Towards the sustainable use of Europe’s forests: a centre for European forest science! – Some missing catalytic elements?

The Symposium, “Towards the sustainable use of Europe’s forests”, with sub-title “Forest ecosystem and landscape research: scientific challenges and opportunities” lists three fundamental substantive areas of research that are involved: Forest management and practices, Ecosystem processes and functional ecology, and Environmental economics and sociology. This paper argues that there are essential catalytic elements missing! Without these elements there is great danger that the aimed-for world leadership in the forest sciences will not materialize. What are the missing elements? All the sciences, and in particular biology, environmental sciences, sociology, economics, and forestry have evolved so that they include good scientific methodology. Good methodology is imperative in both the design and analysis of research studies, the management of research data, and in the interpretation of research finding. The methodological disciplines of Statistics, Modelling and Informatics (“SMI”) are crucial elements in a proposed Centre of European Forest Science, and the full involvement of professionals in these methodological disciplines is needed if the research of the Centre is to be world-class. Distributed Virtual Institute (DVI) for Statistics, Modelling and Informatics in Forestry and the Environment (SMIFE) is a consortium with the aim of providing world-class methodological support and collaboration to European research in the areas of Forestry and the Environment. It is suggested that DVI: SMIFE should be a formal partner in the proposed Centre for European Forest Science.

A distributed algorithm for European options with nonlinear volatility

A distributed algorithm is developed to solve nonlinear Black-Scholes equations in the hedging of portfolios. The algorithm is based on an approximate inverse Laplace transform and is particularly suitable for problems that do not require detailed knowledge of each intermediate time steps.

Numerical solutions of certain nonlinear models in European options on a distributed computing environment

Financial modelling in the area of option pricing involves the understanding of the correlations between asset and movements of buy/sell in order to reduce risk in investment. Such activities depend on financial analysis tools being available to the trader with which he can make rapid and systematic evaluation of buy/sell contracts. In turn, analysis tools rely on fast numerical algorithms for the solution of financial mathematical models. There are many different financial activities apart from shares buy/sell activities. The main aim of this chapter is to discuss a distributed algorithm for the numerical solution of a European option. Both linear and non-linear cases are considered. The algorithm is based on the concept of the Laplace transform and its numerical inverse. The scalability of the algorithm is examined. Numerical tests are used to demonstrate the effectiveness of the algorithm for financial analysis. Time dependent functions for volatility and interest rates are also discussed. Applications of the algorithm to non-linear Black-Scholes equation where the volatility and the interest rate are functions of the option value are included. Some qualitative results of the convergence behaviour of the algorithm is examined. This chapter also examines the various computational issues of the Laplace transformation method in terms of distributed computing. The idea of using a two-level temporal mesh in order to achieve distributed computation along the temporal axis is introduced. Finally, the chapter ends with some conclusions.

The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

[Reviews] Turkey and the European Union: prospects for a difficult encounter

Book review of 'Turkey and the European Union: Prospects for a Difficult Encounter', edited by Esra Lagro and Knud Erik Jorgensen, Basingstoke and New York: Palgrave Macmillan, 2007 Pp. xii þ 240; 1 table; 1 figure; index; ISBN 9780230019553; £47.00 (hb).

Characterisation of the South West European Marine Sites: Summary Report. Occasional Publication of the Marine Biological Association 14

The UK and EU have recently committed to an ecosystem-based approach to the management of our marine environment. In line with the requirements of the Habitats regulations, all consents likely to significantly affect Special Areas of Conservation (SACs) and Special Protection Areas (SPAs) are to be reviewed. As part of this process, 'site characterisation' is seen as an important first step towards the improved management of designated sites. This characterisation series, undertaken by the Marine Biological Association of the United Kingdom and funded by the Environment Agency and English Nature, sets out to determine the current status of designated marine sites in South West England, and how vulnerable (or robust) they are to contaminants (metals, organics, nutrients) and other anthropogenic pressures. Using published information and unpublished data-sets from regulatory agencies, conservation bodies and research institutes (particularly those of the PMPS*), evidence is compiled on the links between potentially harmful 'activities', environmental quality, and resultant biological consequences. This includes an evaluation of long-term change. The focus is the effect of water and sediment quality on the key interest features of European Marine sites in the South West of England, namely: - Fal and Helford cSAC (MBA Occasional Publication 8) - Plymouth Sound and Estuaries cSAC/ SPA (MBA Occasional Publication 9) - Exe Estuary SPA (MBA Occasional Publication 10) - Chesil and the Fleet cSAC/ SPA (MBA Occasional Publication 11) - Poole Harbour SPA (MBA Occasional Publication 12) - Severn Estuary pSAC/SPA (MBA Occasional Publication 13) Detailed analysis for each of these sites is provided individually. The summary report contains an overview of physical properties, uses and vulnerability for each of these sites, together with brief comparisons of pollution sources, chemical exposure (via sediment and water) and evidence of biological impact (from bioaccumulation to community-level response). Limitations of the data, and gaps in our understanding of these systems are highlighted and suggestions are put forward as to where future research and surveillance is most needed. Hopefully this may assist the statutory authorities in targeting future monitoring and remedial activities. * PMSP: Plymouth Marine Sciences Partnership, comprising the Marine Biological Association (MBA), University of Plymouth (UoP), the Sir Alister Hardy Foundation for Ocean Science, and Plymouth Marine Laboratories (PML)