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Prior research attributes negative stock market performance following episodes of social unrest to elevated uncertainty. However, social unrest does not solely increase uncertainty, but separately acts to decrease investor sentiment. To determine which effect dominates, we study initial public offering (IPO) underpricing, which responds differently to changes to uncertainty and investor sentiment. Consistent with the notion that social unrest dampens investor sentiment, we find robust evidence that IPO first-day returns are lower during times of greater social unrest. Limits to arbitrage intensify the negative relation between social unrest and underpricing. Notably, strong institutional frameworks mitigate the impact of social unrest on underpricing, suggesting that quality institutions weaken the link between investor sentiment and returns.
This lavishly illustrated volume examines the work of the Venezuelan photographer and art historian Alfredo Boulton, one of the main intellectuals of Latin American modernity. Alfredo Boulton (1908–1995) is considered one of the most important champions of modern art in Venezuela and a key intellectual of twentieth-century modernism. He was a pioneer of modern photography, an art critic, a researcher and historian of Venezuelan art, a friend to many of the great artists and architects of the twentieth century, and an expert on the imagery of the heroes of his country’s independence. Yet, Boulton is shockingly underrecognized outside of his native land. The few exhibitions related to his ...
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During the past few decades, private equity (PE) has attracted considerable attention from investors, practitioners, and academicians. In fact, a substantial literature on PE has emerged. PE offers benefits for institutional and private wealth management clients including diversification and enhancement of risk-adjusted returns. However, the lack of transparency, regulatory restrictions, and liquidity concerns that exist for some PE options limit their attractiveness for some investors. Private Equity: Opportunities and Risks offers a synthesis of the theoretical and empirical literature on PE in both emerging and developed markets. The book examines PE and provides important insights about ...
"The Papers of Thomas Jefferson is a projected 60-volume series containing not only the 18,000 letters written by Jefferson but also, in full or in summary, the more than 25,000 letters written to him. Including documents of historical significance as well as private notes not closely examined until their publication in the Papers, this series is an unmatched source of scholarship on the nation's third president"--Publisher's description.
The fourth volume of Research Methods in Neurochemistry includes chapters on different aspects of topics touched on in previous volumes and develops a number of new themes as well. The bias, though not entirely intended, is directed toward studies of macromolecules, both at the meta bolic level in relation to protein synthesis and at the structural level in rela tion to specific proteins and lipids. The new departures concern subjects in Section I with marked applied bias: biochemical studies of nervous system tumors and of the cerebrospinal fluid, both of which we hope will be of value to clinical as well as basic scientists. Biogenic amines and the enzymes involved in their metabolism figu...
Economic analysis of law: an overview -- Behavioral studies -- An overview of behavioral law and economics -- Normative implications -- Behavioral insights and basic features of the law -- Property law -- Contract law -- Consumer contracts -- Tort law -- Commercial law -- Administrative, constitutional, and international law -- Criminal law and enforcement -- Tax law and redistribution -- Litigants' behavior -- Judicial decision-making -- Evidence law