Role of index bonds in an optimal dynamic asset allocation model with real subsistence consumption

We investigate the role of index bonds in a dynamic consumption and asset allocation model where the rate of real consumption at any given time cannot fall below a fixed level. An explicit form of the optimal consumption and portfolio rule for a class of Constant Relative Risk Aversion (CRRA) utility functions is derived. Consumption increases above the subsistence level only when wealth exceeds a threshold value. Risky investments in equity and nominal bonds are initially proportional to the excess of wealth over a lower bound, and then increase nonlinearly with wealth. The desirability of investing in the risky assets are related to the agent’s risk preference, the equity premium, and the inflation risk premium. The demand for index bonds is also obtained. The results should be useful for the management of defined benefit pension funds, university endowments, and other portfolios which have a withdrawal pre-commitment in real terms.

Alternate furrow irrigation of four fresh-market tomato cultivars under semi-arid condition of Ethiopia – Part II: Physiological response

Understanding the variation in physiological response to deficit irrigation together with better knowledge on physiological characteristics of different genotypes that contribute to drought adaptation mechanisms would be helpful in transferring different irrigation technologies to farmers. A field experiment was carried to investigate the physiological response of four tomato cultivars (Fetan, Chali, Cochoro and ARP Tomato d2) to moderate water deficit induced by alternate furrow irrigation (AFI) and deficit irrigation (DI) under semi-arid condition of Ethiopia during 2013 and 2014. The study also aimed at identifying physiological attributes to the fruit yield of tomato under different deficit irrigation techniques. A factorial combination of irrigation treatments and cultivar were arranged in a complete randomized design with three replicates. Results showed that stomatal conductance (g_s) was significantly reduced while photosynthetic performance measured as chlorophyll fluorescence (Fv’/Fm’), relative water content (RWC) and leaf ash content remained unaffected under deficit irrigations. Significant differences among cultivars were found for water use efficiency (WUE), g_s, chlorophyll content (Chl_SPAD), normal difference vegetation index (NDVI), leaf ash content and fruit growth rate. However, cultivar differences in WUE were more accounted for by the regulation of g_s, therefore, g_s could be useful for breeders for screening large numbers of genotypes with higher WUE under deficit irrigation condition. The study result also demonstrated that cultivar with traits that contribute to achieve higher yields under deficit irrigation strategies has the potential to increase WUE.

Age and growth, mortality, reproduction and relative yield per recruit of the bogue, Boops boops Linne, 1758 (Sparidae), from the Algarve (south of Portugal) longline fishery

Samples of Boops boops ranging from 7.4 to 30.5 cm were obtained mainly by longline, supplemented by beach seining in the Ria Formosa lagoon, and by market sampling in the Algarve (southern Portugal). The macroscopic analyses of the gonads and the gonad somatic index showed that the south coast of Portugal B. boops spawn mainly from late winter to spring, between February and May. The length at first maturity was similar for males and females and the value for both sexes combined was estimated to be 15.22 cm, corresponding to an age range of 1-3. Age was determined by reading growth bands on otoliths. Age determination was validated by marginal increment analysis. The estimated parameters were L-infinity = 28.06, K = 0.22 and t(0) = -1.42. Mortality rates were calculated for fish captured with longlines, and the estimated parameters were M = 0.33, Z = 1.04 and F = 0.71. Relative yield per recruit analysis and sensitivity analysis showed that the resource is moderately exploited. From the perspective of sustainability, these results provide support for the use of longlines as a gear that is among the least harmful for species such as the bogue.

Trends in NE Atlantic landings (southern Portugal): identifying the relative importance of fisheries and environmental variables

Time series of commercial landings from the Algarve (southern Portugal) from 1982 to 1999 were analyzed using min/max autocorrelation factor analysis (MAFA) and dynamic factor analysis (DFA). These techniques were used to identify trends and explore the relationships between the response variables (annual landings of 12 species) and explanatory variables [sea surface temperature, rainfall, an upwelling index, Guadiana river (south-east Portugal) flow, the North Atlantic oscillation, the number of licensed fishing vessels and the number of commercial fishermen]. Landings were more highly correlated with non-lagged environmental variables and in particular with Guadiana river flow. Both techniques gave coherent results, with the most important trend being a steady decline over time. A DFA model with two explanatory variables (Guadiana river flow and number of fishermen) and three common trends (smoothing functions over time) gave good fits to 10 of the 12 species. Results of other models indicated that river flow is the more important explanatory variable in this model. Changes in the mean flow and discharge regime of the Guadiana river resulting from the construction of the Alqueva dam, completed in 2002, are therefore likely to have a significant and deleterious impact on Algarve fisheries landings.

Handgrip strength cut-off for cardiometabolic risk index among Colombian children and adolescents : the FUPRECOL study

Abstract Objective: Evidence shows an association between muscular strength (MS) and health among youth, however low muscular strength cut-points for the detection of high metabolic risk in Latin-American populations are scarce. The aim of this study was two-fold: to explore potential age- and sex-specific thresholds of MS, for optimal cardiometabolic risk categorization among Colombian children and adolescents; and to investigate if cardiometabolic risk differed by MS group by applying the receiver operating characteristic curve (ROC) cut point. Methods: This is a secondary analysis of a cross-sectional study (the FUPRECOL study), published elsewhere. The FUPRECOL study assessments were conducted during the 2014– 2015 school year. MS was estimated by a handle dynamometer on 1,950 children and adolescents from Colombia, using the MS relative to weight (handgrip strength/body mass). A metabolic risk score was computed from the following components: waist circumference, triglycerides, HDL-c, glucose, systolic and diastolic blood pressure. ROC analysis showed a significant discriminatory accuracy of MS in identifying the low/high metabolic risk in children and adolescents and both gender. Results: In children, handgrip strength/body mass level for a low metabolic risk were 0.359 and 0.376 in girls and boys, respectively. In adolescents, these points were 0.440 and 0.447 in girls and boys, respectively. Conclusion: In conclusion, the results suggest a hypothetical MS level relative to weight for having a low metabolic risk, which could be used to identify youths at risk.

Adaptive strategies of two Portuguese grapevines varieties (Aragonês. syn. Tempranillo and Trincadeira) face drought: physiological and structural responses.

At Mediterranean regions and particularly in southern Portugal, it is imperative to identify grape varieties more adapted to warm and dry climates in order to overcome future climatic changes. Two Vitis vinifera genotypes, Aragonez (syn. Tempranillo) and Trincadeira, were selected to assess their physiological responses to soil water stress. Vines were subjected to four irrigation regimes: irrigated during all phenological cycle, non-irrigated during all phenological cycle, non irrigated until veraison, irrigated after veraison. Predawn leaf water potential was much higher in Trincadeira than Aragonez in non- irrigated plants. This result is in accordance with its higher stomatal control efficiency in this variety (Trincadeira). Photosynthetic capacity (Amax at saturating light intensity) decreased due to stomatal and biochemical limitations under water stress. However, recovery capacity of leaf water status after irrigation was faster in Trincadeira. Yield and yield x Brix increased when irrigation occurred after veraison, particularly in Trincadeira. These results show that Trincadeira presents a drought adaptation than Aragonez. Ratio of variable to maximum fluorescence Fv/Fm and total leaf chlorophyll related with leaf water potential for both species. Reflectance Normalized Difference Vegetation Index (NDVI705), Red Edge Inflexion Point Index and Photochemical Reflectance Index were related with irrigation treatment. Relative water content and specific leaf area were similar between varieties. In conclusion, we suggested that there is variation among the genotypes and the main physiological parameters for variety selection, for drought, were leaf water potential, stomatal conductance and reflectance indexes.