Soil organic carbon stocks in estuarine and marine mangrove ecosystems are driven by nutrient colimitation of P and N

Mangroves play an important role in carbon sequestration, but soil organic carbon (SOC) stocks differ between marine and estuarine mangroves, suggesting differing processes and drivers of SOC accumulation. Here, we compared undegraded and degraded marine and estuarine mangroves in a regional approach across the Indonesian archipelago for their SOC stocks and evaluated possible drivers imposed by nutrient limitations along the land-to-sea gradients. SOC stocks in natural marine mangroves (271–572 Mg ha-1 m-1 were much higher than under estuarine mangroves (100–315 Mg ha-1 m-1 with a further decrease caused by degradation to 80–132 Mg ha-1 m-1. Soils differed in C/N ratio (marine: 29–64; estuarine: 9–28), δ15N (marine: 0.6 to 0.7‰; estuarine: 2.5 to 7.2‰), and plant-available P (marine: 2.3–6.3 mg kg-1; estuarine: 0.16–1.8 mg kg-1). We found N and P supply of sea-oriented mangroves primarily met by dominating symbiotic N2 fixation from air and P import from sea, while mangroves on the landward gradient increasingly covered their demand in N and P from allochthonous sources and SOM recycling. Pioneer plants favored by degradation further increased nutrient recycling from soil resulting in smaller SOC stocks in the topsoil. These processes explained the differences in SOC stocks along the land-to-sea gradient in each mangrove type as well as the SOC stock differences observed between estuarine and marine mangrove ecosystems. This first large-scale evaluation of drivers of SOC stocks under mangroves thus suggests a continuum in mangrove functioning across scales and ecotypes and additionally provides viable proxies for carbon stock estimations in PES or REDD schemes.

Bacterial and pathological study of caudal fin rot in brood stocks of Salmo trutta caspius from the propagation and breeding center of Shahid Bahonar of Kelardasht region

In order to study caudal fin rot with emphasis on Aeromonas hydrophila and Pseudomonas fluorescens in Salmo trutta caspius from the salmonids propagation and breeding center of Shahid Bahonar of kelardasht region, One hundred and eighty brood stocks having fin damage symptoms were chosen. Two bacterial samples from each fish were cultured on Aeromonas and Pseudomonas specific media. Biochemical tests, API2OE identification system and antibiogram test using six antibiotic disks were performed for diagnosing isolates bacteria and finding suitable antibiotic. Thirty samples from caudal fin of damaged fishes were fixed in 10% formalin and 51.tm microscopic sections were prepared using standard scatological methods and then stained by Haematoxylin-Eosin staining method to observe the pathological changes and also Maccallum-Goodpasture staining method to observe the bacterial colonies. In second stage of the study, bacterial samples were taken from thirty brood stocks using similar method at the first stage of sampling. For isolation and biochemical diagnosis of Aeromonas and Pseudormonas genus, the samples were analyzed by molecular research included PCR amplification (using 16S rDNA genes of the genus pseudomonas and 16S-23S rDNA intergenic spacer of the genus Aeromonas) and restriction analysis by four restriction enzymes for each genus. The results of biochemical tests showed that isolated bacteria were belonged to Aeromonas caviae and Aeromonas hydrophila (subspecies anaerogenes), Pseudomonas fluorescens, Pseudomonas putida and Pseudomonas alcaligenes while the results of API2OE identification system showed that the isolated bacteria belonged to Aeromonas hydrophila, Pseudomonas fluorescens, Pseudomonas putida and Pseudomonas aeruginosa. Restriction analysis of Aeromonas samples with Hin6l, Csp6I, Taql, and Tasl revealed three samples were different from others while restriction analysis of Pseudomonas samples with Alul, Hinfl, Rsal, and Trull showed at least five species or biovars. The results of antibiogram test showed all Aeromonas samples were sensitive to Trimethoprim, Chloramphenicol and Nitrofurazone, mostly to Nalidixic acid and Chloramphenicol, while most of samples were resistant to Erythromycin and Oxytetracycline. Pseudomonas samples were only sensitive to Nitrofurazone and mostly resistant to Oxytetracycline, Nalidixic acid, Erythromycin, Trimethoprim and Chloramphenicol. The results of light microscope study showed hyperplasia and spongiosis of the malpigian cells of epidermis, increasing of melanin pigments underlying epidermis; sever necrosis in both epidermis and dermis and also sloughing the epidermis in some cases. Occurrence of clefts through the epithelium, neovascularization, hyperemia and mild inflammatory response in dermis and separation of the fin rays also were observed. No bacterial colonies were found in the sections.

Recent observations on the exploitation of the fish stocks of Lake Victoria, Uganda

The data from the able sources has been used in this paper to make observations on the exploitation of the fish stocks in Lake Victoria since 1981. The paper focuses on species composition of the catch, catch rates, average size of the individual fish landed and fish production. On the basis of these parameters and developments in the fishery, the paper also presents some observations and comments on the future prospects of the fish stocks in the lake.

Financial stocks and political bonds: stock market participation and political behavior in the United States and Britain

This dissertation investigates the effect of stock market participation on political behavior. Some observers claim that financial assets—stocks and mutual funds—have a causal effect on political behavior. The “investor class theory” asserts that as people invest in the stock market their partisan attachments shift rightward. The “asset effect theory” claims that financial investments increase political interest and participation. I examine these claims with longitudinal data from the United States and Great Britain covering a twenty-year period from the early 1980s through the mid-2000’s. I also examine the effect of financial asset ownership on political attitudes in the United States during the 2008 stock market crash. I find no evidence to support the argument that stock market participation has any causal effect on partisanship, participation, or political attitudes.

Impact of stability in prey supply to the stocks of the Nile perch in Lakes Victoria, Kyoga and Nabugabo

The food of the Nile perch has changed since its introduction into Lakes Victoria, Kyoga and Nabugabo and stabilized on Caridina nilotica, Anisopteran nymphs, Rastrineobola argentea, Nile perch juveniles, and tilapiines. For the Nile perch to sustain production in these lakes, its is important that these prey species are properly managed.

The impact of exploitation, competition, and predation on the changing stocks of Lake Victoria

The dramatic decline in fish species diversity in Lake Victoria has been attributed to predation by Nile perch, Lates niloticus Linne, without sufficient justification. Exploitation, interspecific competition and hybridization had profound impact on the decline of the indigenous commercial fish species. The roles of exploitation, competition and hybridization, and of predation by the Nile perch on changes in species diversity have been discussed. Lates was largely responsible only for the decline of the haplochromine stocks.

Empirical studies on share issuance and repurchase decisions

Financial constraints influence corporate policies of firms, including both investment decisions and external financing policies. The relevance of this phenomenon has become more pronounced during and after the recent financial crisis in 2007/2008. In addition to raising costs of external financing, the effects of financial crisis limited the availability of external financing which had implications for employment, investment, sale of assets, and tech spending. This thesis provides a comprehensive analysis of the effects of financial constraints on share issuance and repurchases decisions. Financial constraints comprise both internal constraints reflecting the demand for external financing and external financial constraints that relate to the supply of external financing. The study also examines both operating performance and stock market reactions associated with equity issuance methods. The first empirical chapter explores the simultaneous effects of financial constraints and market timing on share issuance decisions. Internal financing constraints limit firms’ ability to issue overvalued equity. On the other hand, financial crisis and low market liquidity (external financial constraints) restrict availability of equity financing and consequently increase the costs of external financing. Therefore, the study explores the extent to which internal and external financing constraints limit market timing of equity issues. This study finds that financial constraints play a significant role in whether firms time their equity issues when the shares are overvalued. The conclusion is that financially constrained firms issue overvalued equity when the external equity market or the general economic conditions are favourable. During recessionary periods, costs of external finance increase such that financially constrained firms are less likely to issue overvalued equity. Only unconstrained firms are more likely to issue overvalued equity even during crisis. Similarly, small firms that need cash flows to finance growth projects are less likely to access external equity financing during period of significant economic recessions. Moreover, constrained firms have low average stock returns compared to unconstrained firms, especially when they issue overvalued equity. The second chapter examines the operating performance and stock returns associated with equity issuance methods. Firms in the UK can issue equity through rights issues, open offers, and private placement. This study argues that alternative equity issuance methods are associated with a different level of operating performance and long-term stock returns. Firms using private placement are associated with poor operating performance. However, rights issues are found empirically to be associated with higher operating performance and less negative long-term stock returns after issuance in comparison to counterpart firms that issue private placements and open offers. Thus, rights issuing firms perform better than open offers and private placement because the favourable operating performance at the time of issuance generates subsequent positive long-run stock price response. Right issuing firms are of better quality and outperform firms that adopt open offers and private placement. In the third empirical chapter, the study explores the levered share repurchase of internally financially unconstrained firms. Unconstrained firms are expected to repurchase their shares using internal funds rather than through external borrowings. However, evidence shows that levered share repurchases are common among unconstrained firms. These firms display this repurchase behaviour when they have bond ratings or investment grade ratings that allow them to obtain cheap external debt financing. It is found that internally financially unconstrained firms borrow to finance their share repurchase when they invest more. Levered repurchase firms are associated with less positive abnormal returns than unlevered repurchase firms. For the levered repurchase sample, high investing firms are associated with more positive long-run abnormal stock returns than low investing firms. It appears the market underreact to the levered repurchase in the short-run regardless of the level of investments. These findings indicate that market reactions reflect both undervaluation and signaling hypotheses of positive information associated with share repurchase. As the firms undertake capital investments, they generate future cash flows, limit the effects of leverage on financial distress and ultimately reduce the risk of the equity capital.

Novas tecnologias de gestão : a produção em acção : funcionamento e gestão de stocks

Académico - Licenciaturas

Projet ANCRE-DMX2 : Indicateurs biologiques et écologiques pour une gestion durable des stocks de poissons DéMersauX profonds (100–700 m) d’intérêt halieutique à La Réunion

L'usage de la ligne à main mécanisée (moulinet électrique) s'est développé à La Réunion au cours des années 2000. Ce métier s’est développé à la suite d’une campagne de prospection des ressources halieutiques profondes (200-700m), menée conjointement par le CRPMEM et l’Ifremer en 2000. L’objectif de cette campagne par pêche au moulinet électrique visait à identifier de nouvelles ressources démersales à des fins de diversification pour la petite pêche artisanale côtière professionnelle réunionnaise. Ainsi, les premiers résultats de cette étude avaient mis en évidence l'existence de nouvelles espèces et des stocks encore peu exploités à l’époque. Leur exploitation par la pêche professionnelle mais aussi par la pêche plaisancière s’est dès lors développée rapidement, sans aucun contrôle. En l’absence de cadre juridique et de mesures de gestion appropriés, la baisse rapide des rendements et les conflits pour l’accès à ces ressources profondes limitées et réputées sensibles à l’exploitation avaient motivé un précédent projet d'étude pour caractériser l’état de ces ressources (ANCRE-DMX, nommé DMX1, Ifremer 2011). Ce premier diagnostic réalisé à peine 10 ans après le début de l’exploitation des principales espèces avait mis en évidence des premiers signes d’une exploitation non soutenable des ressources dans l'ouest et le nord de La Réunion. Il avait été alors préconisé de lever des lacunes importantes concernant la biologie et l’écologie des espèces, d’évaluer l’état de ces stocks et enfin, de définir des indicateurs biologiques et halieutiques permettant de suivre l’évolution de ces différents stocks. En effet, les stocks de poissons démersaux profonds sont connus pour leur vulnérabilité (croissance lente, maturité sexuelle tardive, recrutement aléatoire…), et ce d’autant plus que leurs habitats sont particulièrement restreints à La Réunion. Le présent projet DMX2 a donc eu pour principal objectif d’établir, à partir d’une approche « indicateur », les bases des connaissances halieutiques, biologiques et écologiques manquantes sur les 6 principales espèces ciblées par la pêcherie à la ligne mécanisée. Le plan d’échantillonnage mis en place a couvert des profondeurs comprises entre 80 et 700 mètres, intégrant pour la première fois les zones de transition plus côtières. La période d’échantillonnage s’est déroulée sur un cycle annuel complet, soit d’avril 2014 à mai 2015, avec le concours de 10 pêcheurs professionnels répartis tout autour de l’île. Ainsi, 143 marées ont permis d’échantillonner 3984 individus et plus de 60 espèces différentes. Pour les principales espèces retenues, le suivi des captures en mer et les prélèvements biologiques réalisés ont permis d’appréhender leur rendement, leur structure démographique, leurs relations biométriques, l’étude de leur croissance, leur cycle de reproduction, leur taille de première maturité, la composition relative de leur alimentation ainsi que la variabilité de leur condition corporelle selon les saisons et en fonction des secteurs géographiques de l’île. Pour certaines espèces, les paramètres biologiques et écologiques obtenus n’avaient jamais été étudiés à ce jour. A partir des indicateurs populationnels et bio-écologiques retenus dans le projet, il a été possible d’évaluer l’état de santé des principaux stocks exploités et de les confronter à la situation et à l’évolution de la pêcherie ciblant ces espèces. Sur la base d’une approche de précaution, les diagnostics rendus sont variables selon l’état de santé de chacun des stocks et de leur sensibilité à l’exploitation. L’approche « indicateur » développée dans le cadre de ce projet a été appliquée aux données historiques disponibles. Ces indicateurs seront désormais proposés dans le cadre des suivis qui devront être mis en place dans la définition d’un plan de gestion des ressources démersales profondes à La Réunion. La définition du plan de gestion devra être discutée et validée auprès des différents usagers pêcheurs ainsi que des gestionnaires scientifiques, professionnels et administratifs.

Colombian mutual funds that invest in stocks: Do they create value?

Esta investigación evalúa el desempeño de 73 fondos de inversión colectiva (FIC) colombianos enfocados en acciones de 2005 a 2015 -- Para cuantificar el valor generado por estos fondos en comparación con sus respectivos activos de referencia (“benchmarks”), se calcula el alfa de Jensen mediante dos metodologías de regresión: Mínimos Cuadrados Ordinarios (MCO) y Regresión por Cuantiles -- También se analiza si estos fondos muestran evidencia de “market timing” o no, utilizando dos modelos: efecto cuadrático y variable binaria interactiva -- De igual manera, nuestro estudio propone la creación de una empresa privada en Colombia que provea a los inversores de información precisa sobre las características y desempeño histórico de estos fondos de inversión colectiva, como lo hace Morningstar Inc. en Estados Unidos -- Esto permitiría a los inversores seleccionar los fondos con mejores perspectivas y, como es de esperarse, haría este mercado más eficiente y atractivo para nuevos inversores potenciales

Morphometric characteristics of Prochilodus lineatus (Valenciennes 1847), of the migratory and resident stocks of the river Mogí-Guaçu, São Paulo State, Brazil

A espécie Prochilodus lineatus é de grande importância comercial na região dos rios Grande, Pardo e Mogi-Guaçu e tem como característica a formação de grandes cardumes, apta a desenvolver amplos deslocamentos migratórios. O presente trabalho objetivou avaliar, por meio das características morfométricas e etária, se os curimbatás (P. lineatus) dos diferentes estoques migradores e residentes constituem uma única população, havendo interação entre as sub-populações no período de piracema (migração reprodutiva). Utilizou-se um delineamento inteiramente casualizado em esquema fatorial 4 x 2, com quatro tipos de estoques (um residente e três migradores) e dois sexos (macho e fêmea) com trinta repetições, considerando cada peixe como unidade experimental. Foi observada variação de 80,19% para o primeiro componente principal e 8,09% do segundo componente principal fornecida pelas dez variáveis morfométricas dos estoques residentes e migradores. O estoque residente correspondeu aos maiores valores para todas as variáveis morfométricas. Houve sobreposição dos escores individuais das mesmas características entre os estoques migradores. Observou-se predominância de machos entre os estoques residentes e migrador I e II. As semelhanças morfométricas verificadas entre os estoques migradores indicam tratar-se de uma única população, com pequenas variações interpopulacional.

Carbon Stocks in Compartments of Soil Organic Matter 31 Years after Substitution of Native Cerrado Vegetation by Agroecosystems.

ABSTRACT: Changes in carbon stocks in different compartments of soil organic matter of a clayey Latossolo Vermelho Distrófico (Typic Haplustox), caused by the substitution of native savanna vegetation (cerrado sensu stricto) by agroecosystems, were assessed after 31 years of cultivation. Under native vegetation, a stock of 164.5 Mg ha-1 C was estimated in the 0.00-1.00 m layer. After 31 years of cultivation, these changes in soil C stocks were detected to a depth of 0.60 m. In the case of substitution of cerrado sensu stricto by no-tillage soybean-corn rotation, a reduction of at least 11 % of the soil C pools was observed. However, the adoption of no-tillage as an alternative to tillage with a moldboard plow (conventional system) reduced CO2 emissions by up to 12 %.

Carbon and nitrogen stocks of an arenosol under irrigated fruit orchards in semiarid Brazil.

O acúmulo de matéria orgânica beneficia a produtividade do solo e reduz a concentração do carbono atmosférico. Entretanto, pouco é sabido a respeito do acúmulo de C e N em solos arenosos cultivados com culturas perenes irrigadas em regiões semi-áridas. O objetivo deste trabalho foi avaliar o efeito do cultivo de fruteiras irrigadas nos estoques de C e N de um Neossolo Quartzarênico em Paraipaba, CE. Foram coletadas amostras na linha e na entrelinha de pomares irrigados de banana, caju, manga, sapoti, goiaba e graviola. Em áreas adjacentes sob vegetação de Caatinga hipoxerófila e após dois anos de desmatamento foram coletadas amostras adicionais. As profundidades de amostragem foram: 0 a 0.1, 0.1 a 0.2 e 0.2 a 0.4 m. Os teores de C e N no solo foram mais altos na camada superficial (0 a 0.1 m). Não houve efeito da profundidade de amostragem sobre a densidade do solo. Os estoques de C e N na área com vegetação de Caatinga na camada de 0 a 0.4 m foram de 27,6 and 2,4 Mg ha-1, respectivamente. A retirada da vegetação natural e o cultivo das fruteiras levaram a reduções de 5 a 23% e 4 a 21% nos estoques de C e N do solo, respectivamente. As culturas do sapoti e da graviola contribuíram para o aumento dos estoques de C e N após a retirada da vegetação natural. As culturas da goiaba, graviola, manga e sapoti contribuíram para a melhoria do índice de estratificação deste solo.

Evaluation of functional performance in commercial buildings

This report fully summarises a project designed to enhance commercial real estate performance within both operational and investment contexts through the development of a model aimed at supporting improved decision-making. The model is based on a risk adjusted discounted cash flow, providing a valuable toolkit for building managers, owners, and potential investors for evaluating individual building performance in terms of financial, social and environmental criteria over the complete life-cycle of the asset. The ‘triple bottom line’ approach to the evaluation of commercial property has much significance for the administrators of public property portfolios in particular. It also has applications more generally for the wider real estate industry given that the advent of ‘green’ construction requires new methods for evaluating both new and existing building stocks. The research is unique in that it focuses on the accuracy of the input variables required for the model. These key variables were largely determined by market-based research and an extensive literature review, and have been fine-tuned with extensive testing. In essence, the project has considered probability-based risk analysis techniques that required market-based assessment. The projections listed in the partner engineers’ building audit reports of the four case study buildings were fed into the property evaluation model developed by the research team. The results are strongly consistent with previously existing, less robust evaluation techniques. And importantly, this model pioneers an approach for taking full account of the triple bottom line, establishing a benchmark for related research to follow. The project’s industry partners expressed a high degree of satisfaction with the project outcomes at a recent demonstration seminar. The project in its existing form has not been geared towards commercial applications but it is anticipated that QDPW and other industry partners will benefit greatly by using this tool for the performance evaluation of property assets. The project met the objectives of the original proposal as well as all the specified milestones. The project has been completed within budget and on time. This research project has achieved the objective by establishing research foci on the model structure, the key input variable identification, the drivers of the relevant property markets, the determinants of the key variables (Research Engine no.1), the examination of risk measurement, the incorporation of risk simulation exercises (Research Engine no.2), the importance of both environmental and social factors and, finally the impact of the triple bottom line measures on the asset (Research Engine no. 3).

Managing knowledge in an outsourcing environment

What an organisation does versus what it out-sources to the market is a classic boundaries of the firm question that has previously been dominated by efficiency arguments. However, a knowledge-based view suggests these boundaries are integral to the ability of a firm to deploy existing knowledge stocks efficiently, as well as develop new knowledge through learning that will drive future competitiveness. Furthermore, the nature of these boundaries, in respect of their permeability is critical in understanding the likelihood of knowledge flowing into and out of the organisation. Using these concepts, we present a case study of Main Roads Western Australia to illustrate how these principles have allowed it to start rebuilding its internal capabilities through repositioning its operational boundaries and via ensuring their boundaries are highly porous as they move more major projects into alliance contracts.