970 resultados para STOCKS


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Heritability and genetic and phenotypic correlations were estimated for juvenile growth traits of Pacific abalone Haliotis discus hannai Ino. The estimates were calculated from shell length and shell width measurements on progeny resulting from 12 half-sib families and 36 full-sib families obtained using artificial fertilization of mating three females to each male. The measurements were taken at 10, 20 and 30 d after fertilization. It was found that heritability estimates based on sire component ranged from 0.23 to 0.36 for shell length and 0.21 to 0.32 for shell width. Heritability estimates from dam component were larger than those from sire component at three ages, indicating presence of maternal effects, non-additive genetic effects and common environmental effects. Phenotypic correlations were significant at three ages (P < 0.05), with values of 0.92, 0.93 and 0.92, respectively. Genetic correlations from the paternal half-sib correlation analysis were highly positive at three ages, with values of 0.50, 0.78 and 0.81, respectively. The results suggest that selective breeding is an effective approach to improving growth traits of Pacific abalone stocks.

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A complete diallel cross between two bay scallop populations, Argopecten irradians concentricus Say (M) and A. irradians irradians Lamarck (C), was carried out. Growth and survival were compared among hybrids and pure populations. No significant difference in the shell length was found among the four groups on the first day of D-larvae. On day 10, shell lengths of the two reciprocal crosses (CM, MC)(female x male ) were significantly greater than those of the CC (141.97 mu m) and MM (146.20 mu m) groups, with the growth rate of the MC (156.14 mu m) cross greater than that of the CM (155.35 mu m) cross. Also, heterosis for survival was significantly larger than that for growth. Both maternal origin and mating strategy had significant effects on growth and survival throughout the whole larval stage. Heterosis was also observed in later spat and adult stages. On day 170, the mean shell length, shell height and total weight of the CM cross were significantly larger than those of the other crosses (P<0.05). The results from this study indicate that hybridization between A. irradians concentricus and A. irradians irradians may be a promising way for genetic improvement of existing bay scallop brood stocks in China. (c) 2007 Elsevier B.V. All rights reserved.

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Introduced species often start with limited genetic variability, which is problematic for selective breeding. The problem of inbreeding can be exasperated by hermaphroditism. The bay scallop Argopecten irradians irradians is a hermaphroditic species that has been introduced to and now supports a major aquaculture industry in China. Positive response to selection for fast growth was observed in one of the less inbred stocks in a previous study. In this study, we evaluated selection for the second generation to determine if response to selection can be sustained in this introduced population of a hermaphroditic species. Response to selection, realized heritability for the second generation, cumulative (over two generations), current (for the second generation) and residual (from the first generation) genetic gains were estimated by comparing three different types of lines: SS (selected for two generation), SC (selected for the first generation only) and CC (unselected for two generations). The SS line grew significantly faster (P < 0.05) than the other two lines, indicating that the second generation selection for faster growth is still effective. Response to selection and realized heritability for the second generation were 0.612 +/- 0.101 and 0.349 +/- 0.057, respectively, which are similar to those observed for the first generation. The cumulative, current, and residual gains were 17.56 +/- 5.30%, 10.63 +/- 2.46%, and 6.25 +/- 3.13%, respectively. The sustained response to selection for the second generation observed here suggests that considerable genetic variability exists in this population and that future efforts on selective breeding are likely to be fruitful. (c) 2005 Elsevier B.V. All rights reserved.

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This thesis has investigated the risk preferences of the Chinese company managers in kinds of simulated decision situations and their perceptions of risk concerning types of business decisions. Four studies are conducted: Study I is utility analysis. 214 company managers and 46 middle - school headmasters have responded to Utility Measurement Survey. The results indicate: (1) The risk preferences of the managers vary in the different decision situations. In most of the situations, most of the managers are risk aversion; In few situations, they are risk-seeking. (2) In some of the decision situations, there are significant differences on risk preference between business managers and school headmasters, male managers and female managers, senior managers and junior managers, managers with high qualifications and managers with low qualifications, non-state-owned firms' managers and state-owned firms' managers, medium-small sized firms' managers and large-sized firms' managers. In the other situations there aren't significant differences between them. (3) In all of the decision situations, so significant differences on risk preference are found among managers with different marriage, experience, age and education. Study II is risky decision simulation. The Risky Decision Situations Simulation Survey is administered to 82 company managers. The result indicates that firm culture, business condition, survival limit and risk preference of the superior influence the managers' risk decision-making behavior. Study III is perceptions of business decision risks. 68 company managers have filled in Decision Cases Risk Perception Inventory. The results indicate: (1) Inaccurate market analysis and prediction, instable politics and the changes of economic policy are the more risky elements to strategy decision. (2) Erroneous market analysis and prediction, appearance of new technology and the changes of market demands are the more risky elements to investment decision. (3) Poor quality control, backward technology and too large stocks are the more risky elements to production decision. (4) Shortage of development fund, wrong choice in development project and limitation of the development ability are the more risky elements to new production development decision. (5) No payment of the foreign partner's capital, the changes of national relevant policy, difficulty in marketing, too high selling prices of foreign partner's equipments are the more risky elements to joint-venture decision. (6) Unfamilarity with oneself and misjudgement in qualification of oneself are the more risky elements to personnel decision. (7) Bad market of the product, defects in product quality and the changes of consumers demands are the more risky elements to marketing decision. (8) Wrong strategy and ambiguous goals are the more risky elements to public relation decision. (9) Violation of the law, ambiguous goals and poor creation are the more risky elements to advertisement decision. (10) Deterioration of diplomatic relations, unsuitable products for foreign consumers and unfamilarity with foreign market are the more risky elements to international business decision. Study IV is structured interview. 5 company managers have answered all questions of the Interview Questionnaire. The results indicate: (1) The managers think that risks are the possible unfavourable consequences of decisions; (2) The self-ratings of the managers coordinate with the results of utility measurement; (3) The managers admit that risks always accompany bussiness decision; (4) Individual difference is found among managers on risk perception. This thesis has also pointed out the important implications of the research and discussed several further questions.

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The context: Soil biodiversity and sustainable agriculture; Abstracts - Theme 1: Monitoring and assessment: Bioindicators of soil health: assessment and monitoring for sustainable agriculture; Practical tools to measure soil health and their use by farmers; Biological soil quality from biomass to biodiversity - importance and resilience to management stress and disturbance; Integrated management of plant-parasitic nematodes in maize-bean cropping systems; Microbial quantitative and qualitative changes in soils under different crops and tillage management systems in Brazil; Diversity in the rhizobia associated with Phaseolus vulgaris L: in Ecuador and comparisons with Mexican bean rhizobia; Sistemas integrados ganadería-agricultura en Cuba; Soil macrofauna as bioindicator of soil quality; Biological functioning of cerrado soils; Hydrolysis of fluorescein diacetate as a soil quality indicator in different pasture systems; Soil management and soil macrofauna communities at Embrapa Soybean, Londrina, Brazil; Soil macrofauna in a 24 - year old no-tillage system in Paraná, Brazil; Invertebrate macrofauna of soils inpastures under different forms of management in the cerrado (Brazil); Soil tillage modifies the invertebrate soil macrofauna community; Soil macrofauna in various tillage and land use systems on an oxisols near Londrina, Paraná, Brazil; Interference of agricultural systems on soil macrofauna; Scarab beetle-grub holes in various tillage and crop management systems at Embrapa Soybean, Londrina, Brazil; Biological management of agroecosystems; Soil biota and nutrient dynamics through litterfall in agroforestry system in Rondônia, Amazônia, Brazil; Soil-C stocks and earthworm diversity of native and introduced pastures in Veracruz, Mexico; Theme 2 : Adaptive management: Some thoughts on the effects and implications of the transition from weedy multi-crop to wead-free mono-crop systems in Africa; Towards sustainable agriculture with no-tillage and crop rotation systems in South Brazil; Effect of termites on crusted soil rehabilitation in the Sahel; Management of macrofauna in traditional and conventional agroforestry systems from India with special reference to termites and earthworms; Adaptive management for redeveloping traditional agroecosystems; Conservation and sustainable use of soil biodiversity: learning with master nature!; Convergence of sciences: inclusive technology innovation processes for better integrated crop/vegetation, soil and biodiversity management; Potential for increasing soil biodiversity in agroecosystems; Biological nitrogen fixation and sustainability in the tropics; Theme 3: Research and innovation: Plant flavonoids and cluster roots as modifiers of soil biodiversity; The significance of biological diversity in agricultural soil for disease suppressiveness and nutrient retention; Linking above - and belowground biodiversity: a comparison of agricultural systems; Insect-pests in biologically managed oil and crops: the experience at ICRISAT; Sistemas agricolas micorrizados en Cuba; The effect of velvetbean (Mucuna pruriens) on the tropical earthworm Balanteodrilus pearsei: a management option for maize crops in the Mexican humid tropics; The potential of earthworms and organic matter quality in the rehabilitation of tropical soils; Research and innovation in biological management of soil ecosystems; Application of biodynamic methods in the Egyptian cotton sector; Theme 4: Capacity building and mainstreaming: Soil ecology and biodiversity: a quick scan of its importance for government policy in The Netherlands; Agrotechnological transfer of legume inoculants in Eastern and Southern Africa; Agricultura urbana en Cuba; Soil carbon sequestration for sustaining agricultural production and improving the environment; Conservation and sustainable management of below-ground biodiversity: the TSBF-BGBD network project; The tropical soil biology and fertility institute of CIAT (TSBF); South-South initiative for training and capacity building for the management of soil biology/biodiversity; Strategies to facilititate development and adoption of integrated resource management for sustainable production and productivity improvement; The challenge program on biological nitrogen fixation (CPBNF); Living soil training for farmers: improving knowledge and skills in soil nutrition management; Do we need an inter-governmental panel on land and soil (IPLS)? Protection and sustainable use of biodiversity of soils; Cases Studies -- Plant parasitic nematodes associated with common bean (Phaseolus vulgaris L.) and integrated management approaches; Agrotechnological transfer of legume inoculants in Eastern and Southern Africa; Restoring soil fertility and enhancing productivity in Indian tea plantations with earthworms and organic fertilizers; Managing termites and organic resources to improve soil productivity in the Sahel; Overview and case studies on biological nitrogen fixation: perspectives and limitations; Soil biodiversity and sustainable agriculture: an overview.

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ap Gwilym, Owain, et al., 'Does the Fed Model travel well?', Journal of Portfolio Management (2006) 33(1) pp.68-75 RAE2008

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Wydział Historyczny: Instytut Historii

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This is an accepted manuscript of an article published by Taylor & Francis in Eastern European Economics on July 2015, available online: http://dx.doi.org/10.1080/00128775.2015.1079139

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The central research question that this thesis addresses is whether there is a significant gap between fishery stakeholder values and the principles and policy goals implicit in an Ecosystem Approach to Fisheries Management (EAFM). The implications of such a gap for fisheries governance are explored. Furthermore an assessment is made of what may be practically achievable in the implementation of an EAFM in fisheries in general and in a case study fishery in particular. The research was mainly focused on a particular case study, the Celtic Sea Herring fishery and its management committee, the Celtic Sea Herring Management Advisory Committee (CSHMAC). The Celtic Sea Herring fishery exhibits many aspects of an EAFM and the fish stock has successfully recovered to healthy levels in the past 5 years. However there are increasing levels of governance related conflict within the fishery which threaten the future sustainability of the stock. Previous research on EAFM governance has tended to focus either on higher levels of EAFM governance or on individual behaviour but very little research has attempted to link the two spheres or explore the relationship between them. Two main themes within this study aimed to address this gap. The first was what role governance could play in facilitating EAFM implementation. The second theme concerned the degree of convergence between high-level EAFM goals and stakeholder values. The first method applied was governance benchmarking to analyse systemic risks to EAFM implementation. This found that there are no real EU or national level policies which provide stakeholders or managers with clear targets for EAFM implementation. The second method applied was the use of cognitive mapping to explore stakeholders understandings of the main ecological, economic and institutional driving forces in the Celtic Sea Herring fishery. The main finding from this was that a long-term outlook can and has been incentivised through a combination of policy drivers and participatory management. However the fundamental principle of EAFM, accounting for ecosystem linkages rather than target stocks was not reflected in stakeholders cognitive maps. This was confirmed in a prioritisation of stakeholders management priorities using Analytic Hierarchy Process which found that the overriding concern is for protection of target stock status but that wider ecosystem health was not a priority for most management participants. The conclusion reached is that moving to sustainable fisheries may be a more complex process than envisioned in much of the literature and may consist of two phases. The first phase is a transition to a long-term but still target stock focused approach. This achievable transition is mainly a strategic change, which can be incentivised by policies and supported by stakeholders. In the Celtic Sea Herring fishery, and an increasing number of global and European fisheries, such transitions have contributed to successful stock recoveries. The second phase however, implementation of an ecosystem approach, may present a greater challenge in terms of governability, as this research highlights some fundamental conflicts between stakeholder perceptions and values and those inherent in an EAFM. This phase may involve the setting aside of fish for non-valued ecosystem elements and will require either a pronounced mind-set and value change or some strong top-down policy incentives in order to succeed. Fisheries governance frameworks will need to carefully explore the most effective balance between such endogenous and exogenous solutions. This finding of low prioritisation of wider ecosystem elements has implications for rights based management within an ecosystem approach, regardless of whether those rights are individual or collective.

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The abundance of many commercially important fish stocks are declining and this has led to widespread concern on the performance of traditional approach in fisheries management. Quantitative models are used for obtaining estimates of population abundance and the management advice is based on annual harvest levels (TAC), where only a certain amount of catch is allowed from specific fish stocks. However, these models are data intensive and less useful when stocks have limited historical information. This study examined whether empirical stock indicators can be used to manage fisheries. The relationship between indicators and the underlying stock abundance is not direct and hence can be affected by disturbances that may account for both transient and persistent effects. Methods from Statistical Process Control (SPC) theory such as the Cumulative Sum (CUSUM) control charts are useful in classifying these effects and hence they can be used to trigger management response only when a significant impact occurs to the stock biomass. This thesis explores how empirical indicators along with CUSUM can be used for monitoring, assessment and management of fish stocks. I begin my thesis by exploring various age based catch indicators, to identify those which are potentially useful in tracking the state of fish stocks. The sensitivity and response of these indicators towards changes in Spawning Stock Biomass (SSB) showed that indicators based on age groups that are fully selected to the fishing gear or Large Fish Indicators (LFIs) are most useful and robust across the range of scenarios considered. The Decision-Interval (DI-CUSUM) and Self-Starting (SS-CUSUM) forms are the two types of control charts used in this study. In contrast to the DI-CUSUM, the SS-CUSUM can be initiated without specifying a target reference point (‘control mean’) to detect out-of-control (significant impact) situations. The sensitivity and specificity of SS-CUSUM showed that the performances are robust when LFIs are used. Once an out-of-control situation is detected, the next step is to determine how much shift has occurred in the underlying stock biomass. If an estimate of this shift is available, they can be used to update TAC by incorporation into Harvest Control Rules (HCRs). Various methods from Engineering Process Control (EPC) theory were tested to determine which method can measure the shift size in stock biomass with the highest accuracy. Results showed that methods based on Grubb’s harmonic rule gave reliable shift size estimates. The accuracy of these estimates can be improved by monitoring a combined indicator metric of stock-recruitment and LFI because this may account for impacts independent of fishing. The procedure of integrating both SPC and EPC is known as Statistical Process Adjustment (SPA). A HCR based on SPA was designed for DI-CUSUM and the scheme was successful in bringing out-of-control fish stocks back to its in-control state. The HCR was also tested using SS-CUSUM in the context of data poor fish stocks. Results showed that the scheme will be useful for sustaining the initial in-control state of the fish stock until more observations become available for quantitative assessments.

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The parasite Bonamia ostreae has decimated Ostrea edulis stocks throughout Europe. The complete life cycle and means of transmission of the parasite remains unknown. The methods used to diagnose B. ostreae were examined to determine sensitivity and reproducibility. Two methods, with fixed protocols, should be used for the accurate detection of infection within a sample. A 13-month study of two stocks of O. edulis with varying periods of exposure to B. ostreae, was undertaken to determine if varying lengths of exposure would translate into observations of differing susceptibility. Oyster stocks can maintain themselves over extended periods of time in B. ostreae endemic areas. To identify a well performing spat stock, which could be used to repopulate beds within the region, hatchery bred spat from three stocks found in the North sea were placed on a B. ostreae infected bed and screened for growth, mortality and prevalence of infection. Local environmental factors may influence oyster performance, with local stocks better adapted to these conditions. Sediment and macroinvertebrate species were screened to investigate mechanisms by which B. ostreae may be maintaining itself on oyster beds. Mytilus edulis was positive, indicating that B. ostreae may use incidental carriers as a method of maintaining itself. The ability of oyster larvae to pick up infection from the surrounding environment was investigated by collecting larvae from brooding oysters from different areas. Larvae may acquire the pathogen from the water column during the process of filter feeding by the brooding adult, even when the parents themselves are uninfected. A study was undertaken to elucidate the activity of the parasite during the initial stage of infection, when it cannot be detected within the host. A naïve stock screened negative for infection throughout the trial, using heart imprints and PCR yet B. ostreae was detected by in-situ hybridisation.

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Despite a multitude of environmental stressors, the Varroa mite is still regarded as the greatest cause of honey bee mortality in its invaded range. Breeding honey bees that are resistant to the mite is an important area of research. This thesis aimed to gain a better understanding of the grooming and hygienic behaviours of Russian honey bees (RHB). The effect of a break in the synchrony of a mite’s life cycle on reproductive success was tested through brood inoculation experiments. Mites released by hygienic behaviour and forced to enter a new cell are less likely to lay male offspring. Through laboratory cage assays it was found that daughter mites are more susceptible to grooming behaviour. A new method of marking Varroa mites was developed which would enable a single cohort of mites to be followed after inoculation. A strong brood removal trait was noticed in RHB colonies, therefore they were tested for Varroa sensitive hygienic (VSH) behaviour. RHB demonstrated levels of VSH as high as the USDA line bred specifically for this behaviour. In addition the same QTL found to be responsible for the trait in VSH bees, was associated with VSH in RHB stock. Previous work showed that the ratio of older mites to total trapped mites (O/T) in the debris of honey bee colonies demonstrated the strongest association with colony infestation. This research showed that O/T is associated with VSH and brood removal behaviour. In addition, bees that displayed high levels of VSH in this study were also more likely to spend a longer amount of time grooming in laboratory assays. This indicates that both grooming and hygienic behaviours play important roles in the resistance of RHB stock. Their likelihood to be expressed by other stocks is discussed and recommendations for further research are provided.

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Understanding the role of marine mammals in specific ecosystems and their interactions with fisheries involves, inter alia, an understanding of their diet and dietary requirements. In this thesis, the foraging ecology of seven marine mammal species that regularly occur in Irish waters was investigated by reconstructing diet using hard parts from digestive tracts and scats. Of the species examined, two (striped and Atlantic white-sided dolphin) can be considered offshore species or species inhabiting neritic waters, while five others usually inhabit more coastal areas (white-beaked dolphin, harbour porpoise, harbour seal and grey seal); the last species studied was the bottlenose dolphin whose population structure is more complex, with coastal and offshore populations. A total of 13,028 prey items from at least 81 different species (62 fish species, 14 cephalopods, four crustaceans, and a tunicate) were identified. 28% of the fish species were identified using bones other than otoliths, highlighting the importance of using all identifiable structures to reconstruct diet. Individually, each species of marine mammal presented a high diversity of prey taxa, but the locally abundant Trisopterus spp. were found to be the most important prey item for all species, indicating that Trisopterus spp. is probably a key species in understanding the role of these predators in Irish waters. In the coastal marine mammals, other Gadiformes species (haddock, pollack, saithe, whiting) also contributed substantially to the diet; in contrast, in pelagic or less coastal marine mammals, prey was largely comprised of planktivorous fish, such as Atlantic mackerel, horse mackerel, blue whiting, and mesopelagic prey. Striped dolphins and Atlantic white-sided dolphins are offshore small cetaceans foraging in neritic waters. Differences between the diet of striped dolphins collected in drift nets targeting tuna and stranded on Irish coasts showed a complex foraging behaviour; the diet information shows that although this dolphin forages mainly in oceanic waters it may occasionally forage on the continental shelf, feeding on available prey. The Atlantic white-sided dolphin diet showed that this species prefers to feed over the continental edge, where planktivorous fish are abundant. Some resource partitioning was found in bottlenose dolphins in Irish waters consistent with previous genetic and stable isotope analysis studies. Bottlenose dolphins in Irish waters appears to be generalist feeders consuming more than 30 prey species, however most of the diet comprised a few locally abundant species, especially gadoid fish including haddock/pollack/saithe group and Trisopterus spp., but the contribution of Atlantic hake, conger eels and the pelagic planktivorous horse mackerel were also important. Stomach content information suggests that three different feeding behaviours might occur in bottlenose dolphin populations in Irish waters; firstly a coastal behaviour, with animals feeding on prey that mainly inhabit areas close to the coast; secondly an offshore behaviour where dolphins feed on offshore species such as squid or mesopelagic fish; and a third more complex behaviour that involves movements over the continental shelf and close to the shelf edge. The other three coastal marine mammal species (harbour porpoise, harbour seal and grey seal) were found to be feeding on similar prey and competition for food resources among these sympatric species might occur. Both species of seals were found to have a high overlap (more than 80%) in their diet composition, but while grey seals feed on large fish (>110mm), harbour seals feed mostly on smaller fish (<110mm), suggesting some spatial segregation in foraging. Harbour porpoises and grey seals are potentially competing for the same food resource but some differences in prey species were found and some habitat partitioning might occur. Direct interaction (by catch) between dolphins and fisheries was detected in all species. Most of the prey found in the stomach contents from both stranded and by catch dolphins were smaller sizes than those targeted by commercial fisheries. In fact, the total annual food consumption of the species studied was found to be very small (225,160 tonnes) in comparison to fishery landings for the same area (~2 million tonnes). However, marine mammal species might be indirectly interacting with fisheries, removing forage fish. Incorporating the dietary information obtained from the four coastal species, an ECOPATH food web model was established for the Irish Sea, based on data from 2004. Five trophic levels were found, with bottlenose dolphins and grey and harbour seals occurring at the highest trophic level. A comparison with a previous model based on 1973 data suggests that while the overall Irish Sea ecosystem appears to be “maturing”, some indices indicate that the 2004 fishery was less efficient and was targeting fish at higher trophic levels than in 1973, which is reflected in the mean trophic level of the catch. Depletion or substantial decrease of some of the Irish Sea fish stocks has resulted in a significant decline in landings in this area. The integration of diet information in mass-balance models to construct ecosystem food-webs will help to understand the trophic role of these apex predators within the ecosystem.

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We examine the role of liquidity risk, both as a stock characteristic as well as systematic liquidity risk, in UK mutual fund performance for the first time. Using four alternative measures of stock liquidity we extract principal components across stocks in order to construct systematic or market liquidity factors. We find that on average UK mutual funds are tilted towards liquid stocks (except for small stock funds as might be expected) but that, counter-intuitively, liquidity as a stock characteristic is positively priced in the cross-section of fund performance. We find that systematic liquidity risk is positively priced in the cross-section of fund performance. Overall, our results reveal a strong role for stock liquidity level and systematic liquidity risk in fund performance evaluation models.

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This paper confirms presence of GARCH(1,1) effect on stock return time series of Vietnam’s newborn stock market. We performed tests on four different time series, namely market returns (VN-Index), and return series of the first four individual stocks listed on the Vietnamese exchange (the Ho Chi Minh City Securities Trading Center) since August 2000. The results have been quite relevant to previously reported empirical studies on different markets.