Stock assessment of Lates niloticus (L.), Oreochromis niloticus (L.) and Rastrineobola argentea (Pellegrin) using fisheries-dependent data from Tanzania waters of Lake Victoria

Three commercially important fish species, Lates niloticus (L.), Rastrineobola argentea (Pellegrin) and Oreochromis niloticus (L.) that are fished by artisanal fishermen of Lake Victoria, Tanzania part, were studied in Kagera, Mwanza and Mara beaches from October 1997 to July 1999. Catches, effort, exploitation and stock structure were investigated. Beaches for sampling were selected based on importance for landing the above named fish species. The number of boats found on beach that day, the number that lay idle and their means of propulsion were recorded. As many boats as possible were sampled for gear type and gear size. The catches were sorted into species and measured. Variation in the species and size composition of landings was observed between regions, between months and between gears used. The implications of the findings to management are discussed.

Company financial performance: Does board size matter? Case of the EUROSTOXX50 index

[EN] This study analyzes the relationship between board size and economic-financial performance in a sample of European firms that constitute the EUROSTOXX50 Index. Based on previous literature, resource dependency and agency theories, and considering regulation developed by the OECD and European Union on the normative of corporate governance for each country in the sample, the authors propose the hypotheses of both positive linear and quadratic relationships between the researched parameters. Using ROA as a benchmark of financial performance and the number of members of the board as measurement of the board size, two OLS estimations are performed. To confirm the robustness of the results the empirical study is tested with two other similar financial ratios, ROE and Tobin s Q. Due to the absence of significant results, an additional factor, firm size, is employed in order to check if it affects firm performance. Delving further into the nature of this relationship, it is revealed that there exists a strong and negative relation between firm size and financial performance. Consequently, it can be asseverated that the generic recommendation one size fits all cannot be applied in this case; which conforms to the Recommendations of the European Union that dissuade using generic models for all countries.

Um estudo empírico sobre o Conservadorismo Contábil no período 1995 / 2010

O aumento da complexidade das operações, assim como do tamanho das organizações, face ao fortalecimento da economia e do mercado acionário, tem motivado uma considerável expansão na importância das informações geradas pela Contabilidade. Porém, muito se discute sobre o verdadeiro valor da informação contábil para seus diversos usuários. Essa discussão, em muitos casos, está baseada na fidedignidade das demonstrações financeiras em relação à realidade econômica das empresas. Uma das grandes críticas feitas a Contabilidade é a de ser conservadora em relação aos critérios utilizados na apuração do resultado econômico. Como conseqüência, suas informações não refletiriam a realidade econômica das empresas. Some-se a isso o fato de que, ao longo dos anos, a Contabilidade vem incorporando novos critérios que a estariam tornando ainda mais conservadora. Este problema é de suma importância, pois levanta a questão da comparabilidade das demonstrações contábeis ao longo dos anos. Este trabalho, usando uma amostra de 106 empresas de capital aberto negociadas na BM&FBOVESPA, a partir da utilização dos modelos de Acumulação de Accruals, proposto por Givoly e Hayn (2000), e de Oportunidade Assimétrica nos Lucros, proposto por Basu (1997), para mensuração do conservadorismo, conclui pela aceitação da hipótese de que há um aumento do Conservadorismo reportado nas demonstrações financeiras ao longo do período analisado, compreendido entre 1995 e 2010.

O estado empresário: regime jurídico das tradicionais e novas formas de atuação empresarial do estado na economia brasileira

A presente dissertação versa sobre limites para a intervenção do Estado na economia sob a forma empresarial e os controles a ela aplicáveis. Além de abordar o papel do Estado como acionista de sociedades privadas e a compatibilidade dessa forma de intervenção com o ordenamento jurídico brasileiro, promove-se uma releitura da doutrina e jurisprudência sobre as sociedades de economia mista e sobre as empresas públicas. Estuda-se as razões que levam o Estado a intervir na economia de uma maneira geral, seja de forma direta ou indireta, a partir das teorias econômicas normativas e descritivas sobre a intervenção estatal na economia. Discorre-se sobre os fundamentos constitucionais à intervenção do Estado na economia e os possíveis motivos para a criação de empresas estatais e participação minoritária em sociedades privadas, bem como sobre os condicionamentos impostos pelo princípio da livre iniciativa à intervenção do Estado na economia, em especial à luz da jurisprudência dos Tribunais Superiores. Foram abordados, ainda, os princípios da eficiência, da livre concorrência e da proporcionalidade, que também constituem fundamentos e limites gerais à intervenção do Estado na economia, além da necessidade de autorização legal. Além de apresentarmos um breve resumo da discussão histórica sobre a criação das empresas estatais no Brasil e os motivos para a escolha de um ou outro tipo de sociedade estatal, analisa-se o regime jurídico aplicável a essas entidades, à luz dos dispositivos constitucionais e da jurisprudência sobre o tema, incluindo-se o estudo do seu regime de pessoal, de bens, tributário, licitações, contratual, responsabilidade civil e falência. Estudaremos, ainda, as formas de controle incidentes sobre essas entidades. Por fim, a dissertação também abrange o estudo da intervenção do Estado como acionista minoritário em sociedades privadas, abordando os motivos para essa participação societária, bem como a natureza dessa intervenção. Trata-se de empresas controladas pela iniciativa privada, mas que têm algum grau de participação estatal em seu capital. São muitos os motivos que podem levar o Poder Público a participar sem poder de controle em empresas privadas. A participação minoritária pode visar a permitir um maior controle do Estado sobre a empresa participada, ou mesmo a tomada de controle gradual de determinada companhia, mas também pode constituir uma forma de parceria entre a iniciativa estatal e a privada, como forma mais eficiente de fomento de atividades consideradas de interesse público ou de compartilhamento de riscos e custos envolvidos em determinada atividade explorada pelo Poder Público e pela iniciativa privada. Aborda-se a relação das sociedades meramente participadas com a Administração pública, bem como os condicionamentos constitucionais à participação minoritária estatal sem controle em sociedades privadas (proporcionalidade, eficiência, necessidade de autorização legal, realização de procedimento licitatório com vista à escolha do parceiro privado, e controle do Tribunal de Contas da União).

Die Entwicklung des Aufwandes in der deutschen Garnelenfischerei und der Versuch einer Standardisierung der jährlichen Einheitsanlandungen (LPUE) zwischen 1976 und 2010

Brown shrimp is a fastgrowing, shortlived species, and all attempts to use stock assessment methodologies typically applied to other fisheries are usually unsuccessful. Here landings per unit effort data (LPUE) for the German fleet based on a number of effort metrics are used as indices of stock size. Their utility in relation to describing stock development and fisheries management is discussed. LPUE estimates indicate that stock sizes between 1976 and 1989 were relatively stable. In 1990, the lowest reported landings of brown shrimps in Germany coincided with severe economic problems for the shrimp fisheries. From 1990 to 2010 standardised annual indices show that both landings and LPUE estimates have increased at variable rates suggesting large stocks of brown shrimps in recent years. This is discussed in relation to the positive effects of reduced predator abundance and favourable climatic factors.

Interactions of age-dependent mortality and selectivity functions in age-based stock assessment models

The natural mortality rate (M) of fish varies with size and age, although it is often assumed to be constant in stock assessments. Misspecification of M may bias important assessment quantities. We simulated fishery data, using an age-based population model, and then conducted stock assessments on the simulated data. Results were compared to known values. Misspecification of M had a negligible effect on the estimation of relative stock depletion; however, misspecification of M had a large effect on the estimation of parameters describing the stock recruitment relationship, age-specific selectivity, and catchability. If high M occurs in juvenile and old fish, but is misspecified in the assessment model, virgin biomass and catchability are often poorly estimated. In addition, stock recruitment relationships are often very difficult to estimate, and steepness values are commonly estimated at the upper bound (1.0) and overfishing limits tend to be biased low. Natural mortality can be estimated in assessment models if M is constant across ages or if selectivity is asymptotic. However if M is higher in old fish and selectivity is dome-shaped, M and the selectivity cannot both be adequately estimated because of strong interactions between M and selectivity.

Larval abundance of summer flounder (Paralichthys dentatus) as a measure of recruitment and stock status

Summer flounder (Paralichthys dentatus) is one of the most economically and ecologically important estuarine-dependent species in the northeastern United States. The status of the population is currently a topic of controversy. Our goal was to assess the potential of using larval abundance at ingress as another fishery independent measure of spawning stock biomass or recruitment. Weekly long-term ichthyoplankton time series were analyzed from Little Egg Inlet, New Jersey (1989–2006) and Beaufort Inlet, North Carolina (1986–2004). Mean size-at-ingress and stage were similar between sites, whereas timing of ingress and abundance at ingress were not similar. Ingress primarily occurred during the fall at Little Egg Inlet and the winter at Beaufort Inlet. These findings agree with those from earlier studies in which at least two stocks (one north and one south of Cape Hatteras) were identified with different spawning periods. Larval abundance at Little Egg Inlet has increased since the late 1990s and most individuals now enter the estuary earlier during the season of ingress. Abundance at Little Egg Inlet was correlated with an increase in spawning stock biomass, presumably because spawning by larger, more abundant fish during the late 1990s and early 2000s provided increased larval supply, at least in some years. Larval abundance at ingress at Beaufort Inlet was not correlated with spawning stock biomass or with larval abundance at ingress at Little Egg Inlet, further supporting the hypothesis of at least two stocks. Larval abundance at Little Egg Inlet could be used as a fishery-independent index of spawning stock size north of Cape Hatteras in future stock assessments. Larval occurrence at Beaufort Inlet may provide information on the abundance of the stock south of Cape Hatteras, but additional stock assessment work is required.

Age composition and distribution of red drum (Sciaenops ocellatus) in offshore waters of the north central Gulf of Mexico: an evaluation of a stock under a federal harvest moratorium

Because of a lack of fishery-dependent data, assessment of the recovery of fish stocks that undergo the most aggressive form of management, namely harvest moratoriums, remains a challenge. Large schools of red drum (Sciaenops ocellatus) were common along the northern Gulf of Mexico until the late 1980s when increased fishing effort quickly depleted the stock. After 24 years of harvest moratorium on red drum in federal waters, the stock is in need of reassessment; however, fisherydependent data are not available in federal waters and fishery-independent data are limited. We document the distribution, age composition, growth, and condition of red drum in coastal waters of the north central Gulf of Mexico, using data collected from a nearshore, randomized, bottom longline survey. Age composition of the fishery-independent catch indicates low mortality of fish age 6 and above and confirms the effectiveness of the federal fishing moratorium. Bottom longline surveys may be a cost-effective method for developing fishery-independent indices for red drum provided additional effort can be added to nearshore waters (<20 m depth). As with most stocks under harvest bans, effective monitoring of the recovery of red drum will require the development of fishery-independent indices. With limited economic incentive to evaluate non-exploited stocks, the most cost-effective approach to developing such monitoring is expansion of existing fishery independent surveys. We examine this possibility for red drum in the Gulf of Mexico and recommend the bottom longline survey conducted by the National Marine Fisheries Service expand effort in nearshore areas to allow for the development of long-term abundance indices for red drum.

New Nuclear SNP Markers Unravel the Genetic Structure and Effective Population Size of Albacore Tuna (Thunnus alalunga)

In the present study we have investigated the population genetic structure of albacore (Thunnus alalunga, Bonnaterre 1788) and assessed the loss of genetic diversity, likely due to overfishing, of albacore population in the North Atlantic Ocean. For this purpose, 1,331 individuals from 26 worldwide locations were analyzed by genotyping 75 novel nuclear SNPs. Our results indicated the existence of four genetically homogeneous populations delimited within the Mediterranean Sea, the Atlantic Ocean, the Indian Ocean and the Pacific Ocean. Current definition of stocks allows the sustainable management of albacore since no stock includes more than one genetic entity. In addition, short-and long-term effective population sizes were estimated for the North Atlantic Ocean albacore population, and results showed no historical decline for this population. Therefore, the genetic diversity and, consequently, the adaptive potential of this population have not been significantly affected by overfishing.

Life history characteristics for silvergray rockfish (Sebastes brevispinis) in British Columbia waters and the implications for stock assessment and management

We summarize the life history characteristics of silvergray rockfish (Sebastes brevispinis) based on commercial fishery data and biological samples from British Columbia waters. Silvergray rockfish occupy bottom depths of 100−300 m near the edge of the continental shelf. Within that range, they appear to make a seasonal movement from 100−200 m in late summer to 180−280 m in late winter. Maximum observed age in the data set was 81 and 82 years for females and males, respectively. Maximum length and round weight was 73 cm and 5032 g for females and 70 cm and 3430 g for males. The peak period of mating lasted from December to February and parturition was concentrated from May to July. Both sexes are 50% mature by 9 or 10 years and 90% are mature by age 16 for females and age 13 years for males. Fecundity was estimated from one sample of 132 females and ranged from 181,000 to 1,917,000 oocytes and there was no evidence of batch spawning. Infection by the copepod parasite Sarcotaces arcticus appears to be associated with lower fecundity. Sexual maturation appears to precede recruitment to the trawl fishery; thus spawning stock biomass per recruit analysis (SSB/R) indicates that a F50% harvest target would correspond to an F of 0.072, 20% greater than M (0.06). Fishery samples may bias estimates of age at maturity but a published meta-data analysis, in conjunction with fecundity data, independently supports an early age of maturity in relation to recruitment. Although delayed recruitment to the fishery may provide more resilience to exploitation, managers may wish to forego maximizing economic yield from this species. Silvergray rockfish are a relatively minor but unavoidable part of the multiple species trawl catch. Incorrectly “testing” the resilience of one species may cause it to be the weakest member of the specie

Sex-change rules, stock dynamics, and the performance of spawning-per-recruit measures in protogynous stocks

Predicting and under-standing the dynamics of a population requires knowledge of vital rates such as survival, growth, and reproduction. However, these variables are influenced by individual behavior, and when managing exploited populations, it is now generally realized that knowledge of a species’ behavior and life history strategies is required. However, predicting and understanding a response to novel conditions—such as increased fishing-induced mortality, changes in environmental conditions, or specific management strategies—also require knowing the endogenous or exogenous cues that induce phenotypic changes and knowing whether these behaviors and life history patterns are plastic. Although a wide variety of patterns of sex change have been observed in the wild, it is not known how the specific sex-change rule and cues that induce sex change affect stock dynamics. Using an individual based model, we examined the effect of the sex-change rule on the predicted stock dynamics, the effect of mating group size, and the performance of traditional spawning-per-recruit (SPR) measures in a protogynous stock. We considered four different patterns of sex change in which the probability of sex change is determined by 1) the absolute size of the individual, 2) the relative length of individuals at the mating site, 3) the frequency of smaller individuals at the mating site, and 4) expected reproductive success. All four pat-terns of sex change have distinct stock dynamics. Although each sex-change rule leads to the prediction that the stock will be sensitive to the size-selective fishing pattern and may crash if too many reproductive size classes are fished, the performance of traditional spawning-per-recruit measures, the fishing pattern that leads to the greatest yield, and the effect of mating group size all differ distinctly for the four sex-change rules. These results indicate that the management of individual species requires knowledge of whether sex change occurs, as well as an understanding of the endogenous or exogenous cues that induce sex change.

Size-composition of Annual Landings in the White Shrimp, Litopenaeus setiferus, Fishery of the Northern Gulf of Mexico, 1960–2006: Its Trend and Relationships with Other Fishery-dependent Variable

The potential for growth overfishing in the white shrimp, Litopenaeus setiferus, fishery of the northern Gulf of Mexico appears to have been of limited concern to Federal or state shrimp management entities, following the cataclysmic drop in white shrimp abundance in the 1940’s. As expected from surplus production theory, a decrease in size of shrimp in the annual landings accompanies increasing fishing effort, and can eventually reduce the value of the landings. Growth overfishing can exacerbate such decline in value of the annual landings. We characterize trends in size-composition of annual landings and other annual fishery-dependent variables in this fishery to determine relationships between selected pairs of these variables and to determine whether growth overfishing occurred during 1960–2006. Signs of growth overfishing were equivocal. For example, as nominal fishing effort increased, the initially upward, decelerating trend in annual yield approached a local maximum in the 1980’s. However, an accelerating upward trend in yield followed as effort continued to increase. Yield then reached its highest point in the time series in 2006, as nominal fishing effort declined due to exogenous factors outside the control of shrimp fishery managers. The quadratic relationship between annual yield and nominal fishing effort exhibited a local maximum of 5.24(107) pounds (≈ MSY) at a nominal fishing effort level of 1.38(105) days fished. However, annual yield showed a continuous increase with decrease in size of shrimp in the landings. Annual inflation-adjusted ex-vessel value of the landings peaked in 1989, preceded by a peak in annual inflation-adjusted ex-vessel value per pound (i.e. price) in 1983. Changes in size composition of shrimp landings and their economic effects should be included among guidelines for future management of this white shrimp

Maternal effects on fecundity and egg quality of the Patagonian stock of Argentine Hake (Merluccius hubbsi)

The influences of age, size, and condition of spawning females on fecundity and oocyte quality were analyzed for the Patagonian stock of Argentine Hake (Merluccius hubbsi). Samples of mature females were collected in the spawning area as part of 2 research surveys conducted in January 2010 and 2011, during the peak of the reproductive season. Batch fecundity (BF) ranged between 40,500 (29 cm total length [TL]) and 2,550,000 (95 cm TL) hydrated oocytes, and was positively correlated with TL, gutted weight, age, hepatosomatic index (HSI), and the relative condition factor (Kn). Relative fecundity ranged between 85 and 1040 hydrated oocytes g–1 and showed significant positive relationships with gutted weight, HSI, and Kn; however, coefficients of determination were low for all regressions. Dry weights of samples of 100 hydrated oocytes ranged between 1.8 and 3.95 mg and were positively correlated with all variables analyzed, including batch and relative fecundity. Multiple regression models created with data of the morphophysiological characteristics of females supported maternal influences on fecundity and egg weights. Within the studied size range (29–95 cm TL), larger individuals had better somatic and egg condition, mainly revealed by higher HSI and hydrated oocytes with larger oil droplets (275.71μm [standard error 1.49]). These results were associated with the higher feeding activity of larger females during the spawning season in comparison with the feeding activity of young individuals (<5 years old); the better nutritional state of larger females, assumed to result from more feeding, was conducive to greater production of high-quality eggs.

Coupling ecology and economy: modeling optimal release scenarios for summer flounder (Paralichthys dentatus) stock enhancement

Increasing interest in the use of stock enhancement as a management tool necessitates a better understanding of the relative costs and benefits of alternative release strategies. We present a relatively simple model coupling ecology and economic costs to make inferences about optimal release scenarios for summer flounder (Paralichthys dentatus), a subject of stock enhancement interest in North Carolina. The model, parameterized from mark-recapture experiments, predicts optimal release scenarios from both survival and economic standpoints for varyious dates-of-release, sizes-at-release, and numbers of fish released. Although most stock enhancement efforts involve the release of relatively small fish, the model suggests that optimal results (maximum survival and minimum costs) will be obtained when relatively large fish (75–80 mm total length) are released early in the nursery season (April). We investigated the sensitivity of model predictions to violations of the assumption of density-independent mortality by including density-mortality relationships based on weak and strong type-2 and type-3 predator functional responses (resulting in depensatory mortality at elevated densities). Depending on postrelease density, density-mortality relationships included in the model considerably affect predicted postrelease survival and economic costs associated with enhancement efforts, but do not alter the release scenario (i.e. combination of release variables) that produces optimal results. Predicted (from model output) declines in flounder over time most closely match declines observed in replicate field sites when mortality in the model is density-independent or governed by a weak type-3 functional response. The model provides an example of a relatively easy-to-develop predictive tool with which to make inferences about the ecological and economic potential of stock enhancement of summer flounder and provides a template for model creation for additional species that are subjects of stock enhancement interest, but for which limited empirical data exist.

Sizes of walleye pollock (Theragra chalcogramma) and Atka mackerel (Pleurogrammus monopterygius) consumed by the western stock of Steller sea lions (Eumetopias jubatus) in Alaska from 1999 to 2000

Prey-size selectivity by Steller sea lions (Eumetopias jubatus) is relevant for understanding the foraging behavior of this declining predator, but studies have been problematic because of the absence and erosion of otoliths usually used to estimate fish length. Therefore, we developed regression formulae to estimate fish length from seven diagnostic cranial structures of walleye pollock (Theragra chalcogramma) and Atka mackerel (Pleurogrammus monopterygius). For both species, all structure measurements were related with fork length of prey (r2 range: 0.78−0.99). Fork length (FL) of walleye pollock and Atka mackerel consumed by Steller sea lions was estimated by applying these regression models to cranial structures recovered from scats (feces) collected between 1998 and 2000 across the range of the Alaskan western stock of Steller sea lions. Experimentally derived digestion correction factors were applied to take into account loss of size due to digestion. Fork lengths of walleye pollock consumed by Steller sea lions ranged from 3.7 to 70.8 cm (mean=39.3 cm, SD=14.3 cm, n=666) and Atka mackerel ranged from 15.3 to 49.6 cm (mean=32.3 cm, SD=5.9 cm, n=1685). Although sample sizes were limited, a greater proportion of juvenile (≤20 cm) walleye pollock were found in samples collected during the summer (June−September) on haul-out sites (64% juveniles, n=11 scats) than on summer rookeries (9% juveniles, n=132 scats) or winter (February−March) haul-out sites (3% juveniles, n=69 scats). Annual changes in the size of Atka mackerel consumed by Steller sea lions corresponded to changes in the length distribution of Atka mackerel resulting from exceptionally strong year classes. Considerable overlap (>51%) in the size of walleye pollock and Atka mackerel taken by Steller sea lions and the sizes of these species caught by the commercial trawl fishery were demonstrated.