An investigation of customer order flow in the foreign exchange market

This paper examines the effect that heterogeneous customer orders flows have on exchange rates by using a new, and the largest, proprietary dataset of weekly net order flow segmented by customer type across nine of the most liquid currency pairs. We make several contributions. Firstly, we investigate the extent to which customer order flow can help to explain exchange rate movements over and above the influence of macroeconomic variables. Secondly, we address the issue of whether order flows contain (private) information which explain exchange rates changes. Thirdly, we look at the usefulness of order flow in forecasting exchange rate movements at longer horizons than those generally considered in the microstructure literature. Finally we address the question of whether the out-of-sample exchange rate forecasts generated by order flows can be employed profitably in the foreign exchange markets

Water Reallocation in the Input-Output Model

Water reallocation between economic agents has been –and continues to be- the subject of a considerable amount of research. This paper proposes a method for evaluating how water is reallocated within the economy in response to changes in final demand and changes in the technical water needs of activities and consumers. The empirical application, which is for the Catalan economy, shows important asymmetries in the effects that exogenous inflows and changes in water technical requirements cause on water reallocation. In the process of water distribution, exogenous inflows mostly benefit agriculture and damage private consumers. On the other hand, increases in technical water requirements have negative effects on agriculture and positive effects on the other production activities. The results of the study suggest that agriculture is an important activity not only in terms of water distribution but also in terms of water reallocation due to changes in final demand and technical water needs. Keywords: Water reallocation, water distribution, exogenous shock, technical water needs.

Occurrence of Cryptosporidial Oocysts and Giardia Cysts in Bottled Mineral Water Commercialized in the City of Campinas, State of São Paulo, Brazil

The consumption of bottled mineral water has significantly increased in Brazil so that it is in the interest of public health to determine the parasitological and microbiological status of some brands of Brazilian mineral water available in the town of Campinas, São Paulo, Brazil. For this purpose, detection of protozoa by direct immunofluorescence technique and microbiological parameters were determined for each specimen after membrane filtration. Giardia cysts were not present while cryptosporidial oocysts were detected in two samples. The counts of protozoa varied from 0.2 to 0.5 oocysts/l. The detected level of Pseudomonas aeruginosa and heterotrophic bacteria reflected the level of organic enrichment of the water.

A search for the origin of cadmium in the soil of the Swiss Jura

The top soil of a 14.5 km(2) region at la Chaux-de-Fonds in the Swiss Jura is exceptionally rich in cadmium. It contains an average of 1.3 mg per kg of soil. The spatial distribution of the metal has no simple pattern that could be explained by atmospheric deposition or agricultural practices. Thin soil contained most of its Cd at the surface; in thicker soil Cd is mainly concentrated between 60 and 80 cm depth. No specific minerals or soil fractions could account for these accumulation, and the vertical distribution of Cd is best explained by leaching from the topsoil and further adsorption within layers of nearly neutral pH. The local Jurassic sedimentary rocks contained too little Cd to account for the Cd concentrations in the soil. Alpine gravels from glacial till were too sparse in soils to explain such a spreading of Cd. Moreover this origin is contradictory with the fact that Cd is concentrated in the sand fraction of soils. The respective distributions of Fe and Cd in soils, and soil fractions, suggested that the spreading of iron nodules accumulated during the siderolithic period (Eocene) was not the main source of Cd. Atmospheric deposition, and spreading of fertiliser or waste from septic tanks seem the only plausible explanation for the Cd concentrations, but at present few factors allow us to differentiate between them.

Phylogeographical structure, postglacial recolonization and barriers to gene flow in the distinctive Valais chromosome race of the common shrew (Sorex araneus).

Using one male-inherited and eight biparentally inherited microsatellite markers, we investigate the population genetic structure of the Valais chromosome race of the common shrew (Sorex araneus) in the Central Alps of Europe. Unexpectedly, the Y-chromosome microsatellite suggests nearly complete absence of male gene flow among populations from the St-Bernard and Simplon regions (Switzerland). Autosomal markers also show significant genetic structuring among these two geographical areas. Isolation by distance is significant and possible barriers to gene flow exist in the study area. Two different approaches are used to better understand the geographical patterns and the causes of this structuring. Using a principal component analysis for which testing procedure exists, and partial Mantel tests, we show that the St-Bernard pass does not represent a significant barrier to gene flow although it culminates at 2469 m, close to the highest altitudinal record for this species. Similar results are found for the Simplon pass, indicating that both passes represented potential postglacial recolonization routes into Switzerland from Italian refugia after the last Pleistocene glaciations. In contrast with the weak effect of these mountain passes, the Rhône valley lowlands significantly reduce gene flow in this species. Natural obstacles (the large Rhône river) and unsuitable habitats (dry slopes) are both present in the valley. Moreover, anthropogenic changes to landscape structures are likely to have strongly reduced available habitats for this shrew in the lowlands, thereby promoting genetic differentiation of populations found on opposite sides of the Rhône valley.

Inbreeding and sex-biased gene flow in the ant Formica exsecta.

The objective of this study was to assess breeding and dispersal patterns of both males and females in a monogyne (a single queen per colony) population of ants. Monogyny is commonly associated with extensive nuptial flights, presumably leading to considerable gene flow over large areas. Opposite to these expectations we found evidence of both inbreeding and sex-biased gene flow in a monogyne population of Formica exsecta. We found a significant degree of population subdivision at a local scale (within islands) for queens (females heading established colonies) and workers, but not for colony fathers (the males mated to the colony queens). However, we found little evidence of population subdivision at a larger scale (among islands). More conclusive support for sex-biased gene flow comes from the analysis of isolation by distance on the largest island, and from assignment tests revealing differences in female and male philopatry. The genetic similarity between pairs of queens decreased significantly when geographical distance increased, demonstrating limited dispersal and isolation by distance in queens. By contrast, we found no such pattern for colony fathers. Furthermore, a significantly greater fraction of colony queens were assigned as having originated from the population of residence, as compared to colony fathers. Inbreeding coefficients were significantly positive for workers, but not for mother queens. The queen-male relatedness coefficient of 0.23 (regression relatedness) indicates that mating occurs between fairly close relatives. These results suggest that some monogyne species of ants have complex dispersal and mating systems that can result in genetic isolation by distance over small geographical scales. More generally, this study also highlights the importance of identifying the relevant scale in analyses of population structure and dispersal.

Water infiltration in an ultisol after cultivation of common bean

Water infiltration in the soil is an important hydrological process that occurs at the interface of the soil-atmosphere system; thus, the soil management practice used has a strong influence on this process. The aim of this study was to evaluate water infiltration in the soil and compare equations for estimating the water infiltration rate in an Ultisol after harvesting common bean (Phaseolus vulgaris L.) under simulated rainfall. Field tests with a rainfall simulator were carried out in three soil management systems: minimum tillage (MT), conventional tillage (CT), and no tillage (NT). In NT, four levels of plant residue on the soil surface were evaluated: 0, 3, 6, and 9 t ha-1. The models of Kostiakov-Lewis, Horton, and Philip were used to estimate the infiltration rate. In the MT system, the final infiltration rate was 54 mm h-1, whereas in the CT and NT systems with up to 3 t ha-1 of plant residue on the soil surface, the rate was near 17 mm h-1. In addition, the results indicated that in the NT system the infiltration rate increased with plant residue coverage greater than 6 t ha-1, i.e., there was a positive correlation between plant cover and the water infiltration rate. The Horton model was the most suitable in representing the water infiltration process in the soil. Therefore, this model can be recommended for estimation of this variable regardless of the soil tillage system used.

Sustainability of Wood Productivity of Pinus TaedaBased on Nutrient Export and Stocks in the Biomass and in the Soil

ABSTRACT The impact of intensive management practices on the sustainability of forest production depends on maintenance of soil fertility. The contribution of forest residues and nutrient cycling in this process is critical. A 16-year-old stand of Pinus taeda in a Cambissolo Húmico Alumínico léptico (Humic Endo-lithic Dystrudept) in the south of Brazil was studied. A total of 10 trees were sampled distributed in five diameter classes according to diameter at breast height. The biomass of the needles, twigs, bark, wood, and roots was measured for each tree. In addition to plant biomass, accumulated plant litter was sampled, and soil samples were taken at three increments based on sampling depth: 0.00-0.20, 0.20-0.40, 0.40-0.60, 0.60-1.00, 1.00-1.40, 1.40-1.80, and 1.80-1.90 m. The quantity and concentration of nutrients, as well as mineralogical characteristics, were determined for each soil sample. Three scenarios of harvesting intensities were simulated: wood removal (A), wood and bark removal (B), and wood + bark + canopy removal (C). The sum of all biomass components was 313 Mg ha-1.The stocks of nutrients in the trees decreased in the order N>Ca>K>S>Mg>P. The mineralogy of the Cambissolo Húmico Alumínico léptico showed the predominance of quartz sand and small traces of vermiculite in the silt fraction. Clay is the main fraction that contributes to soil weathering, due to the transformation of illite-vermiculite, releasing K. The depletion of nutrients from the soil biomass was in the order: P>S>N>K>Mg>Ca. Phosphorus and S were the most limiting in scenario A due to their low stock in the soil. In scenario B, the number of forest rotations was limited by N, K, and S. Scenario C showed the greatest reduction in productivity, allowing only two rotations before P limitation. It is therefore apparent that there may be a difference of up to 30 years in the capacity of the soil to support a scenario such as A, with a low nutrient removal, compared to scenario C, with a high nutrient removal. Hence, the effect of different harvesting intensities on nutrient availability may jeopardize the sustainability of P. taeda in the short-term.

Geochemical and H-O-Sr-Nd isotope evidence for magmatic processes and meteoric-water interactions in the basal complex of La Gomera, Canary Islands

The plutonic rocks of the Basal Complex of La Gomera, Canary Islands, Spain, were studied by means of major and trace element contents and by H-O-Sr-Nd isotope compositions in order to distinguish primary magmatic characteristics and late-stage alteration products. Deciphering the effects of alteration allowed us to determine primary, plume-related compositions that indicated D- and (18)O-depletion relative to normal upper mantle, supporting the conclusions of earlier studies on the plutonic rocks of Fuerteventura and La Palma. Late-stage alteration took place during the formation of the intrusive series induced by interaction with meteoric water. Inferred isotopic compositions of the meteoric water indicate that the water infiltrated into the rock edifice at a height of about 1500 m above sea level, suggesting the existence of a subaerial volcano which was active during the intrusive activity and that it has been either distroyed or remain buried by later volcanic and landslide events.

Responses of soil respiration and barley growth to modified supply of oxygen in the soil

Selostus: Maan hengityksen ja ohran kasvun reagointi hapensaannin muutoksiin maassa

Disentangling water usage in the European Union: A decomposition analysis

The Water Framework Directive (WFD) defines common objectives for water resources throughout the European Union (EU). Given this general approach to water preservation and water policy, the objective of this paper is to analyse whether common patterns of water consumption exist within Europe. In particular, our study uses two methods to reveal the reasons behind sectoral water use in all EU countries. The first method is based on an accounting indicator that calculates the water intensity of an economy as the sum of sectoral water intensities. The second method is a subsystem input‐output model that divides total water use into different income channels within the production system. The application uses data for the years 2005 and 2009 on water consumption in the production system of the 27 countries of the EU. From our analysis it emerges that EU countries are characterized by very different patterns of water consumption. In particular water consumption by the agriculture sector is extremely high in Central/Eastern Europe, relative to the rest of Europe. In most countries, the water used by the fuel, power and water sector is consumed to satisfy domestic final demand. However, our analysis shows that for some countries exports from this sector are an important driver of water consumption. Focusing on the agricultural sector, the decomposition analysis suggests that water usage in Mediterranean countries is mainly driven by final demand for, and exports of, agricultural products. In Central/Eastern Europe domestic final demand is the main driver of water consumption, but in this region the proportion of water use driven by demand for exports is increasing over time. Given these heterogeneous water consumption patterns, our analysis suggests that Mediterranean and Central/Eastern European countries should adopt specific water policies in order to achieve efficient levels of water consumption in the European Union. JEL codes: N5; C67 Keywords: Water use, Subsystem input–output model; Water intensity, European Union.

Papaya pulp gelling: is it premature ripening or problems of water accumulation in the apoplast?

Gelled aspect in papaya fruit is typically confused with premature ripening. This research reports the characterization of this physiological disorder in the pulp of papaya fruit by measuring electrolyte leakage, Pi content, lipid peroxidation, pulp firmness, mineral contents (Ca, Mg and K - in pulp and seed tissues), and histological analysis of pulp tissue. The results showed that the gelled aspect of the papaya fruit pulp is not associated with tissue premature ripening. Data indicate a reduction of the vacuole water intake as the principal cause of the loss of cellular turgor; while the waterlogged aspect of the tissue may be due to water accumulation in the apoplast.