Market reactions to Australian boutique resource investor presentations

This paper examines the market reactions to 817 investor presentations by 326 Australian resource firms and finds evidence suggesting these events are informative. Furthermore, the positive returns do not reverse over the following 15 days, which contrasts with previous investor presentation research. However, consistent with the prior literature, extended long run cumulative abnormal returns are not significantly different from zero. This paper also documents stronger reactions to first time presenting firms, presentations that are announced to the market and firms exhibiting at the Africa Downunder and Excellence in Oil & Gas conferences. There are also stronger reactions for firms with lower ownership concentration. Examining boutique resource firm investor presentations adds to the existing disclosure and dissemination literature due to the presence of relatively high information asymmetry in the extractive industries, a unique setting, which contrasts with previous studies.     

Effects of H2O2 on growth,metabolic activity and membrane integrity in three strains of Microcystis aeruginosa

Environmental Science and Pollution Research - The application of hydrogen peroxide (H2O2) as a management tool to control Microcystis blooms has become increasingly popular due to its short...     

Environmental aspect of energy transition and urbanization in the OPEC member states

Environmental Science and Pollution Research - More than any other nations, the crude oil–exporting countries and especially the Organization of the Petroleum Exporting Countries (OPEC) are...     

Do natural resources and economic components exhibit differential quantile environmental effects?

In view of the resource curse assumption, the environmental aspects of resource utilization are arguably posing more dangers to human existence. In the Middle East and North Africa (MENA) region, the region that holds more than 60% and 50% of the world's oil and gas reserves respectively, the need to examine the contribution of natural resources to environmental quality among other factors cannot be overemphasized. By leveraging on the novelty of observing the differential impact of natural resources and other economic components such as income and primary energy utilizations across the quantiles of carbon emission, this study implements the quantile regression approach alongside other relevant techniques to analyze data between 1990 and 2018 for selected countries in the MENA region including Saudi Arabia, Iran, Kuwait, Qatar, Algeria, Morocco, Oman, Egypt, and the United Arab Emirates (UAE). The result posits that natural resource utilization generally hampers the environment across the quantiles. However, this negative effect decreases until the 50th quantile before starting to rise again toward the upper quantiles. Additionally, primary energy utilization and globalization respectively worsen and improve environmental quantile, especially toward the upper quantiles while income affirms the inverted U-shaped hypothesis across the entire quantiles. Moreover, there is a statistically significant one-way directional causality from natural resources, economic expansion, primary energy use, and globalization to carbon emission levels. Hence, the study offers environmentally friendly resource utilization policies to the MENA economies and other resource-rich states by extension.     

A 10 μm Outpoint Size Selective Inlet for Hi-Vol Samplers

A Two-stage Size Selective Inlet for use with hi-vol samplers was designed and tested. The inlet, which operates at a flow rate of 1.13 m³/min, is shown to have a cutpoint of 9.8 μm and a fractionation curve slope of 1.45. The cutpoint is well within the EPA suggested limits of 10 ± 1 μm. Fractionation is not affected by wind speed over the test range of 2-24 km/h.

Re-entrainment or bounce of solid particles is not of consequence. The difference in penetration of 20 μm aerodynamic diameter glass beads and liquid aerosols is less than 1% at all wind speeds.     

An investigation into the likely impact of oxy-coal retrofit on fire-side corrosion behavior in utility boilers

Real-time electrochemical measurements of corrosion rate were performed to evaluate the respective corrosion rates of one boiler waterwall material (SA210) and three boiler superheater materials (T22, P91 and 347H) while firing Utah Western bituminous, Illinois high-sulfur bituminous and Powder River Basin (PRB) sub-bituminous coals in a 1.5 MW pulverized coal-fired furnace. The raw average measured corrosion rates were very low, between 0.0003 and 0.016 mm/year (0.012 and 0.63 mils/year) for most materials under air- and oxy-fired conditions. For some high-sulfur conditions measured corrosion rates were as high as 0.72 mm/year (28 mils/year). Waterwall corrosion rates decreased consistently when converting from air- to oxy-firing while superheater corrosion rates generally increased, although they were less than twice the air-fired rate under most conditions. Corrosion rates for the lower alloyed materials (SA210 and T22) increased significantly during transients from reducing to oxidizing conditions. Measured increases in the corrosion rate of 347H material under high sulfur and low temperature conditions, and associated decrease in corrosion rate at higher temperatures on this alloy, were consistent with the formation of trisulphates in the superheater deposits. The increase of corrosion rate with increased metal temperatures was demonstrated, as was the consistently repeatable nature of the observed results.     

Magnitude,Frequency, and Duration Relations for Suspended Sediment in Stable (“Reference”) Southeastern Streams1

Abstract: Sediment is listed as one of the leading causes of water‐quality impairments in surface waters of the United States (U.S.). A water body becomes listed by a State, Territory or Tribe if its designated use is not being attained (i.e., impaired). In many cases, the prescribed designated use is aquatic health or habitat, indicating that total maximum daily loads (TMDL) targets for sediment should be functionally related to this use. TMDL targets for sediment transport have been developed for many ecoregions over the past several years using suspended‐sediment yield as a metric. Target values were based on data from “reference” streams or reaches, defined as those exhibiting geomorphic characteristics of equilibrium. This approach has proved useful to some states developing TMDLs for suspended sediment, although one cannot conclude that if a stream exceeds the target range, the aquatic ecosystem will be adversely impacted. To address this problem, historical flow‐transport and sediment‐transport data from hundreds of sites in the Southeastern U.S. were re‐examined to develop parameters (metrics) such as frequency and duration of sediment concentrations. Sites determined as geomorphically stable from field evaluations and from analysis of gauging‐station records were sorted by ecoregion. Mean‐daily flow data obtained from the U.S. Geological Survey were applied to sediment‐transport rating relations to determine suspended‐sediment load for each day of record. The frequency and duration that a given concentration was equaled or exceeded were then calculated to produce a frequency distribution for each site. “Reference” distributions were created using the stable sites in each ecoregion by averaging all of the distributions at specified exceedance intervals. As with the “reference” suspended‐sediment yields, there is a broad range of frequency and duration distributions that reflects the hydrologic and sediment‐transport regimes of the ecoregions. Ecoregions such as the Mississippi Valley Loess Plains (#74) maintain high suspended sediment concentrations for extended periods, whereas coastal plain ecoregions (#63 and 75) show much lower concentrations.     

Towards the development of adaptation options using climate and crop yield forecasting at seasonal to multi-decadal timescales

In order for climate forecasting to be used in developing adaptation options, the forecasts should be able to affect decisions made by stakeholders in a manner that improves outcomes. The implications of this requirement for forecasting are presented under five headings: relevance, reliability, stakeholder engagement, holism and accuracy. These characteristics are elucidated through a particular focus on the use of ensemble climate and crop simulations. Resulting recommendations, including comments on mainstreaming and seamlessness, are described using the concepts of quality and value.Adaptation options can be developed using climate forecasts on a range of timescales, from days to decades. Using the five identified characteristics, two cases are presented: (i) options based on large-area seasonal crop yield forecasting are discussed, and (ii) genotypic adaptation based on long-term climate change projections is examined. For the latter, novel analyses of existing large-area groundnut simulations are used to assess the magnitude and spatial extent of the impact of changes in the mean and variability of temperature, rainfall and humidity. The genotypic properties required to ameliorate negative impacts are then assessed and compared to observations. The processes examined act on most annual crops, making the method, and to some extent the results, broadly relevant.     

Regulatory risk control through mandatory occupational safety and health (OSH) certification and testing regimes (CTRs)

Governments make increasing use of private certification and testing infrastructures as an alternative for traditional regulatory arrangements in several areas including occupational safety and health (OSH).This research, commissioned by the Dutch Inspectorate for Work and Income (IWI), concerns an analysis of risk control of four certification and testing regimes (CTRs) in the Netherlands, three mandatory regimes and one non-mandatory regime. The aim was to create a better understanding of problems that may arise in the risk control through such regimes and to identify critical processes and factors that can affect the risk control process.The results of this research are reported in two papers in this special issue (see also Zwetsloot et al., this issue). This one presents an analysis of the risk control at the regulatory level, and its associated critical factors and processes. These critical factors are clustered in four essential processes: the regulatory choice for a CTR, the definition of requirements for the auditing or inspection regime, the certification and testing processes as such, and the processes needed for the self-correcting or learning capability of the CTR. Jointly, these factors and processes form a framework for both the design and the evaluation of such regimes. The case studies clearly demonstrate that these critical factors may undermine the effectiveness of such regulatory practices. We propose that a further development of our framework should be used in the (re)design process for proposed and existing CTRs, and in the process of independent evaluation of such regimes.