Unsponsored ADRs Falling Through the Cracks: Adapting a Domestic Securities Regime to a Global Marketplace

Investing in the securities market has become a commonplace activity for expert and amateur investors alike. As more and more companies transcend national boundaries with their business activities, investment in their securities becomes coveted by international investors. Since securities are regulated on a country-by-country basis, it is unclear which law applies when conflict arises. In an attempt to clarify one such situation, simplify the application of US securities laws, and respect the legal regimes of other nations, the Morrison decision created an unclear test which leaves investors in unsponsored American Depositary Receipts (ADRs), one of the most common international trading mechanisms, completely unprotected by the laws of any securities regulatory regime. This Note proposes using existing infrastructure to facilitate the trade of unsponsored ADRs as a way to ensure both protection of investors and efficiency of the global securities market

Essays on Service Innovation

As economies are increasingly driven by services, the introduction of new services to satisfy customers and improve firm value is becoming a critical issue for managers. In my dissertation, I take a step in improving the understanding of service innovations. In the first essay, I look at the determinants of the number of service innovations introduced by a firm and their interrelationship with customer satisfaction and firm value. Furthermore, I look how these interrelationships vary between Internet-Enabled Service Innovations (IESIs) and Non-Internet-Enabled Service Innovations (NIESIs). I develop a system of equations that link service innovation, customer satisfaction and firm value. I model the determinants of service innovations, using a zero-inflated Poisson model. I estimate the model on a panel data set that I assembled across multiple industries from multiple data sources such as the American Customer Satisfaction Index, Compustat, SDC Platinum, and LexisNexis. My results reveal that IESIs are more strongly influenced by financial resources of the firm and by market growth than are NIESIs. Surprisingly, neither IESIs nor NIESIs have a significant direct effect on customer satisfaction. However, IESIs have a positive and significant effect on firm value. Given the differences between consumer markets and business markets, it is important to understand better the determinants and outcomes of business-to-business service innovations (B2B-SIs). In my second essay, I empirically address this issue. I develop a modeling system that relates service innovation to firm value. I estimate my model on unique panel data of service innovations. Results indicate that B2B-SIs have positive effects on firm value. Furthermore, I find that the number of B2B-SIs introduced by a firm is primarily determined by firm-level factors rather than marketlevel factors Overall, I find that regardless of firm type or market type, the number of service innovations introduced by a firm has a substantial impact on firm value. In particular, IESIs and B2B-SIs increase firm value. In addition, the two essays also show that liquid financial resources are important determinants of service innovations. This is especially true for IESIs and B2B-SIs

Hierarchical ZSM‐5 catalysts: The effect of different intracrystalline pore dimensions on catalyst deactivation behaviour in the MTO reaction

We present the effect of different combinations of intracrystalline pore systems in hierarchical ZSM‐5 zeolites on their performance as MTO catalysts. We prepared ZSM‐5 zeolites with additional intracrystalline mesoporous, intracrystalline macropores and a novel ZSM‐5 type zeolite with intracrystalline meso and macropores. The catalytic results showed that both used catalysts with mesopores and macropores exhibited three times longer catalyst lifetime compared to a conventional catalyst. However, TGA analysis of the deactivated catalysts showed much larger coke content in the mesoporous catalyst than in the macroporous catalyst. Consequently, macropores predominantly led to reduced coke formation rate while additional mesopores predominantly enhanced the resistance against deactivation by coke. Combining both intracrystalline meso and macropores in one catalyst lead to a tenfold increase in catalyst lifetime. Besides the effect on the catalyst lifetime there was also a strong effect of the additional pore systems on the selectivity of the catalysts. The catalysts containing mesopores showed reduced selectivity to short chain olefins and increased selectivity to larger hydrocarbons in comparison to the catalysts without a mesopores system

Exploring interannual variability in potential spawning habitat for Atlantic bluefin tuna in the Slope Sea

© The Author(s), 2021. This article is distributed under the terms of the Creative Commons Attribution License. The definitive version was published in Rypina, I. I., Dotzel, M. M., Pratt, L. J., Hernandez, C. M., & Llopiz, J. K. Exploring interannual variability in potential spawning habitat for Atlantic bluefin tuna in the Slope Sea. Progress in Oceanography, 192, (2021): 102514, https://doi.org/10.1016/j.pocean.2021.102514.The Slope Sea in the Northwest Atlantic Ocean, located between the Gulf Stream and the continental shelf of the Northeast United States, is a recently-documented possible major spawning ground for Atlantic bluefin tuna (Thunnus thynnus). Larval surveys and a habitat modeling study have shown that suitable spawning habitat occurs in the Slope Sea, but the degree to which this habitat varies interannually is an open question. Here, we perform a decade-long (2009–2018) numerical modeling analysis, with simulated larvae released uniformly throughout the Slope Sea, to investigate the interannual variability in the water temperature and circulation criteria deemed necessary for successful spawning. We also quantify the influence of Gulf Stream meanders and overshoot events on larval retention and their effect on habitat suitability rates throughout the Slope Sea, defined as the percentage of simulated larvae released at a given location that satisfy criteria related to water temperature and retention near nursery habitat. Average environmental oceanographic conditions over the decade are most favorable in the western part of the Slope Sea, specifically in the Slope Gyre and away from the immediate vicinity of the Gulf Stream. Variability in domain- and summertime-averaged yearly spawning habitat suitability rates is up to 25% of the mean decadal-averaged values. Yearly habitat suitability correlates strongly with the Gulf Stream overshoot but does not correlate well with other oceanographic variables or indices, so an overshoot index can be used as a sole oceanographic proxy for predicting yearly bluefin spawning habitat suitability in the Slope Sea. Selective spawning can weaken the correlation between habitat suitability and Gulf Stream overshoot. Effort should be put towards collecting observational data against which we could validate our findings.This work was funded by a US National Science Foundation (NSF) grant (OCE-1558806) awarded to IIR, LJP, and JKL. MMD was supported by an NSF Graduate Research Fellowship. CMH was partially supported by the Adelaide and Charles Link Foundation and the J. Seward Johnson Endowment in support of the Woods Hole Oceanographic Institution’s Marine Policy Center

Orbit spaces of free involutions on the product of two projective spaces

Let $X$ be a finitistic space having the mod 2 cohomology algebra of the product of two projective spaces. We study free involutions on $X$ and determine the possible mod 2 cohomology algebra of orbit space of any free involution, using the Leray spectral sequence associated to the Borel fibration $X \hookrightarrow X_{\mathbb{Z}_2} \longrightarrow B_{\mathbb{Z}_2}$. We also give an application of our result to show that if $X$ has the mod 2 cohomology algebra of the product of two real projective spaces (respectively complex projective spaces), then there does not exist any $\mathbb{Z}_2$-equivariant map from $\mathbb{S}^k \to X$ for $k \geq 2$ (respectively $k \geq 3$), where $\mathbb{S}^k$ is equipped with the antipodal involution.Comment: 14 pages, to appear in Results in Mathematic

Aggregation of slightly buoyant microplastics in 3D vortex flows

Although the movement and aggregation of microplastics at the ocean surface have been well studied, less is known about the subsurface. Within the Maxey–Riley framework governing the movement of small, rigid spheres with high drag in fluid, the aggregation of buoyant particles is encouraged in vorticity-dominated regions. We explore this process in an idealized model that is qualitatively reminiscent of a 3D eddy with an azimuthal and overturning circulation. In the axially symmetric state, buoyant spherical particles that do not accumulate at the top boundary are attracted to a loop consisting of periodic orbits. Such a loop exists when drag on the particle is sufficiently strong. For small, slightly buoyant particles, this loop is located close to the periodic fluid parcel trajectory. If the symmetric flow is perturbed by a symmetry-breaking disturbance, additional attractors for small, rigid, slightly buoyant particles may arise near periodic orbits of fluid parcels within the resonance zones created by the disturbance. Disturbances with periodic or quasiperiodic time dependence may produce even more attractors, with a shape and location that recurs periodically. However, not all such loops attract, and rigid particles released in the vicinity of one loop may instead be attracted to a nearby attractor. Examples are presented along with mappings of the respective basins of attraction.</p

Synthesis and Characterisation of Hierarchically Structured Titanium Silicalite‐1 Zeolites with Large Intracrystalline Macropores

The successful synthesis of hierarchically structured titanium silicalite‐1 (TS‐1) with large intracrystalline macropores by steam‐assisted crystallisation of mesoporous silica particles is reported. The macropore topology was imaged in 3D by using electron tomography and synchrotron radiation‐based ptychographic X‐ray computed tomography, revealing interconnected macropores within the crystals accounting for about 30 % of the particle volume. The study of the macropore formation mechanism revealed that the mesoporous silica particles act as a sacrificial macropore template during the synthesis. Silicon‐to‐titanium ratio of the macroporous TS‐1 samples was successfully tuned from 100 to 44. The hierarchically structured TS‐1 exhibited high activity in the liquid phase epoxidation of 2‐octene with hydrogen peroxide. The hierarchically structured TS‐1 surpassed a conventional nano‐sized TS‐1 sample in terms of alkene conversion and showed comparable selectivity to the epoxide. The flexible synthesis route described here can be used to prepare hierarchical zeolites with improved mass transport properties for other selective oxidation reactions

Success factors for service innovation: a meta-analysis

Service sectors form a considerable part of the world economy. Contrary to the logical assumption that service innovation research should represent a significant share of all innovation research, the vast majority of innovation studies focus on products as opposed to services. This research presents a meta-analysis of the antecedents of service innovation performance conducted on 92 independent samples obtained from 114 articles published between 1989 and 2015. This research contributes to our understanding of service innovation in three major ways. First, this is the first meta-analysis that specifically assesses the relative importance of antecedents of service innovation performance, while also pinpointing the differences in meta-analytic findings between antecedents of service and product innovation performance. Whilst there are some universal success factors that transcend the boundaries between services and products, the presence of marked differences implies that it would be wrong to treat the development of new services and new products as the same. Second, the meta-analysis demonstrates that the antecedents of service innovation performance are contingent on the sector context (i.e., explicit versus tacit services). Comparing results between products and services, and between tacit and explicit services, there appears to be a continuum where explicit services sit interstitial between tacit services on one side and products on the other. Third, the meta-analysis compares and contrasts the antecedents of two dimensions of service innovation performance (i.e., commercial success and strategic competitive advantage). Previous meta-analyses treated these two dependent variables collectively, which falls short of identifying issues that may affect management decisions when faced with different objectives. Additionally, this research investigates the effect of several other moderators (i.e., culture, unit of analysis, journal quality, and year of publication) on the relationships between the antecedents and service innovation performance. The results are discussed in relation to their implications for research and managerial practice