Are rare species rare or just overlooked? Assessing the distribution of the freshwater bryozoan, Lophopus crystallinus

Given the widespread degradation of freshwater habitats, assessing the distributions of species that may be negatively or positively impacted should be of general interest. However, determining distributions of freshwater organisms that are small and patchily distributed and attached or sedentary is particularly problematic, as it is time consuming, inaccurate, and nearly impossible when the focal species is rare. Here we illustrate the use of indirect sampling approaches to survey the distribution of the rare freshwater bryozoan Lophopus crystallinus, a priority species in the UK Biodiversity Action Plan [Anonymous, 1999. UK Biodiversity Group Tranche 2 Action Plans. Invertebrates, Vol. 4. Environment Agency, Peterborough, pp. 437-439.1. By utilising two complementary methods for sampling bryozoan propagules (statoblasts), namely the collection of debris samples and sediment cores, we achieved an efficient and integrative sampling of habitats across spatial and temporal scales. Analysis of 154 debris samples, encompassing 62 rivers and lakes, identified at least 16 new populations while analysis of 26 sediment cores provided evidence of current or very recent (in the last 10-20 years) occurrence in a further six localities. These results represent a more than 10-fold increase in the current recorded distribution of the species in the UK. Logistic regression analysis provided evidence that L. crystallinus is generally found in lowland sites and is tolerant of eutrophication. Our study exemplifies how integrative and indirect sampling approaches can greatly aid in assessing the conservation status of rare aquatic species and reveals, in this case, that the focal species is less rare than previously appreciated. (c) 2006 Elsevier Ltd. All rights reserved.

The impact of liquidity on senior credit index spreads during the subprime crisis

This paper examines the effects of liquidity during the 2007–09 crisis, focussing on the Senior Tranche of the CDX.NA.IG Index and on Moody's AAA Corporate Bond Index. It aims to understand whether the sharp increase in the credit spreads of these AAA-rated credit indices can be explained by worse credit fundamentals alone or whether it also reflects a lack of depth in the relevant markets, the scarcity of risk-capital, and the liquidity preference exhibited by investors. Using cointegration analysis and error correction models, the paper shows that during the crisis lower market and funding liquidity are important drivers of the increase in the credit spread of the AAA-rated structured product, whilst they are less significant in explaining credit spread changes for a portfolio of unstructured credit instruments. Looking at the experience of the subprime crisis, the study shows that when the conditions under which securitisation can work properly (liquidity, transparency and tradability) suddenly disappear, investors are left highly exposed to systemic risk.