Clara Bog: An ombotrophic groundwater dependant terrestrial ecosystem (Submitted)

Comparison of flow duration curves for a weir draining an undrained raised peat with those generated 20 years previously reveal that more recent curves reflect to be flatter with a lower Q95/Q5 ratio. Comparison of the bog topography for the same period revealed that although marginal drainage/peat reclamation had resulted in desiccation of peat around the bog margin and more frequent intense runoff, the central part of the bog had subsided to form an enclosed basin ,resulting in the creation of newly formed lakes that gave the central part of the bog an improved capacity to store, and more slowly discharge, water. Interrogation of groundwater monitoring data revealed a net decline in groundwater levels of up to three metres in the glacial tills underlying the bog associated with deepening and expansion of a marginal drain network which penetrated the base of the peat. Comparing organic carbon levels in peat the central part of the bog over a ten year period revealed an overall increase, with changes being most marked in deeper fen peat layers. These findings suggest that the decline in groundwater levels in the peat substrate resulted in an increase in effective stress in the peat causing greater subsidence in the central part of the bog due to greater overall thickness. Study results highlight how the hydrology of apparently isolated obotrophic raised bog ecosystems may be influenced by groundwater pressures in deeper deposits, and how marginal drains may have the capacity to impact areas at significant distances.

Air-Sea Exchange of Legacy POPs in the North Sea Based on Results of Fate and Transport, and Shelf-Sea Hydrodynamic Ocean Models

The air-sea exchange of two legacy persistent organic pollutants (POPs), γ-HCH and PCB 153, in the North Sea, is presented and discussed using results of regional fate and transport and shelf-sea hydrodynamic ocean models for the period 1996–2005. Air-sea exchange occurs through gas exchange (deposition and volatilization), wet deposition and dry deposition. Atmospheric concentrations are interpolated into the model domain from results of the EMEP MSC-East multi-compartmental model (Gusev et al, 2009). The North Sea is net depositional for γ-HCH, and is dominated by gas deposition with notable seasonal variability and a downward trend over the 10 year period. Volatilization rates of γ-HCH are generally a factor of 2–3 less than gas deposition in winter, spring and summer but greater in autumn when the North Sea is net volatilizational. A downward trend in fugacity ratios is found, since gas deposition is decreasing faster than volatilization. The North Sea is net volatilizational for PCB 153, with highest rates of volatilization to deposition found in the areas surrounding polluted British and continental river sources. Large quantities of PCB 153 entering through rivers lead to very high local rates of volatilization.

Outperformance in exchange-traded fund pricing deviations: Generalized control of data snooping bias

An investigation into exchange-traded fund (ETF) outperforrnance during the period 2008-2012 is undertaken utilizing a data set of 288 U.S. traded securities. ETFs are tested for net asset value (NAV) premium, underlying index and market benchmark outperformance, with Sharpe, Treynor, and Sortino ratios employed as risk-adjusted performance measures. A key contribution is the application of an innovative generalized stepdown procedure in controlling for data snooping bias. We find that a large proportion of optimized replication and debt asset class ETFs display risk-adjusted premiums with energy and precious metals focused funds outperforming the S&P 500 market benchmark.