Biomasa desovante del stock norte-centro de la anchoveta peruana estimada por el Método de Producción de Huevos (MPH) en invierno 2000

El estimado de la biomasa desovante del stock norrte-centro del mar peruano, durante agosto y setiembre 2000, en el área compendida entre Punta Falsa y Tambo de Mora fue 3,94 millones de toneladas.

Distribución y abundancia de huevos y larvas del stock norte-centro de la anchoveta peruana en el invierno 2000

El presente trabajo da a conocer las áreas de distribución del desove del stock norte-centro econtradas durante el invierno 2000, frente a la costa peruana.

Distribución de seis recursos pesqueros del stock norte-centro a finales del invierno 2000

Medianye el método hidroacústico se estudiaron las especies: anchoveta, jurel, caballa, vinciguerria, bagre y múnida.

Biomasa de seis recursos pesqueros del stock norte-centro a fines del invierno 2000

Se estimaron las biomasas de las especies: anchoveta, jurel, caballa, vinciguerra, bagre y múnida.

Biomasa desovante de la anchoveta del stock norte centro en el invierno 2004

El crucero BIC Olaya y SNP2 0408-09 tuvo el objetivo de estimar la biomasa desovante de la anchoveta (Engraulis ringens) del stock norte centro (4 a 15°S) durante el invierno 2004. Se utilizó el método de producción de huevos (MPH). El total estimado fue de 4,2 millones de toneladas.

Modelo de control viable para el manejo sostenible del stock de anchoveta peruana (Engraulis ringens)

El manejo sostenible de pesquerías es todavía un problema abierto y la teoría de viabilidad ofrece una alternativa para determinar políticas de manejo de los recursos que garanticen la sostenibilidad, una vez definidas las restricciones que determinan los estados sostenibles del sistema. La dinámica poblacional de la anchoveta peruana se modeló usando un modelo estructurado por edades tipo Thomson–Bell con capturas discretas acoplado con el modelo de reclutamiento de Ricker, con pasos semestrales entre los años 1963–1984. Se definió además un conjunto deseable de estados sostenibles, asociado a los niveles del stock y capturas que satisfacen restricciones ecológicas, económicas y sociales previamente definidas. En base a esto se calculó el conjunto de los estados del stock para los que existe un sucesión de capturas que permiten mantenerlo en un estado sostenible (conjunto denominado núcleo de viabilidad) y una familia de conjuntos de capturas viables, que corresponden a todos los niveles de captura que se puedan aplicar sobre cada estado del stock de manera tal que éste se mantenga dentro del núcleo de viabilidad, es decir, permanezca en un estado sostenible. Se encontró una condición suficiente para la existencia de un núcleo de viabilidad no vacío: que la cuota social (captura mínima para mantener en funcionamiento la pesquería) sea menor a un desembarque de 915 800 t semestrales. Se comparó la serie histórica de capturas con las obtenidas a partir de la teoría de viabilidad para el periodo 1963 - 1984, encontrándose que hubo sobrepesca desde finales de 1968, lo que conllevó al colapso de la pesquería durante El Niño de 1972-1973. A partir de los resultados de viabilidad, se definieron 5 estrategias de manejo pesquero (E1–E5) para la anchoveta peruana, concluyéndose que la estrategia precautoria viable media (E5) hubiera podido evitar el colapso de la pesquería de anchoveta, manteniendo además niveles aceptables de pesca. Además, la estrategia precautoria del ICES (E2) no aseguró la sostenibilidad del stock durante los periodos El Niño. Además, se concluye que hubiera sido necesaria una veda de un año después del colapso de la pesquería para que el stock regresara al núcleo de viabilidad, posibilitando un manejo sostenible en adelante. La teoría de la viabilidad, con el núcleo de viabilidad y las capturas viables asociadas, resultaron ser herramientas útiles para el diseño de estrategias de manejo que aseguran la sostenibilidad de los recursos pesqueros.

Affordable Housing in Iowa: Meeting New Challenges, 2007

Iowa faces a signifi cant challenge over the next decade. In the words of a recent report, “The state faces the danger of worker and skill gaps that could undermine its businesses, erode the earning power of its workers, and slow its economic growth.” (Iowa Works Campaign, 2006) Iowa’s economic and demographic stability depends on attracting new immigrants and slowing the departure of residents. Eroding housing affordability and quality will make this more difficult. Housing alone cannot solve the problem, but it must be part of the solution. This study examines trends in the state’s major housing markets, analyzes the achievements of housing programs in the recent past, and incorporates input from more than 80 housing experts across the state. The second part of this study (included on the attached CD) analyzes housing’s impact on the economy. We developed three major policy recommendations.

Stock Market reaction to the CSR announcements of American fast food companies

The purpose of this study is to examine whether Corporate Social Responsibility (CSR) announcements of the three biggest American fast food companies (McDonald’s, YUM! Brands and Wendy’s) have any effect on their stock returns as well as on the returns of the industry index (Dow Jones Restaurants and Bars). The time period under consideration starts on 1st of May 2001 and ends on 17th of October 2013. The stock market reaction is tested with an event study utilizing CAPM. The research employs the daily stock returns of the companies, the index and the benchmarks (NASDAQ and NYSE). The test of combined announcements did not reveal any significant effect on the index and McDonald’s. However the stock returns of Wendy’s and YUM! Brands reacted negatively. Moreover, the company level analyses showed that to their own CSR releases McDonald’s stock returns respond positively, YUM! Brands reacts negatively and Wendy’s does not have any reaction. Plus, it was found that the competitors of the announcing company tend to react negatively to all the events. Furthermore, the division of the events into sustainability categories showed statistically significant negative reaction from the Index, McDonald’s and YUM! Brands towards social announcements. At the same time only the index was positively affected by to the economic and environmental CSR news releases.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

An Act to authorise the stock held by private parties in the Welland Canal to be purchased on behalf of the Province [Welland Canal Stock Bill], 1841

The bill is a proposal by the government to purchase Welland Canal stock held in private hands. The bill was read for the first time on Wednesday 4 August, 1841, and received second reading on 10th August, 1841. One hundred and fifty copies were printed of the bill. This example was addressed to Samuel Street at the Falls of Niagara, by William Hamilton Merritt, September 1841.

Stock market reactions to changes in the FTSE SmallCap and S&P/TSX SmallCap indices

Stocks added to (deleted from) the Russell 2000 and the S&P 600 indexes experience positive (negative) abnormal returns following the announcement. However, researchers disagree on whether these abnormal returns are permanent or temporary and offer competing explanations. I address this controversy by examining market reactions for firms that are added to or deleted from the FTSE Small Cap index (the main testing sample) and the S&P/TSX SmallCap index (the comparison sample). For the main testing sample, all stocks except pure additions, experience a permanent price change that is accompanied by a permanent change in liquidity. However, for the comparison sample, abnormal returns over the announcement period fully reverted within 30 days. In further examination of stock liquidity for the main testing sample, sample stocks experience permanent change in liquidity. Taken together, the observed results support the price pressure and liquidity hypotheses.

Electrical Development Company of Ontario certificate of stock ownership, ca. 1910.

The Electrical Development Company of Ontario was created in 1903. It was one of three private power companies that had water power leases with the Niagara Parks Commission, but was the only one that was financed with Canadian capital. The company built the Toronto Power Generating Station at Niagara Falls beginning in 1906, and the power house was completed in 1913. During the construction, there was much debate about whether the utility should remain privately operated or become a public utility. In 1920, the company became part of the public utility.

O.S. Rixford Manufacturing Company corporate stock book, 1883-1898.

Around 1837, Luther Rixford founded a tool manufacturing business (originally known as the Luther Rixford Manufacturing Co.) in East Highgate, Vermont, that specialized in manufacturing scythes and other agricultural tools. A branch of this business was established in Upper Bedford, Quebec, around the late 1840's. Subsequent generations of the Rixford family took over the operations of both facilities, and in 1857 Oscar S. Rixford renamed the company the O.S. Rixford Manufacturing Co. The company was incorporated in 1883. Around 1920, the O.S. Rixford Manufacturing Company (of Canada) was acquired by Welland Vale Manufacturing, in St. Catharines, Ontario. The Rixford Company in Vermont continued operations until 1956, when decreasing demand for the tools they manufactured caused them to close their doors.

A stochastic dynamic programming approach for pricing options on stock-index futures

The aim of this thesis is to price options on equity index futures with an application to standard options on S&P 500 futures traded on the Chicago Mercantile Exchange. Our methodology is based on stochastic dynamic programming, which can accommodate European as well as American options. The model accommodates dividends from the underlying asset. It also captures the optimal exercise strategy and the fair value of the option. This approach is an alternative to available numerical pricing methods such as binomial trees, finite differences, and ad-hoc numerical approximation techniques. Our numerical and empirical investigations demonstrate convergence, robustness, and efficiency. We use this methodology to value exchange-listed options. The European option premiums thus obtained are compared to Black's closed-form formula. They are accurate to four digits. The American option premiums also have a similar level of accuracy compared to premiums obtained using finite differences and binomial trees with a large number of time steps. The proposed model accounts for deterministic, seasonally varying dividend yield. In pricing futures options, we discover that what matters is the sum of the dividend yields over the life of the futures contract and not their distribution.