The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.

Human Resources Development for Sustainable Aquaculture in Bangladesh

The ennoblement of human resources has become a prime issue in the philosophy of sustainable aquaculture development in the new millennium.Being the planners, designers, conductors and philosophers of sustainable aquaculture, human beings always demand their further improvement at level best from their current positions to bring supreme success in the sector. As sustainable aquaculture is socio-economic –cum-environmental in concept, its operation and management requires constant interplay of various human knowledge for ensuring its smooth direction and for achieving its goal. So, the arrangement of different types and levels of training and education are the great need for the development of personnel involved in sustainable aquaculture route and also for growing awareness of environmental issues. The modus operandi of training and education has to be changed systematically to answer the calls of the needs of the new millennium. In the developing and developed countries where aquaculture plays a vital role in promoting production of aquatic organisms, alleviating of poverty, ensuring environmental compatibility, replenishing and improving the natural stocks, increasing socio-economic upliftment through integrated development approach, developing and managing the aquatic resources, maintaining gene banks and preserving the diversity of fish stocks, it has been already proved that Human resources development (HRD) is inevitable to bring sustainable aquaculture and plays a great role in the flourishment of the system . Different types and levels of training of personnel required for sustainable aquaculture in the new millennium are brought forward in the study. The importance of human resources development (HRD) through specialized training to the personnel is also depicted.

Les macrophytes aquatiques des berges lagunaires

This synthetic article describes the composition and organization of vegetations colonizing the Ebrié lagoon banks and provides original data on the recent evolution of this association consecutively to the accidental introduction of 2 new species of floating macrophytes (Salvinia molesta and Eichhornia crassipes).

The use of multibeam sonar mapping techniques to refine population estimates of the endangered white abalone (Haliotis sorenseni)

Multibeam sonar mapping techniques provide detailed benthic habitat information that can be combined with the data on species-specific habitat preferences to provide highly accurate calculations of populations in a particular area. The amount of suitable habitat available for the endangered white abalone (Haliotis sorenseni) was quantified to aid in obtaining an accurate estimate of the number of remaining individuals at two offshore banks and one island site off the coast of southern California. Habitat was mapped by using multibeam sonar survey techniques and categorized by using rugosity and topographic position analysis. Abalone densities were evaluated by using a remotely operated vehicle and video transect methods. The total amount of suitable habitat at these three sites was far greater than that previously estimated. Therefore, although present estimates of white abalone densities are several orders of magnitude lower than historic estimates, the total population is likely larger than previously reported because of the additional amount of habitat surveyed in this study.

Prospects for fish culture in char areas of Bangladesh

Fish production is considered in the barren chars or sandy land masses created through siltation along river banks and deltas in Bangladesh. The prospects for fish culture in ponds and cages or pen culture in rivers and canals are examined. The socioeconomic implications of fish culture as a livelihood source for communities living in char areas are also discussed.

Subnotificação da Tuberculose no Concelho da Praia no período de 2006 a 2012

Segundo a OMS, Cabo Verde possui uma importante subnotificação de tuberculose, quase metade dos casos, que é muito preocupante. Ainda assim a TUberculose é um problema de saúde pública, devido à sua elevada incidência, com tendência a aumento nos últimos anos. Essa doença é a quarta causa de óbito e sua morbidade diminui a qualidade de vida. O estudo objetiva descrever a situação de subnotificação da tuberculose no concelho da Praia no período de 2006 a 2012. A subnotificação foi avaliada com base na comparação entre o número de registros das unidades de saúde e oconsolidado enviado ao PNLTL. Também foi usado o relacionamento probabilístico entre os bancos do registro dos exames laboratoriais e do registro de hospitalização dos casos de Tuberculose. Três estratégias foram adotadas para extração de dados de acordo com os documentos disponíveis nas unidades: (i) centros de saúde; (ii) laboratórios da delegacia de saúde e do HAN e (iii) hospital (HAN). Nos centros de saúde foram extraídos dados das fichas de atendimento dos pacientes diagnosticados com TB e do livro de registros dos casos de TB. Esses documentos continham dados de identificação do paciente, dados clínicos e laboratoriais. No hospital, como não havia livro de registro de casos de TB buscou-se no arquivo nosológico pacientes . Nesses prontuários buscou-se extrair os mesmo dados que dos do centro de saúde, ou seja, dados de identificação individual, dados clínicos e laboratoriais. Nos laboratórios (HAN e Delegacia) foram extraídos dados de pacientes com resultado positivo para a TB. A análise consistiu na avaliação da qualidade dos bancos e remoção de registros duplicados por intermédio do relacionamento probabilístico. Para o relacionamento dos bancos foi empregada a função reclink usando a versão 10 do programa STATA. Foram calculadas taxas de subnotificação ou sobrenotificação para cada unidade e cada ano de estudo. O cálculo considerou a diferença entre o número de casos encontrados nos registros menos o número de casos notificados dividido pelo número de casos encontrados, expresso em percentual. Valores positivos indicam a ocorrência de subnotificação enquanto valores negativos indicam sobrenotificação. Os resultados permitiram concluir que existe importante subnotificação da tuberculose em Cabo Verde, no período 2006 a 2012. A subnotificação teve maior magnitude no hospital do que nas unidades básicas de saúde. A maior parte da subnotificação detectada nesse trabalho pode ser atribuída ao desconhecimento dos resultados de exames laboratoriais pelos profissionais responsáveis pelo diagnóstico dos casos e consequentemente por sua notificação. O maior número de casos não notificados foi encontrado na listagem de resultados de exames baciloscópicos positivos no laboratório. A segunda grande fonte de casos não notificados é o registro dos pacientes internados no HAN para tratamento da TB. Com base nesse estudo recomendamos medidas de aperfeiçoamento da vigilância epidemiológica da tuberculose em Cabo Verde.

放牧对内蒙古草原群落和土壤种子库的影响及两者关系的研究

选取内蒙古草原三种主要草原类型（草甸草原、典型草原和荒漠草原）代表性群落羊草杂类草群落、羊草群落和大针茅群落、小针茅群落，应用样线法沿水分梯度研究放牧对内蒙古草原不同植物群落功能群组成、多样性、生产力以及多样性与生产力关系的影响和放牧对土壤种子库组成、大小以及多样性的影响，在此基础上，研究土壤种子库与地上植被间的关系。主要结论如下： 1 放牧对植物群落的影响 荒漠草原的放牧演替规律为小针茅群落→猪毛菜 + 小针茅群落→猪毛菜群落;典型草原为羊草或大针茅群落→糙隐子草 + 大针茅群落或克氏针茅群落→星毛委陵菜 + 糙隐子草群落;草甸草原为羊草杂类草群落→羊草 + 贝加尔针茅群落，这是不同物种对牧压的不同适应结果造成的。 放牧使4种草原群落生活型功能群组分间发生强烈的生态替代作用，但不同的群落生态替代模式不同：放牧使小针茅群落多年生丛生禾草作用减弱，一二年生草本作用增强;羊草群落和大针茅群落多年生丛生禾草、多年生根茎禾草作用减弱，多年生杂类草作用增强;羊草杂类草群落多年生根茎禾草作用减弱，多年生丛生禾草作用增强。放牧使非旱生和C3植物作用减弱，而旱生、C4植物作用增强。 放牧对4种群落物种和功能群多样性的影响随不同的群落而表现不同：物种丰富度、物种多样性、生活型多样性 和水分生态类型多样性除羊草杂类草群落外随放牧强度的加大而降低，但适度放牧增加了羊草杂类草群落的上述多样性指标。 群落地上现存量一般随放牧强度的增大而下降，但小针茅群落反之，主要与一年生植物猪毛菜的生物量迅速增加有关。除羊草群落外，0~10 cm 地下生物量随放牧强度的变化不显著;除大针茅群落外，放牧显著降低0~30 cm 地下生物量。 放牧影响下内蒙古草原植物群落生物量随水分生态类型多样性的升高而升高，其回归方程为：Y = 809 + 774x （R2=0.84, P<0.001），其中Y代表群落地上现存量和地下生物量之和，x代表群落水分生态类型多样性。 2 放牧对土壤种子库的影响 小针茅群落、大针茅群落、羊草群落和羊草杂类草群落土壤种子库组成中均以多年生杂类草为主，分别占各自群落种子库总物种数的40%、52%、54%和67%。 生活型功能群种子库密度除羊草杂类草群落外，均以一二年生草本占优势。中度放牧升高了除小针茅群落外多年生禾草种子库密度;放牧增大了小针茅群落和羊草杂类草群落一二年生草本种子库密度;除羊草杂类草群落外，放牧对多年生杂类草种子库密度影响不大;总种子库组成中，灌木半灌木和小半灌木种子库密度不大，不随取样时间和牧压而变化。 中度放牧种子库总密度最大，小针茅群落在重度放牧最大，主要是由于猪毛菜种子库密度在重度放牧突增所致。总体上，内蒙古草原4种群落在不同取样时间不同牧压下种子库总密度波动在20.8~3819.2粒/m2。 土壤种子库物种丰富度最大值一般出现在10月份，除羊草杂类草群落外，不放牧群落较放牧群落为高，中度放牧使羊草杂类草群落土壤种子库物种丰富度增加。中度放牧增加了小针茅群落、大针茅群落7月份和羊草杂类草群落各取样时间土壤种子库物种多样性。 3 地上植被与土壤种子库的关系 土壤种子库的优势种在特定时间特定放牧强度下与地上现有植被优势种一致，但一致率仅为三次取样时间不同放牧强度下总体的23.3%。 地上植被与土壤种子库物种组成相似性指数受不同取样时间的影响，一般的10月取样最大。不同放牧强度对二者间的相似性亦有影响，中度放牧提高了小针茅群落、羊草杂类草群落各取样时间和大针茅群落、羊草群落4月份的相似性指数。隔年二次萌发法提高了二者间的相似性水平。总体上相似性指数变动在0.1~0.75之间。 地上植被现存量、总密度与各取样时间土壤种子库总密度之间不存在显著的相关性。 4 对于估计土壤种子库密度、物种组成和确定种子库与地上植被间的关系，隔年二次萌发法对于弥补直接萌发法本身所具有的不足不失为一种有益的尝试。

Institutional support for freshwater aquaculture development: a study of Mirzapur district of Uttar Pradesh, India

The aquaculture sector has been playing an increasingly dominating role in Indian fisheries scenario since the last two and half decades. Introduction of induced breeding and composite fish culture (CFC) technologies has changed the freshwater aquaculture sector in India. Institutional support has been one of the most crucial aspects in all fisheries development programs, more so in the Indian context where most of fish farmers are socially and economically weak. The innovation of CFC technology in freshwater aquaculture sector in the early seventies generated the need for adequate and effective institutional support to farmers. Under the freshwater aquaculture development program, the Fish Farmers Development Agencies (FFDA) have been established at district level to provide technical and extension support to the farming community besides arranging ponds on lease and supply of seeds. In addition to above, FFDAs are also expected to arrange loans from banks and provide subsidies. Thus, FFDAs are meant to provide institutional support to fish farming community in the country. In view of the above, an effort was made to study the adequacy and effectiveness of institutional support provided by the FFDA, Mirzapur for the development of aquaculture in Mirzapur district of Uttar Pradesh {U.P.), India. Study reveals that leasing of ponds for fish farming has been favourable to economically weaker sections of societies while bank loan accessibility is more for those having relatively higher economic status. Though the FFDA, Mirzapur performed well in providing training to potential fish farmers and creating awareness about fish farming, its effectiveness could not be equally seen in seed supply.

六盘山森林土壤种子库与植被演替过程

以六盘山森林植被为研究对象,通过20多年的森林土壤种子库变化与植被演替过程的试验研究,分析了8种森林群落类型的不同生长年限、生长坡位、枯枝落叶层和土壤深度对土壤种子库形成过程的影响。结果表明:六盘山森林群落不同生长坡位,土壤种子库的储量坡中部>坡下部>坡上部;不同层次土壤种子库,枯枝落叶层远高于0-15 cm深土层,8种森林群落类型排序为华北落叶松林>油松林>华山松林>辽东栎林>山杨林>白桦林>灌丛>草地;土壤种子库储量高峰期,不同群落有显著差异,华山松林和油松林在林龄的30~40年,华北落叶松林在20年,辽东栎林、山杨林、白桦林在15~20年,灌丛和草地在10~20年,其森林群落生长年限与土壤种子库储量变化趋势呈拟合曲线,符合指数方程,相关性极为显著;土壤种子库物种组成丰富,草本和灌木植物远高于乔木树种,乔木树种仅有3~5种,但多数为外来入侵种,而在每一类型中出现频率最高的草地植物多为蒿类,灌木植物为柔毛绣线菊和沙棘,乔木为辽东栎树种。因此,在六盘山林区植被自然更新与合理演替的驱动种和先锋种草地植物为蒿类,灌木植物为柔毛绣线菊和沙棘,乔木为辽东栎,其次是华北落叶松、油松和华山松。

A multi-standard active-RC filter with accurate tuning system

A low-power, highly linear, multi-standard, active-RC filter with an accurate and novel tuning architec-ture is presented. It exhibits 1EEE 802. 11a/b/g (9.5 MHz) and DVB-H (3 MHz, 4 MHz) application. The filter exploits digitally-controlled polysilicon resistor banks and a phase lock loop type automatic tuning system. The novel and complex automatic frequency calibration scheme provides better than 4 comer frequency accuracy, and it can be powered down after calibration to save power and avoid digital signal interference. The filter achieves OIP3 of 26 dBm and the measured group delay variation of the receiver filter is 50 ns (WLAN mode). Its dissipation is 3.4 mA in RX mode and 2.3 mA (only for one path) in TX mode from a 2.85 V supply. The dissipation of calibration consumes 2 mA. The circuit has been fabricated in a 0.35μm 47 GHz SiGe BiCMOS technology; the receiver and transmitter filter occupy 0.21 mm~2 and 0.11 mm~2 (calibration circuit excluded), respectively.

岷江上游高山林线附近优势树种土壤种子库和幼苗更新特征的研究

岷江上游地区高山/亚高山植被分布的坡向性分异显著，阴阳坡高山林线不仅物种组成差异明显，并且分布海拔呈现出阴坡高阳坡低的格局．阳坡林线树种主要是圆柏属乔木，林线类型多为渐变型，海拔高度大约在3 400m~3 800m；阴坡林线树种主要是冷杉，林线类型多为骤变型，海拔高度约在3 800m~4 400m．本研究采用土壤种子库物理筛选、室内萌发实验及野外群落调查等方法，对岷江上游地区阴坡岷江冷杉和阳坡祁连圆柏两类林线树种不同海拔梯度上土壤种子库以及幼苗库特征进行了调查，从土壤种子库和幼苗更新特征的角度对林线乔木树种种群更新特征进行了分析，进而对该地区高山林线在阴阳坡分布差异的原因进行了探讨，结果显示： 1．土壤种子库 阴坡：阴坡高山林线附近岷江冷杉土壤种子的平均密度大约为50.96粒/m2，其中树线以上10m处土壤种子密度为1.00粒/m2，树线处大约19.33粒/m2，林线交错带内土壤种子密度最高为136.83粒/m2，郁闭林内种子密度小于林线交错带，只有30.50粒/m2，种子平均空壳率为52％，霉变率达34%，完好种子只有6%．土壤种子库垂直分布特征为地被物层含种子比重最大，大约在67.50%左右；其次为0~2cm层，约18.84%左右；2~5cm层所占种子比例最小，约13.66%左右．霉变种子数量与土壤深度呈负相关． 阳坡：阳坡祁连圆柏土壤种子的平均密度为60.16粒/m2．树线以上10m处密度为1.92粒/m2，树线位置大约108.16粒/m2，林线交错带内平均为75.80粒/m2，郁闭林内种子密度小于林线交错带，只有20.00粒/m2．种子平均空壳率为36％，完好种子占49%，霉变率较低，大约为10%．阴阳坡林线树种土壤种子库垂直分布特征为：地被物层含种子最多，其次为0~4cm层，4~10cm层所占种子比例最小，霉变种子数量与土壤深度也呈负相关． 2． 幼苗库调查 阳坡：在树线以上区域没有发现幼苗，林线交错带内幼苗密度平均达3 250株/hm2，郁闭林内仅2 750株/ hm2．整个样地内1～2a幼苗很少甚至没有出现，3～10a的幼苗相对较多．空间分布上，祁连圆柏幼苗在林线交错带内接近随机分布，郁闭林内则介于随机分布和均匀分布之间． 阴坡：在树线以上幼苗密度为1 250株/ hm2，全部为1~2a幼苗，林线交错带内幼苗密度平均达7 000株/ hm2，郁闭林内达6 250株/ hm2．林线附近岷江冷杉幼苗丰富度以及幼苗的出现频率明显高于祁连圆柏，年龄结构也较祁连圆柏完整．岷江冷杉幼苗空间分布除了树线处幼苗的分布为随机分布，其他海拔则为集群分布． 3．从不同土壤深度的种子总量和幼苗数量的相关性检验发现，当年生幼苗数量跟表层种子总量相关性极显著, 但是两年生幼苗的数量与底层种子数量相关性显著．土壤种子在土壤中的垂直分布格局从一定程度上可以反映种子库的年际特征．岷江冷杉土壤种子库较丰富，种子散布后的存活力随着时间的变化逐渐下降，属于季节性瞬时种子库；祁连圆柏土壤种子散布格局为集群型分布，成熟种子大部分散布在母株冠幅内，属于永久性土壤种子库． 4．在阴坡林线交错带及以上区域还存在较为丰富的乔木土壤种子，并且在树线以上区域还发现了少量的岷江冷杉幼苗．从样地乔木的年龄结构发现，在林线交错带内上部到树线位置主要以幼龄林为主，且年龄结构完整，基本符合入侵性林线特征；阳坡林线交错带内幼苗出现频率很低，树线以上区域虽然存在种子库，但是没有幼苗出现，在林线交错带内乔木径级差距很大，年龄结构异常不完整，这种特征的林线将会面临两个可能结果：一种是维持现有状态，保持平衡；另外一种就是退化，但阳坡林线的实际动态趋势还有待长期定点研究． Treelines on the upper region of Minjiang River differ between the north aspect and the south aspect in their appearances, altitudes and tree species. On the north aspect, trees of Abies form a sharp and abrupt treeline ranging from 3800m to 4400m, while on the south the treeline is generally lower(3 400~3 800m), more open and gradual and mostly composed of Sabina. In this study, we examined the altitudinal gradients of soil seed banks and seedling recruitments at the treeline ecotones of a N-aspect and a S-aspect by using soil sieving, germination experiment and field investigations, analyzed the characteristics of population regeneration of tree species at the transitional zone and presented a analysis of the causes to the aspect-related difference in treeline patterns in the study area. Major results of our study include: 1． Soil seed bank N-aspect: Of the 50 plots investigated, the average density of soil seeds is 50.96/m2, in which well-formed seeds account for 6%, empty seeds 52%, parasitized seeds34%, and seeds damaged by animals 8%. The size of soil seed bank varies along altitude, being 1.00 seeds /m2 at the 10m above the treeline and ca.19.33 seeds/m2 at the upper limit of treeline. The highest density (136.83 seeds/m2) occurs at the treeline ecotone. By contrast, the density of soil seed for the closed forest is only 30.50 seeds/m2. In terms of vertical strata, 67.50% of the total seeds are at the surface layer, 18.84% at the middle layer (0~2cm) and 13.66% at deeper layer (2~5cm). The number of parasitized seeds is negatively correlated to soil depth. S-aspect: Of the 50 plots investigated, the average density of soil seeds is 60.16 seeds/m2, and the well-formed seeds account for 49%, empty seeds 36%, parasitized seeds10%, and seeds damaged by animals 1%. The size of soil seed bank varies along altitude, with 1.92 seeds/m2 recorded at the10m above the treeline，108.16 seeds/m2 at the upper limit of treeline, and 75.80 seeds/m2 at the treeline ecotone, while that for the closed forest is 20.00 seeds/m2. The number of seeds decreases with the depth of soil. As is on the N-aspect, the size of soil bank, from large to small, follows the order of the surface layer, the middle layer (0~4cm) and the bottom layer (4~10cm). The number of parasitized seeds is also negatively correlated to the depth of the soil. 2． Seedling bank N-aspect: A mean maximum seedling abundance of 31 000 seedlings/hm2 was recorded near alpine treeline at growing season. The density of seedlings is 1 250 seedlings/ha (all being 1 or 2 years old) at the alpine meadow 10m away above treeline, 7 000 seedlings/ha at treeline ecotone and 6 250 seedlings/ha for closed forest．The spatial distribution of Abies faxoniana seedlings is random at the upper limit of the treeline but clumped at other altitudes． S-aspect: No seedlings were found at the alpine meadow 10m away from the treeline. The density of seedlings was 3 250 seedlings/ha at treeline ecotone and 2 750 seedlings/ha for the closed forest．Hardly any 1 year current and 2 year-old seedlings appeared at the plots. The spatial distribution of Sabina przewalskii seedlings is random at treeline ecotone and between “random” and “even” forest closed forest． 3．Correlation tests of seedling population and seed bank at different soil layers indicated that the emergents were strongly correlated to seed bank at surface layer while the number of two-year seedlings was significantly correlated to the seed bank at the bottom of soil layer, indicating that germination mainly occurs at the soil surface while the middle or bottom layer was the reserve for non-germination or dead seeds. It can thus be postulated that Abies faxoniana soil seed bank is of seasonal transient type. By contrast, the soil seed bank of Sabina przewalskii is of persistent type and the soil seeds and seedlings of this species occurred more frequently near the islands of adult trees. 4．A good many soil seeds of both tree species were found near the treeline ecotone and above at N- and S-aspects. A few young seedlings were found above the Abies treeline. Investigation of five altitudinal transects respectively on N- and S-aspects indicated that Abies faxoniana has a more complete age structure than the stands of Sabina przewalskii. The age of firs decreased from closed forest to the upper limit of treeline, which suggests that the Abies treeline is advancing to higher altitude. While on the south aspect, only few Sabina przewalskii soil seeds and nearly no seedlings were found above the treeline ecotone. The stands exhibit extremely great difference in diameter classes with significantly incomplete age structure. This would lead to two possible results for the treelines: maintaining an equilibrium state at the current position or degenerating. But more studies should be carried out at longer time scales or larger spatial scales to understand whether the Sabina treeline is degenerating.

Competências estratégicas de negociação em gestão comercial

Dissertação de Mestrado apresentada à Universidade Fernando Pessoa como parte dos requisitos para obtenção do grau de Mestre em Ciências Empresariais

Investigating the use of elevators for high-rise building evacuation through computer simulation

This paper presents a description of a new agent based elevator sub-model developed as part of the buildingEXODUS software intended for both evacuation and circulation applications. A description of each component of the newly developed model is presented, including the elevator kinematics and associated pedestrian behaviour. The elevator model is then used to investigate a series of full building evacuation scenarios based on a hypothetical 50 floor building with four staircases and a population of 7,840 agents. The analysis explores the relative merits of using up to 32 elevators (arranged in four banks) and various egress strategies to evacuate the entire building population. Findings from the investigation suggest that the most efficient evacuation strategy utilises a combination of elevators and stairs to empty the building and clear the upper half of the building in minimum time. Combined stair elevator evacuation times have been shown to be as much as 50% faster than stair only evacuation times.

Bio-folio: applying portfolio theory to biodiversity

Genes, species and ecosystems are often considered to be assets. The need to ensure a sufficient diversity of this asset is being increasingly recognised today. Asset managers in banks and insurance companies face a similar challenge. They are asked to manage the assets of their investors by constructing efficient portfolios. They deliberately make use of a phenomenon observed in the formation of portfolios: returns are additive, while risks diversify. This phenomenon and its implications are at the heart of portfolio theory. Portfolio theory, like few other economic theories, has dramatically transformed the practical work of banks and insurance companies. Before portfolio theory was developed about 50 years ago, asset managers were confronted with a situation similar to the situation the research on biodiversity faces today. While the need for diversification was generally accepted, a concept that linked risk and return on a portfolio level and showed the value of diversification was missing. Portfolio theory has closed this gap. This article first explains the fundamentals of portfolio theory and transfers it to biodiversity. A large part of this article is then dedicated to some of the implications portfolio theory has for the valuation and management of biodiversity. The last section introduces three development openings for further research.

Predicting the past: Understanding the causes of bank distress in the Netherlands in the 1920s

Why do some banks fail in financial crises while others survive? This article answers this question by analysing the effect of the Dutch financial crisis of the 1920s on 142 banks, of which 33 failed. We find that choices of balance sheet composition and product market strategy made in the lead-up to the crisis had a significant impact on banks’ subsequent chances of experiencing distress. We document that high-risk banks – those operating highly-leveraged portfolios and attracting large quantities of deposits – were more likely to fail. Branching and international activities also increased banks’ default probabilities. We measure the effects of board interlocks, which have been characterized in the extant literature as contributing to the Dutch crisis. We find that boards mattered: failing banks had smaller boards, shared directors with smaller and very profitable banks and had a lower concentration of interlocking directorates in non-financial firms.