955 resultados para IPO, market timing, Japan, Keiretsu


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The timing and duration of the reproductive cycle of Atka mackerel (Pleurogrammus monopterygius) was validated by using observations from time-lapse video and data from archival tags, and the start, peak, and end of spawning and hatching were determined from an incubation model with aged egg samples and empirical incubation times ranging from 44 days at a water temperature of 9.85°C to 100 days at 3.89°C. From June to July, males ceased diel vertical movements, aggregated in nesting colonies, and established territories. Spawning began in late July, ended in mid-October, and peaked in early September. The male egg-brooding period that followed continued from late November to mid-January and duration was highly dependent on embryonic development as affected by ambient water temperature. Males exhibited brooding behavior for protracted periods at water depths from 23 to 117 m where average daily water temperatures ranged from 4.0° to 6.2°C. Knowledge about the timing of the reproductive cycle provides a framework for conserving Atka mackerel populations and investigating the physical and biological processes influencing recruitment.

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Walleye pollock (Theragra chalcogramma) is widely distributed in the North Pacific Ocean and plays an important role in coastal subarctic ecosystems. The Japanese Pacific population of this species is one of the most important demersal fishes for commercial fisheries in northern Japan. The population is distributed along the Pacific coast of Hokkaido and the Tohoku area (Fig. 1), which is the southern limit of distribution of the species in the western North Pacific. In Funka Bay, the main spawning ground for this population, pollock spawn from December to March (Kendall and Nakatani, 1992). Planktonic eggs and larvae are transported into the bay, where juveniles usually remain until late July when they reach 60−85 mm in total length (Hayashi et al., 1968; Nakatani and Maeda, 1987). These juvenile pollock then migrate from Funka Bay eastward to the Doto area off southeastern Hokkaido (Honda et al., 2004). Many studies on eggs, larvae, and juveniles of the species have been conducted in or near Funka Bay, but little information is available on the ecology of the early life stages in the Tohoku area. Hashimoto and Ishito (1991) suggested that eggs are transported from Funka Bay southward to the Tohoku area by the coastal branch of the Oyashio Current, but there has been no study to verify this hypothesis.

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The California market squid (Loligo opalescens) has been harvested since the 1860s and it has become the largest fishery in California in terms of tonnage and dollars since 1993. The fishery began in Monterey Bay and then shifted to southern California, where effort has increased steadily since 1983. The California Department of Fish and Game (CDFG) collects information on landings of squid, including tonnage, location, and date of capture. We compared landings data gathered by CDFG with sea surface temperature (SST), upwelling index (UI), the southern oscillation index (SOI), and their respective anomalies. We found that the squid fishery in Monterey Bay expends twice the effort of that in southern California. Squid landings decreased substantially following large El Niño events in 1982−83 and 1997−98, but not following the smaller El Niño events of 1987 and 1992. Spectral analysis revealed autocorrelation at annual and 4.5-year intervals (similar to the time period between El Niño cycles). But this analysis did not reveal any fortnightly or monthly spawning peaks, thus squid spawning did not correlate with tides. A paralarvae density index (PDI) for February correlated well with catch per unit of effort (CPUE) for the following November recruitment of adults to the spawning grounds. This stock– recruitment analysis was significant for 2000−03 (CPUE=8.42+0.41PDI, adjusted coefficient of determination, r2=0.978, P=0.0074). Surveys of squid paralarvae explained 97.8% of the variance for catches of adult squid nine months later. The regression of CPUE on PDI could be used to manage the fishery. Catch limits for the fishery could be set on the basis of paralarvae abundance surveyed nine months earlier.

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Climate change has differentially affected the timing of seasonal events for interacting trophic levels, and this has often led to increased selection on seasonal timing. Yet, the environmental variables driving this selection have rarely been identified, limiting our ability to predict future ecological impacts of climate change. Using a dataset spanning 31 years from a natural population of pied flycatchers (Ficedula hypoleuca), we show that directional selection on timing of reproduction intensified in the first two decades (1980-2000) but weakened during the last decade (2001-2010). Against expectation, this pattern could not be explained by the temporal variation in the phenological mismatch with food abundance. We therefore explored an alternative hypothesis that selection on timing was affected by conditions individuals experience when arriving in spring at the breeding grounds: arriving early in cold conditions may reduce survival. First, we show that in female recruits, spring arrival date in the first breeding year correlates positively with hatch date; hence, early-hatched individuals experience colder conditions at arrival than late-hatched individuals. Second, we show that when temperatures at arrival in the recruitment year were high, early-hatched young had a higher recruitment probability than when temperatures were low. We interpret this as a potential cost of arriving early in colder years, and climate warming may have reduced this cost. We thus show that higher temperatures in the arrival year of recruits were associated with stronger selection for early reproduction in the years these birds were born. As arrival temperatures in the beginning of the study increased, but recently declined again, directional selection on timing of reproduction showed a nonlinear change. We demonstrate that environmental conditions with a lag of up to two years can alter selection on phenological traits in natural populations, something that has important implications for our understanding of how climate can alter patterns of selection in natural populations.

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This paper provides an overview of the live reef fish market in Hong Kong, which accounted for about 15,000 t/yr (US$345 million) of live fish imports in the mid-1990s. The live fish trade has spawned a number of management concerns, including overfishing of highly-valued species, use of destructive fishing techniques and human health risks. Recent actions by the Hong Kong government in response to these concerns are reported and possible region-wide initiatives are briefly discussed in this paper.

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This paper introduces the fishery damage compensation system in Japan and suggests its suitability for other areas of the world.

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The apple snail, Pomacea canaliculata, was imported into Japan and cultured extensively for food in the early 1980s. Not long after, escaped or discarded snails became feral and started feeding on rice seedlings and other aquatic plants. This was especially noted in Kyushu in southern Japan. Snails are still proliferating, but the area of damaged rice is not increasing as fast, mainly because of the success of snail control. Currently, the most effective methods of avoiding damage to rice are keeping water shallow, transplanting older seedlings and, in some cases, using molluscicides or repellents. However, these methods have almost no effect on damage by snail feeding when rice fields are flooded. The apple snail is believed to be the most important obstacle to the spread of direct-sowing culture of rice in Kyushu. The Ministry of Agriculture, Forestry and Fisheries has launched a national project for the integrated management of the snail under direct sowing culture of rice in Kyushu. The Ministry of Agriculture, Forestry and Fisheries has launched a national project for the integrated management of the snail under direct-sowing rice culture. Some recent results from this project are briefly reviewed in this paper.

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Published and unpublished research findings regarding charter and headboat fishing customers from 11 studies were reviewed to provide a marketing data base for operators and to guide further research efforts. Generally, charter/headboat fishing is a male-oriented activity. Customers were between 30 and 55 years of age. Although both groups of anglers considered themselves to be experienced, charterboat anglers had fished for more years. Charter anglers fished more often with their families and headboat anglers more often with their friends. Charterboat anglers reported higher incomes than headboat anglers. Relaxation, having fun, and escaping from daily pressures were generally more important to both groups of anglers than motives relative to catching fish. Most anglers indicated that the skills and performance of the captain and crew contributed heavily to the overall evaluation of their fishing experience. Anglers were more heavily influenced to choose a particular captain or boat by informal advertising methods (i.e., word-of-mouth recommendations, reputation, and visits to the marina) than formal methods (i.e., advertisements, brochures, radio, and television). Charter anglers relied more on word-of-mouth recommendations and headboat customers were more influenced by previous experiences. Implications for further research are discussed.

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Muitos estudos buscam tentar prever o retorno potencial sobre portfólios de ações, com intuito de obter melhor rentabilidade sobre o capital aplicado. Diversas modelagens já foram utilizadas, sendo que as mais conhecidas são as que relacionam o risco com o retorno. Nesta linha destacam-se a Teoria de Carteiras proposta por Markowitz, e o CAPM de Sharpe. Através destas teorias entende-se a questão da influência da covariância dos retornos e que para um melhor desempenho de uma carteira, não é suficiente avaliar cada ativo individualmente. Por outro lado, diversas críticas em relação ao CAPM, vêm ensejando estudos complementares na busca de outras variáveis que melhorem os métodos de seleção de ativos. Fama e French (1993) fizeram um estudo com variáveis complementares em relação ao beta do CAPM, utilizando o tamanho e a relação Book to Market, conseguindo resultados melhores que o CAPM tradicional. O presente estudo leva em conta a questão do reinvestimento do lucro gerado e utilizando o modelo de Gordon propõe uma variável de classificação de empresas de crescimento e empresas valor, conceito já utilizado na literatura de finanças.Com base nesta variável montam-se carteiras de ações entre os anos de 2005 e 2012 e observa-se que é possível obter ganhos com a lógica proposta. Ao longo do período seria possível obter com as carteiras selecionadas ganhos de até 107,85% contra os retornos de 55,58% das carteiras com todos os ativos. Organizamos os mesmos ativos pela ótica da relação Book to Market as quais obtiveram retorno total do período de 90,42%. Apesar de notar uma mudança clara de comportamento, onde apenas nos quatro primeiros anos do estudo as carteiras com empresas value são superiores e nos quatro últimos períodos as carteiras de empresas growth são as melhores. Estes resultados são compatíveis com os resultados de Braga e Leal (2000), e Mescolin, Martinelli Braga e da Costa Jr. (1997), verificando um melhor desempenho para as empresas value.

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Egypt’s aquaculture production (921,585 tonnes in 2010) is by far the largest of any African country. The aquaculture sector, dominated by semi-intensive pond production of tilapia, makes a significant contribution to income, employment creation and food and nutrition security in the country, all of which are national priority areas given low per capita income levels, rising population, worsening food and nutrition security indicators, and official unemployment levels which have remained at around 10% for the last ten years. The Improving Employment and Income through Development of Egypt’s Aquaculture Sector (IEIDEAS) project funded by the Swiss Agency for Development and Cooperation (SDC) is a three-year project which commenced in December 2011, and which aims to support the development of the aquaculture sector in Egypt so as to increase productivity, profitability, and employment in the sector, and the nutritional status of poor consumers. This report represents the output of a short two-week study to better understand the market for Egyptian farmed fish. The intention of the study was to provide an output which would cut-across, and potentially benefit, all five of the project outcomes.