On the robustness of short-term interest rate models

This paper investigates the robustness of a range of short–term interest rate models. We examine the robustness of these models over different data sets, time periods, sampling frequencies, and estimation techniques. We examine a range of popular one–factor models that allow the conditional mean (drift) and conditional variance (diffusion) to be functions of the current short rate. We find that parameter estimates are highly sensitive to all of these factors in the eight countries that we examine. Since parameter estimates are not robust, these models should be used with caution in practice.

Distribution of a nematocyst-bearing sponge in relation to potential coral donors

Haliclona sp. 628 (Demospongiae, Haplosclerida, Chalinidae), a sponge found on the reef slope below 5 in depth on the Great Barrier Reef, has two unusual characteristics. It contains a symbiotic dinoflagellate, Symbiodinium sp., similar in structure to the dinoflagellate found within Acropora nobilis (S. microadriaticum), and it contains coral nematocysts randomly distributed between the ectosome and endosome and usually undischarged in intact sponge tissue. Given the unusual occurrence of nematocysts in Haliclona sp. 628, the focus of this study was to determine the distribution of this species of sponge on the reef slope at Heron Island Reef in relation to the distribution of potential coral donors. A combination of line and belt transects was used to estimate the abundance of Halielona sp. 628 and a co-occurring congener, Haliclona sp. 1031, which does not contain nematocysts, at three widely separated sites on the reef slope at Heron Island Reef. The abundance of different types of substratum (sand, sand-covered coral rubble, dead A. nobilis, live A. nobilis, other live coral, and other dead coral) along the transects and the substratum to which each sponge colony was attached were also recorded. Despite the predominance of live A. nobilis and sand-covered rubble at all sites, between 30 and 55% of Haliclona sp. 628 colonies were attached to dead A. nobilis which comprised less than 8% of the available substratum along any transect. In contrast, Haliclona sp. 1031 was found significantly more frequently on other dead corals and less frequently on live A. nobilis than would be expected based on the availability of the different substrata in the sites. Potential explanations to account for the distribution of Haliclona sp. 628 in relation to potential coral donors are discussed.

The characteristics of six species of living hollow-bearing trees and their importance for arboreal marsupials in the dry sclerophyll forests of southeast Queensland, Australia

Six species of trees located in the dry sclerophyll forests of southeast Queensland were studied to ascertain which was most suitable to be retained as hollow-bearing trees for nesting and denning by arboreal marsupials. Generally for all tree species, the number of entrances to hollows was positively correlated with the diameter at breast height (DBH) and the growth stage, and entrance diameters also increased in trees with a larger DBH. However, there were differences between the species; Corymbia citriodora had few hollows until the individuals were very large while Eucalyptus crebra had low numbers of hollows throughout its entire size range. It was concluded that a mixture of tree species provided a range of hollow sizes and positions that would be suitable for nesting and denning by arboreal marsupials in those forests. There were large differences between tree species in the relationship between tree size and estimated age. Five of the tree species took between 186 and 230 years to begin to produce hollows while E. crebra took up to 324 years. This suggests that tree species other than E. crebra may be the most preferred for retention in areas where hollow-bearing tree densities are lower than the prescribed level. Other data also suggests there are likely to be enough trees in larger size classes that would begin to form hollows within the next 50 years to compensate for an expected loss of hollow-bearing stags during that same period. In terms of forest operation, the retention of six hollow-bearing trees/ha would represent an estimated loss of 7.3-15% wood production. (C) 2003 Elsevier Science B.V. All rights reserved.

Physical Activity and Bone Mineral Accrual During Childhood and Adolescence

The epidemic that is osteoporosis has led to an increasing interest in bone mineral, and the factors that influence the levels of bone mineral, in recent years. While it is unrealistic to try and turn back the clock, a return to an increased level of physical activity may be an important consideration in terms of skeletal health. Peak bone mass is largely determined by heredity, but lifestyle and dietary patterns also influence the level of bone mineral accrued during the growing years. In this review, we summarize the evidence that vigorous weight-bearing physical activity and adequate calcium intake represent the best possibility for enhancing the attainment of an optimal level of bone mineral, within genetic limits.