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Initial Public Offers (IPOs) made on the Stock Exchange of Singapore routinely provide sufficiently detailed data to allow reconstruction of both the application and allocation schedules. We show that large investors tend to preferentially request participation in IPOs with higher initial returns, consistent with these investors being better informed. We also show that inferences based exclusively on application strategies are quite different from those drawn on investor allocations. Our results suggest that caution is necessary in assessing the relative merit of competing explanations for IPO underpricing where the underlying demand is not identified.

Keep Tightly Closed began as an actors’ project of the Open Theatre. Three of them rehearsed it for about a month under the supervision of one of our actresses. The work stopped for the next month, because of a busy production schedule. At that point I was asked to direct the play, only two weeks and a few days before the scheduled opening, with one cast change necessary. The actors’ morale was low because of the delays, the time limitations (some of us had day-time jobs and could only rehearse at night), the problems which had not been solved. The preliminary work they had done was very useful, but necessarily limited.I began by having the actors work on improvisations for basic character and situation. These were of an abstract nature, dealing with dependency, enclosure, and isolation, and they threw the actors off guard.

Since the original description of Macroglossum alidae by Copeland (1909a, p. 343; 1909b, p. 9), little has been learned about this strange and primitive member of the Marattiales. Campbell (1911, 1914a, 1914b) has dealt with the anatomical aspects of the gametophytes and sporophytes but, surprisingly, he gives no description of the spores. In Erdtman (1957, p. 79), the proximal and distal faces of M. alidae are illustrated both in surface view and in optical section; the spore is globose but distally flattened, with an irregular and sparsely tuberculate exine. Kremp & Kawasaki (1972, p. 4) described the spores from seven specimens as rounded-triangular (32.4 x 28.7 gLm), trilete, and scabrate. The observation of spores of M. alidae (Molesworth-Allen 3197, US) under the SEM shows a regularly and densely tuberculate-subbacillate perispore (Fig. 1), the shape and dimensions of which are in agreement with the foregoing authors. An unusual case of double-walled spores is shown in Fig. 2, a preparation from the same specimen. In it, the outer exine layer is cracked to reveal a smaller but morphologically perfect spore inside, one per "parent spore." This phenomenon is hitherto unreported in the fern literature but may not be rare, for we have observed a "parent spore" ofBotrychium sp. containing four "daughter spores," and it is quite possible that such "angiospores" occur in other pteridophytes. The biosystematic implications of angiospore production are, as yet, unknown. Research is needed to elucidate various questions that come to mind, including: (a) What, if any, percentage of angiospores is viable? (b) What is their genotype and resulting phenotype? (c) What is the ploidy level of angiospores in relation to "parent spores"? (d) Do angiospores represent a reduction mechanism for polyploidal pteridophytes? (e) Within a sporangium, what percentage of "parent spores" contain angiospores? (f) What effect would this ratio have on the population structures of the resulting gametophytic and sporophytic generations? (g) Does the smaller size the angiospores have any effect on the range and pattern of their dispersibility? (h) Is angiospory a primitive trait only to be found in eusporangiate pteridophytes? Spore size and shape, of themselves, are not indicative of viability. Recent literature abounds with examples of the germination of supposedly non-viable abortive spores in hybrids and of larger than normal diplospores formed through ameiotic apogamy. At present, questions (b) and (d) are unanswerable due to the lack of appropriate materials. The fact that the cytology of Macroglossum has never been investigated prevents speculation on whether angiospores represent any change in ploidy level, be it reduction or augmentation. The Marattiales have high chromosome numbers as do the Ophioglossales, the only other instance in which we have as yet observed angiospory. Until a large enough quantity of both "parent spores" and angiospores are cultured, questions (e) and (f) also remain unanswerable.