Forecasting exchange rate volatility using conditional variance models selected by information criteria

This paper uses appropriately modified information criteria to select models from the GARCH family, which are subsequently used for predicting US dollar exchange rate return volatility. The out of sample forecast accuracy of models chosen in this manner compares favourably on mean absolute error grounds, although less favourably on mean squared error grounds, with those generated by the commonly used GARCH(1, 1) model. An examination of the orders of models selected by the criteria reveals that (1, 1) models are typically selected less than 20% of the time.

Criteria for validation and selection of cognitive tests for investigating the effects of foods and nutrients.

This review is an output of the International Life Sciences Institute (ILSI) Europe Marker Initiative, which aims to identify evidence-based criteria for selecting adequate measures of nutrient effects on health through comprehensive literature review. Experts in cognitive and nutrition sciences examined the applicability of these proposed criteria to the field of cognition with respect to the various cognitive domains usually assessed to reflect brain or neurological function. This review covers cognitive domains important in the assessment of neuronal integrity and function, commonly used tests and their state of validation, and the application of the measures to studies of nutrition and nutritional intervention trials. The aim is to identify domain-specific cognitive tests that are sensitive to nutrient interventions and from which guidance can be provided to aid the application of selection criteria for choosing the most suitable tests for proposed nutritional intervention studies using cognitive outcomes. The material in this review serves as a background and guidance document for nutritionists, neuropsychologists, psychiatrists, and neurologists interested in assessing mental health in terms of cognitive test performance and for scientists intending to test the effects of food or food components on cognitive function.

Globalization and new policy concerns: the WTO and the EU's sustainability criteria for biofuels

The transfer of some decision-making authority from the domestic to the supranational arena as a result of the establishment of the World Trade Organization (WTO) in 1995 potentially changed domestic policy dynamics. The WTO agreements reflect the trade policy concerns addressed in the Uruguay Round in the late 1980s and early 1990s. This article applies and adapts historical institutionalism to explain how international organizations may constrain and facilitate certain domestic policy options. It demonstrates that, while the WTO legal framework has become more receptive of environmental sustainability concerns, the social sustainability concerns that were increasingly entering the debate over biofuel policies were not easily accommodated, and this was seen as a constraint on the content of the European Union’s (EU) policy adopted in 2009. Only the environmental dimension of a broader concept of sustainability was included in the policy design.

Fractal-to-Euclidean crossover of the isotropy restoration feature in a family of fractal resistor networks

Fractal with microscopic anisotropy shows a unique type of macroscopic isotropy restoration phenomenon that is absent in Euclidean space [M. T. Barlow et al., Phys. Rev. Lett. 75, 3042]. In this paper the isotropy restoration feature is considered for a family of two-dimensional Sierpinski gasket type fractal resistor networks. A parameter xi is introduced to describe this phenomenon. Our numerical results show that xi satisfies the scaling law xi similar to l(-alpha), where l is the system size and alpha is an exponent independent of the degree of microscopic anisotropy, characterizing the isotropy restoration feature of the fractal systems. By changing the underlying fractal structure towards the Euclidean triangular lattice through increasing the side length b of the gasket generators, the fractal-to-Euclidean crossover behavior of the isotropy restoration feature is discussed.

Bifidobacteria in milk products: An overview of physiological and biochemical properties, exopolysaccharide production, selection criteria of milk products and health benefits

Research and commercial interest in the genus Bifidobacterium have increased in the last decade due to their potential health benefits in probiotic functional foods, especially in dairy products. However, cultivation of bifidobacteria in milk is a difficult task compared with that of conventional starters because milk is not a good medium for growth of these nutritionally fastidious microorganisms. Therefore, suitable strains of Bifidobacterium for dairy products should be selected based on their safety and technological and functional properties. There are a number of milk products containing bifidobacteria in the world market and the demand for new products is increasing with the awareness of the potential health benefits of the consumption of products blended with bifidobacteria. Some strains of Bifidobacterium, which produce exopolysaccharide, have been isolated and characterised. This review will discuss the general characteristics of bifidobacteria, exopolysaccharide production, the selection criteria of bacterial strains for milk products, current applications of bifidobacteria in milk products, and their nutritional and beneficial health properties.

Landscape connectivity: a key to effective habitat restoration in lowland agricultural landscapes

Landscape scale habitat restoration has the potential to reconnect habitats in fragmented landscapes. This study investigates landscape connectivity as a key to effective habitat restoration in lowland agricultural landscapes and applies these findings to transferable management recommendations. The study area is the Stonehenge World Heritage Site, UK, where landscape scale chalk grassland restoration has been implemented. Here, the ecological benefits of landscape restoration and the species, habitat and landscape characteristics that facilitate or impede the enhancement of biodiversity and landscape connectivity were investigated. Lepidoptera were used as indictors of restoration success and results showed restoration grasslands approaching the ecological conditions of the target chalk grassland habitat and increasing in biodiversity values within a decade. Restoration success is apparent for four species with a broad range of grass larval host plants (e.g. Melanargia galathea, Maniola jurtina) or with intermediate mobility (Polyommatus icarus). However, two species with specialist larval host plants and low mobility (Lysandra bellargus), are restricted to chalk grassland fragments. Studies of restoration grassland of different ages show that recent grassland restoration (1 or 2 years old) may reduce the functional isolation of chalk grassland fragments. A management experiment showed that mowing increases boundary following behaviour in two species of grassland Lepidoptera; Maniola jurtina and Zygaena filipendulae. Analysis of the landscape scale implications of the grassland restoration illustrates an increase in grassland habitat network size and in landscape connectivity, which is likely to benefit the majority of grassland associated Lepidoptera. Landscape and habitat variables can be managed to increase the success of restoration projects including the spatial targeting of receptor sites, vegetation structure and selection of seed source and management recommendations are provided that are transferrable to other species-rich grassland landscape scale restoration projects. Overall results show restoration success for some habitats and species within a decade. However, additional management is required to assist the re-colonisation of specialist species. Despite this, habitat restoration at the landscape scale can be an effective, long term approach to enhance butterfly biodiversity and landscape connectivity.

A review of biochars’ potential role in the remediation, revegetation and restoration of contaminated soils

Biochars are biological residues combusted under low oxygen conditions, resulting in a porous, low density carbon rich material. Their large surface areas and cation exchange capacities, determined to a large extent by source materials and pyrolysis temperatures, enables enhanced sorption of both organic and inorganic contaminants to their surfaces, reducing pollutant mobility when amending contaminated soils. Liming effects or release of carbon into soil solution may increase arsenic mobility, whilst low capital but enhanced retention of plant nutrients can restrict revegetation on degraded soils amended only with biochars; the combination of composts, manures and other amendments with biochars could be their most effective deployment to soils requiring stabilisation by revegetation. Specific mechanisms of contaminant-biochar retention and release over time and the environmental impact of biochar amendments on soil organisms remain somewhat unclear but must be investigated to ensure that the management of environmental pollution coincides with ecological sustainability.

Phosphorus fertilisation and large legume species affect jarrah forest restoration after bauxite mining

Re-establishing nutrient-cycling is often a key goal of mine-site restoration. This goal can be achieved by applying fertilisers (particularly P) in combination with seeding N-fixing legumes. However, the effect of this strategy on other key restoration goals such as the establishment and growth of non-leguminous species has received little attention. We investigated the effects of P-application rates either singly, or in combination with seeding seven large understorey legume species, on jarrah forest restoration after bauxite mining. Five years after P application and seeding, legume species richness, density and cover were higher in the legume-seeded treatment. However, the increased establishment of legumes did not lead to increased soil N. Increasing P-application rates from 0 to 80 kg P ha−1 did not affect legume species richness, but significantly reduced legume density and increased legume cover: cover was maximal (∼50%) where 80 kg P ha−1 had been applied with large legume seeds. Increasing P-application had no effect on species richness of non-legume species, but increased the density of weeds and native ephemerals. Cover of non-legume species decreased with increasing P-application rates and was lower in plots where large legumes had been seeded compared with non-seeded plots. There was a significant legume × P interaction on weed and ephemeral density: at 80 kg P ha−1 the decline in density of these groups was greatest where legumes were seeded. In addition, the decline in cover for non-legume species with increasing P was greatest when legumes were seeded. Applying 20 kg P ha−1 significantly increased tree growth compared with tree growth in unfertilised plots, but growth was not increased further at 80 kg ha−1 and tree growth was not affected by seeding large legumes. Taken together, these data indicate that 80 kg ha−1 P-fertiliser in combination with (seeding) large legumes maximised vegetation cover at five years but could be suboptimal for re-establishing a jarrah forest community that, like unmined forest, contains a diverse community of slow-growing re-sprouter species. The species richness and cover of non-legume understorey species, especially the resprouters, was highest in plots that received either 0 or 20 kg ha−1 P and where large legumes had not been seeded. Therefore, our findings suggest that moderation of P-fertiliser and legumes could be the best strategy to fulfil the multiple restoration goals of establishing vegetation cover, while at the same time maximising tree growth and species richness of restored forest.

Multi-criteria analysis and the resolution of sustainable development dilemmas: a stakeholder management approach

We demonstrate that stakeholder-oriented multi-criteria analysis (MCA) can adequately address a variety of sustainable development dilemmas in decision-making, especially when applied to complex project evaluations involving multiple objectives and multiple stakeholder groups. Such evaluations are typically geared towards satisfying simultaneously private economic goals, broader social objectives and environmental targets. We show that, under specific conditions, a variety of stakeholder-oriented MCA approaches may be able to contribute substantively to the resolution or improved governance of societal conflicts and the pursuit of the public good in the form of sustainable development. We contrast the potential usefulness of these stakeholder-oriented approaches – in terms of their ability to contribute to sustainable development – with more conventional MCA approaches and social cost–benefit analysis.

Investigation of high-efficiency Wireless Power Transfer criteria of resonantly-coupled loops and dipoles through analysis of the figure of merit

The efficiency of a Wireless Power Transfer (WPT) system is greatly dependent on both the geometry and operating frequency of the transmitting and receiving structures. By using Coupled Mode Theory (CMT), the figure of merit is calculated for resonantly-coupled loop and dipole systems. An in-depth analysis of the figure of merit is performed with respect to the key geometric parameters of the loops and dipoles, along with the resonant frequency, in order to identify the key relationships leading to high-efficiency WPT. For systems consisting of two identical single-turn loops, it is shown that the choice of both the loop radius and resonant frequency are essential in achieving high-efficiency WPT. For the dipole geometries studied, it is shown that the choice of length is largely irrelevant and that as a result of their capacitive nature, low-MHz frequency dipoles are able to produce significantly higher figures of merit than those of the loops considered. The results of the figure of merit analysis are used to propose and subsequently compare two mid-range loop and dipole WPT systems of equal size and operating frequency, where it is shown that the dipole system is able to achieve higher efficiencies than the loop system of the distance range examined.

Seedling response to phosphate addition and inoculation with arbuscular mycorrhizas and the implications for old-field restoration in Western Australia

We predicted that P-fertiliser residues will limit the establishment of native plant species and their mycorrhizas to old-fields in the wheat-growing region (i.e. the wheatbelt) of Western Australia. To test this prediction, we assessed the growth and P uptake of seedlings of three native plant species to phosphate addition and inoculation with arbuscular mycorrhizas (AM) in a pot study. The native plant species were Acacia acuminata Benth. (Mimosaceae), Eucalyptus loxophleba Benth. subsp. loxophleba (Myrtaceae) and Hakea preissii Meisn. (Proteaceae); and each pot contained one seedling. P was added to field soil to mimic pre-agricultural (P0), old-field (P1) and 10 times old-field (P10) soils. AM inoculant, which was a mix of Scutellospora calospora (Nicolson and Gerdemann) Walker and Sanders, Glomus intraradices Schenck and Smith and Glomus mosseae (Nicolson and Gerdemann) Gerdemann and Trappe, was added to half of the pots. After 12 weeks, the biomass and P uptake of the mycorrhizal A. acuminata were greater than those of the non-mycorrhizal plants across all P treatments. Plant biomass decreased significantly with increasing P addition, yet this species was apparently unable to suppress its mycorrhizal colonisation at high P despite this reduction in growth. In contrast, mycorrhizal and non-mycorrhizal E. loxophleba subsp. loxophleba were of a similar biomass after 12 weeks; maximum biomass was attained at intermediate (old-field) levels of P. P uptake increased with increasing P supply, beyond that required to attain maximum biomass. AM did not form on H. preissii. P uptake increased with increasing P supply for this species also. Overall, it is the apparent inability of these species to down-regulate P uptake rather than a lack of mycorrhizal symbiosis that will constrain their establishment on wheatbelt old-fields.

Heathland restoration on former agricultural land: effects of artificial acidification on the availability and uptake of toxic metal cations

Lowland heath is an internationally important habitat type that has greatly declined in abundance throughout Western Europe. In recent years this has led to a growing interest in the restoration of heathland on agricultural land. This generally requires the use of chemical treatments to return soil chemical conditions to those appropriate for the support of heathland ecosystems. However, the potential for negative impacts on the environment due to the potential of these treatments to increase the availability of trace metals via raised soil acidity requires investigation. A large-scale field study investigated the effect of two chemical treatments used in heathland restoration, elemental sulphur and ferrous sulphate, on soil acidity and whether it is possible to predict the effect of the treatments on availability of two potentially toxic cations (Al and Cd) in the soil along with their subsequent accumulation in the shoots of the grass Agrostis capillaris. Results showed that both treatments decreased soil pH, but that only elemental sulphur produced a pH similar to heathland soil. The availability of Al, measured by extraction with 1 M ammonium nitrate, could not be predicted by soil pH, depth in the soil and total Al concentration in the soil. By contrast, availability of Cd could be predicted from these three variables. Concentrations of both Al and Cd in the shoots of A. capillaris showed no significant relationship with the extractable concentration in the soil. Results are discussed in light of the possible environmental impacts of the chemical restoration techniques.