Liability of Foreignness in Global Stock Markets: Liquidity Dynamics of Foreign IPOs in the US

Using a unique dataset of foreign and domestic IPOs listings in the US from 1990 to 2012, we study how foreignness affects IPO liquidity. We find that foreign IPOs enjoy higher liquidity than IPOs in their home countries, but do not fully gain the same liquidity benefits as for IPOs of domestic US issuers. In contrast to prior evidence for mature cross-listed firms, we show that liquidity differentials between foreign and domestic IPOs in the US are determined by information asymmetry related to foreignness rather than to home-country institutional environment characteristics. Thus, our results extend prior findings to reveal salient differences in liquidity and liquidity determinants between IPOs offerings by foreign and domestic firms in the US.postprin

Barremian and Aptian (Cretaceous) sharks and rays from Speeton, Yorkshire, north-east England

Bulk sampling of a number of horizons within the upper part of the Speeton Clay Type section has produced teeth and other remains of sharks and rays from several poorly studied horizons. At least 10 shark and two ray species were recorded, with two sharks, Pteroscyllium speetonensis and Palaeobrachaelurus mitchelli, being described as new. The oldest occurrences of the family Anacoracadae and the genus Pteroscyllium, as well as the youngest occurrence of the genus Palaeobrachaelurus, were recorded. The palaeoenvironmental significance of the faunas is briefly discussed

User interface design affects security: Patterns in click-based graphical passwords

Design of the user interface influences users and may encourage either secure or insecure behaviour. Using data from four different but closely related click-based graphical password studies, we show that user-selected passwords vary considerably in their predictability. Our analysis looks at click-point patterns within passwords and shows that PassPoints passwords follow distinct patterns. Surprisingly, these patterns occur independently of the background image. Conversely, CCP and PCCP passwords are nearly indistinguishable from those of a random dataset. These results provide insight on modeling effective password spaces and on how user interface characteristics lead to more (or less) secure user behaviour

Upper ocean distribution of glacial meltwater in the Amundsen Sea, Antarctica

Pine Island Ice Shelf, in the Amundsen Sea, is losing mass due to increased heat transport by warm ocean water penetrating beneath the ice shelf and causing basal melt. Tracing this warm deep water and the resulting glacial meltwater can identify changes in melt rate and the regions most affected by the increased input of this freshwater. Here, optimum multi‐parameter analysis is used to deduce glacial meltwater fractions from independent water mass characteristics (standard hydrographic observations, noble gases and oxygen isotopes), collected during a ship‐based campaign in the eastern Amundsen Sea in February‐March 2014. Noble gases (neon, argon, krypton and xenon) and oxygen isotopes are used to trace the glacial melt and meteoric water found in seawater and we demonstrate how their signatures can be used to rectify the hydrographic trace of glacial meltwater, which provides a much higher resolution picture. The presence of glacial meltwater is shown to mask the Winter Water properties, resulting in differences between the water mass analyses of up to 4 g kg−1 glacial meltwater content. This discrepancy can be accounted for by redefining the ”pure” Winter Water endpoint in the hydrographic glacial meltwater calculation. The corrected glacial meltwater content values show a persistent signature between 150 ‐ 400 m of the water column across all of the sample locations (up to 535 km from Pine Island Ice Shelf), with increased concentration towards the west along the coastline. It also shows, for the first time, the signature of glacial meltwater flowing off‐shelf in the eastern channel