A factor model of seasonality in stock returns

Published as an article in: The Quarterly Review of Economics and Finance, 2004, vol. 44, issue 2, pages 224-236.

Growth variation and stock structure in North Pacific albacore

Working paper NPALB/87/21 submitted to the 10th North Pacific Albacore Workshop. Paper reports the results of ongoing research on validated age and growth models and the elucidation of stock structure for the North Pacific albacore. (Document pdf contains 22 pages)

Stock assessment of protogynous fish: evaluating measures of spawning biomass used to estimate biological reference points

In stock assessments, recruitment is typically modeled as a function of females only. For protogynous stocks, however, disproportionate fishing on males increases the possibility of reduced fertilization rates. To incorporate the importance of males in protogynous stocks, assessment models have been used to predict recruitment not just from female spawning biomass (Sf), but also from that of males (Sm) or both sexes (Sb). We conducted a simulation study to evaluate the ability of these three measures to estimate biological reference points used in fishery management. Of the three, Sf provides best estimates if the potential for decreased fertilization is weak, whereas Sm is best only if the potential is very strong. In general, Sb estimates the true reference points most closely, which indicates that if the potential for decreased fertilization is moderate or unknown, Sb should be used in assessments of protogynous stocks. Moreover, for a broad range of scenarios, relative errors from Sf and Sb occur in opposite directions, indicating that estimates from these measures could be used to bound uncertainty.

Stock assessment of loggerhead and leatherback sea turtles and An assessment of the impact of the pelagic longline fishery on the loggerhead and leatherback sea turtles of the Western North Atlantic

On September 7, 2000 the National Marine Fisheries Service announced that it was reinitiating consultation under Section 7 of the Endangered Species Act on pelagic fisheries for swordfish, sharks, tunas, and billfish. 1 Bycatch of a protected sea turtle species is considered a take under the Endangered Species Act (PL93-205). On June 30, 2000 NMFS completed a Biological Opinion on an amendment to the Highly Migratory Pelagic Fisheries Management Plan that concluded that the continued operation of the pelagic longline fishery was likely to jeopardize the continued existence of loggerhead and leatherback sea turtles.2 Since that Biological Opinion was issued NMFS concluded that further analyses of observer data and additional population modeling of loggerhead sea turtles was needed to determine more precisely the impact of the pelagic longline fishery on turtles. 3,4 Hence, the reinitiation of consultation. The documents that follow constitute the scientific review and synthesis of information pertaining to the narrowly defined reinitiation of consultation: the impact of the pelagic longline fishery on loggerhead and leatherback sea turtles The document is in 3 parts, plus 5 appendices. Part I is a stock assessment of loggerhead sea turtles of the Western North Atlantic. Part II is a stock assessment of leatherback sea turtles of the Western North Atlantic. Part III is an assessment of the impact of the pelagic longline fishery on loggerhead and leatherback sea turtles of the Western North Atlantic. These documents were prepared by the NMFS Southeast Fisheries Science Center staff and academic colleagues at Duke University and Dalhousie University. Personnel involved from the SEFSC include Joanne Braun-McNeill, Lisa Csuzdi, Craig Brown, Jean Cramer, Sheryan Epperly, Steve Turner, Wendy Teas, Nancy Thompson, Wayne Witzell, Cynthia Yeung, and also Jeff Schmid under contract from the University or Miami. Our academic colleagues, Ransom Myers, Keith Bowen, and Leah Gerber from Dalhousie University and Larry Crowder and Melissa Snover from Duke University, also recipients of a Pew Charitable Trust Grant for a Comprehensive Study of the Ecological Impacts of the Worldwide Pelagic Longline Industry, made significant contributions to the quantitative analyses and we are very grateful for their collaboration. We appreciate the reviews of the stock definition sections on loggerheads and leatherbacks by Brian Bowen, University of Florida, and Peter Dutton, National Marine Fisheries Service Southwest Fisheries Science Center, respectively, and the comments of the NMFS Center of Independent Experts reviewers Robert Mohn, Ian Poiner, and YouGan Wang on the entire document. We also wish to acknowledge all the unpublished data used herein which were contributed by many researchers, especially the coordinators and volunteers of the nesting beach surveys and the sea turtle stranding and salvage network and the contributors to the Cooperative Marine Turtle Tagging Program. (PDF contains 349 pages)

Economic Effects of Global Warming under Stock Growth Uncertainty: The European Sardine Fishery

Global warming of the oceans is expected to alter the environmental conditions that determine the growth of a fishery resource. Most climate change studies are based on models and scenarios that focus on economic growth, or they concentrate on simulating the potential losses or cost to fisheries due to climate change. However, analysis that addresses model optimization problems to better understand of the complex dynamics of climate change and marine ecosystems is still lacking. In this paper a simple algorithm to compute transitional dynamics in order to quantify the effect of climate change on the European sardine fishery is presented. The model results indicate that global warming will not necessarily lead to a monotonic decrease in the expected biomass levels. Our results show that if the resource is exploited optimally then in the short run, increases in the surface temperature of the fishery ground are compatible with higher expected biomass and economic profit.

Keeping Research Data Safe: a cost model and guidance for UK universities (KRDS1)

This study has investigated the medium to long term costs to Higher Education Institutions (HEIs) of the preservation of research data and developed guidance to HEFCE and institutions on these issues. It has provided an essential methodological foundation on research data costs for the forthcoming HEFCE-sponsored feasibility study for a UK Research Data Service.It will also assist HEIs and funding bodies wishing to establish strategies and TRAC costings for long-term data management and archiving. The rising tide of digital research data raises issues relating to access, curation and preservation for HEIs and within the UK a growing number of research funders are now implementing policies requiring researchers to submit data management, preservation or data sharing plans with their funding applications.

Report on Knowledge Exchange workshop Price of keeping knowledge: financial streams for digital preservation

In contrast to cost modeling activities, the pricing of services must be simple and transparent. Calculating and thus knowing price structures, would not only help identify the level of detail required for cost modeling of individual instititutions, but also help develop a ”public” market for services as well as clarify the division of task and the modeling of funding and revenue streams for data preservation of public institutions. This workshop has built on the results from the workshop ”The Costs and Benefits of Keeping Knowledge” which took place 11 June 2012 in Copenhagen. This expert workshop aimed at: •Identifying ways for data repositories to abstract from their complicated cost structures and arrive at one transparent pricing structure which can be aligned with available and plausible funding schemes. Those repositories will probably need a stable institutional funding stream for data management and preservation. Are there any estimates for this, absolute or as percentage of overall cost? Part of the revenue will probably have to come through data management fees upon ingest. How could that be priced? Per dataset, per GB or as a percentage of research cost? Will it be necessary to charge access prices, as they contradict the open science paradigm? •What are the price components for pricing individual services, which prices are currently being paid e.g. to commercial providers? What are the description and conditions of the service(s) delivered and guaranteed? •What types of risks are inherent in these pricing schemes? •How can services and prices be defined in an all-inclusive and simple manner, so as to enable researchers to apply for specific amount when asking for funding of data-intensive projects?Please

Stock Composition of Some Sockeye Salmon, Oncorhynchus nerka, Catches in Southeast Alaska, Based on Incidence of Allozyme Variants, Freshwater Ages, and a Brain-Tissue Parasite

The incidence of four discrete characters of individual sockeye salmon -two genetically inherited proteins (PGM-1*and PGM-2*), freshwater age at migration, and the presence of the brain-tissue parasite Myxobolus arcticus-in weekly samples from two Alaskan fisheries (Noyes Island in 1986 and Sumner Strait in 1987) were used to infer stock composition of the catches based on corresponding character samples from 73 Alaskan and Canadian stocks. Estimated contributions of 13 stock groups, formed on the basis of character similarity of their members, were roughly consistent with expectations from tagging experiments, knowledge of stock magnitudes, and similar assessments from scales. Imprecision of the estimated contributions by the 13 stock groups limited their practical value; but variability was much reduced for combined estimated contributions by two inclusive categories, namely stock groups whose members had either high or low brainparasite prevalence. Noyes Island catches consisted predominantly of unparasitized fish, most of which were probably of Canadian origin. The majority of Sumner Strait catches consisted of parasitized fish, whose freshwater origins may have been in Alaska or Canada. (PDF file contains 27 pages.)

Stock assessment of the Atlantic menhaden, Brevoortia tyrannus, fishery

A stock assessment of the Atlantic menhaden, Brevoortia tyrannus, fishery was conducted with purse-seine landings data from 1940 to 1984 and port sampling data from 1955 to 1984. These data were analyzed to determine growth rates, maximum sustainable yield (MSY), spawner-recruit relationships, and yield per recruit. Virtual population analysis was used to estimate stock size, year class size, and fishing mortality rates. Surplus production models produced estimates of MSY from 450 to 490 kmt compared with yields of 416to 436 kmt based roughly on maximum recruitment from a weak spawner-recruit relationship. Recruitment to age-I ranged from 1.2 to 14.8 billion fish for year classes 1955-81. Recent mean recruitment to age-I for the 1975-81 year classes averaged 5.7 billion fish and compared favorably with the mean of 7.7 billion age-I fish recruited during the late 1950's. Mean recruitment from recent years suggests possible coastwide yields of 416 to 481 kmt. Continued dominance of late age-2 spawners among the spawning stock is of concern, since the stock is at greater risk through poor recruitment if recent favorable environmental conditions change. Yield-per-recruit estimates ranged from 46 g to 59 g since 1970. The high dependency of the modern fishery on prespawners has increased concerns about fluctuations in year-to-year availability and catches. To increase yield and enhance the stability of the resource, the number of age classes contributing significantly to the fishery should be increased, creating a butTer against future poor recruitment years and lessening the year-to-year fluctuations in landings. (PDF file contains 24 pages.)

Stock assessment of the gulf menhaden, Brevoortia patronus, fishery

A stock assessment of the gulf menhaden. Brevoortia patronus, fishery was conducted with data on purse-seine landings from 1946 to 1985 and port sampling data from 1964 to 1985. These data were analyzed to determine growth rates, yield-per-recruit, spawner-recruit relationships, and maximum sustainable yield (MSY). Virtual population analysis was used to estimate stock size, year-class size, and fishing mortality rates. During the period studied, an average of 27% of age-l fish and 55% of age-2 and age-3 fish were taken by the fishery, and 54% for age-I and 38% for age-2 and -3 fish were lost annually to natural causes. Annual yield-per-recruit estimates ranged from 6.9 to 19.3 g, with recent mean conditions averaging 12.2 g since 1978. Surplus production models produced estimates of MSY from 620 to 700 kilometric tons. Recruits to age-I ranged from 8.3 to 41.8 billion fish for 1964-82. Although there was substantial scatter about the fitted curves, Ricker·type spawner-recruit relationships were found suitable for use in a population simulation model. Estimates of MSY from population simulation model runs ranged from 705 to 825 kilometric tons with F -multiples of the mean rate of fishing ranging from 1.0 to 1.5. Recent harvests in excess of the historical MSY may not be detrimental to the gulf menhaden stock. However, one should not expect long-term harvesting above the historical MSY because of the short life span of gulf menhaden and possible changes from currently favorable environmental conditions supporting high recruitment.(PDF file contains 24 pages.)

Fisheries laws and regulations of Nigeria and room for further developments

The fisheries laws and regulations presently operative in Nigeria are on marine waters. These include: 1) The Sea Fisheries Decree (Act) of 1971; 2) The Sea Licencing Regulations of 1971; 3) The Sea Fisheries (Fishing) Regulations of 1972; and 4) The exclusive Economic Zone Decree of 1978. Attempts have also been made to produce the Inland waters Fisheries Regulation

A preliminary investigation into the effect of different storage methods on the keeping quality of smoked Oreochromis niloticus

The study was carried out to asses the nutritional qualities of smoked O. niloticus and to discover the best methods of storage to minimize spoilage and infestation of smoked fish. Result showed that the protein contents in A and D decreased while the protein contents of b and C increased. The lipid content increased only in A while it decreased in B-C and D. The moisture content generally increased over the period of storage and there was an increase in ash content only in C while it decreased in A, B and D. The samples packed in polythene bag suffered about 35% mould infection and a few were attached by rodents with some fouling. Samples packed in jute bag were in good condition but were slightly attached by insect. All samples packed in carton and basket were still in good state but there were insect attack in those packed in carton