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This study examines whether a stronger corporate governance enforcement regime influences the investment decisions of foreign portfolio investors in an emerging market context. Using a natural experiment provided by an Indian corporate governance regulatory reform introduced in 2000, but for which stricter sanctions for non-compliance were imposed in 2004 our results provide strong evidence that governance reforms that include stricter sanctions for non-compliance lead to higher foreign ownership. Depending on specifications, the difference-in-differences estimates show that, on average, the effect is up to 2.8% increased foreign ownership post regulatory reform of 2004. The paper adds to the debate on simultaneity between foreign ownership and corporate governance as we show that in the context of an emerging market corporate governance regulations are extremely important in attracting foreign investors. In the context of prevalence of weak enforcement (of existing regulations) in emerging markets, this study provides empirical support to the notion that strictly enforcing the existing governance regulations has the potential to attract higher level of foreign investment. The results suggest that policy measures aimed at attracting foreign investors in emerging markets should not only concentrate on adopting the best international corporate governance practices but should also signal strong enforcement of these regulations by assigning significant penalties for non-compliance.

We investigate the equity trading behaviour of foreign portfolio investors (FPIs) and the potential stock market implications during a period of tax treatment uncertainty in the Indian emerging market. Theoretical arguments predict that the trading reactions (entry and exit) of FPIs not only depend on the severity and credibility of the tax reforms, but also on FPIs' ability to harm the host capital market by their actions. FPIs may promptly and materially exit the host capital market in response to tax policy reforms that impose potential additional costs. Economic arguments also posit that these withdrawals may carry significant negative implications for the host stock market. Further, given FPIs' experience regarding the questionable credibility of the host country's tax reforms and lingering uncertainty on future tax changes, FPIs may not re-enter the market with the same speed and volume as they exited, once the tax threat has been removed. The findings of our quasi-experimental set-up, exploiting a significant exogenous tax reform and using unique FPIs' transaction-level data, are consistent with these theoretical expectations.

Using social network analysis, we examine China's equity underwriting network in the context of initial public offerings (IPOs), and we show that network centrality significantly enhances underwriter performance as measured by IPO outcomes. Among others, network centrality is positively associated with institutional participation and long-run performance. We further find that political connections contribute to the centrality of underwriters, as politically connected underwriters are not only highly connected, but also tied to well-connected peers. Our findings, which are robust to potential endogeneity bias, underscore the strategic importance of underwriter peer networks in the Chinese IPO process.

Using IPO and SEO data from the Indian capital market, we examine whether group-affiliated firms are able to time their equity issuance relative to stand-alone firms. Group-affiliated firms have access to internal capital markets, which, we argue should allow these firms to raise external capital at an opportune time. Using both direct and indirect measures of market timing, the main finding of our paper is that there are significant difference in how group-affiliated and stand-alone firms raise capital through IPOs and SEOs. We find that stand-alone firms raise more capital and time their IPO offerings whereas group-affiliated firms raise more capital and time their SEO offerings. Consistent with the notion of market timing, we find that the long run underperformance is pronounced for stand-alone IPO and group-affiliated SEO offerings.

This paper examines whether the widely reported phenomena of home and foreign biases (i.e. suboptimal international equity portfolio diversification) hold any ramifications for the development of stock markets. The results, analysed using macro- and micro-level data, support the view that stock markets that are characterised by a higher degree of home bias are associated with lower levels of development. On the other hand, markets where foreign investors show a higher degree of allocation preference, relative to the prescribed benchmark (foreign bias), are found to be more developed. The results, which are robust to the use of shock based identification strategy, indicate that policy measures that promote optimal international equity portfolio diversification could be crucial in developing the depth and breadth of domestic stock markets.

Rechargeable Lithium ion batteries (LIBs) are commonly used power source in everyday electrical devices. Understanding the real-time atomistic evolution of the electrodes in a LIB is indispensable since the performance of a LIB is governed by electrochemical reactions and possible mechanical degradation of the electrodes during the operation of a battery. With advances in high resolution transmission electron microscopy and microfabrication techniques, it has been possible to investigate the evolution of solid electrolyte interphase, electrolyte decomposition, and the response of the electrode upon lithiation-delithiation at the atomic scale. This article provides a comprehensive review of the current understanding of lithiation-delithiation mechanisms in LIBs.

We examine whether outside investors mimic insider trades by analyzing the daily transactions of foreign institutional investors (FII) in the Indian emerging market. We find that the value relevance of insiders' opportunistic buy trades is much higher in our context relative to that reported for developed markets. More importantly, we find that FII mimic opportunistic buy trades, which is more pronounced for firms that are informationally more opaque or have lower corporate governance quality. A long-short strategy based on FII's transactions after opportunistic trades generates an additional abnormal return of approximately 29% annually, compared to transactions based on routines trades.

We study whether firms, whose operational performance is highly sensitive to rainfall conditions (rain-sensitive firms), follow differential investment strategies to generate value in response to diverse extreme rainfall conditions. Using Indian monsoon data, we find that rain-sensitive firms suffer a significant decline in their market value in the immediate aftermath of excess and deficit rainfall conditions. Results show that the investment response by rain-sensitive firms depends on the saliency of extreme rainfall conditions. While excess rain-sensitive firms boost their investments following excess rainfall, deficit rain-sensitive firms shrink investments following deficit rainfall. However, these alternative investment strategies appear to be effective as both groups of affected firms experience positive growth in their market values following the differential investment strategies. Our results indicate that saliency theory can bridge the theoretical tensions between the real-options and risk-shifting theories resulting in differential corporate investment behavior in the face of two extreme rainfall conditions.

Magnetic carbon nanotubes (CNTs)/alumina (Al2O3) nanocomposites were synthesized by the direct growth of CNTs on alumina by chemical vapor deposition (CVD) process. X-ray diffraction studies show that the crystalline structure of alumina nanoparticles remains preserved during the CVD process. Electron microscopy studies reveal the uniform distribution of CNTs within the alumina matrix. CNTs of average diameter 20 nm are spread around alumina particles of size 120 nm. The proportion of CNTs in alumina composites is determined to be approximately 10% from the thermogravimetric analysis. CNT-reinforced alumina nanocomposites demonstrate a significant improvement of the magnetic properties as compared with pristine alumina powder. The diamagnetic property of alumina nanopowder is transformed into a strongly pronounced ferromagnetic response upon the incorporation of CNTs. The saturation magnetization increased by ~ 2500%, and a pronounced coercivity of 68 Oe was observed in the nanocomposites. It is suggested that the encapsulation of cobalt inside the CNTs constrains the magnetic moments to result in higher saturation magnetization. Hence, the CNTs/Al2O3 system synthesized in this work can be employed to engineer novel ceramic composites with enhanced magnetic properties.

Existing studies suggest that stricter Corporate Governance Reform (CGR) reduces corporate risk-taking, primarily due to higher compliance costs and expanded liabilities of insiders or managers. We revisit the relationship between CGR and risk-taking in an emerging market set-up characterized by weaker market forces of corporate scrutiny and greater insider ownership, which encourages firms to pursue investment conservatism. Using a quasi-natural experiment, we find that stricter CGR leads to greater corporate risk-taking. We further show that risk-taking is an important channel through which CGR enhances firm value. Our findings support the view that stricter CGR can have a positive effect on corporate risk-taking and corporate investment decisions in an evolving regulatory environment.

Alumina is an essential ceramic insulator, while carbon nanotubes (CNTs) have intriguing mechanical, thermal, electrical, and magnetic properties. We report on the synthesis of CNTs/Al2O3 nanocomposites using the chemical vapor deposition (CVD) process using iron as a catalyst. The as-prepared composite's structure and morphology are characterized by transmission electron microscope, scanning electron microscope, X-ray diffractometer, thermogravimetric analyzer, and Mossbauer spectroscopy. The experimental results show that these composites contain CNTs of an average diameter of 40 nm distributed homogenously within the alumina matrix. The percentage of CNTs within the composites is at 7%. The CNT/Al2O3 nanocomposites demonstrate a dramatic enhancement of ferromagnetic properties during vibrating sample magnetization measurements. As compared to the magnetization of 0.03 e.m.u./g at an applied field of 1.5 T for the Fe-catalyzed Al2O3, the saturation magnetization of CNT/Al2O3 is 1.78 e.m.u./g, which represents an increment of ∼5800%. The coercivity of CNTs/Al2O3 composites increased from 0.036 T at 300 K to 0.285 T at 5 K. This study provides a relatively simple approach to blending the magnetic properties with potential thermoelectric materials.

Applications such as energy storage and field emission devices demand direct growth of vertically aligned carbon nanotube (VACNT) arrays on conducting metal substrates, which has remained a challenge for a long time. Here, we report a controlled growth of VACNT arrays on a stainless steel (SS) substrate via dc plasma enhanced chemical vapor deposition without the addition of a metal catalyst layer. TEM and AFM examinations revealed the occurrence of nano-hills formed on the SS surface during heating process in an NH3 environment. This is a key step for uniform growth of VACNTs. The VACNTs have uniform length and diameter, good alignment, and uniform coverage over the substrate surface, superior to reported results. The particle on the tip of most of the VACNTs was found to be single crystalline Fe metal, although a few other VACNTs were found to have an alloy of Fe, Ni, Mn, and Cr at the tips. This highlights the dominating catalytic behavior of Fe over Ni, Cr, and Mn, which are the elemental composition of the nano-hills. The high quality VACNTs may find unique applications such as electron field emitters and dense nanoscale anode materials for lithium ion batteries.

Using insights from prosecuted cases, we present compelling evidence of large-trade based manipulation in a sizeable number of Indian IPOs that, in all likelihood escaped enforcement actions. Consistent with the pump-and-dump scheme these IPOs exhibit abnormally high volume of large trades, a significant fraction of which originates from a syndicate of traders present in the prosecuted IPOs. More importantly, stock price in the manipulated IPOs rises initially on account of artificial trades, but then declines significantly as the manipulators exit the market. Interestingly, not all attempts at manipulation are entirely successful as stock price in some of the manipulated IPOs crash on the first day of listing.

Iron oxide nanoparticles are available in two common phases, namely magnetite (Fe3O4) and maghemite (Fe2O3). Upon exposure to oxygen atoms, the magnetite phase readily oxidizes into the maghemite phase with the partial conversion of ferrous ions into ferric ions. We report on the approach to determine the ratio of magnetite and maghemite in iron oxide nanoparticles synthesized by the wet chemical route. X-ray diffraction studies and transmission electron microscopy observations confirmed the formation of highly crystalline nanoparticles of size $$\left( {7 \pm 2} \right)$$ nm. The average particle size is in the magnetic single-domain range suitable for the superparamagnetic behavior. The Mossbauer spectrum of the sample is composed of two six-line patterns in perfect agreement with the theoretically predicted model. The extracted Mossbauer parameters show contribution of two phases accounting for 47% magnetite and 53% maghemite. The hysteresis loops of the iron nanoparticles demonstrated the “S-shaped” pattern with negligible coercivity and remanence magnetization. This result reveals a promising method to synthesize and characterize magnetic nanoparticles of uniform size with a potential for biomedical applications.

We study whether firms in the rain-sensitive sectors time their investments to generate value in response to extreme deviations in rainfall conditions. Using Indian monsoon data, we show that the market-based valuations of rain-sensitive firms significantly declines in the immediate aftermath of extreme rainfall deviations. In terms of the cross-sectional variance of the extreme rainfall conditions and consistent with investment timing economic argument, our investigations show that when compared to normal rainfall conditions, affected rain-sensitive firms tend to significantly increase their investments following excess rainfall periods. Contrarily, we observe shrinkage of investments following deficit rainfall periods. However, in both cases, firms seem to regain the lost market-based values in the lead periods of extreme rainfall deviations.

This paper examines the role of multiple lead underwriters (MLUs) in pricing initial public offerings (IPOs) by considering certification and market power hypotheses. Consistent with the notion that MLUs provide certification to the issue, we find that IPOs backed by MLUs price the offer closer to the intrinsic value of the firm than firms backed by single lead underwriters. Our results also indicate that IPOs led by MLUs experience lower initial return, lower variability of initial returns and better long-run performance. The results are robust to self-selection and omitted variable biases. MLU led offerings also exhibit a lower risk of withdrawal and are more likely to conduct a larger secondary equity offering.

The regulatory provisions in India ensure that IPO investors are able to observe the participation levels of other subscribers prior to their own subscription decisions. This should reduce the information asymmetry between the foreign institutional (FIIs) and domestic institutional investors (DIIs). We argue that because of this setting we should observe less difference in their investment patterns and performance. Our results, however, show that (a) FIIs subscribe to IPOs more aggressively than DIIs; (b) DIIs have better IPO selection ability than FIIs; and (c) in the post-listing period, FIIs reduce their IPO holdings more extensively than DIIs. FIIs reduce their post-listing holdings especially in firms that are smaller, younger, have higher stock volatility while increasing on stocks with higher returns, indicating that FIIs chase hot markets. Overall, in spite of transparency-enhancing regulations, the investment patterns of FIIs and DIIs differ significantly.

Measuring the phylogenetic information content of data has a long history in systematics. Here we explore a Bayesian approach to information content estimation. The entropy of the posterior distribution compared with the entropy of the prior distribution provides a natural way to measure information content. If the data have no information relevant to ranking tree topologies beyond the information supplied by the prior, the posterior and prior will be identical. Information in data discourages consideration of some hypotheses allowed by the prior, resulting in a posterior distribution that is more concentrated (has lower entropy) than the prior. We focus on measuring information about tree topology using marginal posterior distributions of tree topologies. We show that both the accuracy and the computational efficiency of topological information content estimation improve with use of the conditional clade distribution, which also allows topological information content to be partitioned by clade. We explore two important applications of our method: providing a compelling definition of saturation and detecting conflict among data partitions that can negatively affect analyses of concatenated data. [Bayesian; concatenation; conditional clade distribution; entropy; information; phylogenetics; saturation.].

Foreign exchange derivatives (FXD) are important tools for hedging foreign exchange (FX) risks and enhancing returns of international portfolios. However, the ability to use FXD can be constrained by higher trading costs and the liquidity risks of the FXD available in different markets/currencies across countries. In this study, we investigate whether the wide cross-sectional and temporal variations observed in the liquidity level of FXD markets are associated with the cross-country allocation decisions of foreign portfolio investors. Using an extensive dataset of 40 countries and a number of alternative specifications, our study finds that investors tend to allocate more wealth in countries that provide liquid and cost-effective opportunities for using FXD. Our results suggest that regulatory reforms aimed at developing FXD markets could be a potential policy measure for attracting higher levels of foreign equity portfolio investments.

Background Chlorophyceae is one of three most species-rich green algal classes and also the only class in core Chlorophyta whose monophyly remains uncontested as gene and taxon sampling improves. However, some key relationships within Chlorophyceae are less clear-cut and warrant further investigation. The present study combined genome-scale chloroplast data and rich sampling in an attempt to resolve the ordinal classification in Chlorophyceae. The traditional division into Sphaeropleales and Volvocales (SV), and a clade containing Oedogoniales, Chaetopeltidales, and Chaetophorales (OCC) was of particular interest with the addition of deeply branching members of these groups, as well as the placement of several incertae sedis taxa. Methods We sequenced 18 chloroplast genomes across Chlorophyceae to compile a data set of 58 protein-coding genes of a total of 68 chlorophycean taxa. We analyzed the concatenated nucleotide and amino acid datasets in the Bayesian and Maximum Likelihood frameworks, supplemented by analyses to examine potential discordant signal among genes. We also examined gene presence and absence data across Chlorophyceae. Results Concatenated analyses yielded at least two well-supported phylogenies: nucleotide data supported the traditional classification with the inclusion of the enigmatic Treubarinia into Sphaeropleales sensu lato. However, amino acid data yielded equally strong support for Sphaeropleaceae as sister to Volvocales, with the rest of the taxa traditionally classified in Sphaeropleales in a separate clade, and Treubarinia as sister to all of the above. Single-gene and other supplementary analyses indicated that the data have low phylogenetic signal at these critical nodes. Major clades were supported by genomic structural features such as gene losses and trans-spliced intron insertions in the plastome. Discussion While the sequence and gene order data support the deep split between the SV and OCC lineages, multiple phylogenetic hypotheses are possible for Sphaeropleales s.l. Given this uncertainty as well as the higher-taxonomic disorder seen in other algal groups, dwelling on well-defined, strongly supported Linnaean orders is not currently practical in Chlorophyceae and a less formal clade system may be more useful in the foreseeable future. For example, we identify two strongly and unequivocally supported clades: Treubarinia and Scenedesminia, as well as other smaller groups that could serve a practical purpose as named clades. This system does not preclude future establishment of new orders, or emendment of the current ordinal classification if new data support such conclusions.

International audience; Tribe Chiococceae (Cinchonoideae, Rubiaceae) are morphologically diverse, ranging from subshrubs, erect or scandent shrubs, vines, treelets to tall trees, with an extreme variation in shape and size of corolla and several fruit types. The tribe also exhibits a case of amphi-Pacific distribution. Although previous studies have established the monophyly of the tribe, which is confirmed here, intergeneric and intrageneric relationships in Chiococceae were not well-resolved. This study presents the most comprehensive molecular phylogenetic study to date, including 27 genera and 125 species. Taxonomic affinities and evolutionary relationships discussed in this study are based on the phylogenetic tree generated by analysing molecular sequence data of two nuclear (ETS, ITS) and two plastid (petD, trnL-F) regions using Bayesian and maximum likelihood methods. Based on the present results, 30 genera are recognized in Chiococceae. Adolphoduckea, Coutareopsis, Motleyothamnus and Ramonadoxa are newly described. Ceuthocarpus, Morierina and Phyllacanthus are synonymized under Schmidtottia, Thiollierea and Catesbaea, respectively. Catesbaea, Salzmannia, Schmidtottia, Solenandra and Thiollierea are re-circumscribed. Nineteen new combinations are proposed.

Graphene, with its unique 2D nanostructure and excellent electrical, thermal, and mechanical properties, is considered an alternative to carbon nanotubes in nanocomposites. In this study, we present a one step approach for the deposition of iron oxide (Fe2O3) nanoparticles onto graphene sheets through solution mixture. The morphology, crystallinity, and magnetic properties of as-synthesized composites were investigated. It was shown that highly crystalline Fe2O3 nanoparticles were densely and uniformly coated on graphene surface. Magnetic measurements reveal that, as compared to weak diamagnetism of pristine graphene, graphene-Fe2O3 nanocomposites display ferromagnetic behavior with coercivity of 101 Oe, saturation magnetization of 12.6 emu g(-1), and remanent magnetization of 3.13 emu g(-1) at room temperature. The enhanced magnetic performance was attributed to the homogeneous dispersion of Fe2O3 nanoparticles in graphene matrix and such nanocomposites are promising materials for applications in magnetic media and energy storage.

Hedyotis and related genera (here called the Hedyotis-Oldenlandia complex) are highly debated groups in the Rubiaceae family with no consensus to date on their generic delimitations. The present study focuses on Asian-Pacific taxa from these groups and aims at resolving taxonomic inconsistencies by describing monophyletic genera within the complex. The generic circumscriptions presented in our study are based on the phylogenetic trees of nuclear (ITS, ETS) and plastid (petD, rps16) sequence data inferred using Bayesian and maximum likelihood methods. Morphological key features of the group such as habit, fruit type, seed form, and pollen type are studied and compared with the phylogeny to characterize the clades. Based on these results, the Asian-Pacific members are placed in 14 monophyletic groups across the Hedyotis-Oldenlandia complex. Of these, we accept and circumscribe 13 monophyletic genera: Debia, Dentella, Dimetia, Edrastima, Exallage, Hedyotis, Involucrella, Kadua, Kohautia, Leptopetalum, Neanotis, Oldenlandia, and Scleromitrion. Two of these, Debia and Involucrella, are here described as new genera.

Using a regime change setting, this paper examines whether investors flip less in bookbuilding than in auction initial public offerings (IPOs). Based on bookbuilding theory, we posit that the ability to control allocation flexibility in the bookbuilding mechanism should enable underwriters to avoid flippers and target long-term investors. Consistent with this prediction, we find that both frequent and non-frequent investors flip significantly less in bookbuilding IPOs. We also find that the influence of underwriter reputation is stronger in the bookbuilding regime, with frequent investors flipping considerably less in IPOs that are managed by high reputation underwriters in bookbuilding IPOs compared to auction IPOs. The results highlight the benefits of allocation discretion, which allows underwriters to influence investors' behavior as well as use non-bid information in the IPO process. Finally, we examine the implications of flipping and find that although flipping increases liquidity, it contributes to stock price volatility and causes downward pressure on the stock price.

Purpose The purpose of this paper is to examine the impact of mandatory regulatory provisions on board structure and the influence of such board structure on institutional holdings. Design/methodology/approach The study uses unique hand-collected data set of Indian IPOs during the 2004-2012 period after the corporate governance reforms with the introduction of clause 49 in the listing agreements in 2001. Using OLS regression, the paper empirically analyses the determinants of board size and board independence at the time of the IPOs and the influence of such a board structure on shareholdings by domestic and foreign institutional investors. Findings The authors find that complying with mandatory regulatory provisions does not impede firms from structuring their boards to reflect the firms’ advising and monitoring needs. The authors also find that complying with provisions have positive implication for the firm, as firms with greater board independence appear to attract more foreign institutional investors. Originality/value To the authors’ best knowledge, this is the first study to examine the issue in a regime where regulation mandates the composition of the board of directors. The paper also extends the literature on institutional holdings by providing evidence on the impact of board structure on institutional ownership at a critical time in a firm’s life cycle when concerns for endogeneity for empirical investigations are weaker.

The comprehension of fundamental electrochemical behavior and sodiation mechanism is critical for the design of high-performance electrode materials for sodium-ion (Na-ion) batteries. In this paper, the electrochemical sodiation process and microstructure evolution of individual Co9S8-filled carbon nanotubes (CNTs) have been directly visualized and studied using in situ transmission electron microscopy. Upon the first sodiation, a reaction front propagates progressively along the filling nanowire, causing the filled CNT to inflate. The filled CNTs behave differently depending on their structures and the magnitude of the sodiation voltage. For a Co9S8-filled CNT with an open end, the sodiated Co9S8 filler shows a substantial axial elongation of 120.8% and a small radial swelling due to the extrusion of CNT walls. In contrast, the closed CNT shows a major radial expansion of 40.6% and a small axial elongation because of the mechanical confinement of the carbon shells. After sodiation, the spacing between th...

Randomly-oriented carbon nanotubes (CNTs) and vertically-aligned CNTs have been synthesized by a thermal chemical vapor deposition (CVD) process and a plasma enhanced CVD process, respectively, on stainless steel substrates without any external catalyst. Surface topography studies reveal that polishing and chemical etching result in favorable catalytic conditions for nucleation and growth of CNTs. Scanning electron microscopy and transmission electron microscopy observations reveal the growth of CNTs with catalyst particle at the tips. In comparison to randomly-oriented CNTs, vertically-aligned CNTs demonstrate better field emission properties with lower turn-on electric field of ∼2.0 V/μm, lower threshold electric field of ∼3.2 V/μm, and a 2.5-fold increase in the field enhancement factor. The vertical alignment of the emitters benefits the emission process by reducing the screening effect and streamlining the path of ejected electrons directly onto the anode. Vertically-aligned CNTs on conducting substrates are promising emitters in cold cathode vacuum electronics because of their direct contact with the substrate and efficient performance at low operating voltages.

Carbon nanotube (CNT)-encapsulated metal sulfides/oxides are promising candidates for application as anode materials in lithium ion battery (LIB), while their electrochemical behavior and mechanism still remain unclear. A comprehensive understanding of the lithiation mechanism at nanoscale of this type of composites will benefit the design and development of high-performance LIB materials. Here, we use Co9S8/Co nanowire-filled CNTs as a model material to investigate the lithium storage mechanism by in situ transmission electron microscopy. For a Co9S8/Co nanowire-filled closed CNT, the reaction front propagates progressively during lithiation, causing an axial elongation of 4.5% and a radial expansion of 32.4%, while the lithiated nanowire core is still confined inside the CNT. Contrastingly, for an open CNT, the lithiated Co9S8 nanowire shows an axial elongation of 94.2% and is extruded out from the open CNT. In particular, a thin graphite shell is drawn out from the CNT wall by the extruded lithiated Co9S8. The thin graphite shell confines the extruded filler and protects the filler from pulverization in the following lithiation-delithiation cycles. During multiple cycles, the Co segment remains intact while the Co9S8 exhibits a reversible transformation between Co9S8 and Co nanograins. Our observations provide direct electrochemical behavior and mechanism that govern the CNT-based anode performance in LIBs.

We examine whether foreign equity holdings of portfolio investors depend on the level of information accessibility between the investors’ home and host countries. Using a comprehensive data set, alternative measures of information accessibility and robust analytical techniques, we show that differences in access to cross-country information significantly influence investors’ portfolio allocation decisions. Furthermore, the results suggest that for a given level of access to information, investors prefer to invest more in countries with a higher quality of legal/macro-institutions. Finally, the findings also confirm that the implications of information accessibility are more pronounced when markets are turbulent.

The genus Hedyotis (Rubiaceae: Spermacoceae) has long served as a repository for tropical herbaceous species that do not fit readily into other genera. Circumscribed broadly the genus becomes a highly heterogeneous assembly, but relationships of Hedyotis have been difficult to resolve and it has proven very difficult to circumscribe the genus in a more narrow sense. Here we present Bayesian phylogenetic analyses of Hedyotis using plastid (rps16, petD) and nuclear (ITS, ETS) sequence data to resolve monophyletic lineages, to test former taxonomic hypotheses, and to revise the taxa within a well-supported evolutionary framework. Four hundred and sixty-seven sequences representing 129 accessions, never previously included in any phylogenetic analyses, are newly reported. Hedyotis, as previously circumscribed, is polyphyletic, but all investigated species, except for Hedyotis coronaria, are resolved in one of three well-supported monophyletic groups. The largest clade includes all investigated species of Hedyotis from the Indian subcontinent as well as three groups of species with primarily Chinese distributions. The type species of Hedyotis (H. fruticosa) is resolved with the Indian subcontinent species and following previous suggestions this group is referred to as Hedyotis s.str. Species currently recognized under the generic names Metabolos and Pleiocraterium are resolved in Hedyotis s.str. The second-largest group comprises a series of smaller, but well-supported, clades including the Leptopetalum clade, the genus Kadua, an unnamed group distributed in Asia and the Pacific, and a large Asian group referred to here as the ExallagelDimetia clade. The third group includes a few SE Asian Hedyotis, as well as all investigated species of the genus Neanotis. Hedyotis coronaria is not closely related to other species from Asia and is resolved with Spern2acoce hispida. The analyses indicate that diplophragmous capsules and fruticosa-type seeds occur outside of Hedyotis s.str., and several species suggested to have these features are resolved in the ExallagelDimetia clade. Species suggested to have indehiscent capsules, a feature used by Bremekamp to characterize the genus Exallage, are also resolved in both the ExallagelDimetia clade and in Hedyotis s.str., but a close examination indicates that the capsules are not truly indehiscent in the Hedyotis s.str. species. One species of Metabolos and one species of Pleiocraterium are given new species names, and one species of Pleiocrateriam is transferred to Hedyotis and three species of Hedyotis are transferred to Neanotis.

Using data from the unique setting of Indian IPOs, this study examines the underwriter–investor relationship based on underwriter reputation. We find that high reputation and low reputation underwriters have strong relationships with different sets of investors. While large institutional investors participate early in IPOs managed by high reputation underwriters, high net worth investors appear to do the same in IPOs managed by low reputation underwriters. The varying nature of relationships with investors also has important consequences for IPO pricing. Our analysis of the setting of the offer price shows that reputation matters greatly for high reputation underwriters. Low reputation underwriters, on the other hand, appear to price aggressively and set high offer prices even when institutional participation is negligible.

We modified vertically aligned multiwalled carbon nanotubes (MWCNTs) grown on a Cu substrate by NH 3 direct current plasma treatment for varying durations and investigated their microstructure and field emission properties. A great improvement on the field emission properties of the MWCNTs was obtained after the plasma treatment. Specifically, the MWCNTs after 1.0 min plasma treatment demonstrated the best field emission performance with the field enhancement factor increasing from 319 to 546, the turn-on electric field decreasing from 11.93 to 8.84 V/μm, and the highest emission current reaching 0.85 mA, as compared to the untreated sample. The improvement was attributed to the morphology change: the tapered structure of the MWCNTs generated by the plasma etching and the increased inter-tip distance due to the cluster structure of the thin tips. The open-ended tips and the increased structural defects introduced by NH 3 plasma also played a role in the enhancement of field emission properties of the MWCNTs.

PREMISE OF THE STUDY: Spermacoceae are mainly an herbaceous group in the Rubiaceae. However, a few lineages are woody and are found in a diverserange of habitat types. Three of the largest woody lineages (Arcytophyllum, Hedyotis, and Kadua) are characterized by their distribution in the moist tropical mountains and have disjunct distribution patterns with respect to their closest relatives. In this study, we explore the cases of derived woodiness inthese three lineages and their diversification dynamics in the tropical mountains of Asia, the Pacific, and the Americas.METHODS: By combining phylogenetic results with wood anatomical studies, we estimated timing of origin of the three woody groups, inferred their ancestral traits and ancestral distribution ranges, analyzed their associations with the tropical upland habitat, and elucidated their diversification across tropical mountains.KEY RESULTS: The three woody clades originated and diversified from herbaceous ancestors in close association with the tropical upland habitat duringthe Miocene. The ancestral range for Asian-Pacific Hedyotis is Africa/Madagascar and continental Asia for Pacific Kadua. The complex geological history oftropical Asia allowed Hedyotis to diversify faster and create narrow endemics near oceans in the highlands of the Western Ghats in India, Sri Lanka, South-east Asia including southeastern China, and New Guinea.CONCLUSIONS: The three major woody clades in Spermacoceae have gained their woodiness independently from one another, subsequent to colonizationby their ancestors from a different geographic environment. The evolution and diversification along the tropical mountain orogeny is strongly linked withthe formation of woody habit and many narrow endemic species.

We use textual analysis techniques to examine how the size of IPO lead underwriting syndicate influences the information production decisions of underwriters. Our results show that IPO prospectuses produced by multiple lead underwriters (MLUs) contain more informative content and use more readable language. These findings imply that MLUs produce and discloses more pricing information during the pre-filing period. We also find that MLUs produce less information during bookbuilding and provide less support for partial adjustment phenomenon. Together, our results suggest that MLUs can substitute the costly bookbuilding with the pre-filing information services.

We examine whether stricter non-compliance sanctions on corporate governance regulations influence the investment decisions of foreign portfolio investors in emerging markets. To answer this question we use a natural experiment provided by a corporate governance regulatory reform introduced in 2000 for which stricter sanctions for non-compliance were imposed in 2004. Using firm-level panel data from 2001 to 2007, our results provide strong evidence that reforms that include stricter sanctions for non-compliance lead to higher foreign ownership. Depending on specifications, the difference-in-differences estimates show that, on average, the effect is 3% to 5% increased foreign ownership post regulatory reform of 2004.

We report the synthesis of periodic arrays of carbon nanotubes (CNTs) with different densities on copper substrate by employing nanosphere lithography (NSL) and plasma enhanced chemical vapor deposition. At a growth pressure of 8 torr and temperature of 520 °C, vertically aligned bamboo-like CNTs were formed with a catalyst particle on the tip. Electrical properties of CNTs with different densities were investigated for the possible applications in field emission (FE). The investigation of FE properties reveals a strong dependence on the density of CNTs. Experimental results show that NSL patterned low density CNTs exhibit better field emission properties as compared to the high density CNTs. Low-density CNTs exhibit lower turn-on and threshold electric fields, and a higher field enhancement factor. The high density of CNTs results in the deterioration of the FE properties due to the screening of the electric field by the neighboring CNTs.

We fabricated vertically aligned carbon nanotube (CNT) point emitters directly on Cu wires with flat or sharp tips. The nanostructures and field emission properties of the two kinds of emitters were investigated. Both emitters showed vertically aligned, multi-walled bamboo-liked CNT structures and demonstrated good field emission properties. The emitter on the Cu wire with a flat tip (F-tip) attained an emission current of 70 μA at 4200 V whereas the emitter on the Cu wire with a sharp tip (S-tip) reached an emission current of 65 μA at 3700 V. Both of them demonstrated excellent field emission stability for 40 h at emission currents of about 40 μA and 10 μA for the F-tip and S-tip emitters, respectively.

We report the synthesis of ruthenium dioxide (RuO2) nanostructures by thermal evaporation of RuO2 powder. RuO2 nanostructures of different shapes were synthesized at various concentration, flow rate, and pressure of oxygen. At a constant pressure of 3 torr of flowing oxygen, polygonal prism-like RuO2 nanorods with flat tips were grown at an O2 flow rate of 100 sccm; club-shaped nanorods with obelisk tip were formed at 300 and 600 sccm, and hollow rods with square tip were formed at 1800 sccm. A mixture of O2 and Ar at a total flow rate of 600 sccm led to the formation of short club-shaped nanorods indicating the suppression effect of Ar on the growth of nanorods. The pressure also had a significant effect on the formation of RuO2 nanostructures, at a fixed flow rate of 600 sccm of O2, a pressure of 3 torr resulted in the growth of club-shaped RuO2 nanorods, while high pressures of 380 and 760 torr resulted in the formation of both linear club-shaped and pine tree-like hierarchical RuO2 nanorods. X-ray diffraction and transmission electron microscopy analysis indicated the formation of tetragonal phase of RuO2 with high crystallinity. A density functional calculation on RuO2, RuO3, and RuO4 was performed to help to explain the experimental results.

This paper attempts to examine volatility pattern of interbank rate of Nepal using daily and monthly data. The empirical results show significant variation in volatility during the period of study. It depicts the clustering of large and small variances of interbank rate. Moreover, as the sum of ARCH and GARCH coefficients are greater than unity in the daily interbank rate, shocks are highly persistent in the interbank market. However, the SLF of NRB has been observed to lower the persistence of shocks, as the sum of ARCH and GARCH coefficients decreases when effect of SLF and repo are introduced in the model. It depicts that SLF and repo of NRB has been effective to lower the persistence of shocks on daily interbank market, but it increased the mean of conditional volatility. The other important finding of the study is that mean conditional volatility is highest in February and lowest in August.

Pollen and seed characters of 12 Nepalese representatives of the Hedyotis–Oldenlandia–Kohautia complex (Spermacoceae s.l.; Rubiaceae) were investigated morphologically using scanning electron and light microscopy. The members of the complex were found to show remarkable variation in fruit, seed and pollen features. Pollen grains were all colporate with the aperture number varying from 3–4 to occasionally 5. The ectoaperture was a colpus, and the endoaperture was an endocingulum, a lalongate endocolpus or an endocolpus combined with an annulus around the mesoporus. Sexine ornamentation was variable, being perforate, reticulate or microreticulate. Three species were found to have a double reticulum. Supratectal elements were generally absent, but sometimes muri were beset with granules. Seeds were numerous per capsule, small and non-crateriform. Three types of seed were distinguished based on shape: (1) lenticular with a narrow wing-like margin, (2) trigonous, and (3) globose/subglobose. Trigonous seeds exhibited marked variation in colour, size and shape. On the basis of the pollen and seed characters, used in combination with the type of fruit dehiscence, five natural groups are identified for Nepalese taxa. The generic status of Hedyotis, Oldenlandia and Kohautia is maintained but some species are transferred from Hedyotis to Oldenlandia. Pollen and seed morphology, together with the type of fruit dehiscence, proved to be helpful in delimiting supra- and infrageneric groups within the Hedyotis–Oldenlandia–Kohautia complex.