Recreating the South Sea bubble: Lessons from an experiment in financial history

Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors have been proposed as potentially contributing to one of the greatest periods of asset overvaluation in history: an intricate debt-for-equity swap, deferred payment for these shares, and the possibility of default on the deferred payments. We consider which aspect might have had the most impact in creating the South Sea bubble. The results of the experiment suggest that the company?s attempt to exchange its shares for government debt was the single biggest contributor to the stock price explosion, because of the manner in which the swap affected fundamental value. Issuing new shares with only partial payments required, in conjunction with the debt-equity swap, also had a significant effect on the size of the bubble. Limited contract enforcement, on the other hand, does not appear to have contributed significantly.

A survey of mealybugs infesting South-Brazilian wine vineyards

ABSTRACTMealybugs (Hemiptera: Pseudococcidae) are important pests of the grapevine Vitis spp. and are responsible for direct and indirect damage to production. The main mealybug species present in wine grapevine (Vitis vinifera L.) in Southern Brazil were identified and their incidence evaluated. Bunch-samples (n = 50) from 131 vineyards located in the Serra Gaúcha Region (RS) of Brazil were analyzed at harvest, and the occurrence of mealybugs in the roots was evaluated at the time of eradication of plants for replanting. Mealybugs were reared in laboratory until adulthood for species determination. The species Dysmicoccus brevipes (Cockerell, 1983), Dysmicoccus sp., Planococcus citri (Risso, 1813), Pl. minor(Maskell, 1897), Pseudococcus viburni (Signoret, 1875) and Pseudococcus sp. were identified in bunches. Dysmicoccus sp., D. umbambae Granara de Willink, 2009, Pl. citri and Pseudococcus sp. were found in the roots. Pl. citri (31.4%) and Dysmicoccus sp. (22.7%) were the most common species found in wine grape bunches in the Serra Gaúcha Region.

Male beach workers and western female tourists : livelihood strategies in Kenya's south coast region

Recent years have seen an emerging knowledge base and increasing public interest and awareness of sexual-economic relationships between local men and Western women, in different touristic regions around the world. However, to date, Western perspectives on the phenomenon make up the bulk of the existent literature. Questioning the dominant discourse of 'romance tourism' and representations of male participants as 'victims-opportunists', this dissertation explores male beach workers' experiences with, and perspectives on sexual-economic relationships between Kenyan men and visiting Western women in Kenya's South Coast region. The men were not considered in isolation; their experiences and perspectives are situated in relation to their family ties, social networks and the political economy of beach tourism. The study shows that locally these relationships are clearly understood as livelihood strategies for the visited. Men seek to establish long-term intimate relationships with female tourists as a means to accessing life's basic necessities for themselves and for their families and overall to improve their standards of living. It is argued that these relationships are a response to the poverty and inequalities generated by socio-economic changes over time. They are also a response to local gender role prescriptions that hinge male social value on men's capacity to marry, procreate and provide intergenerational social and economic support. The men's parallel quest for non-sexual economically motivated friendships with visiting foreign tourists termed "family friends" is a salient finding, that serves to reinforce the finding that the sexual- economic relationships are above all livelihood strategies. Résumé Ces dernières années ont vu l'émergence d'une base de connaissance, ainsi que d'un intérêt et d'une prise de conscience accrue du public, à l'égard des relations économico-sexuelles entre hommes locaux et femmes occidentales, dans différentes régions touristiques du monde. Cependant, à ce jour, des perspectives occidentales sur ce phénomène constituent l'essentiel de la littérature existante. En remettant en question le discours dominant du «romance tourism» (tourisme sentimental) et les représentations qui conçoivent les hommes participants comme étant 'victimes-opportunistes', cette thèse explore les expériences, et les visions qu'ont les travailleurs de plage sur les relations économico-sexuelles entre hommes Kenyans et femmes Occidentales dans la région de la côte sud du Kenya. Les hommes n'ont pas été considérés de manière isolée; leurs expériences et leurs perspectives sont situées par rapport à leur liens familiaux, leur réseaux sociaux et aussi par rapport à l'économie politique du tourisme balnéaire. L'étude montre que sur place ces relations sont clairement conçues comme des stratégies de survie pour les participants hôtes. Les hommes cherchent à établir des relations de long durée avec des femmes touristes comme moyen d'accéder à des biens et des services qui constituent des nécessités de bases, pour eux et pour leur familles et globalement pour relever leur niveau de vie! L'étude fait valoir que ces relations sont une réponse à la pauvreté et aux inégalités sociales crées par des dynamiques socio-économiques au fil du temps. Elles sont aussi une réponse au prescriptions sociales locales par lesquelles la valeur sociale masculine est définie à travers la capacité des hommes à se marier, à procréer et d'assurer un soutien intergénérationnel social et économique. La quête, en parallèle, de relations d'amitiés non-sexuelles à motivation économique, dénommé « family friends », par des hommes, est un résultat saillant de cette étude qui vient renforcer l'observation que les relations économico-sexuelles relèvent avant tout des stratégies de survie.

Spore communities of arbuscular mycorrhizal fungi and mycorrhizal associations in different ecosystems, south Australia

Communities of arbuscular mycorrhizal fungi (AMF) were surveyed in different South Australian ecosystems. The soil was wet-sieved for spore extraction, followed by the determination of presence and abundance of AMF species as well as the percentage of root colonization. Mycorrhizal associations were common and there was substantial fungal diversity in different ecosystems. Spores were most abundant in the permanent pasture system and less abundant under continuous wheat. The incidence of mycorrhizal associations in different plant species and the occurrence of Arum and Paris type colonization generally conformed with previous information. Spores of seventeen AMF were verified throughout seasonal changes in 1996 and 1997 in the permanent pasture and on four host species (Lolium perenne, Plantago lanceolata, Sorghum sp. and Trifolium subterraneum) , set up with the same soils under greenhouse conditions. Glomus mosseae was the dominant spore type at all sampling times and in all trap cultures. Mycorrhizal diversity was significantly affected by different sampling times in trap cultures but not in field-collected soil. P. lanceolata, Sorghum sp. and T. subterraneum as hosts for trap cultures showed no differences in richness and diversity of AMF spores that developed in association with their roots. Abundance and diversity were lowest, however, in association with L. perenne , particularly in December 1996. Results show that the combination of spore identification from field-collected soil and trap cultures is essential to study population and diversity of AMF. The study provides baseline data for ongoing monitoring of mycorrhizal populations using conventional methods and material for the determination of the symbiotic effectiveness of AMF key members.

Audit report on the South Dallas County Landfill Agency for the year ended June 30, 2009

Audit report on the South Dallas County Landfill Agency for the year ended June 30, 2009

CD4(+) T cell count decreases by ethnicity among untreated patients with HIV infection in South Africa and Switzerland.

BACKGROUND: Estimates of the decrease in CD4(+) cell counts in untreated patients with human immunodeficiency virus (HIV) infection are important for patient care and public health. We analyzed CD4(+) cell count decreases in the Cape Town AIDS Cohort and the Swiss HIV Cohort Study. METHODS: We used mixed-effects models and joint models that allowed for the correlation between CD4(+) cell count decreases and survival and stratified analyses by the initial cell count (50-199, 200-349, 350-499, and 500-750 cells/microL). Results are presented as the mean decrease in CD4(+) cell count with 95% confidence intervals (CIs) during the first year after the initial CD4(+) cell count. RESULTS: A total of 784 South African (629 nonwhite) and 2030 Swiss (218 nonwhite) patients with HIV infection contributed 13,388 CD4(+) cell counts. Decreases in CD4(+) cell count were steeper in white patients, patients with higher initial CD4(+) cell counts, and older patients. Decreases ranged from a mean of 38 cells/microL (95% CI, 24-54 cells/microL) in nonwhite patients from the Swiss HIV Cohort Study 15-39 years of age with an initial CD4(+) cell count of 200-349 cells/microL to a mean of 210 cells/microL (95% CI, 143-268 cells/microL) in white patients in the Cape Town AIDS Cohort > or =40 years of age with an initial CD4(+) cell count of 500-750 cells/microL. CONCLUSIONS: Among both patients from Switzerland and patients from South Africa, CD4(+) cell count decreases were greater in white patients with HIV infection than they were in nonwhite patients with HIV infection.

Audit report on the South Central Iowa Regional E-911 Service Board for the year ended June 30, 2009

Audit report on the South Central Iowa Regional E-911 Service Board for the year ended June 30, 2009

Small Cities, Neoliberal Governance and Sustainable Development in the Global South : A Conceptual Framework and Research Agenda

Development and environmental issues of small cities in developing countries have largely been overlooked although these settlements are of global demographic importance and often face a "triple challenge"; that is, they have limited financial and human resources to address growing environmental problems that are related to both development (e.g., pollution) and under-development (e.g., inadequate water supply). Neoliberal policy has arguably aggravated this challenge as public investments in infrastructure generally declined while the focus shifted to the metropolitan "economic growth machines". This paper develops a conceptual framework and agenda for the study of small cities in the global south, their environmental dynamics, governance and politics in the current neoliberal context. While small cities are governed in a neoliberal policy context, they are not central to neoliberalism, and their (environmental) governance therefore seems to differ from that of global cities. Furthermore, "actually existing" neoliberal governance of small cities is shaped by the interplay of regional and local politics and environmental situations. The approach of urban political ecology and the concept of rural-urban linkages are used to consider these socio-ecological processes. The conceptual framework and research agenda are illustrated in the case of India, where the agency of small cities in regard to environmental governance seems to remain limited despite formal political decentralization.

Audit report on the South Dallas County Landfill Agency for the year ended June 30, 2010

Audit report on the South Dallas County Landfill Agency for the year ended June 30, 2010

The abrupt climate change at the Eocene-Oligocene boundary and the emergence of South-East Asia triggered the spread of sapindaceous lineages.

Background and Aims Paleoclimatic data indicate that an abrupt climate change occurred at the Eocene-Oligocene (E-O) boundary affecting the distribution of tropical forests on Earth. The same period has seen the emergence of South-East (SE) Asia, caused by the collision of the Eurasian and Australian plates. How the combination of these climatic and geomorphological factors affected the spatio-temporal history of angiosperms is little known. This topic is investigated by using the worldwide sapindaceous clade as a case study. Methods Analyses of divergence time inference, diversification and biogeography (constrained by paleogeography) are applied to a combined plastid and nuclear DNA sequence data set. Biogeographical and diversification analyses are performed over a set of trees to take phylogenetic and dating uncertainty into account. Results are analysed in the context of past climatic fluctuations. Key Results An increase in the number of dispersal events at the E-O boundary is recorded, which intensified during the Miocene. This pattern is associated with a higher rate in the emergence of new genera. These results are discussed in light of the geomorphological importance of SE Asia, which acted as a tropical bridge allowing multiple contacts between areas and additional speciation across landmasses derived from Laurasia and Gondwana. Conclusions This study demonstrates the importance of the combined effect of geomorphological (the emergence of most islands in SE Asia approx. 30 million years ago) and climatic (the dramatic E-O climate change that shifted the tropical belt and reduced sea levels) factors in shaping species distribution within the sapindaceous clade.

Audit report on the South Central Iowa Regional E-911 Service Board for the year ended June 30, 2010

Audit report on the South Central Iowa Regional E-911 Service Board for the year ended June 30, 2010

Proto-South-East Asia as a trigger of early angiosperm diversification

Darwin described as an 'abominable mystery' the abrupt origin of angiosperms in the mid-Cretaceous and the high diversification rates in their early history. The father of evolutionary theory could not fathom this rapid diversification and rather invoked that 'there was during long ages a small isolated continent in the S. hemisphere, which served as the birthplace of the higher plants'. In this essay, we comment on the spatial origin of angiosperms, but focus primarily on understanding the abiotic factors that promoted the early diversification of angiosperms by reviewing palaeobotanical, palaeogeographical, phylogenetics and biogeographical evidence. We argue that islands located in the region today occupied by South-East Asia played a major role in angiosperm diversification during the Late Jurassic and Early Cretaceous.

Spodosols pedogenesis under barreiras formation and sandbank environments in the south of Bahia

Morphologically differentiated Spodosols usually occur in the Coastal Plain of the South of Bahia and North of Espírito Santo. They are found in profiles known as "muçungas", i.e. sandy soils that accumulate water. In these areas, two kinds of Spodosols, different from those in the Restinga area, can be found: Spodosols with E albic horizon (white muçunungas) and without this horizon (black muçunungas). Eight soil profiles with spodic characteristics were collected and described in order to evaluate differences in the formation process of Barreiras and Restinga Spodosols in the South of Bahia. The soil profiles were also characterized chemically, physically and mineralogically. Additionally, texture and chemical analysis, Fe and Al extraction by sodium dithionite-citrate-bicarbonate (DBC), acid ammonium oxalate and sodium pyrophosphate, ammonium oxalate extract optic density (DOox), sulphuric acid attack, and X ray difractometry of the clay fraction were performed. In the Spodosols of the Barreiras area, fragipan was found the spodic layers. Cemented B spodic horizon were observed in the white muçunungas, and granular structure and dark color from the surface in the black muçunungas. There was no fragipan or hard spodic horizon in the Restinga Spodosol. This soil is acid, dystrophic and alic, with sandy texture and high clay percentages in the spodic horizons. The CEC, based on H + Al, is predominantly represented by the organic matter. The most representative components of the mineral phase of the clay fraction are kaolinite and possibly vermiculite traces with interlayered hydroxy. Chemical, physical, morphological and mineralogical differences were observed between the Barreiras and Restinga environments. The black and white muçunungas differ in morphologic and chemical properties only.

Nitrous oxide and methane fluxes in south Brazilian gleysol as affected by nitrogen fertilizers

Nitrogen fertilizers increase the nitrous oxide (N2O) emission and can reduce the methane (CH4) oxidation from agricultural soils. However, the magnitude of this effect is unknown in Southern Brazilian edaphoclimatic conditions, as well as the potential of different sources of mineral N fertilizers in such an effect. The aim of this study was to investigate the effects of different mineral N sources (urea, ammonium sulphate, calcium nitrate, ammonium nitrate, Uran, controlled- release N fertilizer, and urea with urease inhibitor) on N2O and CH4 fluxes from Gleysol in the South of Brazil (Porto Alegre, RS), in comparison to a control treatment without a N application. The experiment was arranged in a randomized block with three replications, and the N fertilizer was applied to corn at the V5 growth stage. Air samples were collected from a static chambers for 15 days after the N application and the N2O and CH4 concentration were determined by gas chromatography. The topmost emissions occurred three days after the N fertilizer application and ranged from 187.8 to 8587.4 µg m-2 h-1 N. The greatest emissions were observed for N-nitric based fertilizers, while N sources with a urease inhibitor and controlled release N presented the smallest values and the N-ammonium and amidic were intermediate. This peak of N2O emissions was related to soil NO3--N (R² = 0.56, p < 0.08) when the soil water-filled pore space was up to 70 % and it indicated that N2O was predominantly produced by a denitrification process in the soil. Soil CH4 fluxes ranged from -30.1 µg m-2 h-1 C (absorption) to +32.5 µg m-2 h-1 C (emission), and the accumulated emission in the period was related to the soil NH4+-N concentration (R² = 0.82, p < 0.001), probably due to enzymatic competition between nitrification and metanotrophy processes. Despite both of the gas fluxes being affected by N fertilizers, in the average of the treatments, the impact on CH4 emission (0.2 kg ha-1 equivalent CO2-C ) was a hundredfold minor than for N2O (132.8 kg ha-1 equivalent CO2-C). Accounting for the N2O and CH4 emissions plus energetic costs of N fertilizers of 1.3 kg CO2-C kg-1 N regarding the manufacture, transport and application, we estimated an environmental impact of N sources ranging from 220.4 to 664.5 kg ha-1 CO2 -C , which can only be partially offset by C sequestration in the soil, as no study in South Brazil reported an annual net soil C accumulation rate larger than 160 kg ha-1 C due to N fertilization. The N2O mitigation can be obtained by the replacement of N-nitric sources by ammonium and amidic fertilizers. Controlled release N fertilizers and urea with urease inhibitor are also potential alternatives to N2O emission mitigation to atmospheric and systematic studies are necessary to quantify their potential in Brazilian agroecosystems.