858 resultados para Prices traded of a stock


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Toxic Pimelea species (desert riceflower) are naturally occurring species found throughout beef cattle regions of Queensland, New South Wales, South Australia and the Northern Territory. Three species of Pimelea (simplex, elongata, and trichostachya) are poisonous to livestock and potentially fatal to cattle, with serious economic consequences through the loss of production, stock deaths and the costs of agistment. A better understanding of the ecology of the plant/disease is required to develop best practice to manage Pimelea in cattle-producing areas. Development of a chemical assay for the toxin (simplexin) is a key component of the current research project enabling toxin levels to be related to stage of plant growth, environmental and climatic factors.

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A recent work obtained closed-form solutions to the.problem of optimally grouping a multi-item inventory into subgroups with a common order cycle per group, when the distribution by value of the inventory could be described by a Pareto function. This paper studies the sensitivity of the optimal subgroup boundaries so obtained. Closed-form expressions have been developed to find intervals for the subgroup boundaries for any given level of suboptimality. Graphs have been provided to aid the user in selecting a cost-effective level of aggregation and choosing appropriate subgroup boundaries for a whole range of inventory distributions. The results of sensitivity analyses demonstrate the availability of flexibility in the partition boundaries and the cost-effectiveness of any stock control system through three groups, and thus also provide a theoretical support to the intuitive ABC system of classifying the items.

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The temperature sensitivity of decomposition of different soil organic matter (SOM) fractions was studied with laboratory incubations using 13C and 14C isotopes to differentiate between SOM of different age. The quality of SOM and the functionality and composition of microbial communities in soils formed under different climatic conditions were also studied. Transferring of organic layers from a colder to a warmer climate was used to assess how changing climate, litter input and soil biology will affect soil respiration and its temperature sensitivity. Together, these studies gave a consistent picture on how warming climate will affect the decomposition of different SOM fractions in Finnish forest soils: the most labile C was least temperature sensitive, indicating that it is utilized irrespective of temperature. The decomposition of intermediate C, with mean residence times from some years to decades, was found to be highly temperature sensitive. Even older, centennially cycling C was again less temperature sensitive, indicating that different stabilizing mechanisms were limiting its decomposition even at higher temperatures. Because the highly temperature sensitive, decadally cycling C, forms a major part of SOM stock in the organic layers of the studied forest soils, these results mean that these soils could lose more carbon during the coming years and decades than estimated earlier. SOM decomposition in boreal forest soils is likely to increase more in response to climate warming, compared to temperate or tropical soils, also because the Q10 is temperature dependent. In the northern soils the warming will occur at a lower temperature range, where Q10 is higher, and a similar increase in temperature causes a higher relative increase in respiration rates. The Q10 at low temperatures was found to be inversely related to SOM quality. At higher temperatures respiration was increasingly limited by low substrate availability.

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In this thesis the use of the Bayesian approach to statistical inference in fisheries stock assessment is studied. The work was conducted in collaboration of the Finnish Game and Fisheries Research Institute by using the problem of monitoring and prediction of the juvenile salmon population in the River Tornionjoki as an example application. The River Tornionjoki is the largest salmon river flowing into the Baltic Sea. This thesis tackles the issues of model formulation and model checking as well as computational problems related to Bayesian modelling in the context of fisheries stock assessment. Each article of the thesis provides a novel method either for extracting information from data obtained via a particular type of sampling system or for integrating the information about the fish stock from multiple sources in terms of a population dynamics model. Mark-recapture and removal sampling schemes and a random catch sampling method are covered for the estimation of the population size. In addition, a method for estimating the stock composition of a salmon catch based on DNA samples is also presented. For most of the articles, Markov chain Monte Carlo (MCMC) simulation has been used as a tool to approximate the posterior distribution. Problems arising from the sampling method are also briefly discussed and potential solutions for these problems are proposed. Special emphasis in the discussion is given to the philosophical foundation of the Bayesian approach in the context of fisheries stock assessment. It is argued that the role of subjective prior knowledge needed in practically all parts of a Bayesian model should be recognized and consequently fully utilised in the process of model formulation.

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Havupuiden erikoismuotoja on käytetty koristekasveina jo vuosisatoja ympäri maailmaa. Niitä on lisätty pääsääntöisesti pistokkaista ja varttamalla. Suomessa kotimaisten metsäpuidemme erikois-muotoja on kartoitettu ja kerätty kokoelmiin järjestelmällisemmin 1960-luvulta alkaen. Taimisto-viljelijät, puutarhasuunnittelijat ja kotipuutarhurit ovat olleet enenevässä määrin kiinnostuneita näistä kotimaisista kestävistä havukasveista. Yli 90 prosenttia markkinoillamme olevista havukas-veista tuodaan ulkomailta, joten on selvää, että niiden talvenkestävyydessä on ongelmia. Tämän tutkimuksen tavoitteena oli selvittää kotimaisille erikoismuodoille sopivia lisäysmene-telmiä ja siten edistää kotimaisen havukasvituotannon mahdollisuuksia. Aineistona kokeissa oli kotimaisia erikoismuotoja metsäkuusesta (Picea abies (L.) Karsten) ja kotikatajasta (Juniperus communis L.), tavallisia metsäkuusia sekä kahdeksan ulkomaista havupuutaksonia. Lisäysmene-telmistä tutkittiin varttamista ja pistokaslisäystä ja kokeet suoritettiin Metsäntutkimuslaitoksen toimipaikoissa Lopen Haapastensyrjässä sekä Punkaharjulla. Varttamiskokeessa vertailtiin koti-maisen kuusen erikoismuotokloonien varttamisen onnistumista. Pistokaskokeissa tutkittiin geno-tyypin, emopuun iän, pistokasoksan sijainnin sekä hormonikäsittelyn vaikutusta havukasvien pis-tokkaiden juurtumiseen. Tavalliset metsäkuuset toimivat kontrolleina. Tutkimus osoitti, että varttaminen onnistui erinomaisesti kaikilla erikoismuotoklooneilla. Ovat-ko vartteet esteettisesti katsottuna koristekäyttöön sopivia, jää vielä seurattavaksi. Pistokaskokeis-sa havaittiin, että juveniilisuus vaikutti pistokkaiden juurtumiseen, mutta iäkkäistäkin puista lisää-minen onnistuu, kunhan genotyyppi on sopiva. Keskimäärin alaoksat juurtuivat paremmin kuin latvuksen yläosista otetut pistokasoksat, mutta vain yhdellä kloonilla ero oli tilastollisesti merkit-sevä. Hormonikäsittely heikensi selvästi kotimaisen kuusen ja katajan pistokkaiden juurtumista, mutta ulkomaisiin havupuulajeihin käsittelyllä ei ollut vaikutusta. Kotimaisen havukasvituotannon pohjaksi pitäisi tehdä kloonivalintaa, jossa koristearvon lisäksi otettaisiin huomioon myös kloonin lisättävyys. Taimien tuottaminen pistokkaista on selvästi edul-lisempaa kuin vartteiden tuottaminen, joskin varte kasvaa myyntikuntoon nopeammin kuin pisto-kastaimi. Pistokastaimi on kuitenkin omajuurinen ja stabiilimpi kasvutavaltaan kuin varte. Tämä korostuu etenkin kääpiömuotoja tuotettaessa.

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Executive compensation and managerial behavior have received an increasing amount of attention in the financial economics literature since the mid 1970s. The purpose of this thesis is to extend our understanding of managerial compensation, especially how stock option compensation is linked to the actions undertaken by the management. Furthermore, managerial compensation is continuously and heatedly debated in the media and an emerging consensus from this discussion seems to be that there still exists gaps in our knowledge of optimal contracting. In Finland, the first executive stock options were introduced in the 1980s and throughout the last 15 years it has become increasingly popular for Finnish listed firms to use this type of managerial compensation. The empirical work in the thesis is conducted using data from Finland, in contrast to most previous studies that predominantly use U.S. data. Using Finnish data provides insight of how market conditions affect compensation and managerial action and provides an opportunity to explore what parts of the U.S. evidence can be generalized to other markets. The thesis consists of four essays. The first essay investigates the exercise policy of the executive stock option holders in Finland. In summary, Essay 1 contributes to our understanding of the exercise policies by examining both the determinants of the exercise decision and the markets reaction to the actual exercises. The second essay analyzes the factors driving stock option grants using data for Finnish publicly listed firms. Several agency theory based variables are found to have have explanatory power on the likelihood of a stock option grant. Essay 2 also contributes to our understanding of behavioral factors, such as prior stock return, as determinants of stock option compensation. The third essay investigates the tax and stock option motives for share repurchases and dividend distributions. We document strong support for the tax motive for share repurchases. Furthermore, we also analyze the dividend distribution decision in companies with stock options and find a significant difference between companies with and without dividend protected options. We thus document that the cutting of dividends found in previous U.S. studies can be avoided by dividend protection. In the fourth essay we approach the puzzle of negative skewness in stock returns from an altogether different angle than in previous studies. We suggest that negative skewness in stock returns is generated by management disclosure practices and find proof for this. More specifically, we find that negative skewness in daily returns is induced by returns for days when non-scheduled firm specific news is disclosed.

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The forestry sector provides a number of climate change mitigation options. Apart from this ecological benefit, it has significant social and economic relevance. Implementation of forestry options requires large investments and sustained long-term planning. Thus there is a need for a detailed analysis of forestry options to understand their implications on stock and flow of carbon, required investments, value of forest wealth, contribution to GNP and livelihood, demand management, employment and foreign trade. There is a need to evaluate the additional spending on forestry by analysing the environmental (particularly carbon abatement), social and economic benefits. The biomass needs for India are expected to increase by two to three times by 2020. Depending upon the forest types, ownership patterns and land use patterns, feasible forestry options are identified. It is found among many supply options to be feasible to meet the 'demand based needs' with a mix of management options, species choices and organisational set up. A comparative static framework is used to analyze the macro-economic impacts. Forestry accounts for 1.84% of GNP in India. It is characterized by significant forward industrial linkages and least backward linkage. Forestry generates about 36 million person years of employment annually. India imports Rs. 15 billion worth of forest based materials annually. Implementation of the demand based forestry options can lead to a number of ecological, economic and institutional changes. The notable ones are: enhancement of C stock from 9578 to 17 094 Mt and a net annual C-sequestration from 73 to 149 Mt after accounting for all emissions; a trebling of the output of forestry sector from Rs. 49 billion to Rs. 146 billion annually; an increase in GDP contribution of forestry from Rs. 32 billion to Rs. 105 billion over a period of 35 years; an increase in annual employment level by 23 million person years, emergence of forestry as a net contributor of foreign exchange through trading of forestry products; and an increase in economic value of forest capital stock by Rs. 7260 billion with a cost benefit analysis showing forestry as a profitable option. Implementation of forestry options calls for an understanding of current forest policies and barriers which are analyzed and a number of policy options are suggested. (C) 1997 Elsevier Science B.V.

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ENGLISH (pgs. 267-283): In the spring of 1963, the senior author, who is a member of the staff of the Nankai Regional Fisheries Research. Laboratory, Fisheries Agency, Japanese Government, came to the Institute of Marine Resources of the University of California as a visiting investigator, bringing with him catch statistical data from the fishery in the eastern Pacific, which had been collected at the Nankai Regional Fisheries Research Laboratory (NRFRL) through September 1962, in order to conduct studies of these data in collaboration with the junior author, and with investigators of the InterAmerican Tropical Tuna Commission. A general review of the long-line fishery, based on the catch statistics of the commercial fishing fleet has been published by Suda and Schaefer (1965). In this paper we present an analysis of data respecting the size-composition of yellowfin tuna taken on long-line gear throughout the eastern Pacific between 1958 and 1962, and make some comparisons with data on size-composition of yellowfin tuna taken in the near-surface fishery, by bait boats and purse-seiners, in waters adjacent to the American coast. As has been shown by Suda and Schaefer (1965), the long-line fishery in the eastern Pacific is primarily directed toward the capture of bigeye tuna. However, considerable quantities of yellowfin tuna are also taken on this gear, and, in addition, there are substantial catches of albacore and of several species of spearfishes in some parts of the range of this fishery. Information respecting the catch rates of yellowfin tuna, and information respecting the size-composition of the stock of yellowfin tuna being exploited by the long-line fishery, is of particular interes~" because the yellowfin tuna population of the eastern Pacific is also subject to an intensive fishery by baitboats and purse-seiners which capture this species, together with skipjack, near the surface along the coast of the Americas, and around the outlying islands, in the region of California to northern Chile. SPANISH (pgs. 311-329): En la primavera de 1963, el autor principal, quien es miembro del personal del Nankai Regional Fisheries Research Laboratory, Fisheries Agency del gobierno japonés, vino al Institute of Marine Resources de la Universidad de California en calidad de investigador visitante y trajo consigo datos estadísticos de las capturas de la pesquería en el Pacífico oriental, que habían sido recolectados en el Nankai Regional Fisheries Research Laboratory (NRFRL) hasta septiembre de 1962, con el fin de hacer estudios de esos datos en colaboración con el coautor y con investigadores de la Comisión Interamericana del Atún Tropical. Una revisión general de la pesquería con palangre, basada sobre las estadísticas de captura de la flota pesquera comercial, ha sido publicada por Suda y Schaefer (1965). En este trabajo presentamos un análisis de los datos correspondientes a la composición de tamaños del atún aleta amarilla capturado con equipo palangrero en todo el Pacífico oriental, entre 1958 y 1962, y hacemos algunas comparaciones con los datos sobre la composición de tamaños del atún aleta amarilla cogido en la pesquería superficial cercana, por barcos de carnada y rederos en aguas adyacentes a la costa americana. Como ha sido demostrado por Suda y Schaefer (1965) la pesquería con palangre en el Pacífico oriental tiene como principal objeto la captura del atún ojo grande. Sin embargo, considerables cantidades de atún aleta amarilla son capturadas también por este equipo y, además, hay también considerables capturas de albacora y de diversas especies de peces-espada en algunas partes de la región que abarca esta pesquería. La información respecto a las tasas de captura del atún aleta amarilla, y la relativa a la composición de tamaños del stock de esta especie que explota la pesquería con palangre, es de particular interés, a causa de que la población de atún aleta amarilla del Pacífico oriental es también objeto de una pesca intensiva por barcos de carnada y rederos que capturan esta especie, junto con el barrilete, cerca de la superficie a 10 largo de la costa de las Américas y alrededor de las islas mar afuera, en la región desde California hasta el norte de Chile.

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The production of healthy high quality female European eel in recycle systems is proposed as a means to secure sufficient numbers of silver eel for spawning migration in order to meet the requirements of the European Commission’s proposal for a Regulation for the recovery of the stock of the European eel. Main advantages besides checks for parasites and viral diseases and avoidance of elevated levels of specific pollutants are the easily controllable numbers of spawners to be released and a reduction of labour and costs that will occur when acting along the lines of the Commission’s proposal.

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ENGLISH: From morphometric data, tagging results and reaction of the stock to fishing, it is inferred that the yellowfin tuna of the Eastern Pacific form a distinct population which intermingles little, if at all, with populations to the westward. Excellent statistics of catch and effort, and records of total catch, available since 1934, during rapid growth of the fishery, have made possible application of a generalized mathematical predator-prey model to estimate the effect of fishing on the population, and the average abundance and yield corresponding to different amounts of fishing effort, and also to estimate the rate of fishing mortality per unit of effort. From serial samples of size composition of catches, and from tagging experiments, it has been possible to determine rates of growth and of total mortality. These kinds of information permit application of the catch-per-recruit model of Beverton and Holt. Combination of the results of application of the Beverton and Holt model and of the generalized predator-prey model, leads to inference of the relationship between stock size and recruitment. The form of the relationship is remarkably similar to the theoretical model developed by W. E. Ricker. These studies, based on the data of the near-surface fishery by baitboats and purse seiners, indicate clearly that the increased intensity of fishing has caused diminution of the stocks to the point where they are somewhat "overfished"-that is, incapable of supporting the maximum sustainable average harvest. SPANISH: De los datos morfométricos, de los resultados de las marcaciones y de la reacción del stock a la pesca, se infiere que el atún aleta amarilla del Pacífico oriental forma una población diferente que se mezcla poco, si es que llega a mezclarse, con las poblaciones del oeste. Las excelentes estadísticas de la captura y el esfuerzo y los registros de la pesca global disponibles desde 1934, durante el rápido crecimiento de la pesquería, han hecho posible la aplicación de un modelo matemático generalizado depredador-presa para estimar el efecto de la pesca en la población y el promedio de la abundancia y del rendimiento correspondientes a los diferentes valores del esfuerzo de pesca, y también para estimar la tasa de la mortalidad de pesca por unidad de esfuerzo. Gracias a las muestras en serie de la composición de tamaños de las capturas y a los experimentos de marcación, ha sido posible determinar las tasas del crecimiento y de la mortalidad total. Estos tipos de información permiten la aplicación del modelo de la captura-porrecluta de Beverton y Holt. La combinación de los resultados de la aplicación del modelo de Beverton y Holt y del modelo generalizado depredador-presa, conduce a la inferencia de la relación entre el tamaño del stock y el reclutamiento. La forma de la relación es notoriamente similar al modelo teórico desarrollado por W. E. Ricker. Estos estudios, basados en los datos de la pesquería cerca de la superficie efectuada por barcos de carnada y rederos, indican claramente que el aumento de la intensidad de la pesca ha causado la disminución de los stocks hasta el punto de dejarlos algo "superexplotados", o sea, incapacitados para mantener una producción máxima promedio. (PDF contains 50 pages.)

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Artisanal fisheries resources and its exploitation trends in Cross River State were evaluated using questionnaire and participatory Rapid Appraisal (PRA) methods for a period of 5 years (1991-1995). They were open-access or unrestricted access fishing in Cross River State within the period under view. It was also discovered that, they were no proper records from the Department of fisheries. There was a decline in the relative abundance of the stock that constituted the important marine and freshwater fisheries in Cross River State Artisanal fisheries (small-scale fisheries) yielded 146,076 metric tons within the period. It was suggested therefore, that government should enforce the policies that restrict open-access in marine artisanal fisheries in Cross River State

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In July 1994 an internationally coordinated and EU financed multidisciplinary research project about Baltic cod recruitment was started. The primary goals are to identify and describe dominant biotic and abiotic processes affecting the developmental success of early stages and the maturation of cod in the Central Baltic, to incorporate these processes into recruitment models in order to enhance prediction of future stock fluctuations due to environmental pertubations, species interactions and fisheries management directives as a prerequisite for an integrated fish stock assessment in the Central Baltic and to evaluate the feasibility and possible effects of stock enhancement programs on stock and recruitment and providing the biological basis for assessing their economic value.

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Abstract Environmental changes may have an impact on life conditions of the fish, e.g. food supply for the fish. The prevailing environmental conditions apply evenly to all age groups of one stock. Small fish have high growth rates, whereas large fish grow with low rates. But, it can be shown on the basis of the von Bertalanffy-growth model that it is sufficient to know only the growth rate of one single age group to compute the growth rates of all other age groups. The growth rate of a reference fish GRF (e.g. a fish with a body mass of 1 kg) was introduced as a reference growth describing the current food condition of all age groups of the stock. As an example a time series of the reference-growth rate of the northern cod stock (NAFO, 3K) was computed for the time span 1979 to 1999. For the northern cod stock it can be observed that environmental conditions caused growth rates below the long-term mean for seven years in a row. After a prolonged hunger period the fish stock collapsed in 1992 also by the impact of fisheries - and this was probably not a coincidence. Now, with the reference-growth rate GRF a simple and handy parameter was found to summarize the influence of the environmental conditions on growth and other derived models and therefore makes it easier to compute the influence of environmental changes within stock assessment. Zusammenfassung Veränderungen der Umwelt können Auswirkungen auf die Lebensbedingungen der Fische haben, z. B. auf das Nahrungsangebot der Fische. Die vorherrschenden Umgebungsbedingungen wirken gleichmäßig auf alle Altersgruppen eines Bestandes, wobei typischer Weise kleineFische hohe Wachstumsraten haben, während die großen Fische mit niedrigen Raten wachsen. Auf der Grundlage des von Bertalanffy-Wachstumsmodells kann gezeigt werden, dass es ausreicht, nur die Wachstumsrate von einer einzigen Altersgruppe zu kennen, um die Wachstumsraten von allen anderen Altersgruppen berechnen zu können. Die Wachstumsrate eines Referenz-Fisches (z.B. eines Fisches mit einer Körpermasse von 1 kg) wurde als Referenz-Wachstum GRF eingeführt, die den aktuellen Zustand des Nahrungsangebots füralle Altersgruppen des Bestandes beschreibt. Als Beispiel wurde einer Zeitreihe der Referenz-Wachstumsraten des nördlichen Kabeljaubestandes (NAFO, 3K) für die Zeitsraum 1979 bis 1999 berechnet. Für diesen Kabeljaubestand war zu beobachten, dass Umgebungsbedingungen für sieben Jahre in Folge Wachstumsraten unter dem langjährigen Mittelwert verursachten. Nach einer längeren Hungerperiode kollabierte dieser Fischbestand im Jahr 1992 auch durch den Einfluß der Fischerei - und dies war sicher kein Zufall. Jetzt, mit der Referenz-Wachstumsrate GRF, ist ein einfacher und handlicher Parameter gefunden, der es gestattet den Einfluss der Umweltbedingungen auf die Wachstumsbedingungen und andere davon abgeleitete Modelle zusammenzufassen. Dies macht es einfach, den Einfluss von Umweltveränderungen innerhalb der Bestandsabschätzungen zu berechnen.

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In the past stock assessment surveys were generally reactive in response to a particular problem e.g. a pollution incident and as such were limited in the information they provided. A programme of strategic stock assessment would be more beneficial, providing up to date information on the status and composition of the stock. On a national level this could reveal trends in population dynamics and enable comparisons to be made between key rivers and between regions. The Stock Assessment Task Group (1991) has recommended annual strategic surveys for juvenile salmonids and triennial strategic surveys for coarse fish and non- migratory salmonids. The aim of this pilot study was to gain information on species distribution and their relative abundance within the River Lune catchment, and to compare the findings with the surveys carried out between 1981-1985. This would provide valuable information on the current status of the stock and provide an indication of the resources required to conduct such strategic surveys on other river catchments in the North West Region of the National Rivers Authority.