Humans possess a menu of mating strategies that includes long-term mating, shortterm opportunistic copulations, extra-pair copulations, and serial mating (Buss, 1994/2003; 2007; Buss and Schmitt, 1993; Gangestad and Simpson, 2000; Greiling and Buss, 2000; Symons, 1979). Much empirical work has documented how mate preferences shift according to context. Women pursuing short-term mating compared to long-term mating, for example, increase the importance they place on a man’s physical attractiveness, sex appeal, muscularity, and extravagant and immediate resource displays (Buss and Schmitt, 1993; Frederick and Haselton, 2007; Gangestad, Garver-Apgar, and Simpson, 2007; Haselton and Gangestad, 2006; Haselton and Miller, 2006; Pawlowski and Jasienska, 2005). Women pursuing long-term mating, in contrast, place greater importance on resource acquisition potential, such as “has a promising career” and “has good financial prospects” (Buss and Schmitt, 1993).
Two thirds of the world is covered with water. The earliest life form, which began in water, was algae. There are around 25,000 species of algae in the world. Walk on the beach and you will find seaweed, which are the biggest forms of algae, some like little trees with roots, stems, branches and leaves. Kelp and carrageen moss are the best known seaweed and are red or brown in colour. At the other end of the big family are tiny single-celled algae which are the most primitive plants on earth. Many people react negatively when thinking about algae because the first thing that comes to their mind is algae in swimming pools or toxic algae like the blue-green algae in Australian rivers. With increasing world population and decreasing agricultural land, algae is discussed more frequently for its nutritional value as a future food source which we desperately need. The nutritional as well as the therapeutic value of algae varies with the water’s quality (minerals, nutrition, pH), the water temperature, ocean currents and the intensity of sunlight.
The degree of pollution in waters for food production is a concerning factor for the qualities of the product. The most prominent food alga is Spirulina. Chlorella, fresh water green algae, is one of the smallest organisms and is approximately the size of a human red blood cell. Spirulina is approximately 100 times larger and gets its name from the shape of the plant which looks like little spirals. The dark green colour of Spirulina comes from the high amount of plant blood or in other words, chlorophyll, which is only one molecule different to haemoglobin in human blood. Chlorophyll in plants is collected sunlight. All energy on the earth comes from only one source, the sun. First life, and with the first life the first food or, so we have been told, the algae. Algae can live on water and sunlight only. Humans are not as lucky because they cannot live from sun energy directly. They are on top of the food chain. The lowest on the food chain is the chlorophyll in our nature or in other words the “green” in our nature. Green matter is eaten by animals and animals are eaten by humans. To feed a human being in Western countries, with high meat consumption, the land use per head is 800 times higher than if we were to eat algae directly. The largest mammal on earth is the whale which lives solely on phyto-plankton algae; the largest mammal on land is the elephant which eats green matter only.
We investigate the distribution of trading volume across different venues after a company lists abroad. In most cases, after an initial blip, foreign trading declines rapidly to extremely low levels. However, there is considerable cross-sectional variation in the persistence and magnitude of foreign trading. The ratio between foreign and domestic trading volume is higher for smaller, more export and high-tech oriented companies. It is also higher for companies that cross-list on markets with lower trading costs and better insider trading protection. Domestic trading increases around the cross-listing, and afterwards is negatively correlated with past foreign trading activity. This accords with the “flow-back hypothesis” that declining foreign trading is associated with the gravitational pull of the home market.
Several companies list their shares not only on their domestic exchange but also on foreign stock exchanges –– a fact for which a variety of reasons have been offered and explored (see Karolyi, 1998, Pagano, Röell and Zechner 2002, and Sarkissian and Schill 2004, among others). A motive often advanced for this decision is that a foreign listing facilitates trading by foreign investors and therefore tends to attract them into the ranks of the company’s shareholders. If this is true, then cross-listings should be followed by reasonably large and persistent trading activity in the foreign market.
