnetic dipole-dipole interactions of dipole moments close to the boundary of the considered subregion.
Further studies of this new term have led to the question of how the magnetic force between two idealized magnets, which
are a distance ε > 0 apart, depends on ε as ε → 0. In this article, analytical aspects of this question are discussed, cf. [5],
where also numerical experiments are performed.
Ferromagnetic shape memory alloys have some potential as new micro-devices, cf. e.g. [1]. In order to construct such devices,
a better fundamental understanding of the dynamics of moving interfaces is of interest, cf. e.g. [3] for the study of a micro-
scale cantilever. In this context, the question arises which mathematical formula describes the force between two parts of a
magneto-elastic material best. There is a long list of related literature on this, cf. the references in [7].
To get started, we assume the magnetized material to be rigid. Several formulae are known for the magnetic force that is
exerted by one subbody on another one [6, 7]. While one can bring the formulae in a form such that the volume force densities
are the same, the surface force densities are different. Therefore there is some need for experiments that clarify which formula
is the most appropriate. Unfortunately, it is not possible or at least not obvious how to measure magnetic forces in the interior
of a magnetic body. To circumvent this, we suggest to consider the force between two magnetic bodies – instead of looking
at two subregions of one magnetic body. In particular, we discuss the force between two polygonal bodies A and B whose
boundaries have at least a set of positive surface measure in common. Even in this case one finds several different force
The experimental idea which drove the analytical and numerical studies in [5] is the following: Take two cuboidal per-
manent magnets A,B that are a distance ε > 0 apart and measure the force F(sep,ε)as ε gets smaller. Then compare the
experimental results as ε → 0 with the different mathematical formulae. To prepare and motivate such experiments, we de-
rived the corresponding magnetic force formulae under these geometrical assumptions and performed numerical experiments.
In this article we discuss some analytical results from [5], to which we refer for details. For brevity we focus on polygonal
three-dimensional domains A and B with finitely many edges such that A ∩ B = ∅ and the surface measure of ∂A ∩ ∂B
is positive. Let mA: A → R3denote the magnetization corresponding to A which is a given Lipschitz-continuous vector
field and trivially extended to the entire space R3, i.e., mA = mAχA. By HAwe denote the magnetic field which is
generated by the magnetization in A and which is obtained from the magnetostatic Maxwell equations curlHA = 0 and
div(HA+ mA) = 0 in some suitable physical units. We adopt the same notation for B and denote with HA∪Bthe magnetic
field generated by m := mA+ mB.
2Formula derived from a classical formula for magnets not being in contact
Following the above mentioned experimental idea, we firstly move the body B a distance ε apart; for definiteness we move
B along the (1,0,0)-axis and set Bε= {x + ε(1,0,0)|x ∈ B}. Then we apply the classical, well-accepted magnetic force
formula for separated bodies (cf. e.g. [4])
Several numerical experiments are performed in [5]. There, we also prove that the limit F(sep,0)for ε → 0 exists and all forces
F(sep,ε)for ε ≥ 0 can be computed by closed formulae.
(mA· ∇)HBεdV.
∗Corresponding author: e-mail: firstname.lastname@example.com, Phone: +493419959547, Fax: +493419959633
PAMM · Proc. Appl. Math. Mech. 5, 631–632 (2005) / DOI 10.1002/pamm.200510292
© 2005 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim
© 2005 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim
Page 2
3Formula derived from a discrete setting of magnetic dipoles
In this section we consider two magnets A and B being in contact, i.e., the surface measure of ∂A∩∂B is positive. We focus
on a force formula which is obtained from a discrete setting of magnetic dipole moments, cf. [7]. Here we present a version
of the theorem generalized to polygonal domains which are in contact but not necessarily nested. In [5] we consider a further
magnetic force formula F(Brown), which was intensively studied in [2] and mathematically analyzed in [6].
Let L be a Bravais lattice describing the crystalline structure, e.g. L = Z3. For each x ∈
magnetic dipole moment m(?)(x) =
dipole moments in A ∩1
Theorem 3.1 ([5]) Under the above assumptions on A, B, mAand mBthe limit lim
where nAdenotes the outer normal to ∂A and
Sijkp:= −1
for an arbitrary smooth function ϕ(δ): R3→ [0,1] with ϕ(z) = 1 if |z| <δ
The first two terms in (1) are also of interest themselves; we therefore set these terms equal to F(long)and refer to this
formula as the long range force. It turns out that F(sep,0)= F(long). The third term in (1), called short range force F(short), is
an additional surface term, which was firstly obtained in [6, 7].
?L, ? ∈ N we introduce a
i(x). The magnetic force between all
?3m(x) and denote the i-th component by m(?)
?L and those in B ∩1
?L is given by superposition of all dipole-dipole interactions [7, 5]
∇∂i∂j|x − y|−1m(?)
?→∞F(?)=: F(lim)exists and
?(mA· nA)(nA)kdΓ
(mA· ∇)(HA∪B)kdV +
?(mA− mB) · nA
2and ϕ(z) = 0 if |z| > δ.
4 Discussion and further development
Our analytical and numerical studies [5] are driven by two questions: (i) Which is the best force formula of those, which are
derived within the continuum theory? That is, we compare F(Brown)with F(sep,0)= F(long). (ii) Is the additional surface
force contribution F(short)of physical relevance? That is, we ask whether the discrete-to-continuum limit F(lim)is a good
formula to describe the magnetic force between two magnets being in contact.
In the numerical experiments in [5] we consider two idealized magnets of cuboidal shape with constant magnetization at
distance ε > 0 and ε = 0, respectively. We give here a first basic observation: To be specific, let A and B be two unit
cubes which touch at one face with normal (1,0,0). Moreover, let mA= (1,0,0) and mB= (1,0,0). Then F(long)
According to (2), we need to fix some underlying lattice structure to calculate the short range force term. We choose the cubic
lattice L = Z3and obtain F(short)
12.2%. This indicates that F(short)is of some relevance for the total force that one magnet exerts on the other. Though this
estimate of the force terms is based on quite some idealizations, it seems to be worth to perform similar real-life experiments.
In Theorem 3.1 the domains A and B are assumed to be in contact. The above observation together with the numerical
experiments for ε > 0 in [5] raise the following question: How does the short range contribution F(short)changes if the bodies
A and B are not in contact but a small distance ε > 0 apart? However, this requires new analytical techniques for the passage
from the discrete setting to the continuum.
≈ 5.5.
2S1111|∂A ∩ ∂B| ≈ 0.67. Hence (F(lim)
− F(long)
= F(short)
[1] K. Bhattacharya and R. D. James, The material is the machine, Science 307, 53–54 (2005).
[2] W. F. Brown, Magnetoelastic Interactions, Springer-Verlag, Berlin (1966).
[3] R. D. James, Configurational Forces in Magnetism with Application to the Dynamics of a Small-Scale Ferromagnetic Shape Memory
Cantilever, Continuum Mech. Thermodyn. 14, 55–86 (2002).
[4] L. D. Landau, E. M. Lifschitz and L. P. Pitaevskii, Electrodynamics of Continuous Media, 2nd ed., Pergamon, Oxford (1984).
[5] N. Popovi´ c, D. Praetorius and A. Schl¨ omerkemper, Analysis and numerical simulation of magnetic forces between rigid polygonal
bodies, Preprint.
[6] A. Schl¨ omerkemper, Magnetic forces in discrete and continuous systems, Doctoral thesis, University of Leipzig (2002)
[7] A. Schl¨ omerkemper, Mathematical derivation of the continuum limit of the magnetic force between two parts of a rigid crystalline
material, Arch. Rational Mech. Anal. 176(2), 227–269 (2005).
© 2005 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim
Section 17


text:
Archive: March 2015
In the spirit of spring, Ithaca College's dance concert "Flight of the Heart" will bring forth a tangible touch of nature with the creation of an original costume. This costume entails a handcrafted tree attached to a specially designed dress that a dancer will wear in the performance of a modern dance piece. Choreographed by Department of Theatre Arts assistant professor Lindsay Gilmour, the dance piece, titled "Tiny Rebellions", is an exploration of the tiny rebellions humans face, such as myth over logic, and femininity over masculinity, in an attempt to create balance instead of control.
Ithaca College Theatre will present a dance concert featuring three pieces of original choreography by Department of Theatre Arts faculty members Lindsay Gilmour, Roy Lightner and Amy Walker O'Brien. Performances will run in the Hoerner Theatre in Dillingham Center on March 24, 26, 27 and 28 at 8 p.m., with 2 p.m. matinees offered on March 28 and 29.
IC Alumni and Tony-nominee Jeremy Jordan ('07 Musical Theatre) stars in the musical film The Last Five Years, based on the musical play by Jason Robert Brown, directed by Richard LaGravenese. Appearing on ABC's Good Morning, America February 18th, 2015, the composer accompanied Jordan singing "Moving Too Fast" and as associate professor Norm Johnson put it, "They made it all look so easy."


text:
What people are saying - Write a review
We haven't found any reviews in the usual places.
Common terms and phrases
abdomen acne aconite action anaphylaxis antitoxins arsenic arteriosclerosis Atropine attended become blood Board BOSKOWITZ Brooklyn Bryonia buchu cause cells Cerebral cholera cholera infantum chronic City condition County Medical Society cure death digitalis Diseases of Children Doctor doses drug dysentery Eclectic Medical Association Eclectic Medical College Eclectic Medical Society Eclecticism effect Ehrlich Four Remedies frequent gastric gelsemium give hemorrhage indicated injection insane intermittent fever intestinal ipecac irritation Kunitzer laceration large number lesions malarial Materia Medica mental milk mosquitoes mucous muscles nerve nervous neurasthenia organs pain parasites patient perineum peritonitis physician pneumonia poisoning practice of medicine present President profession pulse quinine Salvarsan saw palmetto school of medicine secretary serum skin Specific Diagnosis Specific Medication sphincter ani muscle stomach stools Street substance suffering sutures symptoms syphilis T. D. Adlerman tachycardia therapeutic Thompson tion tissues toxin treatment Typhoid Fever urine Veratrum York
Popular passages
Page 103 - Any person shall be regarded as practicing medicine, within the meaning of this act, who shall profess publicly to be a physician and to prescribe for the sick, or who shall append to his name the letters
Page 104 - Service established by this act shall have no power to regulate the practice of medicine or the practice of healing; or to interfere with the right of a citizen to employ the practitioner of his choice, and all appointments within the Health Service, including the head of the service, shall be made without discrimination in favor of or against any school of medicine or of healing.
Page 30 - Sajous's services to medical science has been recognized in France by his being made a member of the Legion of Honor. While in Belgium he received the order of Leopold and was made a Knight Commander of the Liberator, besides receiving other titles, both governmental and scientific. In America Doctor Sajous has been president and vice-president of many societies and is a fellow of the College of Physicians of Philadelphia, and of the American Philosophical Society.
Page 103 - That it shall be unlawful for any person to practice, or attempt to practice, dentistry or dental surgery in the State of...
Page 103 - MD" But nothing in this act shall be construed to prohibit students from prescribing under the supervision of preceptors, or to prohibit gratuitous services in cases of emergency. And this act shall not apply to commissioned surgeons of the United States army and navy.
Page xii - A Vitalizing Tonic to the Reproductive System. SPECIALLY VALUABLE IN PROSTATIC TROUBLES OF OLD MEN-IRRITABLE BLADDERCYSTITIS URETHRITIS PRE-SEN I LITY.
Page xvi - Write for Sample, also for one of our new Glass (sterilizable) Tongue Depressors. THE BOVININE COMPANY 75 West Houston Street, New York City...
Page 113 - Cord. Ext. Ol. Morrhuae Comp. (Hagee) which, while possessing all of the food and medicinal virtues of the plain oil, is agreeable to the most exacting stomachs, even when continued over long periods of time. Cord. Ext. Ol. Morrhuae Comp. (Hagee) as a reconstructive will prove highly serviceable in the many debilitated conditions, in which it is indicated, and the physician ordering it will be gratified at the results produced.
Page 127 - Greater New York Number. In June the American Journal of Surgery will issue a number composed of original contributions from men of recognized prominence in the medical profession residing in Greater New York. Among those to contribute are : Herman J. Boldt, CN Dowd, Meddaugh Dunning, Wm.
Page xi - FOLK'S is the only Medical Directory having an index to all physicians in the United States. FOLK'S has stood the crucial test of time with increasing popularity.


text:
Clarion Collection Hotel Griso Lecco
Strada Provinciale 51
Malgrate, 23864
Phone: (39) 0341 239811
Fax: (39) 0341 2398610
Park of Monza
Monza Park was created between 1805-10 on the orders of Luigi di Beauharnais, the Napoleonic viceroy, as an extension of the gardens of the Villa Reale to create a model estate and hunting grounds. Designed by Luigi Canonica, a pupil of Piermarini, and Luigi Villoresi, it was enlarged in 1840 by Giovanni Brenna. The park is one of Lombardy's largest green areas and the largest enclosed park in Europe. It has a perimeter of 14 km and covers 800 hectares; it has 3 woods, cultivated areas, mills, farmhouses and villas and was landscaped to create long straight views that once divided the various areas to suit the court. The Autodromo was built in it in 1920 (one of the first race tracks) and has continued to take up more space ever since, changing the nature of the park. The construction of 150,000 seats on 1 million sq. metres of land brought the destruction of various sections of woodland. There are also various other sporting facilities: 9 and 18 hole golf courses, tennis courts and a riding school bring thousands of visitors and sports fans every Sunday.
Viale Brianza
Monza, 20052
+39 393 23 222
Earn valuable points toward free nights.


text:
Shires Equestrian Dressage SaddleItem # HN-SHIR085
Similar English Saddles and Tack
KitchenAid KSM150PSGC 5 Qt. Artisan Series Stand Mixer - Gloss Cinnamon
Celestron AstroMaster 114 EQ Reflector Telescope
Bowflex SelectTech 1090 Adjustable Dumbbells- 10-90 lbs.
$279.99 - $829.98
Pearl Mantels Shenandoah Traditional Fireplace Mantel Shelf
$169.98 - $329.98
Precision Cape Cod Chicken Coop
Palram Nature Greenhouse - Twin-Wall - Mythos Series
$425.98 - $718.49
for reviewing this product when you join My Hayneedle Rewards
Write a review
200 points for each review = $2
300 points for reviews including an image or video = $3 Learn More
Customer Q & A
Enter your question, and one of our Customer Care experts will respond via email and also post the answer here.
Your Valid Email
Your Question


text:
Polsinelli Podcasts - Best Kept Secrets of the Americans WIth Disabilities Act
Marijuana in the Workplace
5 Risks of Telecommuting (And How Employers Should Handle Them)
Utah Employment Law Letter - March 2015
Ever since the first Pilgrims settled Massachusetts in 1620, religion has found a shelter—albeit an imperfect one—in what would become the United States. Many European settlers...more
Several weeks ago, the EEOC secured a jury verdict of $150,000 in compensatory damages against an employer for failure to accommodate an employee's religious objection to a workplace rule. But last week, the Sixth Circuit...more
An employer's obligation to raise the issue of potential accommodations for religious discrimination under Title VII will soon receive clarification, as the U.S. Supreme Court is set to hear E.E.O.C. v. Abercrombie & Fitch...more
The recent pregnancy accommodation Guidance from the Equal Employment Opportunity Commission ("EEOC") makes it clear that discrimination against a female employee who is lactating or breastfeeding is illegal, in violation of...more
The Equal Employment Opportunity Commission (EEOC) recently issued comprehensive "Enforcement Guidance on Pregnancy Discrimination and Related Issues" (the Guidance). Along with the Guidance, the EEOC issued a Q&A document as...more
EEOC Sues Over Transgender Discrimination -
Why it matters: In its first cases alleging bias against transgender employees, the Equal Employment Opportunity Commission has filed suit against a Florida eye clinic and a...more
The Supreme Court of the United States is ending its summer recess and will start hearing oral arguments next week. There are seven key cases on the Court's docket for the current term that could affect retailers. Here is a...more
Despite workplace diversity and inclusion initiatives, religious discrimination complaints continue to be an issue for employers. This makes it more important than ever for organizations to be prepared to respond to...more
Quality Control Inspector Punished After Reporting Unequal Wages and Denied an Accommodation for Her Disability, Federal Agency Charged -
SAN ANTONIO, Texas -Taprite Fassco Manufacturing, Inc., a San Antonio-based...more
The U.S. Equal Employment Opportunity Commission (EEOC) issued new Enforcement Guidance this month regarding pregnancy discrimination. This is the first comprehensive update to the EEOC's Pregnancy Discrimination Guidance...more
What is the issue: Title VII was passed in the 1960's to protect against discrimination based on race, color, religion, sex or national origin. Since that time, other laws have been passed adding protection against...more
When most employers hear the term "reasonable accommodation," their thoughts immediately turn to the Americans with Disabilities Act (ADA). But the ADA is not the only federal statute that requires employers to accommodate...more
The Equal Employment Opportunity Commission ("EEOC") has recently issued an informal guidance on the issue of religious dress and grooming. The guidance comes in wake of several suits accusing employers of religious...more
Supreme Court Confirms FICA Taxes Must be Withheld from Severance Payments -
Finding severance payments to be a form of "remuneration for employment," the United States Supreme Court in United States v. Quality Stores,...more
The United States Equal Employment Opportunity Commission ("EEOC") recently issued new guidance concerning religious workplace accommodations. The first document, titled Religious Garb and Grooming in the Workplace: Rights...more
Restaurant/Sports Bar Revoked a Reasonable Accommodation for a Disabled Server and Fired Her After She Complained, Federal Agency Charges -
HOUSTON - PNS Investments, Inc. operating as Nick's Restaurant and Sports Bar,...more
Retailers face new challenges every day as a result of legislation, litigation, and technology. This Take 5 addresses some of these challenges.
1. Pregnancy Accommodation -
Several states and municipalities...more
Laurinburg Companies Unlawfully Fired Pentecostal Employee for Refusing to Wear Pants, Federal Agency Charged -
LAURINBURG, N.C. - Scottish Food Systems, Inc. and Laurinburg KFC Take Home, Inc. will pay $40,000 and...more
Health Care System Fired a Pulmonary Function Technologist After She Requested an Accommodation and Filed a Discrimination Charge, Federal Agency Charges -
BALTIMORE - Upper Chesapeake Health System, a leading health...more
Mining Companies Forced Evangelical Christian to Retire Over Hand Scanning, Federal Agency Charges -
PITTSBURGH - Canonsburg, Pa.-based CONSOL Energy and Consolidation Coal Company violated federal law when they forced...more
Developmentally Disabled Walmart Employee in Akron Store Fired for Complaining About Sexual Touching, Federal Agency Charges -
CLEVELAND - Wal-Mart Stores East, L.P. violated federal law by allowing a male employee...more
A federal district court in Ohio has refused to dismiss a complaint for religious discrimination made by a hospital employee after the employee was fired for refusing to be vaccinated for the flu. The basis of the refusal to...more
A ruling from an Ohio federal court warns that a religious discrimination claim can arise from of a set of beliefs that an employer might not ordinarily equate with religion. In Chenzira v. Cincinnati Childrens' Hospital...more
Prior to the termination of her employment, Sakile Chenzira worked for more than a decade as a customer service representative at the Cincinnati Children's Hospital Medical Center (the Hospital). In December 2010, the...more
The Fourth Circuit Court of Appeals recently affirmed summary judgment in favor of an employer that was sued by the Equal Employment Opportunity Commission (EEOC) for religious discrimination. In EEOC v. Thompson Contracting,...more
Back to Top
Copyright ©


text:
I'm Sorry, What's Your Name Again?February 28, 2005 7:00 pm | News | Comments
Understanding the biology of memory is a major goal of contemporary neuroscientists. Short-term or "working" memory is an important process that enables us to interact in meaningful ways …
Harnessing Microbes One by One to Build a Better NanoworldFebruary 28, 2005 7:00 pm | News | Comments
Taking a new approach to the painstaking assembly of nanometer-sized machines, a team of scientists at the University of Wisconsin-Madison has successfully used single bacterial cells to make tiny bio-electronic circuits…
Hydrogen and Methane Sustain Unusual Life at Sea Floor's 'Lost City'February 28, 2005 7:00 pm | News | Comments
The hydrothermal vents at the ocean bottom were miles from any location scientists could have imagined. One massive seafloor vent was 18 stories tall. All were creamy white and gray
Almost Only Counts in Horseshoes & #151 and Computer ChipsFebruary 28, 2005 7:00 pm | News | Comments
Computer chip manufacturers traditionally have had a single, simple standard for their product: perfection. But a USC engineer who has spent his career devising ways to have chips test themselves has found that less than perfect is sometimes good enough …
Phone ET…or Send Him an EmailFebruary 28, 2005 7:00 pm | News | Comments
The world's first "Intergalactic Communication System," www.TalkToAliens.com, has announced that its new "E-Mail to Aliens" service is now available for the public worldwide. A user simply visits the website and selects the "E-Mail to Space" option…
Taking the Terror Out of TerrorFebruary 28, 2005 7:00 pm | News | Comments
Anticipating attacks from terrorists, and hardening potential targets against them, is a wearying and expensive business that could be made simpler through a broader view of the opponents' origins, fears, and ultimate objectives…
New Machines Could Turn Homes into Small FactoriesFebruary 28, 2005 7:00 pm | News | Comments
A revolutionary machine, which can quickly and cheaply make everything from a cup to a clarinet, could be in all our homes in the next few years. Research by engineers at the University of Bath could transform the manufacture of almost all everyday household objects by allowing people to produce them in their own homes…
Grassroots "Einstein@Home" Astrophysics Project Goes LiveFebruary 28, 2005 7:00 pm | News | Comments
A new grassroots computing project dubbed Einstein@Home, which will let anyone with a personal computer contribute to cutting edge astrophysics research, was officially announced at the annual meeting of the American Association for the Advancement of Science (AAAS)
Hubble Weighs in on the Heaviest Stars in the GalaxyFebruary 28, 2005 7:00 pm | News | Comments
Unlike humans, stars are born with all the weight they will ever have. A human's birth weight varies by just a few pounds, but a star's weight ranges from less than a tenth to more than 100 times the mass of our Sun…
Solar Tadpoles Wave at AstrophysicistsFebruary 28, 2005 7:00 pm | News | Comments
Researchers at the University of Warwick's Department of Physics have gained insight into the mysterious giant dark "tadpoles" that appear to swim towards the surface of the Sun …
Widget Watch: Get Out of Bed with ClockyFebruary 28, 2005 7:00 pm | News | Comments
When the alarm clock goes off and the snooze button is pressed, Clocky will roll off the bedside table and wheel away, bumping mindlessly into objects on the floor until it eventually finds a spot to rest. Minutes later, when the alarm sounds again, the sleeper must get up out of bed and search for Clocky…
TKSolver 5.0: Rules-Based Mathematical SolutionsFebruary 28, 2005 7:00 pm | by John A. Wass, Ph.D. | Articles | Comments
An equation solver with programming capabilities that is not only an engineering tool, but an informational management tool as well. Although this software is in its fifth version, I approach it as a novice as it is my first experience with the program. According to the company, it has been on the market since 1983, about the same time as VisiCalc, one of the first spreadsheets to be widely circulated.
Mathematica Navigator: Mathematics, Statistics, and GraphicsFebruary 28, 2005 7:00 pm | by John A. Wass, Ph.D. | Articles | Comments
The Navigator is one of the more recent additions to the line of books that, by explanation and example, facilitate the use of one of the most popular symbolic/numeric mathematical programs. Mathematica has been reviewed many times in this and other publications and is frequently used software for advanced mathematics
Creeping CrawlersFebruary 28, 2005 7:00 pm | Articles | Comments
Autonomous adaptive data mining agents Bill Weaver, Ph.D. Measurement scientists deal constantly with the problem of too much data. Faced with a large pile of ore, it is legitimate to ask how much of the desired material it contains. A reasoned sampling strategy coupled with the appropriate statistics can yield an average value that describes the entire collection
Agilent gains exclusive access to intellectual property for ChIP-on-chip, plans collaborative research center in Cambridge, Mass.February 28, 2005 7:00 pm | Articles | Comments
PALO ALTO , Calif. , Jan. 5, 2005 Agilent Technologies Inc. has acquired announced its acquisition of Computational Biology Corp., a biotech pioneer in ChIP-on-chip, a microarray -based technique for understanding gene regulation in disease.


text:
Barking dog helped save lives in Dickinson house fire
DICKINSON, N.D. -- A barking dog named Pebbles helped save the lives of a Dickinson woman and her daughter as a fire was destroying their home early Sunday morning.
Get the full story
Subscribe or Log In
Are you a newspaper subscriber but you don't have a Digital Access account yet? Activate your account.
You will need your subscription account number and phone number. Not sure if you have an account? Email us or call (701) 780-1100 and we can help you.


text:
Credit union expands to Corpus Christi
CORPUS CHRISTI - Security Service Federal Credit Union, which has offices in Corpus Christi, recently announced it has acquired Norbel Credit Union of Fort Collins, Colo.
Security Service has been operating in Colorado since 1980, where about one-third of its members reside. Its acquisition of Norbel means more than 16,000 new members and about $120 million to Security Service's assets.
It also means more offices for the San Antonio-based credit union in several towns in Colorado. Security Service has a branch in Corpus Christi at Everhart Road and Saratoga Boulevard.
Subscribe to the Caller-Times
Ready to subscribe to the Caller-Times? Choose between a Premium or Digital subscription below.
Need Help? Call us at 1-800-566-8098.
Monday-Friday: 5am-8pm / Saturday: 7am-12pm / Sunday: 6am-1pm


text:
A certification by the Board of Ophthalmology. Practitioners provide comprehensive eye and vision care. They are trained to diagnose, monitor, and medically or surgically treat all eyelid and orbital problems affecting the eye and visual pathways and to diagnose, monitor and treat all eye and visual disorders. They often prescribe vision services (glasses and contact lenses) as well as serve as a consultant to doctors and other professionals.
1-10 of 161*
795 El Camino Real
Palo Alto, CA 94301
1665 Dominican Way Ste 120
Santa Cruz, CA 95065
38707 Stivers St
Fremont, CA 94536
515 Soquel Ave
Santa Cruz, CA 95062
50 S San Mateo Dr Ste 125
San Mateo, CA 94401
2440 Samaritan Dr Ste 3
San Jose, CA 95124
212 Oak Meadow Dr
Los Gatos, CA 95032
212 Oak Meadow Dr
Los Gatos, CA 95032
1174 Castro St Ste 100
Mountain View, CA 94040
606 Saratoga Ave Ste 10
San Jose, CA 95129
* First 100 results shown.


text:
Ike Diogu, the former Warriors first-round pick in the 2005 NBA Draft is headed for London after his 25 point, 10 rebound performance in Caracas, Venezuela helped lead Nigeria over the Dominican Re
Programming note: Warriors-Suns coverage from Phoenix begins at 5:30 p.m. with Warriors Pregame Live and the tip-off following at 6 p.m., only on Comcast SportsNet Bay Area!
Programming note: Coverage begins at 7 p.m. today with Warriors Pregame Live on Comcast Sportsnet Bay Area with host Greg Papa, Garry St. Jean and NBA Insider Matt Steinmetz.
PHOENIX The Warriors will have their starting backcourt intact this afternoon whenthey play the Phoenix Suns. Thats the good news.
March 1, 2011
WARRIORS (26-32) vs.
Coverage begins at 3:30 p.m. on Comcast SportsNet Bay Area


text:
Gold cup Club enclosure
2 x club enclosure tickets Meet at course face value 07786705119. Call to arrange in Cheltenham for 1130
2 x club enclosure tickets Meet at course face value 07786705119. Call to arrange in Cheltenham for 1130
Have a spare ticket for today. Can meet at the course to handover the ticket.
for sale Gold cup tickets Club and Tatterstall I will meet at or near the course please contact me for details
2 x Tattersall tickets for Gold cup day, no longer needed. *Genuine*
These are two paper tickets to sell individually or as pair. I can deliver to your home if you live in Hampshire or Dorset/Hants border. I may also be able to arrange collection at Cheltenham tomorrow.
I bought these tickets for a friend's birthday but she can't make it now. they are for Tattersalls inclosure. Worth £60 each plus £8 for car park
We have two spare tickets for sale to the Cheltenham Gold cup on Friday 13th March The tickets are for the club enclosure. They are £90 face value and the day is sold out! Collection only - we are based near the Clifton Triangle
2 Cheltenham Gold Cup Tickets Tattersall Entrance Will sell individually or as a pair.
I have one Cheltenham Gold Cup ticket to sell for the 'Best Mates' Enclosure. Face value is £40 but I'll take £20 for a last minute sale. I was heading down with a group of mates but have had to drop out last minute due to work commitments
1x Cheltenham Club class ticket for Friday. Pick up in Bristol or in Cheltenham morning of the races. Face value! Readvertised due to time waster
2 Cheltenham gold cup tickets. Friday 13th March. Club Enclosure. Unable to go due to work commitments. Sensible offers only please. I would post these or they can be collected.
2 tatterstalls tickets for gold cup 13th March work commitments hence why selling its all sold out so only genuine bids please


text:
Shop now and get Free Value Shipping on most orders over $49 to the contiguous 48 states, DC and to all U.S. Military APO/FPO/DPO addresses.
We want to ensure that making a return is as easy and hassle-free as possible! If for any reason you decide that your purchase just isn't for you, simply return the item within 30 days of receipt and we'll cover the cost of return shipping. Learn more about our Return Policy.
The BogGear Adapt-A-Pod MPA has been created to fulfill all of your shooting needs. This Bipod Adapter from Bog Gear is made of lightweight aluminum and converts any brand of tripod, bipod, or monopod that has a mounting bolt - like the Primos Trigger Stick, Manfrotto, or Vanguard - to use BOG-POD quick-change accessories. The BOGgear adapt-a-pod includes a 1/4"-20 bushing if needed to downsize from 3/8"-16 thread size.
Connect with OpticsPlanet
Become our fan, follow us, & subscribe for the latest updates and deals
Subscribe to our email list
Sign up and receive $5 Off and get exclusive access to promotions, sales
events, pre-order sales & more!
Contact Information
Toll-Free: 800-504-5897
Intl.: 847-513-6201
Fax: 847-919-3003
Email: firstname.lastname@example.com
Hours of Operation
7AM-8PM CST Mon-Fri9AM-5PM CST Sat-Sun
Our Guarantees


text:
StyleWatchCeleb Fashion Hit or Miss?
Check out recent style triumphs and trip-ups by the stars – then rate the looks yourself! By Melissa Liebling-Goldberg
Credit: Jon Kopaloff/FilmMagic
Updated: Thursday Jun 21, 2007 | 06:00 AM EDT
More from PEOPLE
Latest News!
- Pregnant Jessica Biel Heads to a Roller Rink for a Birthday Party (PHOTO)
- The Style Top 5: Amal Clooney Brings Her Glam Street Style to NYC, Iggy Azalea Gets Candid About Her Body and More
- ALF's Series Finale Aired 25 Years Ago, but He Never Truly Left Us
- Tom Brady Gets Serious Air in Cliff Dive: 'Never Doing That Again' (VIDEO)
- Inside Kelly Clarkson and Husband Brandon Blackstock's Grown-up Date Night with Reba McEntire


text:
i fleshed the nc2 kernel and now i'm trying to restore my phone back to nc4 since my phone wont boot. Does anyone know where i could download the nc4 kernel to flash with odin. Thank you
XDA Developers was founded by developers, for developers. It is now a valuable resource for people who want to make the most of their mobile devices, from customizing the look and feel to adding new functionality.
Are you a developer?
Copyright © xda-developers. Hosted by Leaseweb


text:
cálculo de la resistencia para un led - download at 4shared. cálculo de la resistencia para un led is hosted at free file sharing service 4shared.
Share Add to my account
Is owner
View only
Upload & Edit
Members may only view items in this folder.
Members may view, add, edit and delete items in this folder.
Checked by McAfee. No virus detected.
0 comments Add new comment
Wrong code entered. Please, try again.
Enter the code above to post message:
Remove Ads x
cálculo de la resistencia para un led.do...File QR Code


text:
Bilkent University Interview Questions
Interview Experience
Interview Experience
Getting an Interview
Getting an Interview
Interview Difficulty
Interviews for Top Jobs at Bilkent University
- Graduate Student (1)
- Guide (1)
- Research and Teaching Assistant (1)
- Research Assistant (1)
Candidate Interview ReviewsSort: Popular Date Difficulty
- Application Details
I applied online. The process took 4+ weeks – interviewed at Bilkent University.Interview Details
I applied online, invited for interview 2 weeks after the deadline. I've been interviewed by faculty members online, questions basically about my qualification and why I want to join the Master programAccepted OfferEasy Interview
- Application Details
I applied in-person. The process took 3+ months – interviewed at Bilkent University in May 2013.Interview Details
2 interviews and tours during the term
Need to become a candidate first, to become a candidate you go through the first intervies, and then the tours durign the term you take are being assessed. According to the result you are chosen to take the the last interview.Interview Questions
Accepted OfferPositive ExperienceAverage Interview
- Where do you see youself in 5 years Answer Question
- Application Details
I applied through college or university. The process took a day – interviewed at Bilkent University in August 2008.Interview Details
First of all you should communicate with the professor you want to work. If you both want the same thing then the professor wants you as his/ her research assitant. And if he/ she wants you from the borad and if you have successful qualifications (your grades are higher than a limit) then the board do not harden the way and usually take you as a master or Ph.D. student according to your choise.Interview Questions
No OfferPositive ExperienceAverage Interview
- Why do you want to make master/ ph.d ? Answer Question
- how do you plan to survive in terms of income (form project or from university fund)? Answer Question
- Application Details
I applied online. The process took a day – interviewed at Bilkent University in July 2008.Interview Details
Upon completion of the application process, we were given a date for a committee interview. We were interviewed by all faculty members. Starting with basic scientific questions (such as designing experiment series to challenge a scientific problem), continued with personal questions, such as personality evaluation, and ended with career oriented questions, such as our plans for the next stages for application etc.Interview Questions
Declined OfferPositive ExperienceAverage Interview
- You are to pick a point inside a 5 cm x 5 cm square (anywhere within its sides). What is the chance that you will pick a point within 1 cm distance from any corner. View Answer
Is this helpful? The community relies on everyone sharing – Add Anonymous Interview Review


text:
Faith Free to perform live nativity tonight
The kids from Faith Christian School stole the show Tuesday at a live nativity show south of Detroit Lakes.
Students and other kids played all the major roles -- Mary, Joseph, the wise men, even baby Jesus, and they also dressed as shepherds and angels.
Today (Wednesday) it will be the adults' turn, as Faith Free Lutheran members put on a Live Nativity presentation 6-8 p.m. today in a building long used to process maple sugar .
Are you a newspaper subscriber but you don't have a Digital Access account yet? https://secure.forumcomm.com/?publisher_ID=40&event=subscriber/lookup.
You will need your subscription account number and phone number. Not sure if you have an account? Email us at firstname.lastname@example.com and we can help you.


text:
The MOF has recently approved the opening of three offices by KPMG Huazhen (Special General Partnership) in Chengdu, Xiamen and Qingdao. Localisation has been one of the basic strategies of KPMG China's operations.
The award recognises a select number of leading professional firms and advisers that have performed to exceptional levels, even during the most difficult period that the global economy has experienced for decades.
What start-ups need to consider? Where to get access to information? What events they can consider to attend?
Despite rising costs in China and the subsequent implications for manufacturers, a unique mix of factors is prompting new value propositions in the country as companies re-align strategies and adapt to changing economic conditions.
The content is based on the responses of 213 senior business decision-makers across five key countries: Australia, China, Indonesia, the Philippines and Singapore. It analyses the state of D&A maturity across the Asia-Pacific region.
Have a question about applying to work for KPMG as a graduate?Check out the list below with answers to the most commonly asked questions.
General questions
Aptitude test
The offer stage
Starting your new job
Have a question about applying to work for KPMG as a graduate?Check out the list below with answers to the most commonly asked questions.
General questions
Aptitude test
The offer stage
Starting your new job
When do interviews take place?
Those who are successful in the aptitude tests will be invited to attend the first round manager interview.
How long will it take me to get the results of my interview?
Normally, you can expect the result in one to three weeks. Only short listed candidates will be notified.
What should I wear for the interviews?
You should wear formal business attire. This refers to business suits for both males and females. Shirts and knee-length skirts are also acceptable for females. Deep colors are preferable. Revealing clothing and extravagant accessories are discouraged.
If I cannot attend the test/interview at the scheduled time, can I have a different slot?If you must reschedule, please give us as much notice as you can – we will be happy to set a new interview time for candidates who can provide valid reasons.
How should I prepare for the interview?
The most important thing is to be yourself. It is normal to be nervous, but try to get a good night's sleep beforehand and relax as much as you can. Make sure that you prepare for the interview – research KPMG and understand our values and think of how you currently live these values. The interview is not a trick – we want you to be successful!
© 2015
KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG Huazhen (Special General Partnership), a special general partnership in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
© 2015 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International.
KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.


text:
ESPNcricinfo's weekly video news magazine
Rayudu seizes his chance
A coming of age, the world's oldest sport tournament, and the 2015 World Cup schedule: all in this edition of our news magazine show
A coming of age, the world's oldest sport tournament, and the 2015 World Cup schedule: all in this edition of our news magazine show
Comments have now been closed for this article
ESPNcricinfo's South Africa correspondent Firdose Moonda discusses how Russell Domingo will approach his first assignment as head coach for South Africa.
Mark Donaldson and Ricardo Powell discuss the tri-series in the Caribbean while Stuart Clark gives his thoughts on Australia's Ashes chances
Featuring a Virat Kohli ton, a Shikhar Dhawan ton and a Shikhar Dhawan screamer | Apr 1, 2015
Mohammad Isam reports on the resignation of Mustafa Kamal as the president of the ICC | Apr 1, 2015
Mark Butcher talks about Colin Graves' proposal of turning Test cricket into a four-day game | Apr 1, 2015
Yorkshire's daring plan for a retractable roof at Headingley have dismayed their head coach Jason Gillespie who was not consulted about the cricketing issues | Apr 1, 2015
A selection of Mitchell Starc's World Cup exploits, which made him the No. 1 ODI bowler in the ICC rankings for the first time in his career | Mar 31, 2015
Australia call-up Fawad Ahmed speaks to the media following the announcement of the Test squad for the tours of the West Indies and England | Mar 31, 2015
Iain O'Brien talks about Daniel Vettori as a player, a team-mate, an individual, and the kind of positive influence he was in the New Zealand team | Mar 31, 2015
Australia have revealed their Ashes squad to face England in July, but journalist Greg Baum believes the team can do without their bullying tactics which were on display during the World Cup | Mar 31, 2015
Geoffrey Boycott talks about his favourite World Cup moments, England's prospects in the Tests against West Indies, high-scoring chases, and more | Mar 31, 2015
UK editor David Hopps joins Des Curran to discuss The Ashes and pay particular attention to the opening partnerships
ESPNcricinfo assistant editor Dan Brettig discusses Australia's coaching issues leading up to the Ashes against England.
ESPNCricinfo South Africa correspondent Firdose Moonda looks ahead to the closing stages of the ICC Champions Trophy.
Andrew McGlashan joins Andrew Orsatti to discuss England's performance in the second Test and we look ahead to the ICC Champions Trophy
Mark Donaldson is joined by ESPNcricinfo assistant editor Andrew McGlashan to discuss the upcoming second Test series between England and...
Andrew McGlashan joins Mark Donaldson to look ahead to the first Test between England and New Zealand at Lord's


text:
Archived Story
Why steal from a soldier?Published 5:59pm Tuesday, June 3, 2014
Dear Editor,
These days and times I am not surprised by much that happens. However, in late May, I overheard and became a participant in a troublesome conversation.
I had stopped at the Shell station at the interstate. Standing in line was a young lady dressed in full Army fatigues. As I passed by, I thanked her for her service and she thanked me for honoring her.
She began talking to the clerk and said that her cell phone was also stolen. They had come back to see if it might be there, but it was not.
This lady could have had any career she wanted, but she chose to serve and protect her country.
Thieves are rampant in all cities, countries – everywhere.
It makes me so irritated to think Hartselle has a thief that steals from a servicewoman.
This lady has devoted years of her life to serve and protect the country we live in. She has sworn to protect every one of us, even the thief that stole from her.
I just cannot grasp the way some people think and act.
Lisa Leeth
cousin of SSG. Travis L. Nelson, killed in action Dec. 10, 2005, in Afghanistan


text:
4 Comments
Realtime comments disabled
nix1199 1497 days ago
Now I really want to know what's behind the door.
nix1199 1497 days ago
ooohhh...is this at the new Hub?
aresnz 1498 days ago
Prop for a scene in Torchwood??? :D
aznjackfiend2 1498 days ago
Torchwood clue? June 15th? I DON'T KNOW


text:
Welcome to the Press Office of the U.S. Consulate General São Paulo
Upcoming Consulate Events
March 5-12
Global Sports Mentoring Program. Launching of MoveMulher campaign (São Paulo)
March 12
Workshp with School of Dramatic Arts, University of Southern California director David Bridel on "Courageous Acting: Os Desafios da Carreira em Hollywood" (São Paulo)
March 22-26
Sao Paulo Youth Orchestra concert at the Kennedy Center for the Performing Arts in Washington D.C. and at the Lincoln Center (Washington and New York)
March 25
Webchat on General NIV/Application Process with Patrick Swan and Eliot Forest Graham (São Paulo)
March 26-28
International Seminar on Museums, Migrations and Identities with U.S. speaker Diana Pardue, Ellis Island Museum Director and photo exhibit on same subject (São Paulo)
March 28-31
Wynton Marsalis and the Jazz at Lincoln Center Orchestra will visit Brazil (São Paulo)
For more information about these events please contact 55 11 3250-5237
Information Resource Center
The Information Resource Center IRC serves Brazilian institutions and researchers providing specialized, substantive, and accurate information about the United States, with emphasis on U.S government policies and U.S.-Brazil bilateral relations.
Foreign Press Centers
The Foreign Press Centers help foreign media (correspondents) in the U.S.. Their goal is to promote the depth, accuracy, and balance of foreign reporting from the U.S. The United States Department of State has Foreign Press Centers in Washington, D.C., New York and Los Angeles.
Contact us
If you are a journalist and need more information, contact the U.S. Consulate press office:
U.S. Consulate General São Paulo
Rua Henri Dunant, 500, Chácara Santo Antônio
04709-110 – São Paulo- SP
Phone: (11) 3250-5237
Fax: (11) 5181-1368
E-mail: email@example.com


text:
Stormy is a 6-month-old, marvelous Manx mix. She was raised in foster care until she became old enough to be adopted. Her foster mom says that Stormy is the sweetest and most affectionate kitten, and loves to play. She gets along well with other cats and dogs. She enjoys a little bit of canned food with her kibble as a treat, and she is a master at hiding when she takes a nap. She'll make the perfect companion. Come visit her at the Animal House Adoption Center, call 502.473.PETS (7387) or look at other available animals on their website, www.Louisvilleky.gov/AnimalServices.
Skyscraper Ad
Header Ad CSS
- Will Russell's Funtown Mountain opens June 19 in Cave City, KY. #FuntownMountain http://t.co/gmlg3fbXEN
- The Cards' journey to the Final Four was cut short after an exciting overtime battle against the Michigan State... http://t.co/2q8GUW9zVZ
- Louisville gave it a good run there at the end but MSU was on point with their offense. Maybe we'll get them next year. Final score: 70-76.


text:
Cleanup begins after crews gain control of ND oil well
PARSHALL -- Cleanup began Friday after crews regained control of an oil well near Parshall about 5 a.m. Friday after the well stopped flowing, said the state Department of Mineral Resources.
Get the full story
Subscribe or Log In
Are you a newspaper subscriber but you don't have a Digital Access account yet? Activate your account.
You will need your subscription account number and phone number. Not sure if you have an account? Call (701) 225-8111 and we can help you.


text:
Updated 05/23/2014
A quiet, sunken garden and fountain honors General John J. "Black Jack" Pershing, the first to hold the title General of the Armies, a rank Congress created in 1919 to recognize his military achievements. Engravings on the stone walls recount pivotal campaigns from World War I, when Pershing commanded the American expeditionary force and conducted other military exploits.
15th St. and Pennsylvania Ave., Washington, District of Columbia, 20004, United States
Updated 05/23/2014


text:
Initial Public Offerings Evidence from the British, French and Swedish Property Share Markets Dirk Brounen and Piet Eichholtz Abstract This paper investigates the underpricing and long-run performance of Initial Public Offerings (IPOs), using a unique sample consisting of 54 British, French and Swedish property companies, which became publicly listed during the period 1984-1999. Similar to common stock IPOs, the European property share IPOs in our sample outperformed the benchmark on the first day of trading, on average with 2.55%. However, these property share IPOs tend to underperform their benchmark over the twelve-month period subsequent to the initial offering. We also examine explanatory factors such as issue size, the degree of debt financing, ex-ante uncertainty, and the underlying property types of the companies involved. The results are in line with those previously found for common stocks. Key words: IPO underpricing, Equity issues, Property companies Correspondence: Dirk Brounen Tinbergen Institute Keizersgracht 482 NL-1017 EG Amsterdam Tel.: +31 20 551 3535 Fax: +31 20 511 3555 firstname.lastname@example.com Brounen is at the Tinbergen Institute at The University of Amsterdam. Eichholtz is at the Limburg Institute of Financial Economics (LIFE) at Maastricht University, The University of Amsterdam and Global Property Research. The authors thank David Ling, Hans op 't Veld, Kees Koedijk, Alireza Tourani Rad and an anonymous referee for their helpful comments and Caroline Vermue, the British, French and Swedish stock exchanges and Global Property Research for their assistance. All remaining errors are the responsibility of the authors. 1. Introduction Numerous studies have examined the performance of Initial Public Offerings (IPOs) and documented the existence of short-run excess returns in combination with long-run underperformance. Ibbotson (1975) was among the first to report on the so-called 'underpricing' of IPOs by documenting initial excess returns of 11.40% on U.S. common stock IPOs1. Studies on the long-run aftermarket price behavior, such as Ritter (1991) and Aggarwal and Rivoli (1990), showed that this initial outperformance appears to be a short- run phenomenon. The winner's curse theory, signaling-based models, and the theory that IPO performance is driven by fads have been used to attempt to explain this puzzling abnormal price behavior. However, numerous unanswered questions remain. This paper tests implications derived from existing theories by studying a unique data set consisting of 54 European property companies from France, Sweden and the United Kingdom that became publicly listed during the period 1984-1999. We investigate whether the classical abnormal price behavior surrounding IPOs also exists in these European property share markets. Furthermore, we attempt to answer some of the research questions concerning the IPO-puzzle. The paper is organized as follows. The next section discusses the related literature and states the theoretical implications that can be derived from this literature. Section 3 describes the sample collection procedures. In Section 4 we picture the institutional environments of the three national markets in our study. Section 5 gives an overview of the empirical results regarding the initial day price behavior. Section 6 reports our findings concerning the aftermarket price behavior, and Section 7 concludes. 1 2. Literature A common explanation for the abnormal first-day price behavior is the so-called "winner's curse". In Rock's (1986) model the IPO market contains two investor types; well-informed investors, who have superior knowledge about the true value of the issue and less-informed investors, who lack the special knowledge to correctly value the issue. This information asymmetry causes a "lemons problem" where the uninformed investors are left with the less successful IPOs. In order to keep badly informed investors interested in the IPO market, issuing firms are required to sell at a discount2. An explanatory factor directly derived from this winner's curse is the size of the issue. The larger the issue the more professionally it is likely to be managed and the more information about the true value will be available. This wider spread of information decreases the information asymmetry among investors. Because of this lower information asymmetry, these larger IPOs have less reason to underprice and are expected to show less initial outperformance. A second factor that might explain the abnormal price behavior of IPOs is the degree of debt financing. Smith and Watts (1992) argued that firms with high growth potential will rely less on debt financing. This low reliance on debt financing is caused by their higher risk profiles, which make the debt market less accessible. When these growth companies go to the stock market during an IPO, the public will consider them more risky and will demand a higher risk premium in the form of more underpricing. Thus, we expect IPOs with the lowest debt ratios in our sample to be associated with the highest initial returns. 1 For a broad discussion of empirical evidence regarding initial aftermarket price behavior of IPOs see Smith (1986). 2 Keloharju (1993) and Michaeley and Shaw (1994) tested Rock's theory for the U.S. common stock market, and found strong support for the existence of a winner's curse. 2 Another issue related to the underpricing of IPOs is the amount of uncertainty concerning the true value of the company involved. Alli, Yau and Yung (1994) have examined this relationship by studying initial aftermarket price behavior of financial institutions. Since financial institutions are monitored by regulatory agents, the information asymmetry problem and the ex-ante uncertainty regarding true value should be less severe for financial institutions than for non-financial institutions. This proved to be the case. Because the value of property companies should reflect the value of their underlying property portfolio, we would expect property IPOs to be underpriced less severely than common stock IPOs. A theory that could explain the long-run underperformance is the so-called 'fads theory'. Both Aggarwal and Rivoli (1990) and Ritter (1991) reported strong underperformance of IPOs after three years of –13.73% and –29.13%, respectively. Both studies point out that the abnormal price behavior of IPOs might be due to overoptimistic investors, who expect high excess returns, but sell the shares acquired in the IPO whenever their high expectations are not fulfilled in the longer run. This so-called fad causes extremely high demand in the early aftermarket, but at the same time drives the disappointed investors to sell their shares, thereby causing the long-run underperformance. Some specific features of property shares should be taken into account. Wang, Chan and Gau (1992) were the first to investigate the presence of IPO underpricing in a property share market. They reported a statistically significant average abnormal return of –2.99% on the first day of trading for the U.S. REIT market. Ling and Ryngaert (1997) also investigated the U.S. REIT market and reported that REIT IPOs issued between 1991 an 1996 were underpriced, on average, by 3.60%. The differing results of these two studies 3 imply that the question whether property share IPOs suffer from abnormal price behavior is still open. Our paper extends the research of Wang, Chan and Gau (1992) and Ling and Ryngaert (1997), by investigating European property share markets. Following Wang, Chan and Gau (1992), we use the aftermarket standard deviation to quantify the ex-ante uncertainty surrounding the true value of the issue. We expect companies with high aftermarket standard deviations to be associated with higher initial day returns. Ling and Ryngaert (1997) also pointed out that the ex-ante uncertainty about the value of a new property issue could vary depending on the type of properties owned by the company. Retail property, for instance is often regarded as being more risky than residential property. Thus, we include property type as an additional factor that explains IPO price behavior. 3. Sample design By combining the Global Property Research database with Bloomberg, Reuters and Datastream we found 72 property investment companies going public in the period 1984- 1999 in Europe. The only countries in which the number of IPOs was large enough for meaningful statistical analysis were France, Sweden and the United Kingdom, which is why this study focuses on these three countries. After excluding spin-offs of existing listed companies and property developers we collected data concerning first-day opening and closing prices and aftermarket returns for the remaining companies from Datastream, The Financial Times and from the property companies themselves. Furthermore, we asked the three national Stock exchanges for assistance in locating the required data. These efforts resulted in a data set of 54 property share IPOs in the three largest European property share markets. Table 1 provides a distribution of the sample by country and by year. 4 Besides the daily prices we also obtained information on the offering size, the pre-offer debt ratios, the aftermarket standard deviation and the underlying property type. INSERT TABLE 1 To adjust the property share returns for movements in the general property stock markets we used the GPR General National indices for the corresponding European countries. The GPR General National indices are total return indices of property shares, tracking the performance of all property investment companies in the corresponding countries. These indices are available on a monthly basis, with December 1983 as base- month. 4. Institutional Environments The three European property share markets in our sample both differ and correspond in many respects. The U.K. market is the oldest and largest property share market in Europe, experiencing a relatively stable average annual return of 13.97% over the sample period. The companies in our sample are all pure equity property investors, who do not invest in mortgages. The institutional holdings in these companies vary drastically but are high compared to the Swedish and French markets. The majority of the U.K. IPOs in our sample date from the post-1992 period after the U.K. recovered from the real estate crisis of the early nineties. Listed property companies in the U.K. face corporate tax rates varying from 23% to 31%, depending on profit levels and company structure. The Swedish property share market on the other hand is a lot younger and has been extremely turbulent over the sample period. As can be seen in Figure 1, an investment in a Swedish property share in 1984 would have surged sixfold in the following six years. 5 However, this swift gain would have evaporated during the subsequent years. This volatile behavior is typical for the Swedish market, which has had many listings that were poorly structured in the late eighties. Several of these property companies had to leave the market in the early nineties when Sweden was struck by a recession. The institutional involvement in listed property companies in Sweden is relatively low compared to the U.K. and France. Swedish property companies face a corporate tax rate of 28%. INSERT FIGURE 1 The third market of our study, the French market, has been the most stable over the sample period, yielding an average annual return of 11.71%. Most of the French IPOs in our sample are from the pre-1992 period, and the majority was strictly monitored by larger holding companies that ensured financing and thereby took away a lot of uncertainty for investors. The French property companies are subject to the national corporate tax rate of 33.33%. 5. Initial day returns 5.1. Summary statistics The initial day returns are calculated by dividing the difference between the offering price and the closing price by the offering price. To correct these raw first day returns for movements in the overall property share markets we subtracted the average daily GPR- General return of the corresponding country. The results are presented in Table 2. INSERT TABLE 2 For the sample as a whole we find a statistically significant initial abnormal return of 6 2.55%, on average. This outcome conforms to the findings of Ling and Ryngaert (1997), who documented an initial abnormal return of 3.60% for the U.S. REIT market. Compared to the initial day returns of common stocks found in the literature, this 2.55% is rather modest, which supports the notion that the more transparent and therefore less risky property share issues are associated with significantly less underpricing than the more risky common stock IPOs. But although the extent of the underpricing is modest it is still significant and offers the investor an attractive return, even after correcting for transaction costs, which nowadays amount to approximately 40 basispoints. The move towards the European Monetary Union (EMU) in 1992 has had a significant impact on the European property share markets. Investors increasingly regard Europe as one market and have moved towards a more pan-European investment strategy, which has enhanced liquidity. However, given the fact that a French investor knows more about the French property market than about, say, the Swedish market, pan-European investment strategies are likely to increase differences in the level to which participating investors are informed concerning property share IPOs. This may cause property shares to be more susceptible to the winner's curse and exhibit stronger IPO underpricing. Indeed, we find the post-1992 IPOs in our sample to be underpriced by 4.89%, whereas the pre-1992 IPOs were not underpriced at all. We also found initial day returns varying strongly across different countries. These cross-national differences can be explained by comparing differences in market structure and maturity. British IPOs produced a statistically significant initial abnormal return of 4.07%. The French IPOs, which are strongly monitored by holding companies hardly outperformed their benchmark at all on the first day of trading. 7 Table 3 reports the summary statistics on initial day returns for the full sample and for various subsamples. These subsamples are chosen to facilitate the investigation of the importance of different factors potentially affecting IPO underpricing: issue size, debt ratio, standard deviation, and sector specialization of the property portfolio. Initial abnormal returns are positive for each sub-sample. Table 3 shows that small issues are indeed associated with more underpricing than large issues. The average initial abnormal return for the small issues of 3.05% is significantly different from zero. INSERT TABLE 3 The table also shows that issues with lower debt ratios outperform the market index more strongly than issues with higher debt ratios. These differences confirm the implications derived from Smith and Watts (1992). Ex-ante uncertainty appears to play a role in IPO underpricing. Issues belonging to the group with the highest aftermarket standard deviation are associated with high initial abnormal returns: 5.37% versus no significant first-day outperformance for the group with the lowest aftermarket standard deviation. Finally, concerning the underlying property type, we discovered that specialized companies show a somewhat higher initial abnormal return than diversified companies, while they vary strongly among the different property types. Property companies specialized in managing retail property, for instance, yield an average initial day return of 4.39%, whereas companies specialized in office properties do not perform differently than the market index. 8 5.2. Multivariate analysis of initial day returns The summary statistics of Table 3 suggest that small issues, issues with low debt ratios, and companies specialized in retail property entail more uncertainty about their true value and are therefore associated with higher initial day returns. But to truly isolate the impact of the different variables on the initial abnormal returns, multivariate regression analysis is needed. For every parameter we compute OLS-estimations of the coefficients, using the following model: IAR = a + b1Size + b2Debt ratio + b3Ex-ante uncertainty + b4Specialised + b4Retail + b5Office + b6Residential + b7Post-1992 + b8UK + b9Sweden + ε (1) Table 4 reports the regression results. In order to minimize the influence of outliers we use a log specifications for issue size, debt financing and aftermarket standard deviation. For these first three variables, the signs of the coefficients are consistent with the results reported in the summary statistics. Issues of lesser size, with smaller debt ratios and higher aftermarket standard deviations are indeed associated with more underpricing. The coefficients of the specialization dummy and the underlying property type are also in line with the results presented in Table 3. Finally, we look at the explanatory power of a post- 1992 dummy variable and on two nationality dummies. The coefficient of the post-1992 dummy confirms our previous findings that the more recent IPOs are indeed associated with a higher initial day return. The signs of the coefficients of the nationalilty dummies give support the national differences we reported in Table 2. The model has an adjusted R- squared of 65%. INSERT TABLE 4 9 6. Aftermarket returns In addition to the short-run outperformance of IPOs, the literature also documents long-run underperformance. We now turn to that issue, using three separate methods for analysis. We first look at the mean Cumulative Abnormal Returns3 (CARs) for varying time periods. Secondly, we investigate buy-and-hold returns, and lastly, we look at wealth relatives. The results of the CAR analysis are presented in Table 5 and show that the CARs for our sample as a whole decrease over a longer time period and lead to a negative twelve- month CAR of -1.29%, on average. The initial outperformance documented for the first day of trading only lasts for three months. Furthermore, Table 5 shows that there are large differences between the national subsamples. British and French IPOs exhibit the traditional IPO price behavior by underperforming after the first year year, with –4.53% and –12.62% respectively. Swedish IPOs, on the other hand, outperformed considerably after twelve months. This difference can be explained by the fact that the Swedish property share market has been in a different phase than the more stable and mature French and British property share markets. The Swedish property share market has gone through rough times in the early nineties, leading to relatively low benchmark returns that were easily exceeded by the Swedish aftermarket IPO-returns. INSERT TABLE 5 Dissanaike (1994) has shown that the cumulation process involved in computing CARs can give biased outcomes. Therefore we also compute excess buy-and-hold returns for 3For IPOs that are delisted prior to their 3-year anniversary, the total return is calculated up to the delisting date. 10 various time horizons. The outcomes of these computations are presented in Table 6. Similar to the CARs the excess buy-and-hold returns also decrease strongly over time and the short-run outperformance is turned into a long-run underperformance. Again, as is illustrated in Figure 2, we find striking differences in the national subsamples where the British and French IPOs underperform and the Swedish IPOs ouperform in the long run. INSERT TABLE 6 INSERT FIGURE 2 Having calculated the excess buy-and-hold returns we can derive the wealth relatives both for the mean and for the median buy-and-hold returns. Table 7 presents these wealth relatives. In accordance with studies of Ritter (1991) and Gerbich, Levis and Venmore- Rowland (1999) we find short-run wealth relatives slightly above one in combination with twelve month wealth relatives significantly below one. INSERT TABLE 7 The results of all three methods indicate that the short term outperformance we documented in Section 4 lasts only during the first few months of trading. For longer periods we find significant underperformance. To further examine the relationship between short-term outperformance and long-run underperformance, we divide the European sample into subsamples based on the four variables we discussed before: issue size, degree of debt financing, aftermarket standard deviation and underlying property type. We calculate mean abnormal buy-and-hold returns for each of these subsamples and provide the results in Table 8. Comparing the results in this table with those given in Table 3 shows that initial day outperformance and long-run underperformance are closely related. For example, regarding the size factor we again find 11 the smallest issues having the more abnormal price behavior: they exhibit a twelve-month excess buy-and-hold return of –7.79%, whereas the largest issues in our sample underperform their benchmark only mildly, with –2.01%, on average. Furthermore, Table 8 shows that the companies with high debt ratios and low aftermarket standard deviation underperform their benchmark more severely than those with the low debt ratios and high aftermarket standard deviation. INSERT TABLE 8 Concerning the last factor, portfolio specialization, the general conclusion is that diversified companies seem to underperform more strongly than their specialized competitors4. But also among the specialized companies considerable differences in long- run performance exist. Companies specialized in residential properties tend to outperform in the long run, whereas companies specialized in retail property underperform significantly after twelve months. However, given the small sample sizes these results are offered with caution. To isolate the impact of the individual factors, we also ran multivariate regressions on the twelve-month excess buy-and-hold returns and the identified factors. The results of these regressions, stated in Table 9, confirm the cross-sectional differences we reported in Table 8. The factors issue size, debt ratio and aftermarket standard deviation are positively related to the aftermarket price performance, whereas the results for the specialization dummy are mixed. The positive sign of the post-1992 dummy indicates that the more recent IPOs in our sample perform best in the longer run. The nationality dummy 4 This is in line with results for United States REITs documented by Eichholtz, Op 't Veld and Schweitzer (2000). 12 confirms our previous findings that nationality of the IPO does make a difference. INSERT TABLE 9 7. Conclusion and suggestions for further research This paper documents the price behavior of 54 European property share IPOs. We find an overall excess return of 2.55% on the first trading and a modest underperformance after twelve months. Evidence presented in this paper is consistent with the winner's curse hypothesis of Rock (1986). Large issues, which are likely to be managed more professionally, are underpriced less and exhibit less abnormal long-run underperformance. Furthermore, we also found that IPOs with the highest aftermarket standard deviation, a proxy for the ex-ante uncertainty, are underpriced more severely and are associated with the best long-run performance. The modest size of the abnormal price behavior of the IPOs in our sample is consistent with theories that claim that less risky IPOs experience less severe abnormal price behavior. The results also show that IPO underpricing of European property companies was much stronger after 1992 than before that year. This may well be caused by the fact that European integration, which gained speed in that period, has led to more pan-European property share investment. Our results suggest that stronger international involvement in IPOs has led to more information differences, and therefore to more influence of the winner's curse. An extension of this research could therefore be to investigate the relationship between the international involvement in IPOs and their underpricing. 13 References Aggarwal, R. and P. Rivoli (1990), Fads in the initial public offering market?, Financial Management 19, 45-57. Alli, K., J. Yau and K. Yung (1994), The underpricing of IPOs of financial institutions, Journal of Business Finance and Accounting 21, 1013-1030. Dissanaike, G. (1994), On the computations of returns in tests of the stock market overreaction hypothesis, Journal of Banking and Finance 18, 1083-1094. Eichholtz, P.M.A., H. Op 't Veld and M. Schweitzer (2000), REIT Outperformance: Does Managerial Specialization Pay?, in S. Zenios, The Performance of Financial Institutions, Cambridge University Press. Gerbich, M., M. Levis and P. Venmore-Rowland (1999), Property investment and property development firm performance around initial public offerings and rights offerings: U.K. evidence, Journal of Real Estate Finance and Economics 18, 207-238. Ibbotson, R.G. (1975), Price performance of common stock new issues, Journal of Financial Economics 2, 235-272. Keloharju, M. (1993), The winner's curse, legal liability and the long-run price performance of initial public offerings in Finland, Journal of Financial Economics 34, 251-277. Ling, D.C. and M. Ryngaert (1997), Valuation uncertainty, institutional involvement, and the underpricing of IPOs: the case of REITs, Journal of Financial Economics 43, 433-456. Michaely, R. and W.H. Shaw (1994), The pricing of initial public offerings: tests of adverse-selection and signaling theories, Review of Financial Studies 7, 279-319. Ritter, J.R. (1991), The long-run performance of initial public offerings, The Journal of Finance 46, 3-27. Rock, K. (1986), Why new issues are underpriced, Journal of Financial Economics 15, 187-212. Smith, C.W. (1986), Investment banking and the capital acquisition process, Journal of Financial Economics 15, 3-29. Smith, C.W. and R. Watts (1992), The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics 32, 263-292. Wang, K., S.H. Chan and G.W. Gau (1992), Initial public offerings of equity securities: anomalous evidence using REITs, Journal of Financial Economics 31, 381-410. Figure 1: Market development of the French, Swedish and U.K. Property share markets 700 France Sweden 600 U.K. 500 400 300 200 100 0 c-83 c-85 c-87 c-89 c-91 c-93 c-95 c-97 c-99 De De De De De De De De De Source: Global Property Research Table 1: Sample distribution by country and by year A: Sample distribution by country Country Number of IPOs France 17 Sweden 13 United Kingdom 24 Total: 54 B: Sample distribution by year Year Number of IPOs Year Number of IPOs 1984 1 1992 7 1985 1 1993 3 1986 1 1994 9 1987 1 1995 0 1988 1 1996 5 1989 10 1997 6 1990 3 1998 3 1991 2 1999 1 Total: 54 C: Tax regimes France 33% Sweden* 28% United Kingdom* 23%-31% * The exact corporate tax rate for U.K. property companies depends on profit level and company structure Table 2: Initial day returns Sample Initial Returns GPR-General Initial Abnormal t-statistic Returns Returns Total 2.60% 0.05% 2.55%* 3.26 Pre-1992 0.10% 0.05% 0.05% 0.08 Post-1992 4.94% 0.05% 4.89%* 4.18 U.K. 4.12% 0.05% 4.07%* 3.62 France 0.82% 0.05% 0.77% 0.61 Sweden 1.79% 0.04% 1.75% 0.81 This table provides average returns for the first trading day for subsamples of property share IPOs and the average daily GPR-General index returns. The initial abnormal returns are calculated by taking the difference between the two. Initial abnormal returns marked with * are significant at the 5% level. Table 3: Summary statistics initial day returns A: Size factor† Issue size Initial AR t-statistic N Small, < 80 mln Euro 3.05%* 2.82 25 Medium 2.87% 1.44 10 Large, > 180 mln Euro 1.41% 1.83 19 B: Debt ratio factor†† Debt ratio Initial AR t-statistic N High, > 0.49 2.02% 1.70 18 Low, < 0.49 3.16%* 2.18 36 C: Ex-ante uncertainty proxy††† Standard deviation Initial AR t-statistic N High, > 3.00% 5.37% 1.89 19 Medium 2.45%* 2.83 21 Low, < 1.50% 0.69% 0.98 14 D: Specialization/Property type factor†††† Initial AR t-statistic N Diversified 1.97%* 2.36 20 Specialized 2.26%* 2.07 34 Office -0.08% -0.09 13 Retail 4.39%* 2.57 10 Residential 10.12%* 3.02 5 † Size is measured as total capitalization of the issue. †† The debt ratio is computed by dividing the pre-offer total debt by the pre-offer market value of the firm. ††† The ex-ante uncertainty proxy is equal to the standard deviation of the returns of the first 20 trading days. †††† Specialization is determined by looking at the asset portfolio of the company. Companies investing more than 70% of their total assets in one property type are considered specialized. Initial abnormal returns marked with * are significant at the 5% level. Table 4: OLS regression of initial abnormal returns on independent variables Coefficients Intercept -0.07** (0.03) Log of issue size -0.00 (0.00) Log (1+%debt financing) 0.05 (0.03) Log of aftermarket standard deviation 2.31* (0.68) Specialized dummy (yes=1, no=0) 0.01 (0.01) Retail dummy (yes=1, no=0) 0.00 (0.02) Office dummy (yes=1, no=0) -0.02 (0.02) Residential dummy (yes=1, no=0) 0.08* (0.02) Post-1992 dummy (yes=1, no=0) 0.01 (0.02) UK dummy (yes=1, no=0) 0.02 (0.02) Sweden dummy (yes=1, no=0) -0.02 (0.02) R2 0.65 The heteroskedasticity-consistent standard errors of the corresponding coefficient estimates are given between brackets. Coefficient estimates marked with * are significant at the 5% level, coefficient estimates marked with ** are significant at the 10% level. Table 5: Cumulative abnormal returns Total France Sweden U.K. Period CAR t-statistic CAR t-statistic CAR t-statistic CAR t-statistic Month 1 0.84% 0.55 0.39% 0.17 -0.01% 0.00 1.58% 0.87 Month 2 1.38% 0.56 -1.78% -0.77 0.57% 0.12 3.82% 0.84 Month 3 0.59% 0.22 -1.91% -0.62 1.46% 0.36 1.74% 0.34 Month 4 -0.96% -0.36 -1.78% -0.39 -4.06% -0.82 1.18% 0.27 Month 5 -2.06% -0.70 -1.21% -0.26 -1.40% -0.26 -2.94% -0.59 Month 6 0.27% 0.08 -1.94% -0.41 8.53% 1.16 -2.61% -0.52 Month 7 -3.30% -1.02 -3.09% -0.69 2.78% 0.35 -6.60% -1.33 Month 8 -2.45% -0.80 -4.86% -1.05 2.13% 0.27 -3.29% -0.75 Month 9 0.36% 0.10 -6.73% -1.65 14.03% 1.38 -2.20% -0.47 Month 10 1.03% 0.29 -3.15% -0.73 17.40% 1.89 -4.81% -0.97 Month 11 0.21% 0.05 -7.25% -1.58 21.44% 1.80 -6.06% -1.16 Month 12 -1.29% -0.29 -12.62% -2.52 18.89% 1.49 -4.53% -0.87 The cumulative abnormal returns (CARs) are computed by applying the formula: 1 1 n Pit − Pit −1 Pbt − Pbt −1 CARt = ∑( t =1 ∑( P n i =1 − Pbt −1 ), it −1 where Pit is the price of the stock i on day t and Pbt is the price of the benchmark on day t. Table 6: Excess buy-and-hold returns Total France Sweden U.K. Period EBHR t-statistic EBHR t-statistic EBHR t-statistic EBHR t-statistic Month 1 0.88% 0.58 0.39% 0.17 0.12% 0.03 1.58% 0.87 Month 2 1.69% 0.66 -2.17% -0.93 1.24% 0.26 4.40% 0.92 Month 3 0.58% 0.21 -2.32% -0.72 1.95% 0.43 1.72% 0.33 Month 4 -1.43% -0.53 -2.16% -0.47 -4.65% -0.90 0.70% 0.16 Month 5 -2.63% -0.90 -1.76% -0.36 -0.92% -0.17 -4.07% -0.83 Month 6 0.26% 0.08 -1.31% -0.28 8.53% 1.18 -3.02% -0.59 Month 7 -4.29% -1.29 -3.79% -0.83 0.92% 0.11 -7.32% -1.48 Month 8 -3.96% -1.19 -5.81% -1.19 1.02% 0.11 -5.37% -1.16 Month 9 -1.05% -0.28 -8.68% -2.04 14.60% 1.45 -4.30% -0.85 Month 10 -0.95% -0.26 -4.30% -1.02 15.89% 1.71 -7.56% -1.46 Month 11 -0.81% -0.18 -8.31% -1.95 24.64% 2.03 -9.25% -1.65 Month 12 -0.55% -0.12 -10.76% -2.51 22.16% 1.78 -5.83% -1.04 The excess buy-and-hold returns (EBHR) are calculated by applying the formula: 1 n P Pb EBHR = ∑ ( P −i 0P − P −0P ) , n i =1 it i0 bt b0 Where Pit is the price of stock i on day t, Pio is the initial day offering price of stock i, Pbt is the benchmark price on day t and Pbo is the initial day offering price of the benchmark Figure 2: Aftermarket performance of the French, Swedish and U.K. Property share IPOs in excess buy-and-hold returns. 30% UK Sweden France 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 -5% -10% -15% Table 7: Wealth relatives A: Mean buy-and-hold returns Mean Company Benchmark Wealth Relative Month 1 1.38% 0.54% 1.01 Month 2 4.16% 2.47% 1.02 Month 3 4.88% 4.31% 1.01 Month 4 4.33% 5.77% 0.99 Month 5 3.27% 5.90% 0.98 Month 6 6.61% 6.98% 1.00 Month 7 4.77% 9.06% 0.96 Month 8 5.27% 9.23% 0.96 Month 9 8.84% 9.89% 0.99 Month 10 5.99% 6.94% 0.99 Month 11 7.68% 8.49% 0.99 Month 12 6.28% 9.07% 0.97 B: Median buy-and-hold returns Median Company Benchmark Wealth Relative Month 1 0.00% 0.94% 0.99 Month 2 0.40% 2.37% 0.98 Month 3 2.12% 5.37% 0.97 Month 4 1.77% 5.79% 0.96 Month 5 1.53% 6.35% 0.95 Month 6 6.14% 4.30% 1.02 Month 7 2.64% 3.55% 0.99 Month 8 4.98% 4.89% 1.00 Month 9 2.21% 5.24% 0.97 Month 10 2.81% 1.69% 1.01 Month 11 1.11% 5.67% 0.96 Month 12 3.10% 5.39% 0.98 The wealth relatives are computed by dividing 1 plus the buy- and-hold return of the property shares by 1 plus the corresponding buy and hold return of the GPR-General index. Table 8: Summary statistics of excess buy-and-hold returns Factor \ Time 1 3 6 9 12 A: Size† Small, < 80 mln Euro -0.49% -0.49% -3.35% -6.40% -7.79% (-0.23) (-0.11) (-0.68) (-1.12) (-1.17) Medium 2.76% 7.29% 4.22% 3.81% 12.20% (0.62) (0.93) (0.92) (0.55) (1.47) Large, > 180 mln Euro 2.13% -3.96% 1.35% -0.71% -2.01% (0.76) (-1.00) (0.18) (-0.10) (-0.23) †† B: Debt High, > 0.49 1.81% -2.01% -0.30% -1.17% -1.87% (0.70) (-0.44) (-0.07) (-0.19) (-0.30) Low, < 0.49 0.64% 1.24% 2.63% 1.52% 1.96% (0.27) (0.30) (0.61) (0.30) (0.31) ††† C: Aftermarket standard deviation High, > 3.00% 2.74% 5.19% 4.71% 3.34% 5.90% (0.42) (0.49) (-0.49) (-1.30) (-1.43) Medium -0.06% -4.24% 0.51% 2.03% 2.55% (-0.03) (-1.15) (0.11) (0.34) (0.34) Low, < 1.50% 0.55% 2.50% -3.28% -7.68% -8.74% (0.64) (0.86) (0.88) (0.42) (0.58) †††† D: Specialization and property type Diversified 2.95% 0.20% -2.64% -2.42% -1.46% (1.30) (0.06) (-0.44) (-0.32) (-0.17) Specialized -0.38% 0.66% 1.97% -0.16% -0.13% (-0.16) (0.14) (0.42) (-0.03) (-0.02) Office 1.93% 1.10% -0.44% -2.94% 0.13% (0.58) (0.18) (-0.07) (-0.45) (0.02) Retail -7.54% -1.62% 0.34% -9.33% -16.71% (-2.07) (-0.16) (0.04) (-1.32) (-1.66) Residential 7.04% -1.85% 7.77% 16.05% 18.84% (1.50) (-0.22) (0.73) (1.40) (1.53) Time periods are stated in months. † Size is measured in total capitalization of the issue. †† The debt ratio is computed by dividing the pre-offer total debt by the pre-offer market value of the firm. ††† The ex-ante uncertainty proxy is equal to the standard deviation of the returns of the first 20 trading days. †††† Specialization is determined by looking at the asset portfolio of the company. Companies having more than 80% of their total assets in one property type are regarded specialized. The t-statistics are given between brackets. Table 9: OLS regression of twelve-month excess returns on independent variables Coefficient Intercept -0.45 (0.34) Log of issue size 0.06 (0.05) Log (1+%debt financing) -0.09 (0.39) Log of aftermarket standard deviation 7.99 (5.06) Specialized dummy (yes=1, no=0) 0.15 (0.14) Retail dummy (yes=1, no=0) -0.37** (0.18) Office dummy (yes=1, no=0) -0.16 (0.15) Residential dummy (yes=1, no=0) -0.01 (0.13) Post-1992 dummy (yes=1, no=0) -0.11 (0.21) UK dummy (yes=1, no=0) 0.16 (0.23) Sweden dummy (yes=1, no=0) 0.19 (0.20) R2 0.20 The heteroskedasticity-consistent standard errors of the corresponding coefficient estimates are given between brackets. Coefficient estimates marked with * are significant at the 5% level, coefficient estimates marked with ** are significant at the 10% level.
Pages to are hidden for
"8_Brounen_Eichholtz"Please download to view full document