50 resultados para Limits to Arbitrage


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This piece is a contribution to the exhibition catalogue of Barbadian / Canadian artist Joscelyn Gardner's exhibition, 'Bleeding & Breeding' curated by Olexander Wlasenko, January 14-February 12, 2012 in the Station Gallery, Whitby, Ontario, Canada. The piece examines the ways in which Gardner's Creole Portraits II (2007) and Creole Portraits III (2009) issue a provocative and carefully crafted contestation to the journals of the slave-owner and amateur botanist Thomas Thistlewood. It argues that while Thistlewood’s journals make raced and gendered bodies seemingly available to knowledge, incorporating them within the colonial archive as signs of subjection, Gardener’s portraits disrupt these acts of history and knowledge. Her artistic response marks a radical departure from the significant body of scholarship that has drawn on the Thistlewood journals to date. Creatively contesting his narratives’ dispossession of Creole female subjects and yet aware of the problems of innocent recovery, her works style representations that retain the consciousness and effect of historical erasure. Through an oxymoronic aesthetic that assembles a highly crafted verisimilitude alongside the condition of invisibility and brings atrocity into the orbit of the aesthetic, these portraits force us to question what stakes are involved in bringing the lives of the enslaved and violated back into regimes of representation.

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1. Large female insects usually have high potential fecundity. Therefore selection should favour an increase in body size given that these females get opportunities to realize their potential advantage by maturing and laying more eggs. However, ectotherm physiology is strongly temperature-dependent, and activities are carried out sufficiently only within certain temperature ranges. Thus it remains unclear if the fecundity advantage of a large size is fully realized in natural environments, where thermal conditions are limiting. 2. Insect fecundity might be limited by temperature at two levels; first eggs need to mature, and then the female needs time for strategic ovipositing of the egg. Since a female cannot foresee the number of oviposition opportunities that she will encounter on a given day, the optimal rate of egg maturation will be governed by trade-offs associated with egg- and time-limited oviposition. As females of different sizes will have different amounts of body reserves, size-dependent allocation trade-offs between the mother’s condition and her egg production might be expected. 3. In the temperate butterfly Pararge aegeria , the time and temperature dependence of oviposition and egg maturation, and the interrelatedness of these two processes were investigated in a series of laboratory experiments, allowing a decoupling of the time budgets for the respective processes. 4. The results show that realized fecundity of this species can be limited by both the temperature dependence of egg maturation and oviposition under certain thermal regimes. Furthermore, rates of oviposition and egg maturation seemed to have regulatory effects upon each other. Early reproductive output was correlated with short life span, indicating a cost of reproduction. Finally, large females matured more eggs than small females when deprived of oviposition opportunities. Thus, the optimal allocation of resources to egg production seems dependent on female size. 5. This study highlights the complexity of processes underlying rates of egg maturation and oviposition in ectotherms under natural conditions. We further discuss the importance of temperature variation for egg- vs. time-limited fecundity and the consequences for the evolution of female body size in insects.

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Some proponents of local knowledge, such as Sillitoe (2010), have expressed second thoughts about its capacity to effect development on the ‘revolutionary’ scale once predicted. Our argument in this article follows a similar route. Recent research into the management of livestock in South Africa makes clear that rural African livestock farmers experience uncertainty in relation to the control of stock diseases. State provision of veterinary services has been significantly reduced over the past decade. Both white and African livestock owners are to a greater extent left to their own devices. In some areas of animal disease management, African livestock owners have recourse to tried-and-tested local remedies, which are largely plant-based. But especially in the critical sphere of tick control, efficacious treatments are less evident, and livestock owners struggle to find adequate solutions to high tickloads. This is particularly important in South Africa in the early twenty-first century because land reform and the freedom to purchase land in the post-apartheid context affords African stockowners opportunities to expand livestock holdings. Our research suggests that the limits of local knowledge in dealing with ticks is one of the central problems faced by African livestock owners. We judge this not only in relation to efficacy but also the perceptions of livestock owners themselves. While confidence and practice varies, and there is increasing resort of chemical acaricides we were struck by the uncertainty of livestock owners over the best strategies.

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With a 20 million dollar budget and 1,900 staff Voice of America broadcasted in 45 different languages and Italy was one of its main targets. By looking into what went on behind the microphone, this article addresses the extent to which cultural change was planned and structured transnationally, the interactions and interdependencies operating between Washington and Rome, and how a cooperation was achieved despite the fierce resistance of some of RAI’s executives. This allowed to air programmes produced in New York, and led to the launch of the most popular character of Italian radio and television: Mike Bongiorno.

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One reason for the recent asset price bubbles in many developed countries could be regulatory capital arbitrage. Regulatory and legal changes can help traditional banks to move their assets off their balance sheets into the lightly regulated shadows and thus enable regulatory arbitrage through the securitized sector. This paper adopts a global vector autoregression (GVAR) methodology to assess the effects of regulatory capital arbitrage on equity prices, house prices and economic activity across 11 OECD countries/ regions. A counterfactual experiment disentangles the effects of regulatory arbitrage following a change in the net capital rule for investment banks in April 2004 and the adoption of the Basel II Accord in June 2004. The results provide evidence for the existence of an international finance multiplier, with about half of the countries overshooting U.S. impulse responses. The counterfactual shows that regulatory arbitrage via the U.S. securitized sector may enhance the cross-country reallocation of capital from housing markets towards equity markets.

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The electronic structure and oxidation state of atomic Au adsorbed on a perfect CeO2(111) surface have been investigated in detail by means of periodic density functional theory-based calculations, using the LDA+U and GGA+U potentials for a broad range of U values, complemented with calculations employing the HSE06 hybrid functional. In addition, the effects of the lattice parameter a0 and of the starting point for the geometry optimization have also been analyzed. From the present results we suggest that the oxidation state of single Au atoms on CeO2(111) predicted by LDA+U, GGA+U, and HSE06 density functional calculations is not conclusive and that the final picture strongly depends on the method chosen and on the construction of the surface model. In some cases we have been able to locate two well-defined states which are close in energy but with very different electronic structure and local geometries, one with Au fully oxidized and one with neutral Au. The energy difference between the two states is typically within the limits of the accuracy of the present exchange-correlation potentials, and therefore, a clear lowest-energy state cannot be identified. These results suggest the possibility of a dynamic distribution of Au0 and Au+ atomic species at the regular sites of the CeO2(111) surface.

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Ninety-four sites worldwide have sufficient resolution and dating to document the impact of millennial-scale climate variability on vegetation and fire regimes during the last glacial period. Although Dansgaard–Oeschger (D–O) cycles all show a basically similar gross structure, they vary in the magnitude and the length of the warm and cool intervals. We illustrate the geographic patterns in the climate-induced changes in vegetation by comparing D–O 6, D–O 8 and D–O 19. There is a strong response to both D–O warming events and subsequent cooling, most marked in the northern extratropics. Pollen records from marine cores from the northern extratropics confirm that there is no lag between the change in climate and the vegetation response, within the limits of the dating resolution (50–100 years). However, the magnitude of the change in vegetation is regionally specific and is not a simple function of either the magnitude or the duration of the change in climate as registered in Greenland ice cores. Fire regimes also show an initial immediate response to climate changes, but during cooling intervals there is a slow recovery of biomass burning after the initial reduction, suggesting a secondary control through the recovery of vegetation productivity. In the extratropics, vegetation changes are largely determined by winter temperatures while in the tropics they are largely determined by changes in plant-available water. Tropical vegetation records show changes corresponding to Heinrich Stadials but the response to D–O warming events is less marked than in the northern extratropics. There are very few high-resolution records from the Southern Hemisphere extratropics, but these records also show both a vegetation and fire response to millennial-scale climate variability. It is not yet possible to determine unequivocally whether terrestrial records reflect the asynchroneity apparent in the ice-core records.

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Key message We have identified QTLs for stomatal characteristics on chromosome II of faba bean by applying SNPs derived from M. truncatula , and have identified candidate genes within these QTLs using synteny between the two species. Abstract Faba bean (Vicia faba L.) is a valuable food and feed crop worldwide, but drought often limits its production, and its genome is large and poorly mapped. No information is available on the effects of genomic regions and genes on drought adaptation characters such as stomatal characteristics in this species, but the synteny between the sequenced model legume, Medicago truncatula, and faba bean can be used to identify candidate genes. A mapping population of 211 F5 recombinant inbred lines (Mélodie/2 × ILB 938/2) were phenotyped to identify quantitative trait loci (QTL) affecting stomatal morphology and function, along with seed weight, under well-watered conditions in a climate-controlled glasshouse in 2013 and 2014. Canopy temperature (CT) was evaluated in 2013 under water-deficit (CTd). In total, 188 polymorphic single nucleotide polymorphisms (SNPs), developed from M. truncatula genome data, were assigned to nine linkage groups that covered ~928 cM of the faba bean genome with an average inter-marker distance of 5.8 cM. 15 putative QTLs were detected, of which eight (affecting stomatal density, length and conductance and CT) co-located on chromosome II, in the vicinity of a possible candidate gene—a receptor-like protein kinase found in the syntenic interval of M. truncatula chromosome IV. A ribose-phosphate pyrophosphokinase from M. truncatula chromosome V, postulated as a possible candidate gene for the QTL for CTd, was found some distance away in the same chromosome. These results demonstrate that genomic information from M. truncatula can successfully be translated to the faba bean genome.

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Body size affects nearly all aspects of organismal biology, so it is important to understand the constraints and dynamics of body size evolution. Despite empirical work on the macroevolution and macroecology of minimum and maximum size, there is little general quantitative theory on rates and limits of body size evolution. We present a general theory that integrates individual productivity, the lifestyle component of the slow–fast life-history continuum, and the allometric scaling of generation time to predict a clade's evolutionary rate and asymptotic maximum body size, and the shape of macroevolutionary trajectories during diversifying phases of size evolution. We evaluate this theory using data on the evolution of clade maximum body sizes in mammals during the Cenozoic. As predicted, clade evolutionary rates and asymptotic maximum sizes are larger in more productive clades (e.g. baleen whales), which represent the fast end of the slow–fast lifestyle continuum, and smaller in less productive clades (e.g. primates). The allometric scaling exponent for generation time fundamentally alters the shape of evolutionary trajectories, so allometric effects should be accounted for in models of phenotypic evolution and interpretations of macroevolutionary body size patterns. This work highlights the intimate interplay between the macroecological and macroevolutionary dynamics underlying the generation and maintenance of morphological diversity.

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Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers and their inclusion in financial models. However, short positions in annuities can be replicated using life insurance and debt, permitting long positions in annuities to be offset, or short annuity positions to be created. The implications of this result for the annuity puzzle, arbitrage between the annuity and life insurance markets, and speculation on expected longevity are investigated. It is argued that annuity replication could help reduce the annuity puzzle, improve the price efficiency of annuity markets and promote the inclusion of annuities in household portfolios.

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Resilience of rice cropping systems to potential global climate change will partly depend on temperature tolerance of pollen germination (PG) and tube growth (PTG). Germination of pollen of high temperature susceptible Oryza glaberrima Steud. (cv. CG14) and O. sativa L. ssp. indica (cv. IR64) and high temperature tolerant O. sativa ssp. aus (cv. N22), was assessed on a 5.6-45.4°C temperature gradient system. Mean maximum PG was 85% at 27°C with 1488 μm PTG at 25°C. The hypothesis that in each pollen grain, minimum temperature requirements (Tn) and maximum temperature limits (Tx) for germination operate independently was accepted by comparing multiplicative and subtractive probability models. The maximum temperature limit for PG in 50% of grains (Tx(50)) was lowest (29.8°C) in IR64 compared with CG14 (34.3°C) and N22 (35.6°C). Standard deviation (sx) of Tx was also low in IR64 (2.3°C) suggesting that the mechanism of IR64's susceptibility to high temperatures may relate to PG. Optimum germination temperatures and thermal times for 1mm PTG were not linked to tolerating high temperatures at anthesis. However, the parameters Tx(50) and sx in the germination model define new pragmatic criteria for successful and resilient PG, preferable to the more traditional cardinal (maximum and minimum) temperatures.

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Mass loss by glaciers has been an important contributor to sea level rise in the past, and is projected to contribute a substantial fraction of total sea level rise during the 21st century. Here, we use a model of the world's glaciers to quantify equilibrium sensitivities of global glacier mass to climate change, and to investigate the role of changes in glacier hypsometry for long-term mass changes. We find that 21st century glacier-mass loss is largely governed by the glacier's response to 20th century climate change. This limits the influence of 21st century climate change on glacier-mass loss, and explains why there are relatively small differences in glacier-mass loss under greatly different scenarios of climate change. The projected future changes in both temperature and precipitation experienced by glaciers are amplified relative to the global average. The projected increase in precipitation partly compensates for the mass loss caused by warming, but this compensation is negligible at higher temperature anomalies since an increasing fraction of precipitation at the glacier sites is liquid. Loss of low-lying glacier area, and more importantly, eventual complete disappearance of glaciers, strongly limit the projected sea level contribution from glaciers in coming centuries. The adjustment of glacier hypsometry to changes in the forcing strongly reduces the rates of global glacier-mass loss caused by changes in global mean temperature compared to rates of mass loss when hypsometric changes are neglected. This result is a second reason for the relatively weak dependence of glacier-mass loss on future climate scenario, and helps explain why glacier-mass loss in the first half of the 20th century was of the same order of magnitude as in the second half of the 20th century, even though the rate of warming was considerably smaller.

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We extend all elementary functions from the real to the transreal domain so that they are defined on division by zero. Our method applies to a much wider class of functions so may be of general interest.

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Many theories for the Madden-Julian oscillation (MJO) focus on diabatic processes, particularly the evolution of vertical heating and moistening. Poor MJO performance in weather and climate models is often blamed on biases in these processes and their interactions with the large-scale circulation. We introduce one of three components of a model-evaluation project, which aims to connect MJO fidelity in models to their representations of several physical processes, focusing on diabatic heating and moistening. This component consists of 20-day hindcasts, initialised daily during two MJO events in winter 2009-10. The 13 models exhibit a range of skill: several have accurate forecasts to 20 days' lead, while others perform similarly to statistical models (8-11 days). Models that maintain the observed MJO amplitude accurately predict propagation, but not vice versa. We find no link between hindcast fidelity and the precipitation-moisture relationship, in contrast to other recent studies. There is also no relationship between models' performance and the evolution of their diabatic-heating profiles with rain rate. A more robust association emerges between models' fidelity and net moistening: the highest-skill models show a clear transition from low-level moistening for light rainfall to mid-level moistening at moderate rainfall and upper-level moistening for heavy rainfall. The mid-level moistening, arising from both dynamics and physics, may be most important. Accurately representing many processes may be necessary, but not sufficient for capturing the MJO, which suggests that models fail to predict the MJO for a broad range of reasons and limits the possibility of finding a panacea.

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This article uses discourse analysis to study the continuities in British foreign policy thinking within the Labour party from the 1960s to the present day. Using representative extracts from speeches by Hugh Gaitskell, Harold Wilson, Tony Blair and Gordon Brown, it identifies the ideational consis- tencies in the leaders’ attitudes to: Empire; federalism in the EEC/EU; and laying down conditions that have to be met before any constructive engagement with ‘Europe’ can be countenanced. We argue that these consistencies, spanning a 50-year period, exemplify a certain stagnation both within Labour’s European discourses and within British foreign policy thinking more widely. We develop the idea that Labour party thinking has been crucially framed by both small ‘c’ conser- vative and upper-case Conservative ideology, popularised by Winston Churchill in his ‘three circles’ model of British foreign policy.