Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms

This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order to receive robust estimation results, we apply an (short-term) event study approach that is based on both a modern asset pricing model, namely the three-factor model according to Fama and French [24], and additionally a t-GARCH(1,1) model. Our empirical results suggest that stock markets may penalize the inclusion of a firm in sustainability stock indexes. This finding is mainly driven by a strongly negative effect of the inclusion in the DJSI World. In contrast, we do not find significant average cumulative abnormal returns for the inclusion in the DJSI STOXX. This suggests that the inclusion in a more visible sustainability stock index may have larger negative impacts.     

Impact of the quality of climate models for modelling species occurrences in countries with poor climatic documentation: a case study from Bolivia

The quality of climate models has largely been overlooked as a possible source of uncertainty that may affect the outcomes of species distribution models, especially in the tropics, where comparatively few climatic stations are available. We compared the geographical discrepancies and potential conservation implications of using two different climate models (Saga and Worldclim) in combination with the species modelling approach Maxent in Bolivia. We estimated ranges of selected bird and fern species biogeographically restricted to either humid montane forest of the northern Bolivian Andes or seasonal dry tropical forests (in the Andes and southern lowlands). Saga and Worldclim predicted roughly similar climate patterns of temperature that were significantly correlated. Precipitation layers of both climate models were also roughly similar, but showed important differences. Species ranges estimated with Worldclim and Saga likewise produced different results. Ranges of species endemic to humid montane forests estimated with Saga had higher AUC (Area under the curve) values than those estimated with Worldclim, which for example predicted the occurrence of humid montane forest bird species near Lake Titicaca, an area that is clearly unsuitable for these species. Likewise, Worldclim overpredicted the occurrence of fern and bird species in the lowlands of the Chapare region and well south of the Andean Elbow, where more seasonal biomes occur. By contrast, Saga predictions were coherent with the known distribution of humid montane forests in the northern Bolivian Andes. Estimated ranges of species endemic to seasonal dry tropical forests predicted with Saga and Worldclim were not statistically different in most cases. However, detailed comparisons revealed that Saga was able to distinguish fragments of seasonal dry tropical forests in rain-shadow valleys of the northern Bolivian Andes, whereas Worldclim was not. These differences highlight the neglected influence of climate layers on modelling results and the importance of using the most accurate climate data available when modelling species distributions.     

Can Labor Out-Migration Reduce Firewood Consumption by Rural Households in Western Mountainous China

Abstract

The relationship between out-migration of labor in the Qinling mountain area and households’ firewood consumption is explored. Migration and remittances reduce households’ firewood consumption due to increases in both income and opportunity cost of firewood collection. Previous studies have been equivocal because they ignored uncertainty in household economy, which is widespread in forest areas of less developed countries. This study provides additional insight by considering vulnerability and subjective assessment of poverty generated by unstable income and an uncertain future. We provide evidence that the amount of firewood consumed depends on income and opportunity cost of firewood collection, but also on a prudent consumption strategy, due to farmers’ subjective assessment of their future possible poverty. We also find out-migration of labor can reduce per capita firewood consumption but subjective poverty also acts against reduction of firewood consumption.     

Plant diversity, CO2, and N influence inorganic and organic N leaching in grasslands

In nitrogen (N)-limited systems, the potential to sequester carbon depends on the balance between N inputs and losses as well as on how efficiently N is used, yet little is known about responses of these processes to changes in plant species richness, atmospheric CO2 concentration ([CO2]), and N deposition. We examined how plant species richness (1 or 16 species), elevated [CO2] (ambient or 560 ppm), and inorganic N addition (0 or 4 g x m(-2) x yr(-1)) affected ecosystem N losses, specifically leaching of dissolved inorganic N (DIN) and organic N (DON) in a grassland field experiment in Minnesota, USA. We observed greater DIN leaching below 60 cm soil depth in the monoculture plots (on average 1.8 and 3.1 g N x m(-2) x yr(-1) for ambient N and N-fertilized plots respectively) than in the 16-species plots (0.2 g N x m(-2) x yr(-1) for both ambient N and N-fertilized plots), particularly when inorganic N was added. Most likely, loss of complementary resource use and reduced biological N demand in the monoculture plots caused the increase in DIN leaching relative to the high-diversity plots. Elevated [CO2] reduced DIN concentrations under conditions when DIN concentrations were high (i.e., in N-fertilized and monoculture plots). Contrary to the results for DIN, DON leaching was greater in the 16-species plots than in the monoculture plots (on average 0.4 g N x m(-2) x yr(-1) in 16-species plots and 0.2 g N x m(-2) x yr(-1) in monoculture plots). In fact, DON dominated N leaching in the 16-species plots (64% of total N leaching as DON), suggesting that, even with high biological demand for N, substantial amounts of N can be lost as DON. We found no significant main effects of elevated [CO2] on DIN or DON leaching; however, elevated [CO2] reduced the positive effect of inorganic N addition on DON leaching, especially during the second year of observation. Our results suggest that plant species richness, elevated [CO2], and N deposition alter DIN loss primarily through changes in biological N demand. DON losses can be as large as DIN loss but are more sensitive to organic matter production and turnover.     

Effects of anoxia on the viability of subitaneous eggs of planktonic copepods

The effect of anoxia on the viability (as evidenced by hatching) of newly spawned and fully developed subitaneous eggs of three species of copepods, Acartia tonsa (Dana), Centropages hamatus (Lilljeborg), and Labidocera aestiva (Wheeler) was determined for eggs produced in the laboratory by adults collected from inshore waters of the northeastern Gulf of Mexico between January and August 1992. Hatching success decreased to 50% or less when eggs were exposed to oxygen concentrations <0.06 mll^-1 for more than 12 d, except for newly spawned eggs of L. aestiva, which still showed 50% survival after 32 d of exposure to anoxia. For all three species, newly spawned eggs survived exposure to anoxia longer than fully developed eggs. The results indicate that the increasing occurrence of anoxia in estuarine and coastal waters could have a major impact on the population growth of these important food web organisms.     

Light-dependent magnetoreception in birds: interaction of at least two different receptors

Passerine migrants require light from the blue-green part of the spectrum for magnetic compass orientation; under yellow light, they are disoriented. European robins tested under a combination of yellow light and blue or green light showed a change in behavior, no longer preferring their seasonally appropriate migratory direction: in spring as well as in autumn, they preferred southerly headings under blue-and-yellow and northerly headings under green-and-yellow light. This clearly shows that yellow light is not neutral and suggests the involvement of at least two types of receptors in obtaining magnetic compass information, with the specific interaction of these receptors being rather complex.     

Subitaneous, diapause, and delayed-hatching eggs of planktonic copepods from the northern Gulf of Mexico: morphology and hatching success

Experiments were conducted to examine the morphology and hatching success of eggs, either spawned by freshly caught planktonic copepods or recovered from bottom sediments in the northern Gulf of Mexico. Collections were made between August 1992 and September 1995. Eggs of nine species were described and these differed in their diameter, color and surface attributes. Three types of eggs were distinguished: subitaneous, diapause, and delayed-hatching. Three species, Labidocera aestiva Wheeler, Acartia tonsa Dana, and Centropages velificatus (Oliveira) produced only subitaneous eggs. Hatching success varied greatly among these species. Two species, Labidocera mirabilis Fleminger and Centropages hamatus (Lilljeborg) produced diapause eggs and subitaneous eggs. The length of the refractory phase of the diapause eggs differed greatly both within and between these two species. A third type of dormant egg, delayed-hatching, was recognized in Labidocera scotti Giesbrecht and Pontella meadi Wheeler. The existence of delayed-hatching eggs may be an adaptive response of subtropical species to less seasonal fluctuation. Based upon morphological characteristics of the eggs and rearing of nauplii to an identifiable stage, benthic dormant eggs of eight species of calanoid copepods were also identified. Received: 9 September 1996 / Accepted: 1 October 1996     

Environmental effects on the distribution of corallimorpharians in Tanzania

This study examined the distribution and abundance of corallimorpharians (Cnidaria, Anthozoa) in Tanzania in relation to different aspects of the coral reef environment. Five reefs under varying degrees of human disturbance were investigated using the line intercept transect and point technique. Corallimorpharian growth and the composition of the substratum were quantified in different habitats within reefs: the inner and middle reef flat, the reef crest, and at the 2 and 4 m depths on the reef slope. Corallimorpharians occurred on all the reefs and 5 species were identified: Rhodactis rhodostoma, R. mussoides, Ricordea yuma, Actinodiscus unguja and A. nummiforme. R. rhodostoma was the dominant corallimorpharian at all sites. Within reefs, they had the highest densities in the shallow habitats. While R. rhodostoma occurred in all habitats, the other corallimorpharian species showed uneven distributions. Corallimorpharians ranked second, after scleractinian coral, in percent living cover. Results from this study suggested that corallimorpharians benefitted from disturbance compared with other sessile organisms. They preferred inhabiting areas with dead coral, rock and rubble whilst live coral was avoided. There was a positive relationship between percent cover of corallimorpharians and water turbidity and they dominated the more disturbed reefs, i.e. reefs that were affected by higher nutrient loads and fishing.     

Dioxin removal in “energy from waste plants” - comparison of air pollution control methods

The graph below shows the emitted dioxin - equivalents (Eadon) in grams per year in flue gas from municipal solid waste incinerators with various air pollution control methods for plants of capacity of 200 000 ton municipal solid waste (MSW) per year.

Full-size image (15K)

With optimized combustion and an effective air pollution control system the emissions of dioxins can be kept very low (concentrations below 0.1 ng/m³n).

With a very effective air pollution control system the total emission from all Swedish MSW-incinerators burning approximately 1.5 Mton/year will by 1990 be below 2 g/year - a drastic reduction from approximately 15 g today. As the total dioxin - equivalent emission to the environment in Sweden in the year 1987 was almost 500 g we see that municipal waste incineration really is on the way to solve their dioxin problem.     

Genetic differentiation of populations of the planktonic copepod Labidocera aestiva

Planktonic populations of the calanoid copepod Labidocera aestiva show significant biochemical genetic heterogeneity along the Atlantic coast of the USA. In summer, 1981, copepods were collected by surface tows at Beaufort Inlet, North Carolina; Fort Pierce Inlet, Florida; and Vineyard Sound, Massachusetts. Genetic variation within each population and genetic differentiation among the three populations were studied by micro-acrylamide gel electrophoresis of six loci encoding four enzymes. All six enzyme loci were polymorphic when all populations were considered together, but the North Carolina population was monomorphic at two loci. High genetic variability was indicated by the following: (1) the number of alleles per locus averaged over all loci was 2.57±0.26 SD; (2) the average proportion of loci for which the frequency of the most common allele was not greater than 0.95 was 0.78±0.10; (3) the frequency of heterozygous individuals was 0.25±0.07. Genetic differentiation among population samples in the three regions was demonstrated in several ways: allele frequencies at one aminopeptidase-I locus, Lap-1, differed significantly among samples of the three populations, and there were unique alleles of high frequency at this locus in two population samples. Values of the statistic of genetic distance (D) averaged 0.20±0.08 for pairwise comparisons between all samples. Compared to expected heterozygosity if individuals across the entire range sampled mated at random, there were highly significant heterozygote deficiencies at five of the six loci. Genetic differentiation of populations of L. aestiva may result from (1) differential selection on populations in the three regions, or (2) restricted gene flow between the populations. Gene flow may be limited by geographic separation or differences in life history, such as seasonal presence in the plankton and diapause egg production.Contribution No. 5810 of Woods Hole Oceanographic Institution