Bird community in an Araucaria forest fragment in relation to changes in the surrounding landscape in Southern Brazil

The dynamics of the bird community in a small forest fragment was evaluated along seven years in relation to changes in the surrounding landscape. The study area is an Araucaria forest fragment in Southern Brazil (state of Paraná). The sampling period covered the years 1988 through 1994 and the mark-release-recapture method was utilized. The landscape analysis was based on Landsat TM images, and changes in exotic tree plantations, native forest, open areas (agriculture, pasture, bare soil, and abandoned field), and "capoeira"(native vegetation < 2 m) were quantified. The relationship between landscape changes and changes in abundance diversity of forest birds, open-area birds, forest-edge birds, and bamboo specialists was evaluated. Richness estimates were run for each year studied. The richness recorded in the study area comprised 96 species. The richness estimates were 114, 118 and 110 species for Chao 1, Jackknife 1 and Bootstrap, respectively. The bird community varied in species richness, abundance and diversity from year to year. As for species diversity, 1991, 1993 and 1994 were significantly different from the other years. Changes in the landscape contributed to the increase in abundance and richness for the groups of forest, open-area and bamboo-specialist species. An important factor discussed was the effect of the flowering of "taquara" (Poaceae), which contributed significantly to increasing richness of bamboo seed eaters, mainly in 1992 and 1993. In general, the results showed that landscape changes affected the dynamics and structure of the bird community of this forest fragment over time, and proved to have an important role in conservation of the avian community in areas of intensive forestry and agricultural activities.

Macroinvertebrates under stochastic hydrological disturbance in Cerrado streams of Central Brazil

In the Cerrado vegetation, where the seasonal is well defined, rainfall has an important role in controlling the flow of streams and consequently on the structure of macroinvertebrates community. Despite the effects of rainfall associated with seasonality are well studied, little is known about the effects of stochastic rains on the community. In the present study we evaluated the structure and faunal composition of four first-order streams in Central Brazil during the dry season in two years, with and without stochastic rains. Community sampling was done by colonization of boards of high density polyethylene (HDPE), removed after one month submerged in streams. Analysis of Variance (ANOVA) performed indicated no difference in rarefied richness between the two periods, different from numeric density of organisms that was higher in the period without disturbance; moreover, the Detrended Correspondence Analysis (DCA) revealed differences in faunal composition between the two periods. Our results indicate that stochastic rainfall is an important factor in structuring the macroinvertebrates community in studied region.

Taxonomy, distribution and population structure of invasive Corbiculidae (Mollusca, Bivalvia) in the Suquía River basin, Córdoba, Argentina

Invasive species are one of the most significant causes of biodiversity loss and changes in ecosystem services, which underlines the importance of their detection and their study. The Asian clams (Corbiculidae) are invasive organisms that accidentally entered the La Plata River, Argentina, presumably in the 1960s. The objectives of the present study were to identify the corbiculid species and to determine their distribution at several locations along the Suquía River basin, an extended area in central Argentina. In addition, population structure was evaluated monthly during one year, at a site in the city of Córdoba that is characterized by high human influence. The presence of Corbicula fluminea (Müller, 1774) and Corbicula largillierti (Philippi, 1844) in the Suquía River basin is reported for the first time. The former species was found only in a lentic environment (San Roque reservoir), while the latter was also found along the tributary rivers and brooks of the basin. Corbicula largillierti showed variations in average density between the different sites and also in biomass and size classes throughout the study period at the site at Córdoba city. The relative composition of the sediments, flow fluctuation and human pollution may be responsible for the observed differences.

Population biology of the crab Armases angustipes (Crustacea, Decapoda, Sesarmidae) at Brazilian tropical coast

The semi terrestrial crabs are important elements of the fauna of coastal regions. The aim of this study was to analyze the population structure of Armases angustipes (Dana, 1852) at estuaries of the Ariquindá River, considered a non impacted area, and Mamucabas River, considered a few impacted area, on the south coast of state of Pernambuco, Brazil. The species occurred in all months of the year. The number of individuals per month varied, being higher in the months of transition between the seasons. This is probably due to significant seasonal variations of air and burrow temperature and burrow salinity. There was no sexual dimorphism in size of A. angustipes in the mangrove of Ariquindá River, but males were larger than females in the mangrove of Mamucabas River. In both estuaries, the sex ratio did not differ from Mendelian proportion, but showed a deviation for females. The analysis of temporal variation in sex ratio showed significant differences in some months of the year. These variations are due to cyclical events that act distinctly on each sex. In both estuaries, size classes of carapace width were equally represented by both sexes. The ovigerous females of A. angustipes occurred only in some months of the year, especially in summer, in both estuaries. Probably the high phytoplankton productivity observed in summer favors the reproductive activity, since these algae serve as food for the larvae. Specimens of the population of Rio Ariquindá are largest and wider than those of Mamucabas River. This fact, associated with the low abundance of crabs and the lower frequency of ovigerous females observed in Mamucabas River, is an indication that this population may be influenced by the environmental impacts that this estuary has received.

Bird-habitat associations in coastal rangelands of southern Brazil

Nearly all remnants of temperate grasslands in southeastern South America are used for livestock ranching and are subject to habitat degradation resulting from this activity. Exploring how habitat features affect the composition of grassland avifaunal communities is a first step to understand how current cattle-ranching management practices impact avian diversity. We used canonical ordination to test for relationships between five habitat variables and the composition of the bird community in coastal grasslands in southern Brazil. We sampled pastures with different heights, from overgrazed short-grass to tall herbaceous vegetation. We recorded 1,535 individuals and 27 species of birds. The first ordination axis indicated a strong contribution of mean vegetation height on the composition of the bird community, whereas the second axis revealed the influence of herbaceous vegetation patchiness and woody vegetation cover. Three groups of species were revealed by the ordination: one more diffuse associated with intermediate and tall herbaceous vegetation, another with short grass, and a third with vegetation patchiness and woody vegetation. Species restricted to tall herbaceous vegetation are negatively impacted from habitat degradation resulting from overgrazing and trampling by livestock, and mowing and burning of tall plants. Occurrence of these species in our study area is related with the presence of swales immediately behind the dune system and where remnants of tall vegetation persist. Birds of pastures with ample cover of short herbaceous plants, including one globally threatened species and six other restricted to short-grass habitat, apparently benefit from local livestock management practices. Woody vegetation possibly functions as a keystone structure, enabling the occurrence in grasslands of avian species that rely on shrubby habitat. Although livestock ranching promotes the diversity of habitats by creating distinct patches of vegetation height in grasslands, current management practices directed to the maintenance of short grass pastures may eliminate an entire subset of species, including regionally threatened taxa, and reduce avian diversity. The maintenance of large patches of tall herbaceous plants is needed to ensure the survival of species reliant on this type of grassland structure in our study area.

Foraging behavioral of Phylloscartes ventralis (Aves, Tyrannidae) in native and planted forests of southern Brazil

Few studies have related the effects of silviculture practices to the behavior of bird species in the Neotropics. The present study examined the foraging behavior of Phylloscartes ventralis (Temminck, 1824) in a native forest and in silviculture areas of Pinus elliotti and Araucaria angustifolia with different structures and ages. We tested two general hypotheses: (1) areas of commercial forest plantation change the foraging behavior of P. ventralis in relation to native forest, and (2) the foraging behavior of P. ventralis in silviculture areas with understories (complex structures) is different from its behavior in areas without understory. The results showed that P. ventralis changed its foraging behavior depending on the type of forest, and on the presence of an understory in silviculture areas. Main changes involved the height and angle of substrate where the prey was captured. Phylloscartes ventralis showed the same set of attack maneuvers, with more maneuvers type in young Pinus planted without understory. The frequency of use of attack maneuvers was more similar in areas of silviculture with understory and in the native forest. The results highlight the importance of an understory structure and the utilization of native plant species in silviculture practices, to the foraging behavior of native bird species.

Nest site selection by Hypsiboas faber(Anura, Hylidae) in Southern Brazil

ABSTRACT Male gladiator frogs of Hypsiboas Wagler, 1830 build nests on available substrate surrounding ponds and streams where female spawn eggs during the breeding period. Although gladiator frogs seem to show plasticity in the way they construct their nests, there is no study reporting if these species present preferences about microhabitat conditions for nest-building (mainly under subtropical climate). Predation pressure and environmental conditions have been considered major processes shaping the great diversity of reproductive strategies performed by amphibians, but microhabitat conditions should explain where to build a nest as well as how nest looks. This study aimed to test nest site selection for nest-building by Hypsiboas faber(Wied-Neuwied, 1821), determining which factors are related to nest site selection and nest features. The survey was conducted at margins of two permanent ponds in Southern Brazil. Habitat factors were evaluated in 18 plots with nest and 18 plots in the surrounding without nest (control), describing vegetation structure and heterogeneity, and substrate characteristics. Water temperature was measured inside the nest and in its adjacency. Nest features assessed were area, depth and temperature. Habitat characteristics differed between plots with and without nest. Microhabitat selected for nest-building was characterized by great vegetation cover and height, as well as shallower water and lower cover of organic matter in suspension than in plots without nest. Differences between temperature inside nest and in its adjacency were not observed. No relationship between nest features and habitat descriptors was evidenced. Results revealed that Hypsiboas faber does not build nests anywhere. Males seem to prefer more protected habitats, probably avoiding predation, invasion of conspecific males and inclement weather. Lack of differences between temperature inside- and outside-nest suggest that nest do not improve this condition for eggs and tadpole development. Nest architecture was not related to habitat characteristics, which may be determined by other factors, as nest checking by females before amplexus. Nest site selection should increase offspring survival as well the breeding success of Hypsiboas faber.

The Cost of ownership in the governance of interfirm collaborations

This paper investigates the selection of governance forms in interfirm collaborations taking into account the predictions from transaction costs and property rights theories. Transaction costs arguments are often used to justify the introduction of hierarchical controls in collaborations, but the ownership dimension of going from “contracts” to “hierarchies” has been ignored in the past and with it the so called “costs of ownership”. The theoretical results, tested with a sample of collaborations in which participate Spanish firms, indicate that the cost of ownership may offset the benefits of hierarchical controls and therefore limit their diffusion. Evidence is also reported of possible complementarities between reputation effects and forms of ownership that go together with hierarchical controls (i.e. joint ventures), in contrast with the generally assumed substitutability between the two.

Airline competition and network structure

This paper characterizes the equilibria in airline networks and their welfare implications in an unregulated environment. Competing airlines may adopt either fully-connected (FC) or hub-and-spoke (HS) network structures; and passengers exhibiting low brand loyalty to their preferred carrier choose an outside option to travel so that markets are partially served by airlines. In this context, carriers adopt hubbing strategies when costs are sufficiently low, and asymmetric equilibria where one carrier chooses a FC strategy and the other chooses a HS strategy may arise. Quite interestingly, flight frequency can become excessive under HS network configurations.

Transmission of macro-liquidity shocks to liquidity-sorted stock portfolios’ returns: The role of the financial crisis

This study examines the impact of macro-liquidity shocks on the returns of UK stock portfolios sorted on the basis of a series of micro-liquidity measures. The macro-liquidity shocks are extracted on the meeting days of the Bank of England Monetary Policy Committee relative to market expectations embedded in futures contracts on the 3-month LIBOR during the period June 1999- December 2009. We report definitive evidence that these shocks are transmitted to the cross-section of liquidity-sorted portfolios, with most liquid stocks playing a very active role. Our results emphatically document that the shocks-returns relationship has reversed its sign during the recent financial crisis; the standard inverse relationship between interest rate surprises and portfolios’ returns before the crisis has turned into positive during the crisis. This finding confirms the inability of interest rate cuts to boost returns in the shortrun during the crisis, because these were perceived by market participants as a signal of a deteriorating economic outlook.

Trade Costs, International Competition and Selection: The Effects of Unionisation on Market Size

Within a two-country model of international trade in which heterogeneous firms face firm-specific unions, we study the effects of different forms of trade liberalisation on market structure and competitive selection in the presence of inter-country asymmetries in size and labour market institutions. For given levels of trade openness, an increase in a country’s relative unions’ strength reduces the average productivity of its domestic producers but increases that of its exporters. Whilst an unfavourable union power differential, by increasing wages, weakens a country’s firms’ competitive position, the higher wages reinforce standard market access mechanisms to give rise to aggregate income effects. When the initial levels of trade openness are sufficiently low, this ‘expansionary’ aggregate effect can attract industry in the country with stronger unions and also result in an increase in the extensive margin of exports. For sufficiently large inter-country differences in the bargaining power of unions, trade liberalization can then result in a pro-variety effect, with an increase in the total availability of varieties to consumers in both countries, regardless of there being inter-country differences in size.

Stock Market Liquidity and Macro-Liquidity Shocks: Evidence from the 2007-2009 Financial Crisis

We develop an empirical framework that links micro-liquidity, macro-liquidity and stock prices. We provide evidence of a strong link between macro-liquidity shocks and the returns of UK stock portfolios constructed on the basis of micro-liquidity measures between 1999-2012. Specifically, macro-liquidity shocks, which are extracted on the meeting days of the Bank of England Monetary Policy Committee relative to market expectations embedded in 3-month LIBOR futures prices, are transmitted in a differential manner to the cross-section of liquidity-sorted portfolios, with liquid stocks playing the most active role. We also find that there is a significant increase in shares’ trading activity and a rather small increase in their trading cost on MPC meeting days. Finally, our results emphatically document that during the recent financial crisis the shocks-returns relationship has reversed its sign. Interest rate cuts during the crisis were perceived by market participants as a signal of deteriorating economic prospects and reinforced “flight to safety” trading.

Liquidity, moral hazard and bank crises

Bank crises, by interrupting liquidity provision, have been viewed as resulting in welfare losses. In a model of banking with moral hazard, we show that second best bank contracts that improve on autarky ex ante require costly crises to occur with positive probability at the interim stage. When bank payoffs are partially appropriable, either directly via imposition of fines or indirectly by the use of bank equity as a collateral, we argue that an appropriately designed ex-ante regime of policy intervention involving conditional monitoring can prevent bank crises.

Modeling Dependence Structure and Forecasting Portfolio Value-at-Risk with Dynamic Copulas

We study the asymmetric and dynamic dependence between financial assets and demonstrate, from the perspective of risk management, the economic significance of dynamic copula models. First, we construct stock and currency portfolios sorted on different characteristics (ex ante beta, coskewness, cokurtosis and order flows), and find substantial evidence of dynamic evolution between the high beta (respectively, coskewness, cokurtosis and order flow) portfolios and the low beta (coskewness, cokurtosis and order flow) portfolios. Second, using three different dependence measures, we show the presence of asymmetric dependence between these characteristic-sorted portfolios. Third, we use a dynamic copula framework based on Creal et al. (2013) and Patton (2012) to forecast the portfolio Value-at-Risk of long-short (high minus low) equity and FX portfolios. We use several widely used univariate and multivariate VaR models for the purpose of comparison. Backtesting our methodology, we find that the asymmetric dynamic copula models provide more accurate forecasts, in general, and, in particular, perform much better during the recent financial crises, indicating the economic significance of incorporating dynamic and asymmetric dependence in risk management.

Modeling Dependence Structure and Forecasting Market Risk with Dynamic Asymmetric Copula

We investigate the dynamic and asymmetric dependence structure between equity portfolios from the US and UK. We demonstrate the statistical significance of dynamic asymmetric copula models in modelling and forecasting market risk. First, we construct “high-minus-low" equity portfolios sorted on beta, coskewness, and cokurtosis. We find substantial evidence of dynamic and asymmetric dependence between characteristic-sorted portfolios. Second, we consider a dynamic asymmetric copula model by combining the generalized hyperbolic skewed t copula with the generalized autoregressive score (GAS) model to capture both the multivariate non-normality and the dynamic and asymmetric dependence between equity portfolios. We demonstrate its usefulness by evaluating the forecasting performance of Value-at-Risk and Expected Shortfall for the high-minus-low portfolios. From back-testing, e find consistent and robust evidence that our dynamic asymmetric copula model provides the most accurate forecasts, indicating the importance of incorporating the dynamic and asymmetric dependence structure in risk management.