Look at Me Now: What Attracts U.S. Shareholders?

This paper investigates the underlying determinants of home bias using a comprehensive data set on U.S. investors' aggregate holdings of every foreign stock. Among those foreign stocks that are not listed on U.S. exchanges, which account for more than 96 percent of our usable data sample, we find that U.S. investors prefer firms with characteristics associated with greater information transparency, such as stronger home-country accounting standards. We document that a U.S. cross-listing is economically important, as U.S. ownership of a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this "cross-listing effect" and find that the increase in U.S. investment is greatest for firms that are from weak accounting backgrounds and are otherwise informationally opaque, suggesting that the key effect of cross-listing is improvements in disclosure that are valued by U.S. investors. By contrast, cross-listing does not increase the appeal of stocks from countries with weak shareholder rights, suggesting that U.S. cross-listing cannot substitute for legal protections in the home country. Nor does the cross-listing effect appear to be driven simply by increased "familiarity"� with the stock or lowered cross-border transactions costs.

U.S. International Equity Investment

U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. We also show that our firm-level analysis has implications for country-level studies, suggesting that research investigating equity investment patterns at the country-level should include cross-listing as an endogenous control variable. We describe easy-to-implement methods for including the importance of cross-listing at the country level.

CAFTA: Sanitary and Phytosanitary Evaluation

This report informed the USDA about the status of Sanitary and Phytosanitary (SPS) regulatory systems in five Central American countries that are participating in negotiations for a Central American Free Trade Agreement (CAFTA) with the United States. To complete the report, the Capstone team sent surveys to the appropriate in-country experts in each of the five CAFTA countries and utilized the Phytosanitary Capacity Evaluation model to measure the level of compliance with international standards

Cosmological Results from High-z Supernovae

The High-z Supernova Search Team has discovered and observed 8 new supernovae in the redshift interval z=0.3-1.2. These independent observations, confirm the result of Riess et al. (1998a) and Perlmutter et al. (1999) that supernova luminosity distances imply an accelerating universe. More importantly, they extend the redshift range of consistently observed SN Ia to z~1, where the signature of cosmological effects has the opposite sign of some plausible systematic effects. Consequently, these measurements not only provide another quantitative confirmation of the importance of dark energy, but also constitute a powerful qualitative test for the cosmological origin of cosmic acceleration. We find a rate for SN Ia of 1.4+/-0.5E-04 h^3/Mpc^3/yr at a mean redshift of 0.5. We present distances and host extinctions for 230 SN Ia. These place the following constraints on cosmological quantities: if the equation of state parameter of the dark energy is w=-1, then H0 t0 = 0.96+/-0.04, and O_l - 1.4 O_m = 0.35+/-0.14. Including the constraint of a flat Universe, we find O_m = 0.28+/-0.05, independent of any large-scale structure measurements. Adopting a prior based on the 2dF redshift survey constraint on O_m and assuming a flat universe, we find that the equation of state parameter of the dark energy lies in the range -1.48-1, we obtain w<-0.73 at 95% confidence. These constraints are similar in precision and in value to recent results reported using the WMAP satellite, also in combination with the 2dF redshift survey.Comment: 50 pages, AAS LateX, 15 figures, 15 tables. Accepted for publication by Astrophysical Journa

Semi-natural habitats support biological control, pollination and soil conservation in Europe:A review

Semi-natural habitats are integral to most agricultural areas and have the potential to support ecosystem services, especially biological control and pollination by supplying resources for the invertebrates providing these services and for soil conservation by preventing erosion and run-off. Some habitats are supported through agri-environment scheme funding in the European Union, but their value for ecosystem service delivery has been questioned. An improved understanding of previous research approaches and outcomes will contribute to the development of more sustainable farming systems, improve experimental designs and highlight knowledge gaps especially for funders and researchers. Here we compiled a systematic map to allow for the first time a review of the quantity of evidence collected in Europe that semi-natural habitats support biological control, pollination and soil conservation. A literature search selected 2252 publications, and, following review, 270 met the inclusion criteria and were entered into the database. Most publications were of pest control (143 publications) with less on pollination (78 publications) or soil-related aspects (31). For pest control and pollination, most publications reported a positive effect of semi-natural habitats. There were weaknesses in the evidence base though because of bias in study location and the crops, whilst metrics (e.g. yield) valued by end users were seldom measured. Hedgerows, woodland and grassland were the most heavily investigated semi-natural habitats, and the wider landscape composition was often considered. Study designs varied considerably yet only 24% included controls or involved manipulation of semi-natural habitats. Service providers were commonly measured and used as a surrogate for ecosystem service delivery. Key messages for policymakers and funders are that they should encourage research that includes more metrics required by end users, be prepared to fund longer-term studies (61% were of only 1-year duration) and investigate the role of soils within semi-natural habitats in delivering ecosystem services

Imaging and Demography of the Host Galaxies of High-Redshift Type Ia Supernovae

We present the results of a study of the host galaxies of high redshift Type Ia supernovae (SNe Ia). We provide a catalog of 18 hosts of SNe Ia observed with the Hubble Space Telescope (HST) by the High-z Supernova Search Team (HZT), including images, scale-lengths, measurements of integrated (Hubble equivalent) BVRIZ photometry in bands where the galaxies are brighter than m ~ 25 mag, and galactocentric distances of the supernovae. We compare the residuals of SN Ia distance measurements from cosmological fits to measurable properties of the supernova host galaxies that might be expected to correlate with variable properties of the progenitor population, such as host galaxy color and position of the supernova. We find mostly null results; the current data are generally consistent with no correlations of the distance residuals with host galaxy properties in the redshift range 0.42 < z < 1.06. Although a subsample of SN hosts shows a formally significant (3-sigma) correlation between apparent V-R host color and distance residuals, the correlation is not consistent with the null results from other host colors probed by our largest samples. There is also evidence for the same correlations between SN Ia properties and host type at low redshift and high redshift. These similarities support the current practice of extrapolating properties of the nearby population to high redshifts pending more robust detections of any correlations between distance residuals from cosmological fits and host properties.Comment: 35 pages, 12 figures, 4 tables, accepted for publication in A

Numerical simulation of explosive volcanic eruptions from the conduit flow to global atmospheric scales

Volcanic eruptions are unsteady multiphase phenomena, which encompass many inter-related processes across the whole range of scales from molecular and microscopic to macroscopic, synoptic and global. We provide an overview of recent advances in numerical modelling of volcanic effects, from conduit and eruption column processes to those on the Earth s climate. Conduit flow models examine ascent dynamics and multiphase processes like fragmentation, chemical reactions and mass transfer below the Earth surface. Other models simulate atmospheric dispersal of the erupted gas-particle mixture, focusing on rapid processes occurring in the jet, the lower convective regions, and pyroclastic density currents. The ascending eruption column and intrusive gravity current generated by it, as well as sedimentation and ash dispersal from those flows in the immediate environment of the volcano are examined with modular and generic models. These apply simplifications to the equations describing the system depending on the specific focus of scrutiny. The atmospheric dispersion of volcanic clouds is simulated by ash tracking models. These are inadequate for the first hours of spreading in many cases but focus on long-range prediction of ash location to prevent hazardous aircraft - ash encounters. The climate impact is investigated with global models. All processes and effects of explosive eruptions cannot be simulated by a single model, due to the complexity and hugely contrasting spatial and temporal scales involved. There is now the opportunity to establish a closer integration between different models and to develop the first comprehensive description of explosive eruptions and of their effects on the ground, in the atmosphere, and on the global climate

23 High Redshift Supernovae from the IfA Deep Survey: Doubling the SN Sample at z>0.7

We present photometric and spectroscopic observations of 23 high redshift supernovae spanning a range of z=0.34-1.03, 9 of which are unambiguously classified as Type Ia. These supernovae were discovered during the IfA Deep Survey, which began in September 2001 and observed a total of 2.5 square degrees to a depth of approximately m=25-26 in RIZ over 9-17 visits, typically every 1-3 weeks for nearly 5 months, with additional observations continuing until April 2002. We give a brief description of the survey motivations, observational strategy, and reduction process. This sample of 23 high-redshift supernovae includes 15 at z>0.7, doubling the published number of objects at these redshifts, and indicates that the evidence for acceleration of the universe is not due to a systematic effect proportional to redshift. In combination with the recent compilation of Tonry et al. (2003), we calculate cosmological parameter density contours which are consistent with the flat universe indicated by the CMB (Spergel et al. 2003). Adopting the constraint that Omega_total = 1.0, we obtain best-fit values of (Omega_m, Omega_Lambda)=(0.33, 0.67) using 22 SNe from this survey augmented by the literature compilation. We show that using the empty-beam model for gravitational lensing does not eliminate the need for Omega_Lambda > 0. Experience from this survey indicates great potential for similar large-scale surveys while also revealing the limitations of performing surveys for z>1 SNe from the ground.Comment: 67 pages, 12 figures, 12 tables, accepted for publication in the Astrophysical Journa