A Brief Interpretation of Summer Flounder, Paralichthys dentatus, Movements and Stock Structure with New Tagging Data on Juveniles

Summer flounder, Paralichthys dentatus, are managed as a single stock along the Atlantic coast from the U.S.– Canada border to the southern border of North Carolina. Justification of the single-stock approach is based on lack of genetic evidence for multiple stocks and the difficulty presented by managing the species from Cape Hatteras to the U.S.–Canada border. In this review, we present an interpretation of various morphometric, meristic, biochemical, and tagging studies, published and unpublished, that indicate the presence of two, or possibly three, distinct stocks in the management area. In addition, we have included new data from a tagging study that was conducted on juveniles from Virginia that aids in defining the stock(s) north of Cape Hatteras. Summer flounder, overfished for the past two decades, is recovering, and reconsideration of proposed stock structure could have direct implications for management policy decisions.

A Review of Stock Identification of Haddock, Melanogrammus aeglefinus, in the Northwest Atlantic Ocean

Haddock, Melanogrammus aeglefinus, is a principal commercial species distributed throughout the northwest Atlantic Ocean, with major aggregations occurring on Georges Bank and on the Scotian Shelf. This review examines all available information on stock structure of haddock to evaluate the suitability of current stock units and to investigate areas that require further research. Combined information from tag-recapture, demographic, recruitment, meristic, parasitic, and genetic studies provide evidence for the identification of haddock stocks, with major population divisions occurring between New England, Nova Scotia, and Newfoundland waters. Within each of these major divisions a number of discrete stocks appear to exist, although uncertainty remains in the amount of separation found within each region. Research utilizing more recent stock identification techniques should refine and improve our understanding of haddock stock structure in the northwest Atlantic.

The effects of size-selective fisheries on the stock dynamics of and sperm limitation in sex-changing fish

Fisheries models have traditionally focused on patterns of growth, fecundity, and survival of fish. However, reproductive rates are the outcome of a variety of interconnected factors such as life-history strategies, mating patterns, population sex ratio, social interactions, and individual fecundity and fertility. Behaviorally appropriate models are necessary to understand stock dynamics and predict the success of management strategies. Protogynous sex-changing fish present a challenge for management because size-selective fisheries can drastically reduce reproductive rates. We present a general framework using an individual-based simulation model to determine the effect of life-history pattern, sperm production, mating system, and management strategy on stock dynamics. We apply this general approach to the specific question of how size-selective fisheries that remove mainly males will impact the stock dynamics of a protogynous population with fixed sex change compared to an otherwise identical dioecious population. In this dioecious population, we kept all aspects of the stock constant except for the pattern of sex determination (i.e. whether the species changes sex or is dioecious). Protogynous stocks with fixed sex change are predicted to be very sensitive to the size-selective fishing pattern. If all male size classes are fished, protogynous populations are predicted to crash even at relatively low fishing mortality. When some male size classes escape fishing, we predict that the mean population size of sex-changing stocks will decrease proportionally less than the mean population size of dioecious species experiencing the same fishing mortality. For protogynous species, spawning-per-recruit measures that ignore fertilization rates are not good indicators of the impact of fishing on the population. Decreased mating aggregation size is predicted to lead to an increased effect of sperm limitation at constant fishing mortality and effort. Marine protected areas have the potential to mitigate some effects of fishing on sperm limitation in sex-changing populations.

Recruitment and spawning-stock biomass distribution of bay anchovy (Anchoa mitchilli) in Chesapeake Bay

Recruitment of bay anchovy (Anchoa mitchilli) in Chesapeake is related to variability in hydrological conditions and to abundance and spatial distribution of spawning stock biomass (SSB). Midwater-trawl surveys conducted for six years, over the entire 320-km length of the bay, provided information on anchovy SSB, annual spatial patterns of recruitment, and their relationships to variability in the estuarine environment. SSB of anchovy varied sixfold in 1995–2000; it alone explained little variability in young-of-the-year (YOY) recruitment level in October, which varied ninefold. Recruitments were low in 1995 and 1996 (47 and 31 Z 109) but higher in 1997–2000 (100 to 265 Z 109). During the recruitment process the YOY population migrated upbay before a subsequent fall-winter downbay migration. The extent of the downbay migration by maturing recruits was greatest in years of high freshwater input to the bay. Mean dissolved oxygen (DO) was more important than freshwater input in controlling distribution of SSB and shifts in SSB location between April– May (prespawning) and June–August (spawning) periods. Recruitments of bay anchovy were higher when mean DO was lowest in the downbay region during the spawning season. It is hypothesized that anchovy recruitment level is inversely related to mean DO concentration because low DO is associated with high plankton productivity in Chesapeake Bay. Additionally, low DO conditions may confine most bay anchovy spawners to the downbay region, where production of larvae and juveniles is enhanced. A modified Ricker stock-recruitment model indicated density-compensatory recruitment with respect to SSB and demonstrated the importance of spring-summer DO levels and spatial distribution of SSB as controllers of bay anchovy recruitment.

Developing a growth-transition matrix for the stock assessment of the green sea urchin (Strongylocentrotus droebachiensis) off Maine

The green sea urchin (Strongylocentrotus droebachiensis) is important to the economy of Maine. It is the state’s fourth largest fishery by value. The fishery has experienced a continuous decline in landings since 1992 because of decreasing stock abundance. Because determining the age of sea urchins is often difficult, a formal stock assessment demands the development of a size-structured population dynamic model. One of the most important components in a size-structured model is a growth-transition matrix. We developed an approach for estimating the growth-transition matrix using von Bertalanffy growth parameters estimated in previous studies of the green sea urchin off Maine. This approach explicitly considers size-specific variations associated with yearly growth increments for these urchins. The proposed growth-transition matrix can be updated readily with new information on growth, which is important because changes in stock abundance and the ecosystem will likely result in changes in sea urchin key life history parameters including growth. This growth-transition matrix can be readily incorporated into the size-structured stock assessment model that has been developed for assessing the green sea urchin stock off Maine.

Stock assessment of Haliporoides triarthrus (Fam. Solenoceridae) off Mozambique: a preliminary analysis

The pink shrimp, Haliporoides triarthrus, is an important species in the deep-water shrimp fishery in Mozambique. Total catches are in the range of 1,500 to 2,700 tons, with the pink shrimp accounting for 70-90%. Estimates of growth parameters and of natural mortality are used for a preliminary assessment of the fishery, based on length-structured virtual population analysis and yield-per-recruit analyses. With an arbitrarily chosen terminal fishing mortality F, the results indicate a situation of overfishing, but realistic parameters must be acquired in order to diagnose the state of the stock

Cephalopod fishery at Kakinada along the east coast of India: Resource characteristics and stock assessment of Loligo duvauceli ·

At Kakinada along the east coast of India, cephalopods were exploited by trawls. Fishery occurred round the year with peak during August-October. Peak abundance and fishery of cuttlefishes coincides with this period, whereas for squids it is during March-May. Cephalopod production continued to increase initially with fishing effort, until 1995, but declined thereafter despite increased fishing effort and expansion of fishing to deeper waters. Fishery, growth, mortality, recruitment pattern and exploitation rates of Loligo duvauceli were studied. Nearly 97% of their catch was by zero year groups. They attain sexual maturity and spawn during the first year itself. Spawning occurred round the year with peak during December-February. Exploitation rate of the species is large, 0.741 compared to Emax (0.44). This indicated that their stock is under heavy fishing pressure and subjected to over-exploitation. Stock also exhibited declining trend over the years during 1995-'99. These necessitate immediate attention to avoid coHapse of the stock and fishery.

Population dynamic and stock assessment of lobster resources of Cha-bahar region (with particular ref. to Panulirus homarus)

Amoungst the three spiny lobster species in southern Iranian waters, Panulirus homarus is the only commercial species with a total landings of 20-45 tons per year indicating a decrease in both landings and CPIJE in recent years. Fishing has been regulated according to the no. of fisherman and effort, and trap ha's replaced the gillnef since 1994. Fishing is carried out along the rocky shores of Chah-Bahar region through different landing places by local fisherman for a period of about two months. Most of catch is exported mainly frozen. This research was sposored by the Fisheries Research Dept. and aimed to work on the population dynamics and stock assessment in order to stablish a better understandings of the stock and hence a proper management in this region. Sampling was done for. 10 successive months in _5 major landing places from 1994 to 1995 with no sampling during the monsoon period through June to July. Althogethere, 8500 specimen were collected and the biometry was done accordings to the sex, region and month. Average total length, total weight and carapace length was obtained 216mm., 452 gr. and 75mm. respectively. Total length-weight relationship of both sexes was calculated and follows the cubic law. Regression coefficients for both sexes was 2.8231, males 2.9616, total females 2.7490, berried females 2.6611- and non-berried females

Statistical analysis of microscale gas flows and stock price changes

First, recent studies on the information preservation (IP) method, a particle approach for low-speed micro-scale gas flows, are reviewed. The IP method was validated for benchmark issues such as Couette, Poiseuille and Rayleigh flows, compared well with measured data for typical internal flows through micro-channels and external flows past micro flat plates, and combined with the Navier-Stokes equations to be a hybrid scheme for subsonic, rarefied gas flows. Second, the focus is moved to the microscopic characteristic of China stock market, particularly the price correlation between stock deals. A very interesting phenomenon was found that showed a reverse transition behaviour between two neighbouring price changes. This behaviour significantly differs from the transition rules for atomic and molecular energy levels, and it is very helpful to understand the essential difference between stock markets and nature.

Policy impacts on Vietnam stock markets: a case of anomalies and disequilibria 2000-2006

Vietnam launched its first-ever stock market, named as Ho Chi Minh City Securities Trading Center (HSTC) on July 20, 2000. This is one of pioneering works on HSTC, which finds empirical evidences for the following: Anomalies of the HSTC stock returns through clusters of limit-hits, limit-hit sequences; Strong herd effect toward extreme positive returns of the market portfolio;The specification of ARMA-GARCH helps capture fairly well issues such as serial correlations and fat-tailed for the stabilized period. By using further information and policy dummy variables, it is justifiable that policy decisions on technicalities of trading can have influential impacts on the move of risk level, through conditional variance behaviors of HSTC stock returns. Policies on trading and disclosure practices have had profound impacts on Vietnam Stock Market (VSM). The over-using of policy tools can harm the market and investing mentality. Price limits become increasingly irrelevant and prevent the market from self-adjusting to equilibrium. These results on VSM have not been reported before in the literature on Vietnam’s financial markets. Given the policy implications, we suggest that the Vietnamese authorities re-think the use of price limit and give more freedom to market participants.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Are Idiosyncratic Skewness and Idiosyncratic Kurtosis Priced?

This thesis investigates the pricing effects of idiosyncratic moments. We document that idiosyncratic moments, namely idiosyncratic skewness and idiosyncratic kurtosis vary over time. If a factor/characteristic is priced, it must show minimum variation to be correlated with stock returns. Moreover, we can identify two structural breaks in the time series of idiosyncratic kurtosis. Using a sample of US stocks traded on NYSE, AMEX and NASDAQ markets from January 1970 to December 2013, we run Fama-MacBeth test at the individual stock level. We document a negative and significant pricing effect of idiosyncratic skewness, consistent with the finding of Boyer et al. (2010). We also report that neither idiosyncratic volatility nor idiosyncratic kurtosis are consistently priced. We run robustness tests using different model specifications and period sub-samples. Our results are robust to the different factors and characteristics usually included in the Fama-MacBeth pricing tests. We also split first our sample using endogenously determined structural breaks. Second, we divide our sample into three equal sub-periods. The results are consistent with our main findings suggesting that expected returns of individual stocks are explained by idiosyncratic skewness. Both idiosyncratic volatility and idiosyncratic kurtosis are irrelevant to asset prices at the individual stock level. As an alternative method, we run Fama-MacBeth tests at the portfolio level. We find that idiosyncratic skewness is not significantly related to returns on idiosyncratic skewness-sorted portfolios. However, it is significant when tested against idiosyncratic kurtosis sorted portfolios.

Are Idiosyncratic Skewness and Idiosyncratic Kurtosis Priced?

This thesis investigates the pricing effects of idiosyncratic moments. We document that idiosyncratic moments, namely idiosyncratic skewness and idiosyncratic kurtosis vary over time. If a factor/characteristic is priced, it must show minimum variation to be correlated with stock returns. Moreover, we can identify two structural breaks in the time series of idiosyncratic kurtosis. Using a sample of US stocks traded on NYSE, AMEX and NASDAQ markets from January 1970 to December 2013, we run Fama-MacBeth test at the individual stock level. We document a negative and significant pricing effect of idiosyncratic skewness, consistent with the finding of Boyer et al. (2010). We also report that neither idiosyncratic volatility nor idiosyncratic kurtosis are consistently priced. We run robustness tests using different model specifications and period sub-samples. Our results are robust to the different factors and characteristics usually included in the Fama-MacBeth pricing tests. We also split first our sample using endogenously determined structural breaks. Second, we divide our sample into three equal sub-periods. The results are consistent with our main findings suggesting that expected returns of individual stocks are explained by idiosyncratic skewness. Both idiosyncratic volatility and idiosyncratic kurtosis are irrelevant to asset prices at the individual stock level. As an alternative method, we run Fama-MacBeth tests at the portfolio level. We find that idiosyncratic skewness is not significantly related to returns on idiosyncratic skewness-sorted portfolios. However, it is significant when tested against idiosyncratic kurtosis sorted portfolios.

Implications of recent Australian wheat industry developments for overseas and domestic prices

This study is motivated by the proposition that the objectives of the AWB Ltd have changed since semi-privatisation of the Australian Wheat Board under the Wheat Marketing Act, 1989. Conceptualising this change of objectives as a shift from revenue maximization to profit maximization, this study examines the impact of such a change on the pricing policies of a multi-market price-setting firm. More specifically, this paper investigates, using two hypothetical objective functions, a risk averse AWB�s price-setting behaviour in an �overseas� and a �domestic� market in response to recent wheat industry developments. In the analysis these developments manifest themselves as differing price elasticities, differing transport costs and uncertain demand functions, and their implications particularly for the prices paid by domestic consumers are explored.

Stock assessment for fishery management - A framework guide to the stock assessment tools of the Fisheries Management Science Programme (FMSP)

This document provides guidelines for fish stock assessment and fishery management using the software tools and other outputs developed by the United Kingdom's Department for International Development's Fisheries Management Science Programme (FMSP) from 1992 to 2004. It explains some key elements of the precautionary approach to fisheries management and outlines a range of alternative stock assessment approaches that can provide the information needed for such precautionary management. Four FMSP software tools, LFDA (Length Frequency Data Analysis), CEDA (Catch Effort Data Analysis), YIELD and ParFish (Participatory Fisheries Stock Assessment), are described with which intermediary parameters, performance indicators and reference points may be estimated. The document also contains examples of the assessment and management of multispecies fisheries, the use of Bayesian methodologies, the use of empirical modelling approaches for estimating yields and in analysing fishery systems, and the assessment and management of inland fisheries. It also provides a comparison of length- and age-based stock assessment methods. A CD-ROM with the FMSP software packages CEDA, LFDA, YIELD and ParFish is included.