Local and Regional Scale Determinants of Biodiversity Patterns in Boreal Agricultural Landscapes

This thesis examines the local and regional scale determinants of biodiversity patterns using existing species and environmental data. The research focuses on agricultural environments that have experienced rapid declines of biodiversity during past decades. Existing digital databases provide vast opportunities for habitat mapping, predictive mapping of species occurrences and richness and understanding the speciesenvironment relationships. The applicability of these databases depends on the required accuracy and quality of the data needed to answer the landscape ecological and biogeographical questions in hand. Patterns of biodiversity arise from confounded effects of different factors, such as climate, land cover and geographical location. Complementary statistical approaches that can show the relative effects of different factors are needed in biodiversity analyses in addition to classical multivariate models. Better understanding of the key factors underlying the variation in diversity requires the analyses of multiple taxonomic groups from different perspectives, such as richness, occurrence, threat status and population trends. The geographical coincidence of species richness of different taxonomic groups can be rather limited. This implies that multiple geographical regions should be taken into account in order to preserve various groups of species. Boreal agricultural biodiversity and in particular, distribution and richness of threatened species is strongly associated with various grasslands. Further, heterogeneous agricultural landscapes characterized by moderate field size, forest patches and non-crop agricultural habitats enhance the biodiversity of rural environments. From the landscape ecological perspective, the major threats to Finnish agricultural biodiversity are the decline of connected grassland habitat networks, and general homogenization of landscape structure resulting from both intensification and marginalization of agriculture. The maintenance of key habitats, such as meadows and pastures is an essential task in conservation of agricultural biodiversity. Furthermore, a larger landscape context should be incorporated in conservation planning and decision making processes in order to respond to the needs of different species and to maintain heterogeneous rural landscapes and viable agricultural diversity in the future.

Prediction of soil shear strength in agricultural and natural environments of the Brazilian Cerrado

The objective of this work was to develop uni- and multivariate models to predict maximum soil shear strength (τmax) under different normal stresses (σn), water contents (U), and soil managements. The study was carried out in a Rhodic Haplustox under Cerrado (control area) and under no-tillage and conventional tillage systems. Undisturbed soil samples were taken in the 0.00-0.05 m layer and subjected to increasing U and σn, in shear strength tests. The uni- and multivariate models - respectively τmax=10(a+bU) and τmax=10(a+bU+cσn) - were significant in all three soil management systems evaluated and they satisfactorily explain the relationship between U, σn, and τmax. The soil under Cerrado has the highest shear strength (τ) estimated with the univariate model, regardless of the soil water content, whereas the soil under conventional tillage shows the highest values with the multivariate model, which were associated to the lowest water contents at the soil consistency limits in this management system.

Leasingsopimusten kirjaaminen tilinpäätökseen, case: Toyota Finance Finland Oy

Tutkielman pääaiheena on leasingsopimusten kirjaaminen tilinpäätökseen viiden eri tilinpäätösnormiston näkökulmasta. Tutkielman tavoitteena on selvittää viiden tilinpäätösnormiston, suomalaisen GAAP:n ja IFRS:n, UK GAAP:n, US GAAP:n sekä Japanin GAAP:n, eroavaisuuksia ja yhteneväisyyksiä ja keskittyä näissä varsinkin leasingsopimusten kirjanpidollisten käsittelytapojen eroavaisuuksien tarkasteluun. Lisäksi tutkielman alatavoitteena on selvittää näiden normistojen yleisiä kirjanpidon ja tilinpäätöksen periaatteita. Tutkielman empiria perustuu case-yritys Toyota Finance Finland Oy:n ja sen emoyritysten tilinpäätösten muodon sekä konsernitilinpäätösten sisällön ja leasingsopimusten käsittelyn tarkasteluun. Tutkielma on case-tutkimus mutta se perustuu myös ongelman teoreettiseen käsittelyyn lähdemateriaalin, caseyrityksestä saadun informaation ja oman päättelyn pohjalta. Tutkielma on deskriptiivistä ja sen tarkoituksena onpyrkiä saamaan vastauksia kysymyksiin 'miten on?' ja 'miksi on?'. Tutkielman edetessä voidaan havaita, että vaikka yleiset kirjanpito- ja tilinpäätösperiaatteet ovat aika lailla samansisältöisiä kaikissa viidessä tilinpäätösnormistossa, sisältävät tietyt tilinpäätösstandardit ja -periaatteet huomattaviakin eroavaisuuksia. Leasingsopimukset ovat hyvä esimerkki tilinpäätöseristä, joiden käsittelypoikkeaa huomattavasti toisistaan näiden viiden tilinpäätösnormiston välillä.Suurimman ongelman aiheuttavat käyttö- ja rahoitusleasingsopimusten erilaiset käsittelytavat eri tilinpäätösnormistoissa. Suomalaisen lainsäädännön mukaan käyttö- ja rahoitusleasingsopimukset käsitellään kirjanpidollisesti samalla tavalla mutta esimerkiksi IFRS-normiston, UK GAAP:n ja US GAAP:n mukaan leasingsopimukset tulee jaotella käyttö- ja rahoitusleasingsopimuksiksi niille annettujen luokittelukriteereiden perusteella. Leasingsopimuksen luonteen perusteella määräytyy myös sen kirjanpidollinen käsittely. Suurimman eron suomalaisen käytännön ja esimerkiksi IFRS-normiston välillä aiheuttaa se, että rahoitusleasingsopimukset viedään IFRS-normistossa vuokralle ottajan taseeseen omaisuudeksi ja rahoitusleasingsopimuksen myötä vuokralle ottajalle siirtyy myös kaikki leasinghyödykkeeseen liittyvät edut ja riskit. Suomalaisessa käytännössä rahoitusleasing käsitellään aivan kuin käyttöleasingsopimus, vuokralle antajan taseessa. Käyttöleasingsopimuksen kirjanpidollinen käsittelytapa on kaikissa normistoissa jokseenkin samankaltainen.

A Monte Carlo approach to the inverse problem of diffuse pollution risk in agricultural catchments

The hydrological and biogeochemical processes that operate in catchments influence the ecological quality of freshwater systems through delivery of fine sediment, nutrients and organic matter. Most models that seek to characterise the delivery of diffuse pollutants from land to water are reductionist. The multitude of processes that are parameterised in such models to ensure generic applicability make them complex and difficult to test on available data. Here, we outline an alternative - data-driven - inverse approach. We apply SCIMAP, a parsimonious risk based model that has an explicit treatment of hydrological connectivity. we take a Bayesian approach to the inverse problem of determining the risk that must be assigned to different land uses in a catchment in order to explain the spatial patterns of measured in-stream nutrient concentrations. We apply the model to identify the key sources of nitrogen (N) and phosphorus (P) diffuse pollution risk in eleven UK catchments covering a range of landscapes. The model results show that: 1) some land use generates a consistently high or low risk of diffuse nutrient pollution; but 2) the risks associated with different land uses vary both between catchments and between nutrients; and 3) that the dominant sources of P and N risk in the catchment are often a function of the spatial configuration of land uses. Taken on a case-by-case basis, this type of inverse approach may be used to help prioritise the focus of interventions to reduce diffuse pollution risk for freshwater ecosystems. (C) 2012 Elsevier B.V. All rights reserved.

Three essays in dynamic corporate finance

The three essays constituting this thesis focus on financing and cash management policy. The first essay aims to shed light on why firms issue debt so conservatively. In particular, it examines the effects of shareholder and creditor protection on capital structure choices. It starts by building a contingent claims model where financing policy results from a trade-off between tax benefits, contracting costs and agency costs. In this setup, controlling shareholders can divert part of the firms' cash ows as private benefits at the expense of minority share- holders. In addition, shareholders as a class can behave strategically at the time of default leading to deviations from the absolute priority rule. The analysis demonstrates that investor protection is a first order determinant of firms' financing choices and that conflicts of interests between firm claimholders may help explain the level and cross-sectional variation of observed leverage ratios. The second essay focuses on the practical relevance of agency conflicts. De- spite the theoretical development of the literature on agency conflicts and firm policy choices, the magnitude of manager-shareholder conflicts is still an open question. This essay proposes a methodology for quantifying these agency conflicts. To do so, it examines the impact of managerial entrenchment on corporate financing decisions. It builds a dynamic contingent claims model in which managers do not act in the best interest of shareholders, but rather pursue private benefits at the expense of shareholders. Managers have discretion over financing and dividend policies. However, shareholders can remove the manager at a cost. The analysis demonstrates that entrenched managers restructure less frequently and issue less debt than optimal for shareholders. I take the model to the data and use observed financing choices to provide firm-specific estimates of the degree of managerial entrenchment. Using structural econometrics, I find costs of control challenges of 2-7% on average (.8-5% at median). The estimates of the agency costs vary with variables that one expects to determine managerial incentives. In addition, these costs are sufficient to resolve the low- and zero-leverage puzzles and explain the time series of observed leverage ratios. Finally, the analysis shows that governance mechanisms significantly affect the value of control and firms' financing decisions. The third essay is concerned with the documented time trend in corporate cash holdings by Bates, Kahle and Stulz (BKS,2003). BKS find that firms' cash holdings double from 10% to 20% over the 1980 to 2005 period. This essay provides an explanation of this phenomenon by examining the effects of product market competition on firms' cash holdings in the presence of financial constraints. It develops a real options model in which cash holdings may be used to cover unexpected operating losses and avoid inefficient closure. The model generates new predictions relating cash holdings to firm and industry characteristics such as the intensity of competition, cash flow volatility, or financing constraints. The empirical examination of the model shows strong support of model's predictions. In addition, it shows that the time trend in cash holdings documented by BKS can be at least partly attributed to a competition effect.

Competitive positioning of Spanish agricultural cooperatives

Cooperatives are the basis of the social economy in many agricultural sectors. The present research work investigates the management situation of the olive oil cooperatives in Catalonia. The study identifies a typology of cooperatives based on their attitudes towards to the sector. A positioning map of the different types of cooperatives is then established on the basis of their characteristics. The study concludes with important managerial aspects of olive oil cooperatives in Catalonia.

On diversity effects of alternative agricultural policy reforms in Finland : an agricultural sector modelling approach

Selostus: Maatalouspolitiikkauudistusten vaikutuksista pellonkäytön diversiteettiin

Governance by Contract? The impact of the International Finance Corporation's Social Conditionality on Worker Organization and Social Dialogue

This study considers the question of the relationship between private labour regulation and workers' capacity to take collective action through the lens of an empirical study of the International Finance Corporation's (IFC) 'performance standards' system of social and environmental conditionality. The study covered some 150 IFC client businesses in four world regions, drawing on data made public by the IFC as well as the results of a dedicated field survey that gathered information directly from workers, managers and union representatives. The study found that the application of the performance standards system has had remarkably little impact on union membership and social dialogue. In those few cases where change could be causally linked to the standards, the effect depended on the presence of workers' organizations that already had the capacity to take effective action on behalf of their members. The study also uncovered some prima facie evidence of breaches of freedom of association rights occurring with no reaction from IFC. The study concludes that the lack of impact is largely due to the private contractual structure that supposedly guarantees standards compliance.

Agricultural land use and human presence around breeding sites increase stress-hormone levels and decrease body mass in barn owl nestlings.

Human activities can have a suite of positive and negative effects on animals and thus can affect various life history parameters. Human presence and agricultural practice can be perceived as stressors to which animals react with the secretion of glucocorticoids. The acute short-term secretion of glucocorticoids is considered beneficial and helps an animal to redirect energy and behaviour to cope with a critical situation. However, a long-term increase of glucocorticoids can impair e.g. growth and immune functions. We investigated how nestling barn owls (Tyto alba) are affected by the surrounding landscape and by human activities around their nest sites. We studied these effects on two response levels: (a) the physiological level of the hypothalamus-pituitary-adrenal axis, represented by baseline concentrations of corticosterone and the concentration attained by a standardized stressor; (b) fitness parameters: growth of the nestlings and breeding performance. Nestlings growing up in intensively cultivated areas showed increased baseline corticosterone levels late in the season and had an increased corticosterone release after a stressful event, while their body mass was decreased. Nestlings experiencing frequent anthropogenic disturbance had elevated baseline corticosterone levels, an increased corticosterone stress response and a lower body mass. Finally, breeding performance was better in structurally more diverse landscapes. In conclusion, anthropogenic disturbance affects offspring quality rather than quantity, whereas agricultural practices affect both life history traits.

Idiosyncratic Volatility Puzzle: Influence of Macro-Finance Factors

In this paper, we scrutinize the cross-sectional relation between idiosyncratic volatility and stock returns. As a novelty, the idiosyncratic volatility is obtained by conditioning upon macro-finance factors as well as upon traditional asset pricing factors. The macro-finance factors are constructed from a large pool of macroeconomic and financial variables. Cleaning for macro-finance e§ects reverses the puzzling negative relation between returns and idiosyncratic volatility documented previously. Portfolio analysis shows that the effects from macro-finance factors are economically strong. The relation between idiosyncratic volatility and returns does not vary with the NBER business cycles. The empirical results are highly robust. Keywords: Idiosyncratic volatility puzzle; Macro-finance predictors; Factor analysis; Business cycle. JEL Classifications: G12; G14