Application of Suction-cup-attached VHF Transmitters to the Study of Beluga, Delphinapterus leucas, Surfacing Behavior in Cook Inlet, Alaska

Suction-cup-attached VHF radio transmittes were deployed on belugas, Delphinapterus leucas, in Cook Inlet, Alaska, in 1994 and 1995 to characterize the whales' surfacing behavior. Data from video recordings were also used to characterize behavior of undisturbed whales and whales actively pursued for tagging. Statistics for dive intervals (time between the midpoints of contiguous surfacings) and surfacing intevals (time at the surface per surfacing) were estimated. Operations took place on the tidal delta of the Susitna and Little Susitna Rivers. During the 2-yr study, eight whales were successfully tagged, five tags remained attached for >60 min, and data from these were used in the analyses. Mean dive interval was 24.1 sec (interwhale SD=6.4 sec, n=5). The mean surfacing interval, as determined from the duration of signals received from the radio transmitters, was 1.8 sec (SD=0.3 sec, n=125) for one of the whales. Videotaped behaviors were categorized as "head-lifts" or "slow-rolls." Belugas were more likely to head-lift than to slow-roll during vessel approaches and tagging attempts when compared to undisturbed whales. In undisturbed groups, surfacing intervals determined from video records were significantly different between head-lifting (average = 1.02 sect, SD=0.38 sed, n=28) and slow-rolling whales (average = 2.45 sec, SD=0.37 sec, n=106). Undisturbed juveniles exhibited shorter slow-roll surfacing intervals (average = 2.25 sec, SD=0.32 sec, n=36) than adults (average = 2.55 sec, SD=0.36 sec, n=70). We did not observe strong reactions by the belugas to the suction-cup tags. This tagging method shows promise for obtaining surfacing data for durations of several days.

Occurrence and Behavior of Juvenile Red Snapper, Lutjanus campechanus, on Commercial Shrimp Fishing Grounds in the Northeastern Gulf of Mexico

Red snapper, Lutjanus campechanus, is subject to significant overfishing in U.S. Gulf of Mexico waters, and regulations are being implemented to reduce fishing mortality and restore them to a 20% spawning potential ratio by the year 2009. One source of mortality that must be reduced to achieve this goal is the incidental capture ofjuvenile red snappers in shrimp, Penaeus spp., trawls. NOAA's National Marine Fisheries Service is conducting research to develop shrimp trawl modifications to reduce the snapper bycatch. An important part of this research is the study of juvenile red snapper behavior on commercial shrimp grounds and in relation to trawling gear. An area of high juvenile red snapper abundance was identified off the coast of Mississippi. Most snappers were observed around structures or objects on the bottom which they appeared to use for refuge or orientation. Those ranging over barren bottom had no apparent point of orientation. When encountered by shrimp trawls, most juvenile snappers rose above the trawl footrope and fell back into the trawl. These observations have directed research toward modifying shrimp trawls to release juvenile red snappers after entry, rather than preventing them from entering a shrimp trawl.

Diet of Bottlenose Dolphins Tursiops truncatus in the Northwest Panhandle and Foraging Behavior Near Savannah, Georgia

The foraging ecology of bottlenose dolphins Tursiops truncatus in the Northwest Florida Panhandle and estuaries in northern Georgia was determined using diet analysis and behavioral surveys. Stomach content analysis was completed on bottlenose dolphins(N = 25) that stranded in the Northwest Florida Panhandle from November 2006 to March 2009. The most abundant prey species were spot Leiostomus xanthurus (20.4%), squid (10.9%), pinfish Lagodon rhombiodes (10.3%), and Atlantic croaker Micropogonias undulatus (8.5%). Dolphins that stranded during months with a red tide Karenia brevis bloom consumed more pinfish, and spot; whereas dolphins that stranded in non-bloom months consumed more squid, Atlantic croaker, and silver perch Bairdiella chrysoura. Differences in diet were also identified for dolphins that stranded inside bays/sound and dolphin that stranded outside of bays along the coast, and male and female dolphins. Surveys were conducted from south of the Savannah River to north of Ossabaw Sound in Georgia where foraging behaviors were classified. Multivariate Generalized Additive Models were used to test correlations of behaviors to dolphin group size, depth, salinity, temperature, creek width, and tide. Sightings with headstands (p = 0.009), hard stops (p = 0.019), chasing (p = 0.004), mudbank whacking (p < 0.001), herding/circling (p = 0.024), and strand feeding (p = 0.006) were correlated with shallow water or small creeks. Sightings with kerplunking (p = 0.031), mudbank whacking (p = 0.001), strand feeding (p = 0.003), and herding/circling (p = 0.026) were significantly correlated with low tide. The results of the Savannah, Georgia study were the first to characterize foraging behaviors in this area and demonstrate how bottlenose dolphins utilize the salt marsh estuary in terms of foraging. Studies like these are important to determine how dolphins forage efficiently and to provide background information on diet and foraging behavior for use in monitoring future impacts to dolphins in the Northwest Florida Panhandle and near Savannah, Georgia.

Em busca de um índice alternativo à relação Book to Market para a construção de carteiras mais rentáveis

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.