Urban ponds as an aquatic biodiversity resource in modified landscapes.

Urbanization is a global process contributing to the loss and fragmentation of natural habitats. Many studies have focused on the biological response of terrestrial taxa and habitats to urbanization. However, little is known regarding the consequences of urbanization on freshwater habitats, especially small lentic systems. In this study we examined aquatic macroinvertebrate diversity (family and species level) and variation in community composition between 240 urban and 784 non-urban ponds distributed across the UK. Contrary to predictions, urban ponds supported similar numbers of invertebrate species and families compared to non-urban ponds. Similar gamma diversity was found between the two groups at a family level, and while at a species level gamma diversity was higher in non-urban ponds, this difference was not statistically significant. The biological communities of urban ponds were markedly different to those of non-urban ponds and the variability in urban pond community composition was greater than that in non-urban ponds, contrary to previous work showing homogenisation of communities in urban areas. Positive spatial autocorrelation was recorded for urban and non-urban ponds at 0-50 km (distance between pond study sites) and negative spatial autocorrelation was observed at 100-150 km, and was stronger in urban ponds in both cases. Ponds do not follow the same ecological patterns as terrestrial and lotic habitats (reduced taxonomic richness) in urban environments; in contrast they support high taxonomic richness and contribute significantly to regional faunal diversity. Individual cities are complex structural mosaics which evolve over long periods of time and are managed in diverse ways, promoting the development of a wide-range of environmental conditions and habitat niches in urban ponds which can promote greater heterogeneity between pond communities at larger scales. Ponds provide an opportunity for managers and environmental regulators to conserve and enhance freshwater biodiversity in urbanized landscapes whilst also facilitating key ecosystem services including storm water storage and water treatment.

Volumetric consequences of particle loss by grading entropy.

Chemical and biological processes, such as dissolution in gypsiferous sands and biodegradation in waste refuse, result in mass or particle loss, which in turn lead to changes in solid and void phase volumes and grading. Data on phase volume and grading changes have been obtained from oedometric dissolution tests on sand–salt mixtures. Phase volume changes are defined by a (dissolution-induced) void volume change parameter (Λ). Grading changes are interpreted using grading entropy coordinates, which allow a grading curve to be depicted as a single data point and changes in grading as a vector quantity rather than a family of distribution curves. By combining Λ contours with pre- to post-dissolution grading entropy coordinate paths, an innovative interpretation of the volumetric consequences of particle loss is obtained. Paths associated with small soluble particles, the loss of which triggers relatively little settlement but large increase in void ratio, track parallel to the Λ contours. Paths associated with the loss of larger particles, which can destabilise the sand skeleton, tend to track across the Λ contours.

Islamic corporate financing : does it promote profit and loss sharing?

Islamic financing instruments can be categorised into profit and loss/risk sharing and non-participatory instruments. Although profit and loss sharing instruments such as musharakah are widely accepted as the ideal form of Islamic financing, prior studies suggest that alternative instruments such as murabahah are preferred by Islamic banks. Nevertheless, prior studies did not explore factors that influence the use of Islamic financing among non-financial firms. Our study fills this gap and contributes new knowledge in several ways. First, we find no evidence of widespread use of Islamic financing instruments across non-financial firms. This is because the instruments are mostly used by less profitable firms with higher leverage (i.e., risky firms). Second, we find that profit and loss sharing instruments are hardly used, whilst the use of murabahah is dominant. Consistent with the prediction of moral-hazard-risk avoidance theory, further analysis suggests that users with a lower asset base (to serve as collateral) are associated with murabahah financing. Third, we present a critical discourse on the contentious nature of murabahah as practised. The economic significance and ethical issues associated with murabahah as practised should trigger serious efforts to steer Islamic corporate financing towards risk-sharing more than the controversial rent-seeking practice.