IPO underpricing is the increase in stock value from the initial offering price to the first-day closing price. Many believe that underpriced IPOs leave money on the table for corporations, but some believe that underpricing is inevitable. Investors state that underpricing signals high interest to the market which increases the demand. On the other hand, overpriced stocks will drop long-term as the price stabilizes so underpricing may keep the issuers safe from investor litigation. == IPO underpricing algorithms == Underwriters and investors and corporations going for an initial public offering (IPO), issuers, are interested in their market value. There is always tension that results since the underwriters want to keep the price low while the companies want a high IPO price. Underpricing may also be caused by investor over-reaction causing spikes on the initial days of trading. The IPO pricing process is similar to pricing new and unique products where there is sparse data on market demand, product acceptance, or competitive response. Thus it is difficult to determine a clear price which is compounded by the different goals issuers and investors have. The problem with developing algorithms to determine underpricing is dealing with noisy, complex, and unordered data sets. Additionally, people, environment, and various environmental conditions introduce irregularities in the data. To resolve these issues, researchers have found various techniques from artificial intelligence that normalizes the data. == Evolutionary models == Evolutionary programming is often paired with other algorithms e.g. artificial neural networks to improve the robustness, reliability, and adaptability. Evolutionary models reduce error rates by allowing the numerical values to change within the fixed structure of the program. Designers provide their algorithms the variables, they then provide training data to help the program generate rules defined in the input space that make a prediction in the output variable space. In this approach, the solution is made an individual and the population is made of alternatives. However, the outliers cause the individuals to act unexpectedly as they try to create rules to explain the whole set. === Rule-based system === For example, Quintana first abstracts a model with 7 major variables. The rules evolved from the Evolutionary Computation system developed at Michigan and Pittsburgh: Underwriter prestige – Is the underwriter prestigious in role of lead manager? 1 for true, 0 otherwise. Price range width – The width of the non-binding reference price range offered to potential customers during the roadshow. This width can be interpreted as a sign of uncertainty regarding the real value of the company and a therefore, as a factor that could influence the initial return. Price adjustment – The difference between the final offer price and the price range width. It can be viewed as uncertainty if the adjustment is outside the previous price range. Offering price – The final offer price of the IPO Retained stock – Ratio of number of shares sold at the IPO divided by post-offering number of shares minus the number of shares sold at the IPO. Offering size – Logarithm of the offering size in millions of dollars excluding the over-allotment option Technology – Is this a technology company? 1 for true, 0 otherwise. Quintana uses these factors as signals that investors focus on. The algorithm his team explains shows how a prediction with a high-degree of confidence is possible with just a subset of the data. === Two-layered evolutionary forecasting === Luque approaches the problem with outliers by performing linear regressions over the set of data points (input, output). The algorithm deals with the data by allocating regions for noisy data. The scheme has the advantage of isolating noisy patterns which reduces the effect outliers have on the rule-generation system. The algorithm can come back later to understand if the isolated data sets influence the general data. Finally, the worst results from the algorithm outperformed all other algorithms' predictive abilities. == Agent-based modelling == Currently, many of the algorithms assume homogeneous and rational behavior among investors. However, there's an approach alternative to financial modeling, and it's called agent-based modelling (ABM). ABM uses different autonomous agents whose behavior evolves endogenously which lead to complicated system dynamics that are sometimes impossible to predict from the properties of individual agents. ABM is starting to be applied to computational finance. Though, for ABM to be more accurate, better models for rule-generation need to be developed.
Database application
A database application is a computer program whose primary purpose is retrieving information from a computerized database. From here, information can be inserted, modified or deleted which is subsequently conveyed back into the database. Early examples of database applications were accounting systems and airline reservations systems, such as SABRE, developed starting in 1957. A characteristic of modern database applications is that they facilitate simultaneous updates and queries from multiple users. Systems in the 1970s might have accomplished this by having each user in front of a 3270 terminal to a mainframe computer. By the mid-1980s it was becoming more common to give each user a personal computer and have a program running on that PC that is connected to a database server. Information would be pulled from the database, transmitted over a network, and then arranged, graphed, or otherwise formatted by the program running on the PC. Starting in the mid-1990s it became more common to build database applications with a Web interface. Rather than develop custom software to run on a user's PC, the user would use the same Web browser program for every application. A database application with a Web interface had the advantage that it could be used on devices of different sizes, with different hardware, and with different operating systems. Examples of early database applications with Web interfaces include amazon.com, which used the Oracle relational database management system, the photo.net online community, whose implementation on top of Oracle was described in the book Database-Backed Web Sites (Ziff-Davis Press; May 1997), and eBay, also running Oracle. Electronic medical records are referred to on emrexperts.com, in December 2010, as "a software database application". A 2005 O'Reilly book uses the term in its title: Database Applications and the Web. Some of the most complex database applications remain accounting systems, such as SAP, which may contain thousands of tables in only a single module. Many of today's most widely used computer systems are database applications, for example, Facebook, which was built on top of MySQL. The etymology of the phrase "database application" comes from the practice of dividing computer software into systems programs, such as the operating system, compilers, the file system, and tools such as the database management system, and application programs, such as a payroll check processor. On a standard PC running Microsoft Windows, for example, the Windows operating system contains all of the systems programs while games, word processors, spreadsheet programs, photo editing programs, etc. would be application programs. As "application" is short for "application program", "database application" is short for "database application program". Not every program that uses a database would typically be considered a "database application". For example, many physics experiments, e.g., the Large Hadron Collider, generate massive data sets that programs subsequently analyze. The data sets constitute a "database", though they are not typically managed with a standard relational database management system. The computer programs that analyze the data are primarily developed to answer hypotheses, not to put information back into the database and therefore the overall program would not be called a "database application". == Examples of database applications == Amazon Student Data CNN eBay Facebook Fandango Filemaker (Mac OS) LibreOffice Base Microsoft Access Oracle relational database SAP (Systems, Applications & Products in Data Processing) Ticketmaster Wikipedia Yelp YouTube Google MySQL
Grid network
A grid network is a computer network consisting of a number of computer systems connected in a grid topology. In a regular grid topology, each node in the network is connected with two neighbors along one or more dimensions. If the network is one-dimensional, and the chain of nodes is connected to form a circular loop, the resulting topology is known as a ring. Network systems such as FDDI use two counter-rotating token-passing rings to achieve high reliability and performance. In general, when an n-dimensional grid network is connected circularly in more than one dimension, the resulting network topology is a torus, and the network is called "toroidal". When the number of nodes along each dimension of a toroidal network is 2, the resulting network is called a hypercube. A parallel computing cluster or multi-core processor is often connected in regular interconnection network such as a de Bruijn graph, a hypercube graph, a hypertree network, a fat tree network, a torus, or cube-connected cycles. A grid network is not the same as a grid computer or a computational grid, although the nodes in a grid network are usually computers, and grid computing requires some kind of computer network or "universal coding" to interconnect the computers.
Outline of web design and web development
The following outline is provided as an overview of and topical guide to web design and web development, two very related fields: Web design – field that encompasses many different skills and disciplines in the production and maintenance of websites. The different areas of web design include web graphic design; interface design; authoring, including standardized code and proprietary software; user experience design; and search engine optimization. Often many individuals will work in teams covering different aspects of the design process, although some designers will cover them all. The term web design is normally used to describe the design process relating to the front-end (client side) design of a website including writing markup. Web design partially overlaps web engineering in the broader scope of web development. Web designers are expected to have an awareness of usability and if their role involves creating markup then they are also expected to be up to date with web accessibility guidelines. Web development – work involved in developing a web site for the Internet (World Wide Web) or an intranet (a private network). Web development can range from developing a simple single static page of plain text to complex web-based internet applications (web apps), electronic businesses, and social network services. A more comprehensive list of tasks to which web development commonly refers, may include web engineering, web design, web content development, client liaison, client-side/server-side scripting, web server and network security configuration, and e-commerce development. Among web professionals, "web development" usually refers to the main non-design aspects of building web sites: writing markup and coding. Web development may use content management systems (CMS) to make content changes easier and available with basic technical skills. For larger organizations and businesses, web development teams can consist of hundreds of people (web developers) and follow standard methods like Agile methodologies while developing websites. Smaller organizations may only require a single permanent or contracting developer, or secondary assignment to related job positions such as a graphic designer or information systems technician. Web development may be a collaborative effort between departments rather than the domain of a designated department. There are three kinds of web developer specialization: front-end developer, back-end developer, and full-stack developer. Front-end developers are responsible for behaviour and visuals that run in the user browser, back-end developers deal with the servers and full-stack developers are responsible for both. Currently, the demand for React and Node.JS developers are very high all over the world. == Web design == Graphic design Typography Page layout User experience design (UX design) User interface design (UI design) Web Design techniques Responsive web design (RWD) Adaptive web design (AWD) Progressive enhancement Tableless web design Software Adobe Photoshop Adobe Illustrator Adobe XD Figma Sketch (software) Affinity Designer Inkscape == Web development == Front-end web development – the practice of converting data to a graphical interface, through the use of HTML, CSS, and JavaScript, so that users can view and interact with that data. HyperText Markup Language (HTML) (.html) Cascading Style Sheets (CSS) (.css) CSS framework JavaScript (.js) Package managers for JavaScript npm (originally short for Node Package Manager) Server-side scripting (also known as "Server-side (web) development" or "Back-end (web) development") ASP (.asp) ASP.NET Web Forms (.aspx) ASP.NET Web Pages (.cshtml, .vbhtml) ColdFusion Markup Language (.cfm) Go (.go) Google Apps Script (.gs) Hack (.php) Haskell (.hs) (example: Yesod) Java (.jsp) via JavaServer Pages JavaScript or TypeScript using Server-side JavaScript (.ssjs, .js, .ts) (example: Node.js) Lasso (.lasso) Lua (.lp .op .lua) Node.js (.node) Parser (.p) Perl via the CGI.pm module (.cgi, .ipl, .pl) PHP (.php, .php3, .php4, .phtml) Progress WebSpeed (.r,.w) Python (.py) (examples: Pyramid, Flask, Django) R (.rhtml) – (example: rApache) React (.jsx, .tsx) Ruby (.rb, .rbw) (example: Ruby on Rails) SMX (.smx) Tcl (.tcl) Full stack web development – involves both front-end and back-end (server-side) development Web framework Types of framework architectures Model–view–controller Three-tier architecture Software Atom IntelliJ IDEA Sublime Text Visual Studio Code
FreePBX Distro
The FreePBX Distro was a freeware unified communications software system that consisted of FreePBX, a graphical user interface (GUI) for configuring, controlling and managing Asterisk PBX software. The FreePBX Distro included packages that offer VoIP, PBX, Fax, IVR, voice-mail and email functions. The FreePBX Distro Linux distribution was based on CentOS, which maintains binary compatibility with Red Hat Enterprise Linux. FreePBX has contributed to the popularity of Asterisk. As a result of CentOS Linux being discontinued and the last version of CentOS 7 going out of support on June 30, 2024, FreePBX 17 has moved over to and is supported on Debian Linux. FreePBX will no longer be providing a pre-configured FreePBX Distro, but will provide a script to install FreePBX on a fresh install of Debian Linux. In-place migration will not be possible, but will be possible by restoring a backup on the new version from the previous version. As FreePBX 16 will be supported until the release of FreePBX 18, FreePBX on this distribution will still work and be supported, however, there will be no further support for the underlying operating system. == Installation == The Official FreePBX Distro is installed from a ISO image available by web download, that includes the system CentOS, Asterisk, FreePBX GUI and assorted dependencies. This can then either be burned to DVD or written to a USB stick for installation == Support for telephony hardware == The FreePBX Distro has built-in support for cards from multiple vendors, including Digium, OpenVox, Alto, Rhino Equipment, Xorcom and Sangoma. The FreePBX Distro supports a large number of phone models via open-source modules. Supported VoIP phone manufacturers include Algo, AND, AudioCodes, Cisco, Cyberdata, Digium, Grandstream, Mitel/Aastra, Nortel/Avaya, Panasonic, Polycom, Sangoma, Snom, Xorcom and Yealink. == Development == FreePBX made its debut in 2004 as the AMP project (Asterisk Management Portal). The FreePBX Distro was released in 2011 as an turnkey solution for building a PBX using Asterisk, CentOS and FreePBX. FreePBX has over 1 million active production PBXs and over 20,000 new systems added each month. The core telephony engine is Asterisk, as configured by the Open Source FreePBX GUI. The last stable release is FreePBX Distro Stable SNG7-PBX16-64bit-2302-1 based on these main components: FreePBX 16 CentOS 7.8 Asterisk 16, 18, 19 (20 supported by upgrade once installed)
List of large language models
A large language model (LLM) is a type of machine learning model designed for natural language processing tasks such as language generation. LLMs are language models with many parameters, and are trained with self-supervised learning on a vast amount of text. == List == For the training cost column, 1 petaFLOP-day equals 1 petaFLOP/sec × 1 day, or 8.64×1019 FLOP (floating point operations). Only the cost of the largest model is shown. The number of parameters is measured in billions, and the training cost is measured in petaFLOP-days. === 2018 === === 2019 === === 2020 === === 2021 === === 2022 === === 2023 === === 2024 === === 2025 === === 2026 ===
International Webmasters Association
The International Webmasters Association (IWA) is a non-profit association for education and certification of web professionals founded in 1996. It provides a Certified Web Professional certification. One of its objectives is to build a World Wide Web that is a true global community. According to the IWA, as of 2025 it has more than 100 official chapters with over 300,000 individual members in 106 countries. In 2001, the IWA merged with the HTML Writers Guild (HWG) and joined the World Wide Web Consortium (W3C). IWA's accomplishments include the publishing of the industry's first guidelines for ethical and professional standards, web certification and education programs, specialized employment resources, and technical assistance to individuals and businesses. IWA members participate to the activities of W3C WCAG Working Group, ATAG Working Group, and the XHTML Working Group. They have also participated in other initiatives such as the Multimodal Interaction Working Group which developed EMMA, the Extensible MultiModal Annotation markup language.