Response of the northern stratospheric polar vortex to the seasonal alignment of QBO phase transitions

This study considers the strength of the Northern Hemisphere Holton-Tan effect (HTE) in terms of the phase alignment of the quasi-biennial oscillation (QBO) with respect to the annual cycle. Using the ERA-40 Reanalysis, it is found that the early winter (Nov–Dec) and late winter (Feb–Mar) relation between QBO phase and the strength of the stratospheric polar vortex is optimized for subsets of the 44-year record that are chosen on the basis of the seasonality of QBO phase transitions at the 30 hPa level. The timing of phase transitions serves as a proxy for changes in the vertical structure of the QBO over the whole depth of the tropical stratosphere. The statistical significance of the Nov–Dec (Feb–Mar) HTE is greatest when 30 hPa QBO phase transitions occur 9–14 (4–9) months prior to the January of the NH winter in question. This suggests that there exists for both early and late winter a vertical structure of tropical stratospheric winds that is most effective at influencing the interannual variability of the polar vortex, and that an early (late) winter HTE is associated with an early (late) progression of QBO phase towards that structure. It is also shown that the seasonality of QBO phase transitions at 30 hPa varies on a decadal timescale, with transitions during the first half of the calendar year being relatively more common during the first half of the tropical radiosonde wind record. Combining these two results suggests that decadal changes in HTE strength could result from the changing seasonality of QBO phase transitions. Citation: Anstey, J. A., and T. G. Shepherd (2008), Response of the northern stratospheric polar vortex to the seasonal alignment of QBO phase transitions, Geophys. Res. Lett., 35, L22810, doi:10.1029/2008GL035721.

A global picture of the seasonal persistence of stratospheric ozone anomalies

Interannual anomalies in vertical profiles of stratospheric ozone, in both equatorial and extratropical regions, have been shown to exhibit a strong seasonal persistence, namely, extended temporal autocorrelations during certain times of the calendar year. Here we investigate the relationship between this seasonal persistence of equatorial and extratropical ozone anomalies using the SAGE‐corrected SBUV data set, which provides a long‐term ozone profile time series. For the regions of the stratosphere where ozone is under purely dynamical or purely photochemical control, the seasonal persistence of equatorial and extratropical ozone anomalies arises from distinct mechanisms but preserves an anticorrelation between tropical and extratropical anomalies established during the winter period. In the 16–10 hPa layer, where ozone is controlled by both dynamical and photochemical processes, equatorial ozone anomalies exhibit a completely different behavior compared to ozone anomalies above and below in terms of variability, seasonal persistence, and especially the relationship between equatorial and extratropical ozone. Cross‐latitude‐time correlations show that for the 16–10 hPa layer, Northern Hemisphere (NH) extratropical ozone anomalies show the same variability as equatorial ozone anomalies but lagged by 3–6 months. High correlation coefficients are observed during the time frame of seasonal persistence of ozone anomalies, which is June– December for equatorial ozone and shifts by approximately 3–6 months when going from the equatorial region to NH extratropics. Thus in the transition zone between dynamical and photochemical control, equatorial ozone anomalies established in boreal summer/autumn are mirrored by NH extratropical ozone anomalies with a time lag similar to transport time scales. Equatorial ozone anomalies established in boreal winter/spring are likewise correlated with ozone anomalies in the Southern Hemisphere extratropics with a time lag comparable to transport time scales, similar to what is seen in the NH. However, the correlations between equatorial and SH extratropical ozone in the 10–16 hPa layer are weak.

Private climate change reporting: an emerging discourse of risk and opportunity?

Purpose – This paper aims to explore the nature of the emerging discourse of private climate change reporting, which takes place in one-on-one meetings between institutional investors and their investee companies. Design/methodology/approach – Semi-structured interviews were conducted with representatives from 20 UK investment institutions to derive data which was then coded and analysed, in order to derive a picture of the emerging discourse of private climate change reporting, using an interpretive methodological approach, in addition to explorative analysis using NVivo software. Findings – The authors find that private climate change reporting is dominated by a discourse of risk and risk management. This emerging risk discourse derives from institutional investors' belief that climate change represents a material risk, that it is the most salient sustainability issue, and that their clients require them to manage climate change-related risk within their portfolio investment. It is found that institutional investors are using the private reporting process to compensate for the acknowledged inadequacies of public climate change reporting. Contrary to evidence indicating corporate capture of public sustainability reporting, these findings suggest that the emerging private climate change reporting discourse is being captured by the institutional investment community. There is also evidence of an emerging discourse of opportunity in private climate change reporting as the institutional investors are increasingly aware of a range of ways in which climate change presents material opportunities for their investee companies to exploit. Lastly, the authors find an absence of any ethical discourse, such that private climate change reporting reinforces rather than challenges the “business case” status quo. Originality/value – Although there is a wealth of sustainability reporting research, there is no academic research on private climate change reporting. This paper attempts to fill this gap by providing rich interview evidence regarding the nature of the emerging private climate change reporting discourse.

Quantitative estimates of glacial and Holocene temperature and precipitation change in lowland Amazonian Bolivia

Quantitative estimates of temperature and precipitation change during the late Pleistocene and Holocene have been difficult to obtain for much of the lowland Neotropics. Using two published lacustrine pollen records and a climate-vegetation model based on the modern abundance distributions of 154 Neotropical plant families, we demonstrate how family-level counts of fossil pollen can be used to quantitatively reconstruct tropical paleoclimate and provide needed information on historic patterns of climatic change. With this family-level analysis, we show that one area of the lowland tropics, northeastern Bolivia, experienced cooling (1–3 °C) and drying (400 mm/yr), relative to present, during the late Pleistocene (50,000–12,000 calendar years before present [cal. yr B.P.]). Immediately prior to the Last Glacial Maximum (LGM, ca. 21,000 cal. yr B.P.), we observe a distinct transition from cooler temperatures and variable precipitation to a period of warmer temperatures and relative dryness that extends to the middle Holocene (5000–3000 cal. yr B.P.). This prolonged reduction in precipitation occurs against the backdrop of increasing atmospheric CO2 concentrations, indicating that the presence of mixed savanna and dry-forest communities in northeastern Bolivia durng the LGM was not solely the result of low CO2 levels, as suggested previously, but also lower precipitation. The results of our analysis demonstrate the potential for using the distribution and abundance structure of modern Neotropical plant families to infer paleoclimate from the fossil pollen record.

Private climate change reporting: a discourse of risk and opportunity

Purpose – This paper aims to explore the nature of the emerging discourse of private climate change reporting, which takes place in one-on-one meetings between institutional investors and their investee companies. Design/methodology/approach – Semi-structured interviews were conducted with representatives from 20 UK investment institutions to derive data which was then coded and analysed, in order to derive a picture of the emerging discourse of private climate change reporting, using an interpretive methodological approach, in addition to explorative analysis using NVivo software. Findings – The authors find that private climate change reporting is dominated by a discourse of risk and risk management. This emerging risk discourse derives from institutional investors' belief that climate change represents a material risk, that it is the most salient sustainability issue, and that their clients require them to manage climate change-related risk within their portfolio investment. It is found that institutional investors are using the private reporting process to compensate for the acknowledged inadequacies of public climate change reporting. Contrary to evidence indicating corporate capture of public sustainability reporting, these findings suggest that the emerging private climate change reporting discourse is being captured by the institutional investment community. There is also evidence of an emerging discourse of opportunity in private climate change reporting as the institutional investors are increasingly aware of a range of ways in which climate change presents material opportunities for their investee companies to exploit. Lastly, the authors find an absence of any ethical discourse, such that private climate change reporting reinforces rather than challenges the “business case” status quo. Originality/value – Although there is a wealth of sustainability reporting research, there is no academic research on private climate change reporting. This paper attempts to fill this gap by providing rich interview evidence regarding the nature of the emerging private climate change reporting discourse.

Seasonality in Southeast Asian stock markets: some new evidence on day-of-the-week effects

This paper examines the evidence for a day-of-the-week effect in five Southeast Asian stock markets: South Korea, Malaysia, the Philippines, Taiwan and Thailand. Findings indicate significant seasonality for three of the five markets. Market risk, proxied by the return on the FTA World Price Index, is not sufficient to explain this calendar anomaly. Although an extension of the risk-return equation to incorporate interactive seasonal dummy variables can explain some significant day-of-the-week effects, market risk alone appears insufficient to characterize this phenomenon.

The emergence of integrated private reporting

Purpose: Private social and environmental reporting (SER) has grown considerably in recent years, consistent with a rise in institutional investor engagement and dialogue with investee companies. We interpret the emergence of integrated private reporting through the lens of institutional logics. We frame the emergence of integrated private reporting as a merging of two hitherto separate and possibly rival institutional logics. Methodology/Approach: We interviewed 19 companies listed on the FTSE100 and 20 UK institutional investors. The interviews were semi-structured and analysed in an interpretive fashion. Findings and Implications: We provide evidence to suggest that private SER is beginning to merge with private financial reporting and that, as a result integrated private reporting is emerging. This trend is mirroring the international trend in public reporting toward an integrated approach. Specifically, we find that specialist social responsible investment managers are starting to attend private financial reporting meetings whilst mainstream fund managers are starting to attend private meetings on environmental, social and governance (ESG) issues. Further, senior company directors are becoming increasingly conversant with ESG issues. We interpret our findings as two possible scenarios: (i) there is a genuine hybridisation occurring in UK institutional investment such that integrated private reporting is emerging, or; (ii) the financial logic is absorbing and effectively neutralising the responsible investment logic. Originality: This is the first research investigating the evolution of private integrated reporting.

Parents' experiences of their children's presence in discussions with physicians about leukemia

OBJECTIVE: We aimed to examine parents' views regarding their preadolescent child's presence during discussions about serious illnesses. METHODS: In-depth qualitative interviews with parents of children receiving treatment for acute lymphoblastic leukemia were conducted. Parents were sampled from 6 UK treatment centers. Analysis was informed by the constant comparative method and content analysis. RESULTS: We report on interviews with 53 parents (33 mothers, 20 fathers). Parents acknowledged the benefits of communicating openly with children, but few thought that their child's presence in discussions was straightforwardly desirable. They described how their child's presence restricted their own communication with physicians, made concentrating difficult, and interfered with their efforts to care for their child emotionally. Children's presence was particularly difficult when significant issues were being discussed, including prognoses, adverse results, and certain medical procedures. Parents felt that such discussions posed a potential threat to their child, particularly when they had not first had an opportunity to discuss information with the physician separately from the child. In contrast, separate meetings enabled parents to absorb information and to convey it to their child at an appropriate time and in a reassuring way. Some parents experienced difficulties in accessing separate meetings with physicians. CONCLUSIONS: The difficulties parents described could potentially be addressed by extending, beyond the diagnosis period, the practice of sequencing significant information so that it is communicated to parents in separate meetings before being communicated to the child and by periodically exploring with parents what information would be in each child's interests.

Investigation of institutional investors’ responsible investment practices in UK

The focus of Corporate Governance is shifting from the role of directors to active ownership. Based on their fiduciary duty to other shareholders, it is believed that institutional investors have an important role to play in this regard. However, the Pension Funds and the Sovereign Wealth Organisations are not driven by the same set of objectives. In addition, Environmental Social and Governance (ESG) issues in investment decision-making are now becoming more important and they are capable of becoming the mainstream in the future. However, there are widespread variations in perception of fiduciary responsibilities, ESG issues appraisal, as well as the strategies adopted by institutional investors on shareholder engagement as responsible investors. Responsible Investment market is largely driven by institutional investors and they are expected to continue to lead the way. This research work investigates the role of the main asset owners and their advisors in responsible investment practices in the UK. It adopts a qualitative approach using semi-structured interviews, questionnaire and meetings observations. Gathered data is analysed using grounded theory and the findings highlight the perception of the various investor groups to corporate governance. The research work contributes to the body of knowledge by assessing the corporate governance perspectives of the various classes of institutional investors which may have practical implications for other countries.

Putting the Canal on the map: Panamanian agenda-setting and the 1973 Security Council meetings

In the early 1970s, Panama’s negotiations with the United States over the status of the Panama Canal ground to a standstill. General Omar Torrijos had rejected treaties left unratified by previous governments only to receive a less generous offer from the Nixon administration. Realizing that the talks were being ignored in Washington, the Panamanian government worked to internationalize the previously bilateral issue, creating and exploiting a high-profile forum: Extraordinary meetings of the UN Security Council in March 1973 held in Panama City. In those meetings, Panama isolated the United States in order to raise the issue’s profile and amplify the costs of leaving the matter unsettled. Using underutilized Panamanian sources, this article examines that meeting, the succeeding progress, and the effect of this early stage on the final negotiations several years later. The case also illustrates how, during the unsettled international environment of the 1970s, a small state utilized international organizations to obtain attention and support for its most important cause.