Executive Stock Ownership and Performance: Tracking Faint Traces

We examine the relation between managers' financial interests and firm performance. Since the relation could go in either direction, we cast the analysis in a simultaneous equations framework. For firms involved in acquisitions, we find that acquisition performance and Tobin's Q ratios affect the size of managers' stockholdings. We find no evidence, however, that larger stockholdings lead to better performance. Perhaps management is effectively disciplined by competition in product and labor markets. Alternatively, it may not be necessary for top executives to own stock to the residual claimants. And finally, higher ownership might multiply the opportunities to appropriate corporate wealth.

Are land sparing and land sharing real alternatives for European agricultural landscapes?

There is a lively debate on whether biodiversity conservation and agricultural production could be better reconciled by land sparing (strictly separating production fields and conservation areas) or by land sharing (combining both, agricultural production and biodiversity conservation on the same land). The debate originates from tropical countries, where agricultural land use continues to increase at the expense of natural ecosystems. But is it also relevant for Europe, where agriculture is withdrawing from marginal regions whilst farming of fertile lands continues to be intensified? Based on recent research on farmland biodiversity we conclude that the land sharing – land sparing dichotomy is too simplistic for Europe. Instead we differentiate between productive and marginal farmland. On productive farmland, semi-natural habitats are required to yield ecosystem services relevant for agriculture, to promote endangered farmland species which society wants to conserve even in intensively farmed regions, and to allow migration of non-farmland species through the agricultural matrix. On marginal farmland, high-nature value farming is a traditional way of land sharing, yielding high quality agricultural products and conserving specialized species. To conserve highly disturbance-sensitive species, there is a need for nature reserves. In conclusion, land sparing is not a viable olution for Europe in both productive and marginal farmland but because of different reasons in each type of farmland.

Shifting cultivation stability and change: Contrasting pathways of land use and livelihood change in Laos

Rural areas in Laos are experiencing a rapid transformation from traditional rice-based shifting cultivation systems to more permanent and diversified market-oriented cultivation systems. The consequences of these changes for local livelihoods are not well known. This study analyzes the impact of shifting cultivation change on the livelihood of rural people in six villages in three districts of northern and central Laos. Focus group discussions and household interview questionnaires were employed for data collection. The study reveals that the shifting cultivation of rice is still important in these communities, but it is being intensified as cash crops are introduced. Changes in shifting cultivation during the past ten years vary greatly between the communities studied. In the northern study sites, it is decreasing in areas with rubber expansion and increasing in areas with maize expansion, while it is stable in the central site, where sugarcane is an important cash crop. The impacts of land use change on livelihoods are also diverse. Cash crop producers hold more agricultural land than non-cash crop producers, and rubber and sugarcane producers have fewer rice shortages than non-producers. In the future, livelihood improvements in the central study site may be replicated in the northern sites, but this depends to a large extent on the economic and agricultural settings into which cash crops and other development opportunities are introduced. Moreover, the expansion of cash crops appears to counteract Lao policies aimed at replacing shifting cultivation areas with forests.

Indigenous land reconfiguration and fragmented institutions: a historical political ecology of Tsimane’ lands (Bolivian Amazon)

Lands inhabited by indigenous peoples often have low population density but abundant natural resources. For those reasons, many actors have historically attempted to occupy those lands or use the resources in them. Increasing pressures over lands occupied by indigenous peoples have resulted in the awakening of indigenous peoples over their rights to land and resources generating many debates over indigenous peoples' rights to land and self-governance. In this article, we provide a historical and geographical overview of territorial and governance issues among the Tsimane', an indigenous group native to the Bolivian Amazon. We examine how the Bolivian state economic policies implemented during the 20th century affected the Tsimane' ancestral lands, and how – over the late-20th century – the Bolivian state accommodated Tsimane' claims to lands in between multiple interests. We show how national policies led to the reconfiguration of Tsimane' territoriality and to a fragmented institutional representation. Current indigenous territories and indigenous political representation are an expression of conflictive policies that have involved multiple actors and their specific interests on indigenous lands and its resources.

Modelling the effects of land use and climate changes on hydrology in the Ursern Valley, Switzerland

While many studies have been conducted in mountainous catchments to examine the impact of climate change on hydrology, the interactions between climate changes and land use components have largely unknown impacts on hydrology in alpine regions. They need to be given special attention in order to devise possible strategies concerning general development in these regions. Thus, the main aim was to examine the impact of land use (i.e. bushland expansion) and climate changes (i.e. increase of temperature) on hydrology by model simulations. For this purpose, the physically based WaSiM-ETH model was applied to the catchment of Ursern Valley in the central Alps (191 km2) over the period of 1983−2005. Modelling results showed that the reduction of the mean monthly discharge during the summer period is due primarily to the retreat of snow discharge in time and secondarily to the reduction in the glacier surface area together with its retreat in time, rather than the increase in the evapotranspiration due to the expansion of the “green alder” on the expense of grassland. The significant decrease in summer discharge during July, August and September shows a change in the regime from b-glacio-nival to nivo-glacial. These changes are confirmed by the modeling results that attest to a temporal shift in snowmelt and glacier discharge towards earlier in the year: March, April and May for snowmelt and May and June for glacier discharge. It is expected that the yearly total discharge due to the land use changes will be reduced by 0.6% in the near future, whereas, it will be reduced by about 5% if climate change is also taken into account. Copyright © 2013 John Wiley & Sons, Ltd.

A climatological analysis of high-precipitation events in Dronning Maud Land, Antarctica, and associated large-scale atmospheric conditions

The link between high precipitation in Dronning Maud Land (DML), Antarctica, and the large-scale atmospheric circulation is investigated using ERA-Interim data for 1979–2009. High-precipitation events are analyzed at Halvfarryggen situated in the coastal region of DML and at Kohnen Station located in its interior. This study further includes a comprehensive comparison of high precipitation in ERA-Interim with precipitation data from the Antarctic Mesoscale Prediction System (AMPS) and snow accumulation measurements from automatic weather stations (AWSs), with the limitations of such a comparison being discussed. The ERA-Interim and AMPS precipitation data agree very well. However, the correspondence between high precipitation in ERA-Interim and high snow accumulation at the AWSs is relatively weak. High-precipitation events at both Halvfarryggen and Kohnen are typically associated with amplified upper level waves. This large-scale atmospheric flow pattern is preceded by the downstream development of a Rossby wave train from the eastern South Pacific several days before the precipitation event. At the surface, a cyclone located over the Weddell Sea is the main synoptic ingredient for high precipitation both at Halvfarryggen and at Kohnen. A blocking anticyclone downstream is not a requirement for high precipitation per se, but a larger share of blocking occurrences during the highest-precipitation days in DML suggests that these blocks strengthen the vertically integrated water vapor transport (IVT) into DML. A strong link between high precipitation and the IVT perpendicular to the local orography suggests that IVT could be used as a “proxy” for high precipitation, in particular over DML's interior.