This paper discusses characteristics of dye biases in microarray data that the conventional normalization methods do not handle, and proposes a new normalization method involving a mixture of splines model. We also develop a test for between-group comparisons of each gene that is designed to be...

We explain why initial underpricing of new issue exists globally and is not arbitraged away in an efficient market. We argue that initial underpricing is a natural by-product of liquidity-motivated ownership dispersion requirements and divergence of opinion. In our framework, as shares are...