Does Uncertainty Affect Investment and Labor Demand?

This paper analyzes the effect of uncertainty on investment and labor demand for Finnish firms during the time period 1987 – 2000. Utilizing a stock return based measure of uncertainty decomposed into systematic and idiosyncratic components, the results reveal that idiosyncratic uncertainty significantly reduces both investment and labor demand. Idiosyncratic uncertainty seems to influence investment in the current period, whereas the depressing effect on labor demand appears with a one-year lag. The results provide support that the depressing effect of idiosyncratic uncertainty on investment is stronger for small firms in comparison to large firms. Some evidence is reported regarding differential effects of uncertainty on labor demand conditional on firm characteristics. Most importantly, the depressing effect of lagged idiosyncratic uncertainty on labor demand tends to be stronger for diversified firms compared with focused firms.

Corporate Governance Mechanisms and Firm Performance:Evidence from Finland

This paper examines the association between corporate governance attributes and firm performance of Finnish firms during 1990 – 2000. The empirical results suggest that corporate governance matters for firm performance. First, univariate test results indicate that firms characterized by a high (efficient) level of corporate governance have delivered greater stock returns, are higher valued based on the measure of Tobin’s Q, and exhibit higher ratios of cash flow to assets, on average, in comparison to their counterparts characterized by a low (inefficient) level of corporate governance. Second, controlling for a number of well-known determinants of stock returns, we find evidence that firms categorized by inefficient corporate governance have delivered inferior returns to shareholders during the investigation period. Finally, after controlling for several common determinants of firm value, we find that firms characterized by efficient corporate governance have been valued higher during the investigation period, measured by Tobin’s Q.

Stock Option Compensation in Finland: An Analysis of Economic Determinants, Contracting Frequency, and Design

This paper addresses several questions in the compensation literature by examining stock option compensation practices of Finnish firms. First, the results indicate that principal-agent theory succeeds quite well in predicting the use of stock options. Proxies for monitoring costs, growth opportunities, ownership structure, and risk are found to determine the use of incentives consistent with theory. Furthermore, the paper examines whether determinants of stock options targeted to top management differ from determinants of broad-based stock option plans. Some evidence is found that factors driving these two types of incentives differ. Second, the results reveal that systematic risk significantly increases the likelihood that firms adopt stock option plans, whereas total firm risk and unsystematic risk do not seem to affect this decision. Third, the results show that growth opportunities are related to time-dimensional contracting frequency, consistent with the argument that incentive levels deviate more rapidly from optimum in firms with high growth opportunities. Finally, the results suggest that vesting schedules are decreasing in financial leverage, and that contract maturity is decreasing in firm focus. In addition, both vesting schedules and contract maturity tend to be longer in firms involving state ownership.

Pääkaupunkiseudulla asuvien slangikäsityksiä

Tutkimuksessa tarkastellaan pääkaupunkiseudulla asuvien slangikäsityksiä. Tavoitteena on selvittää, millaisesta ilmiöstä slangissa vastaajien mielestä on kyse. Tutkimusaineisto kerättiin kyselylomakkeella, johon vastasi kaikkiaan 133 henkilöä kolmesta eri ikäryhmästä. Lomakkeessa kysyttiin slangin puhuma-aluetta, iän ja sosiaalisten taustatekijöiden vaikutusta slangin käyttöön sekä yleisiä käsityksiä slangista. Lomakkeen sanastotehtävässä pyydettiin ympyröimään sanalistalta slangiksi miellettävät sanat. Lisäksi vastaajia pyydettiin arvioimaan omaa slanginkäyttömääräänsä sekä kertomaan, mistä he slangisanoja mahdollisesti omaksuvat. Tutkimus kuuluu kansanlingvistiseen tutkimusalaan. Tutkimuksessa ilmenee, että slangikäsitykset jakautuvat kahdeksaan eri kategoriaan, jotka pohjautuvat suurelta osin siihen, keitä vastaaja pitää slangin puhujina. Näissä kategorioissa slangi nähdään nuorten helsinkiläisten, vanhojen helsinkiläisten, kaikenikäisten helsinkiläisten, pääkaupunkiseudulla asuvien, kaupungeissa asuvien, tietyllä muulla alueella asuvien, tiettyyn ryhmään kuuluvien tai kaikkien suomalaisten puheena ikään tai asuinpaikkaan katsomatta. Slangin ominaisuuksista vastaajat ovat maininneet selvästi useimmin sanastoon liittyviä piirteitä, kuten lainasanojen runsauden, sanojen muokkaamisen, uudet sanat, sanaston nopean muuttumisen sekä sanojen ymmärtämisen vaikeuden. Äänne- ja muoto-opillisista piirteistä on mainittu sanojen lyhentely, ja prosodisista piirteistä puhetapa, ääntämys, nopeatempoisuus, painotus, rytmi, nuotti sekä helsinkiläinen s. Tutkimuksen mukaan slangi mielletään kaikissa ikäryhmissä vahvimmin nuorten käyttämäksi kielimuodoksi. Vastaajien mukaan slangia käytetään ja kehitetään nuorena, jonka jälkeen pitäydytään kerran opitussa slangissa. Osin tästä syystä eri ikäpolvien slangit mielletään yleensä keskenään erilaisiksi. Kaikissa ikäryhmissä slangiksi mielletään yleisimmin vanhat ruotsalais- ja venäläisperäiset slangisanat. Tutkimuksen perusteella slangin käytöllä ajatellaan olevan identiteettiä luovia ja muita sosiaalisia merkityksiä. Lisäksi slangin käytön katsotaan olevan hyvin tilannesidonnaista. Nuoret vastaajat suhtautuvat slangiin sallivammin kuin muunikäiset vastaajat: heidän vastauksissaan sosiaalisten taustatekijöiden vaikutus slangin käyttöön näyttäytyy pienempänä kuin muunikäisten vastauksissa, ja he sijoittavat slangin muita ikäryhmiä useammin Helsinkiä laajemmalle alueelle eli todennäköisesti mieltävät slangiksi sellaisiakin kielimuotoja, jotka eivät muunikäisten vastaajien mielestä sisälly slangin käsitteeseen. Oman slanginkäyttönsä vastaajat arvioivat keskimäärin varsin vähäiseksi jopa niissä vastaajaryhmissä, joissa slangikäsitys on kaikista väljin. Tämä saattaa viitata siihen, että slangiin suhtaudutaan jokseenkin normatiivisesti eikä oman kielimuodon ajatella vastaavan mahdollista oikean slangin ideaalia. Slangia nimitetään aineistossa varsin usein murteeksi, ja tutkimus tarjoaa viitteitä siihen, että termiä voidaan käyttää yleisnimityksenä puhetavalle. Toisaalta murteen ja slangin suhteesta on myös johdettavissa hypoteesi, jonka mukaan eri-ikäiset vastaajat hahmottavat kielen rakenteen eri tavoin: nuoret vastaajat mainitsevat usein, että esimerkiksi eri murteilla voi olla omat erilliset slanginsa. Muunikäisten vastauksissa slangi näyttäytyy murteiden kanssa rinnakkaisena ilmiönä. Tämä hypoteesi vaatisi kuitenkin lisää tutkimusta, jotta johtopäätökset olisivat mahdollisia.

Coastal resource planning system: Integrating evaluation of ecological integrity and ecosystem services valuation

Efficient and effective coastal management decisions rely on knowledge of the impact of human activities on ecosystem integrity, vulnerable species, and valued ecosystem services—collectively, human impact on environmental quality (EQ). Ecosystem-based management (EBM) is an emerging approach to address the dynamics and complexities of coupled social-ecological systems. EBM “is intended to directly address the long-term sustainable delivery of ecosystem services and the resilience of marine ecosystems to perturbations” (Rosenberg and Sandifer, 2009). The lack of a tool that integrates human choices with the ecological connections between contributing watersheds and nearshore areas, and that incorporates valuation of ecosystem services, is a critical missing piece needed for effective and efficient coastal management. To address the need for an integrative tool for evaluation of human impacts on ecosystems and their services, Battelle developed the EcoVal™ Environmental Quality Evaluation System. The EcoVal system is an updated (2009) version of the EQ Evaluation System for Water Resources developed by Battelle for the U.S. Bureau of Reclamation (Dee et al., 1972). The Battelle EQ evaluation system has a thirty-year history of providing a standard approach to evaluate watershed EQ. This paper describes the conceptual approach and methodology of the updated EcoVal system and its potential application to coastal ecosystems. (PDF contains 4 pages)

The Freshwater Biological Association at Wray Castle: Recollections of its first director

In 1937 the Development Commission provided an annual grant to the Freshwater Biological Association to pay for a director and secretary. The author moved to the Lake District in the same year, and at that time T.T. Macan was working on invertebrates; K.R. Allen on fish; C.H. Mortimer on chemistry and physics of the aquatic environment, and Marie Rosenberg on phytoplankton. They were backed by George Thompson as laboratory assistant and Rosa Bullen as secretary. The work of the Association continued and expanded throughout the Second World War with some far-reached discoveries made. For example, the recovery of lake sediment cores and the examination of diatom remains, so starting the discipline of archaeo-limnology. Also, a hydrological survey of the Windermere catchment area found significant traces of sulphuric acid in rain gauges. This was more than 30 years before "acid rain" became fashionable.

The culture of algae and its applications

An article explaining how the methods and results from the time spent by the author culturing algae can be applied to other algal investigations. The work by the author found that physiological requirements differ widely among algae belonging to different systematic groups. Details are given of the results of a series of experiments which were undertaken in solutions with similar proporties to some natural waters in the Lake District. Reference is made to a paper under preparation at that time containing data on phytoplankton studied in the field within the Lake District during 1937. Reference is also made to Loch Leven and the affects of bluegreen alga on the number of trout caught weekly during 1937.

Changes in the phytoplankton

An article discussing changes observed in phytoplankton of the Lake District. An overview is given of previous phytoplankton studies undertaken in the area, detailing some changes found in various waterbodies. Water quality changes in Lake Windermere are mentioned, including the gradual increase of dissolved organic matter (DOM), believed to be caused by the increase of sewage to the lake. The lakes in the Alps are given as an example of a similar anthropogenic pollution scenario. The treatment of a Lake District tarn with bone meal is described. The article goes on to discuss the composition of plankton throughout the year under a variety of climatic conditions. A figure shows seasonal variation in the consistuents of phytoplankton in Windermere (north basin).

Aquisição da factividade: complementação infinitiva e extração-QU no português brasileiro

O fenômeno da factividade, no âmbito da linguística, em sentido amplo, está relacionado à propriedade que certos itens lexicais ou determinados predicadores gramaticais possuem de introduzir um pressuposto, que pode estar implícito ou explícito. No domínio verbal, Kiparsky e Kiparsky (1971) remetem a um conjunto de verbos, os quais admitem uma sentença como complemento e cujo uso pressupõe a veracidade da proposição aí expressa. Em termos aquisicionais, não há consenso acerca da idade em que factividade estaria dominada. Hopmann e Maratsos (1977), por exemplo, propuseram que seu domínio se daria a partir dos 6 anos. Para Abbeduto e Rosenberg (1985), no entanto, isso ocorreria mais cedo, por volta dos 4 anos de idade. Já Schulz (2002; 2003), defende uma aquisição gradual, que se daria por estágios e se estenderia até os 7;0 anos de idade. Léger (2007), por sua vez, afirma que o domínio da factividade, especificamente dos semifactivos, só se daria após os 11 anos. Scoville e Gordon (1979), por fim, propõem que só por volta dos 14 anos a criança seria capaz de dominar a factividade em todos os seus aspectos. Essa falta de consenso corrobora a ideia de uma aquisição gradual, uma vez que esse fenômeno envolve vários aspectos: identificação de uma subclasse de verbos, uma interpretação semântica específica, uma subcategorização sintática variável entre as línguas e um comportamento característico no que diz respeito ao movimento-QU. Esta dissertação tem como objetivo geral contribuir para os estudos sobre aquisição da factividade, particularmente no que diz respeito ao português, debruçando-se mais especificamente sobre dois aspectos pouco explorados na literatura da área: uma questão de variação translinguística, que diz respeito à possibilidade de se admitirem complementos não-finitos factivos em português, e a questão da interpretação de interrogativas-QU em contextos factivos, com propriedades características de ilha fraca. O quadro obtido é discutido frente às análises linguísticas propostas para os verbos/ predicados factivos, que têm considerado uma distinção sintática (KIPARSKY E KIPARSKY, 1971; MELVOLD, 1991; SCHULZ, 2003; AUGUSTO, 2003; LIMA, 2007), com repercussões de ordem lógico/ semântica (LEROUX E SCHULZ, 1999; SCHULZ, 2002; 2003)

Effects of a large fishing closure on benthic communities in the western Gulf of Maine: recovery from the effects of gillnets and otter trawls

The recovery of benthic communities inside the western Gulf of Maine fishing closure area was evaluated by comparing invertebrate assemblages at sites inside and outside of the closure four to six years after the closure was established. The major restriction imposed by the closure was a year-round prohibition of bottom gillnets and otter trawls. A total of 163 seafloor sites (~half inside and half outside the closure) within a 515-km2 study area were sampled with some combination of Shipek grab, Wildco box corer, or underwater video. Bottom types ranged from mud (silt and clay) to boulders, and the effects of the closure on univariate measures (total density, biomass, taxonomic richness) of benthos varied widely among sediment types. For sites with predominantly mud sediments, there were mixed effects on inside and outside infauna and no effect on epifauna. For sites with mainly sand sediments, there were higher density, biomass, and taxonomic richness for infauna inside the closure, but no significant effects on epifauna. For sites dominated by gravel (which included boulders in some areas), there were no effects on infauna but strong effects on epifaunal density and taxonomic richness. For fishing gear, the data indicated that infauna recovered in sand from the impacts of otter trawls operated inside the closure but that they did not recover in mud, and that epifauna recovered on gravel bottoms from the impact of gillnets used inside the closure. The magnitudes of impact and recovery, however, cannot be inferred directly from our data because of a confounding factor of different fishing intensities outside the closure for a direct comparison of preclosure and postclosure data. The overall negative impact of trawls is likely underestimated by our data, whereas the negative impact of gillnets is likely overestimated.

Use of genetic data to assess the uncertainty in stock assessments due to the assumed stock structure: the case of albacore (Thunnus alalunga) from the Atlantic Ocean

Stock assessments can be problematic because of uncertainties associated with the data or because of simplified assumptions made when modeling biological processes (Rosenberg and Restrepo, 1995). For example, the common assumption in stock assessments that stocks are homogeneous and discrete (i.e., there is no migration between the stocks) is not necessarily true (Kell et al., 2004a, 2004b).

Adaptive evolution of a duplicated pancreatic ribonuclease gene in a leaf-eating monkey

Although the complete genome sequences of over 50 representative species have revealed the many duplicated genes in all three domains of life(1-4), the roles of gene duplication in organismal adaptation and biodiversity are poorly understood. In addition,

Protocolo de coleta e preparação de amostras de macroinvertebrados bentônicos em riachos.

O biomonitoramento de corpos hídricos através do uso de macroinvertebrados bentônicos é cada vez mais usado e aceito como uma importante ferramenta na avaliação da qualidade da água. Embora seja uma ferramenta utilizada desde o início do século XX na Europa e na América do Norte, no Brasil esta técnica tem apenas algumas décadas e não existem publicações de protocolos específicos para a coleta de macroinvertebrados em rios tropicais. Na América do Norte, em particular, a publicação de Rosenberg & Resh (1993) constitui uma das principais obras sobre o tema, sendo uma boa fonte de consulta para os iniciantes no estudo do biomonitoramento da qualidade das águas. Por ser uma metodologia de baixo custo e de aparato técnico simples, é interessante que se estabeleça um protocolo padrão para utilização em riachos nos países em desenvolvimento, a fim de que estudos futuros possam ser comparados, desde que desenvolvidos em áreas de clima e geografia semelhantes. Esta metodologia apresenta várias vantagens quando empregada em associação à tradicional análise de parâmetros físicos, químicos e físico-químicos da água.