Ownership structure and risk at Colombian banks

The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.

Primary succession in man-made wetlands: biodiversity, structure and dynamics of macrofaunal assemblages

Man-made wetlands are often created to compensate for the loss or degradation of natural wetlands, but little is known about the processes taking place in these artificial environments, especially at the community level. Throughout this thesis, we have assessed the phenomena of primary succession over different time (short-, mid- and long-term) and spatial scales (local, regional, interregional levels), applying different approaches (taxonomic and functional) and subject groups (invertebrates and amphibians). Our main findings regarding time scales show a 3-phase successional pattern in Mediterranean man-made wetlands’ communities, where at the short term (1 year) colonization processes dominate; at mid term perspectives (2 to 7 years) succession signs begin to be conspicuous, and later on (≥ 10 years) parameters such as species richness reach an asymptote. At that moment, some biological strategies dominate, and biodiversity surrogates indicate that communities are indistinct between man-made and natural wetlands. Regarding spatial effects, we corroborated that both local and regional factors affect the establishing communities. Particularly, the low hydrological stability of the Mediterranean region has enhanced biological traits favoring resilience and resistance to disturbances when comparing Mediterranean and cold temperate aquatic communities. Even within the Mediterranean region, low levels of hydrological stability have significant effects on the successional dynamics. In these cases, local communities are highly nested within regional natural ones, and so are not able to make net contributions to regional richness. We also showed the influence of the regional pool of recruiters over local communities, both in the case of invertebrates and amphibians. Especially for the latter group, man-made Mediterranean temporary ponds (MTPs) can play an important role in their conservation.

Effects of Gunnison Sage-Grouse habitat treatment efforts on associated avifauna and vegetation structure

Conservation efforts over the last 20 years for the Gunnison Sage-Grouse (Centrocercus minimus) have involved extensive habitat manipulations done predominantly to improve brood rearing habitat for the grouse. However, the effects of Gunnison Sage-Grouse habitat treatments on sympatric avifauna and responses of vegetation to manipulations are rarely measured, and if they are, it is immediately following treatment implementation. This study examined the concept of umbrella species management by retrospectively comparing density and occupancy of eight sagebrush associated songbird species and six measures of vegetation in treated and control sites. Our results suggested that songbird densities and occupancy changed for birds at the extreme ends of their association with sagebrush and varied with fine-scale habitat structure. We found Brewer’s Sparrows (Spizella breweri) decreased in density on treated sites and Vesper Sparrows (Pooecetes gramineus) increased. Occupancy estimation revealed that Brewer’s Sparrows and Green-tailed Towhees (Pipilo chlorurus) occupied significantly fewer treated points whereas Vesper Sparrows occupied significantly more. Vegetation comparisons between treated and control areas found shrub cover to be 26% lower in treated sites. Lower shrub cover in treated areas may explain the differences in occupancy and densities of the species sampled based on known habitat needs. The fine-scale analysis showed a negative relationship to forb height and cover for the Sage Sparrow (Amphispiza belli) indicating, from vegetation measures showing grass and forb cover during a good precipitation year covered significantly more area in the treatment than the control sites, that Sage Sparrows may also not respond favorably to Gunnison Sage-Grouse habitat treatments. While the concept of an umbrella species is appealing, evidence from this study suggests that conservation efforts aimed at the Gunnison Sage-Grouse may not be particularly effective for conserving other sagebrush obligate species of concern. This is probably due to Gunnison Sage-Grouse habitat management being focused on the improvement of brood rearing habitat which reduces sagebrush cover and promotes development of understory forbs and grasses.

Vertical structure of anthropogenic zonal-mean atmospheric circulation change

The atmospheric circulation changes predicted by climate models are often described using sea level pressure, which generally shows a strengthening of the mid-latitude westerlies. Recent observed variability is dominated by the Northern Annular Mode (NAM) which is equivalent barotropic, so that wind variations of the same sign are seen at all levels. However, in model predictions of the response to anthropogenic forcing, there is a well-known enhanced warming at low levels over the northern polar cap in winter. This means that there is a strong baroclinic component to the response. The projection of the response onto a NAM-like zonal index varies with height. While at the surface most models project positively onto the zonal index, throughout most of the depth of the troposphere many of the models give negative projections. The response to anthropogenic forcing therefore has a distinctive baroclinic signature which is very different to the NAM

Annual textural banding in Holocene estuarine silts, Severn Estuary Levels (SW Britain): patterns, cause and implications

A high-resolution textural study has been made of laminated and banded estuarine silts exposed intertidally at representative localities and horizons in the Holocene deposits of the Severn Estuary Levels. The laminae, on a submillimetre to millimetre scale, are sharp-based, graded couplets formed of a lower silty part overlain by a finer-textured clayey element. The centimetre- to decimetre-scale banding is formed of laminae in alternating, gradually intergrading sets of relatively coarse and relative fine-grained examples. At outcrop in the field, the banding is recognizable because the coarse sets prove to be recessive to varying degrees under the influence of weathering and current action. Independent evidence at two localities points toward an annual origin for the banding; at a third it arose during part of what appears to have been a relatively short period. Quantified physical arguments suggest that the textural banding is a response of suspended fine sediment to marked seasonal changes in sea temperature and windiness. The banded silts occur in four distinct stratigraphical contexts and record high deposition rates (order 0.01-0.1 m/yr). Because physical factors determine their textures, the silts potentially afford insights in all contexts into aspects of changing Holocene climatic conditions. In one context, the thickness of the bands points to high (order 0.01-0.1 m/yr) but comparatively short-lived (order 10s-100s yrs) rates of relative water-level rise. In the others, however, the banding has no implications for sea-level behaviour, and simply records gross environmental disequilibrium, for example, the recovery of mudflats/marshes after an erosional episode. Similarly, because on account of their rapid accumulation the banded silts preserve animal and human tracks and trackways especially well, they provide an archive of animal and human behaviour in the area during the Holocene.

Seasonality of modern pollen and sediment deposition in an estuarine context: the Severn Estuary Levels, southwest England

Recent sedimentological and palynological research on subfossil Holocene banded sediments from the Severn Estuary Levels suggested seasonality of deposition, registered by variations in mineral grain-size and pollen assemblages between different parts of the bands. Here we provide data that strengthen this interpretation from sampling of modern sediments and pollen deposition on an active mudflat and saltmarsh on the margin of the Severn Estuary, and comparison with a vegetation survey and contemporary records of climate, river and tidal regimes. The results of grain-size analysis indicate deposition of comparatively coarse-grained silts during the relatively cool and windy conditions of winter and comparatively fine-grained sediments during relatively warm and calm summer months. Pollen analysis demonstrates the significance of long-term storage of pollen grains and fern spores in the estuarine waterbody, superimposed on which seasonal variations in pollen inputs from local and regional vegetation remain detectable. Copyright (C) 2007 John Wiley & Sons, Ltd.

Seasonality of delta C-13 and C/N ratios in modern and mid-holocene sediments in the Severn Estuary levels, SW Britain

Bulk organic VC and C/N ratios from mid-Holocene salt-marsh deposits with sedimentary banding reveal subtle but significant differences between coarse- and fine-grained deposits. These are consistent with findings from seasonally sampled modern silts, and with the interpretation, on physical and palynological grounds, of the fine-grained and coarse-grained components as warm-season and cold-season deposits, respectively. The control is considered to be seasonal variations in the character of the organic matter supplied.

Seasonal deposition of Holocene banded sediments in the Severn Estuary Levels (southwest Britain): palynological and sedimentological evidence

Banded sediments outcrop widely in the intertidal zone of the Severn Estuary and have been suggested, on the basis of textural analysis, to have formed in response to seasonal variations in sea temperature and windiness (Holocene, 14 (2004) 536). Here palynological and sedimentological analyses of banded sediments of mid-Holocene date from Gold Cliff, on the Welsh side of the Severn Estuary, are combined to test and further develop the hypothesis of seasonal deposition. Pollen percentage and concentration data are presented from a short sequence of bands to establish whether textural variations in the bands coincide with variations in pollen content reflecting seasonal flowering patterns. It is shown that fine-grained band parts contain higher total pollen concentrations, and a higher proportion of pollen from late spring- to summer-flowering plants, than coarse-grained band parts. Pollen in the coarser deposits appears primarily to reflect deposition from the buffering `reservoir' of suspended pollen in the estuarine water-body and from rivers, when there is little pollen in the air in winter, while the finer sediments contain pollen deposited from the atmosphere during the flowering season, superimposed on these `background' sources. The potential of such deposits for refining chronologies and identifying seasonality of coastal processes is noted, and the results of charcoal particle analysis of the bands presented as an example of how they have the potential to shed light on seasonal and annual patterns of human activity. (C) 2004 Elsevier Ltd. All rights reserved.

The effect of calcium removal from milk on casein micelle stability and structure

The total calcium level of raw skimmed milk was reduced by 10, 19, 29, 40 and 51% using Duolite® ion-exchange resin. The products were examined for concentrations of ionic calcium, sodium and potassium and the pH, ethanol stability, micelle diameter and ζ-potential were also measured. Ionic calcium decreased with removal of calcium and pH increased. Calcium removal resulted in an increase in the ethanol stability from 88% to above 100%. Casein micelle diameter increased as calcium was removed. The ζ-potential of the skimmed bulk milk was -24.4 mV, gradually becoming more negative with calcium removal to -30.6 mV after 51% calcium removal. The milk became more translucent as calcium was removed. To investigate the reversibility of this process, calcium chloride was added back to the depleted samples to restore their original total calcium content. At 51% removal, restoration of the total calcium level resulted in formation of clots. At levels of 10 and 19% calcium removal, the ethanol stability remained above 100%, but at higher levels of calcium removal the alcohol stability was adversely affected when the calcium was added back. Adding back calcium resulted in partial restoration of the original casein micelle diameter.

Linking bees and flowers: How do floral communities structure pollinator communities?

Pollinators provide essential ecosystem services, and declines in some pollinator communities around the world have been reported. Understanding the fundamental components defining these communities is essential if conservation and restoration are to be successful. We examined the structure of plant-pollinator communities in a dynamic Mediterranean landscape, comprising a mosaic of post-fire regenerating habitats, and which is a recognized global hotspot for bee diversity. Each community was characterized by a highly skewed species abundance distribution, with a few dominant and many rare bee species, and was consistent with a log series model indicating that a few environmental factors govern the community. Floral community composition, the quantity and quality of forage resources present, and the geographic locality organized bee communities at various levels: (1) The overall structure of the bee community (116 species), as revealed through ordination, was dependent upon nectar resource diversity (defined as the variety of nectar volume-concentration combinations available), the ratio of pollen to nectar energy, floral diversity, floral abundance, and post-fire age. (2) Bee diversity, measured as species richness, was closely linked to floral diversity (especially of annuals), nectar resource diversity, and post-fire age of the habitat. (3) The abundance of the most common species was primarily related to post-fire age, grazing intensity, and nesting substrate availability. Ordination models based on age-characteristic post-fire floral community structure explained 39-50% of overall variation observed in bee community structure. Cluster analysis showed that all the communities shared a high degree of similarity in their species composition (27-59%); however, the geographical location of sites also contributed a smaller but significant component to bee community structure. We conclude that floral resources act in specific and previously unexplored ways to modulate the diversity of the local geographic species pool, with specific disturbance factors, superimposed upon these patterns, mainly affecting the dominant species.

Genetic diversity and structure of natural and managed populations of Cedrus atlantica (Pinaceae) assessed using random amplified polymorphic DNA

Cedrus atlantica (Pinaceae) is a large and exceptionally long-lived conifer native to the Rif and Atlas Mountains of North Africa. To assess levels and patterns of genetic diversity of this species. samples were obtained throughout the natural range in Morocco and from a forest plantation in Arbucies, Girona (Spain) and analyzed using RAPD markers. Within-population genetic diversity was high and comparable to that revealed by isozymes. Managed populations harbored levels of genetic variation similar to those found in their natural counterparts. Genotypic analyses Of Molecular variance (AMOVA) found that most variation was within populations. but significant differentiation was also found between populations. particularly in Morocco. Bayesian estimates of F,, corroborated the AMOVA partitioning and provided evidence for Population differentiation in C. atlantica. Both distance- and Bayesian-based Clustering methods revealed that Moroccan populations comprise two genetically distinct groups. Within each group, estimates of population differentiation were close to those previously reported in other gymnosperms. These results are interpreted in the context of the postglacial history of the species and human impact. The high degree of among-group differentiation recorded here highlights the need for additional conservation measures for some Moroccan Populations of C. atlantica.

Genetic structure and systematic relationships within the Ophrys fuciflora aggregate (Orchidaceae: Orchidinae): high diversity in Kent and a wind-induced discontinuity bisecting the Adriatic

A recent phylogenetic study based on multiple datasets is used as the framework for a more detailed examination of one of the ten molecularly circumscribed groups identified, the Ophrys fuciflora aggregate. The group is highly morphologically variable, prone to phenotypic convergence, shows low levels of sequence divergence and contains an unusually large proportion of threatened taxa, including the rarest Ophrys species in the UK. The aims of this study were to (a) circumscribe minimum resolvable genetically distinct entities within the O. fuciflora aggregate, and (b) assess the likelihood of gene flow between genetically and geographically distinct entities at the species and population levels. Fifty-five accessions sampled in Europe and Asia Minor from the O. fuciflora aggregate were studied using the AFLP genetic fingerprinting technique to evaluate levels of infraspecific and interspecific genetic variation and to assess genetic relationships between UK populations of O. fuciflora s.s. in Kent and in their continental European and Mediterranean counterparts. The two genetically and geographically distinct groups recovered, one located in England and central Europe and one in south-eastern Europe, are incongruent with current species delimitation within the aggregate as a whole and also within O. fuciflora s.s. Genetic diversity is higher in Kent than in the rest of western and central Europe. Gene flow is more likely to occur between populations in closer geographical proximity than those that are morphologically more similar. Little if any gene flow occurs between populations located in the south-eastern Mediterranean and those dispersed throughout the remainder of the distribution, revealing a genetic discontinuity that runs north-south through the Adriatic. This discontinuity is also evident in other clades of Ophrys and is tentatively attributed to the long-term influence of prevailing winds on the long-distance distribution of pollinia and especially seeds. A cline of gene flow connects populations from Kent and central and southern Europe; these individuals should therefore be considered part of an extensive meta-population. Gene flow is also evident among populations from Kent, which appear to constitute a single metapopulation. They show some evidence of hybridization, and possibly also introgression, with O. apifera.

Intra-specific variation affects the structure of the natural enemy assemblage attacking pea aphid colonies

1. Intra-specific variation in plant defence traits has been shown to profoundly affect herbivore community structure. Here we describe two experiments designed to test whether similar effects occur at higher trophic levels, by studying pea aphid–natural enemy interactions in a disused pasture in southern England. 2. In the first experiment, the numbers and identity of natural enemies attacking different monoclonal pea aphid colonies were recorded in a series of assays throughout the period of pea aphid activity. 3. In the summer assay, there was a significant effect of clone on the numbers of aphidophagous hoverfly larvae and the total number of non-hoverfly natural enemies recruited. Clone also appeared to influence the attack rate suffered by the primary predator in the system, the hoverfly Episyrphus balteatus, by Diplazon laetatorius, an ichneumonid parasitoid. Colonies were generally driven to extinction by hoverfly attack, resulting in the recording of low numbers of parasitoids and entomopathogens, suggesting intense intra-guild predation. 4. To further examine the influence of clonal variation on the recruitment of natural enemies, a second experiment was performed to monitor the temporal dynamics of community development. Colonies were destructively sampled every other day and the numbers of natural enemies attacking aphid colonies were recorded. These data demonstrated that clonal variation influenced the timing, abundance, and identity of natural enemies attacking aphid colonies. 5. Taken together, these data suggest that clonal variation may have a significant influence on the patterns of interactions between aphids and their natural enemies, and that such effects are likely to affect our understanding of the ecology and biological control of these insect herbivores.

Gonadotrophins modulate hormone secretion and steady-state mRNA levels for activin receptors (type I, IIA, IIB) and inhibin co-receptor (betaglycan) in granulosa and theca cells from chicken prehierarchical and preovulatory follicles

Ovarian follicle development is regulated through endocrine and local mechanisms. Increasing evidence indicates roles for transforming growth factor beta superfamily members, including inhibins and activins. We recently identified divergent expression of mRNAs encoding activin receptors (ActR) and inhibin co-receptor betaglycan in chicken follicles at different stages of maturation. Here, we compare the actions of LH and FSH (0, 1, 10, 100 ng/ml) on levels of mRNA for ActRI, ActRIIA, ActRIIB and betaglycan in chicken granulosa and theca cells (GC and TC) from preovulatory (F1) and prehierarchical (6-8 mm) follicles. The expression of mRNAs for LH-R and FSH-R and production of inhibin A, oestradiol and progesterone were also quantified. FSH decreased ActRIIB and ActRI mRNA levels in 6-8 mm GC, whereas LH increased the mRNA levels. Both LH and FSH enhanced ActRIIA (5- and 8.5-fold) and betaglycan mRNA expression (2- and 3.5-fold) in 6-8 mm GC. In 6-8 mm TC, LH and FSH both increased the betaglycan mRNA level (7- and 3.5-fold respectively) but did not affect ActRI, ActRIIA and ActRIIB transcript levels. In F1 GC, both LH and FSH stimulated ActRI (2- and 2.4-fold), ActRIIB (3.2- and 2.7-fold) and betaglycan (7- and 4-fold) mRNA levels, while ActRIIA mRNA was unaffected. In F1 TC, LH and FSH reduced ActRIIA (35-50%) and increased (4.5- and 7.6-fold) betaglycan mRNA, but had no effect on ActRI and ActRIIB transcript levels. Results support the hypothesis that expression of ActR and betaglycan are differentially regulated by gonadotrophins during follicle maturation in the hen. This may represent an important mechanism for fine-tuning follicle responsiveness to local and systemic activins and inhibins.

Synthesis and structure-activity relationship studies of CD4 down-modulating cyclotriazadisulfonamide (CADA) analogues

HIV attachment via the CD4 receptor is an important target for developing novel approaches to HIV chemotherapy. Cyclotriazadisulfonamide (CADA) inhibits HIV at submicromolar levels by specifically down-modulating cell-surface and intracellular CD4. An effective five-step synthesis of CADA in 30% overall yield is reported. This synthesis has also been modified to produce more than 50 analogues. Many tail-group analogues have been made by removing the benzyl tail of CADA and replacing it with various alkyl, acyl, alkoxycarbonyl and aminocarbonyl substituents. A series of sidearm analogues, including two unsymmetrical compounds, have also been prepared by modifying the CADA synthesis, replacing the toluenesulfonyl sidearms with other sulfonyl groups. Testing 30 of these compounds in MT-4 cells shows a wide range of CD4 down-modulation potency, which correlates with ability to inhibit HIV-1. Three-dimensional quantitative structure-activity relationship (3D-QSAR) models were constructed using comparative molecular field analysis (CoMFA) and comparative molecular similarity indices analysis (CoMSIA) approaches. The X-ray crystal structures of four compounds, including CADA, show the same major conformation of the central 12-membered ring. The solid-state structure of CADA was energy minimized and used to generate the remaining 29 structures, which were similarly minimized and aligned to produce the 3D-QSAR models. Both models indicate that steric bulk of the tail group, and, to a lesser extent, the sidearms mainly determine CD4 down-modulation potency in this series of compounds.