The response of money market funds to the COVID-19 pandemic.

The Covid-19 Pandemic has increased the attention paid to money market funds. Using Covid-19 cases and a measure of lockdowns, shutdowns, etc., we analyze if money market fund investors and managers responded to the intensity of the pandemic. We ask whether or not the Federal Reserve implementation of the Money Market Mutual Fund Liquidity Facility (MMLF) had an effect on market participant behavior. We find that institutional prime investors responded significantly to the MMLF. Fund managers responded to the intensity of the pandemic but largely ignored the reduction in uncertainty created by the implementation of the MMLF.

Reprint of: Do retail traders destabilize financial markets? An investigation surrounding the COVID-19 pandemic.

Existing research suggests that retail trading is associated with volatility in financial markets. To extend the literature, we study the dynamic effects of retail trading on volatility during the COVID-19 pandemic. Using marketable retail trades identified from the Boehmer et al. (2021) algorithm and novel empirical methods discussed in Jordá (2005), we document a negative, persistent impact of retail trading on the stability of stock prices that is particularly stronger during the pandemic than during the pre-pandemic period. These results highlight how periods of crises - like the pandemic - affect the destabilizing influence of retail trading. To provide additional evidence, we replicate our empirical exercise during the 2008-09 financial crisis. Consistent with the COVID-19 period, we again find that retail trading leads to more volatility during the financial crisis vis-á-vis the pre-crisis period. These results again support the idea that periods of crises strengthen the link between retail trading and volatility.

Do retail traders destabilize financial markets? An investigation surrounding the COVID-19 pandemic.

Existing research suggests that retail trading is associated with volatility in financial markets. To extend the literature, we study the dynamic effects of retail trading on volatility during the COVID-19 pandemic. Using marketable retail trades identified from the Boehmer et al. (2021) algorithm and novel empirical methods discussed in Jordá (2005), we document a negative, persistent impact of retail trading on the stability of stock prices that is particularly stronger during the pandemic than during the pre-pandemic period. These results highlight how periods of crises - like the pandemic - affect the destabilizing influence of retail trading. To provide additional evidence, we replicate our empirical exercise during the 2008-09 financial crisis. Consistent with the COVID-19 period, we again find that retail trading leads to more volatility during the financial crisis vis-á-vis the pre-crisis period. These results again support the idea that periods of crises strengthen the link between retail trading and volatility.

Did the COVID-19 pandemic (really) positively impact the IPO Market? An Analysis of information uncertainty.

Anecdotal evidence seems to suggest that the initial public offering (IPO) market performed remarkably well through the COVID-19 pandemic. To further understand this peculiar observation, we carry out a comprehensive analysis of IPOs during the pandemic vis-a-vis IPOs before the pandemic. Our findings imply that IPOs during the pandemic experience greater information uncertainty compared to those before the pandemic, and this greater uncertainty is mainly driven by the IPOs from the high-technology and the healthcare sectors. Furthermore, we find that an average IPO firm experiences larger underpricing and more post-IPO return volatility as the pandemic and the associated government responses increase in severity before the offering. Overall, our study indicates that the COVID-19 pandemic had an adverse impact on the IPO market.

The impact of government interventions on cross-listed securities: Evidence from the COVID-19 pandemic.

This paper examines the impact of COVID-19 related governments' interventions on the volatility and liquidity of American depository receipts (ADRs). Using a wide dataset of 387 ADRs from 34 countries around the globe, we provide an examination of the effect of economic and non-economic interventions on the quality of these cross-listed securities. Our results suggest that closures, restrictions, as well as containment health steps implemented during the outbreak period of the pandemic, seem to deteriorate the ADRs' liquidity and stability. The negative impact holds for different control variables and regression specifications and is not subsumed by the inclusion of the daily confirmed cases as a proxy for the severity of the pandemic. The information documented here may assist financial market participants in their risk management. The findings could also be important for policymakers for their preparedness plans in case of future crises.

Security, Privacy, and Usability in Continuous Authentication: A Survey.

Continuous authentication has been proposed as a possible approach for passive and seamless user authentication, using sensor data comprising biometric, behavioral, and context-oriented characteristics. Since these are personal data being transmitted and are outside the control of the user, this approach causes privacy issues. Continuous authentication has security challenges concerning poor matching rates and susceptibility of replay attacks. The security issues are mainly poor matching rates and the problems of replay attacks. In this survey, we present an overview of continuous authentication and comprehensively discusses its different modes, and issues that these modes have related to security, privacy, and usability. A comparison of privacy-preserving approaches dealing with the privacy issues is provided, and lastly recommendations for secure, privacy-preserving, and user-friendly continuous authentication.

Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic.

This study investigates the impact of COVID-19 pandemic on the microstructure of US equity markets. In particular, we explain the liquidity and volatility dynamics via indexes that capture multiple dimensions of the pandemic. Our results suggest that increases in confirmed cases and deaths due to coronavirus are associated with a significant increase in market illiquidity and volatility. Similarly, declining sentiment and the implementations of restrictions and lockdowns contribute to the deterioration of liquidity and stability of markets.

A lightweight and secure two factor anonymous authentication protocol for Global Mobility Networks.

Global Mobility Networks(GLOMONETs) in wireless communication permits the global roaming services that enable a user to leverage the mobile services in any foreign country. Technological growth in wireless communication is also accompanied by new security threats and challenges. A threat-proof authentication protocol in wireless communication may overcome the security flaws by allowing only legitimate users to access a particular service. Recently, Lee et al. found Mun et al. scheme vulnerable to different attacks and proposed an advanced secure scheme to overcome the security flaws. However, this article points out that Lee et al. scheme lacks user anonymity, inefficient user authentication, vulnerable to replay and DoS attacks and Lack of local password verification. Furthermore, this article presents a more robust anonymous authentication scheme to handle the threats and challenges found in Lee et al.'s protocol. The proposed protocol is formally verified with an automated tool(ProVerif). The proposed protocol has superior efficiency in comparison to the existing protocols.

Intersession reliability of the electromyographic signal during incremental cycle ergometry: quadriceps femoris.

INTRODUCTION: The purposes of this investigation were to determine the: (1) reproducibility of the patterns of responses for electromyographic (EMG) amplitude and mean power frequency (MPF); and (2) intraclass correlation coefficient (ICC) of the EMG amplitude and MPF during three incremental cycle ergometer tests separated by 48 hours. METHODS: Ten men performed incremental cycle ergometry tests to exhaustion on three separate occasions. Surface EMG signals were recorded simultaneously from the three superficial quadriceps muscles at each trial. RESULTS: Polynomial regression indicated that, for >95% of the cases, the best-fit model was the same at each trial for EMG amplitude but not for EMG MPF. The ICC values were high for EMG amplitude but low for EMG MPF. CONCLUSIONS: These results indicate that EMG amplitude is a reliable measure of motor unit activation strategy during incremental cycle ergometry, whereas the EMG MPF was unreliable.