Environmental Information, Asymmetric Information, and Financial Markets: A Game-Theoretic Approach

This paper examines the problem of asymmetric information in financial markets due to a lack of essential environmental information. The literature indicates that asymmetric information generates various problems for the actors of financial markets such as incomplete information for investment decisions and lending procedures, misallocation of financial market funds, the underestimating of stock price securities, and poor environmental risk management choices. To this end, this paper develops a game-theoretic approach to examine both the persistent nature of asymmetric information caused by the absence of accurate environmental information and to indicate how a well-organized, trustworthy, internationally agreed auditing accounting certification scheme could play a critical role in limiting the magnitude of this problem.     

Comparison of active and passive sampling for the determination of persistent organic pollutants (POPs) in sewage treatment plants

Semipermeable membrane devices (SPMDs) and conventional active sampling methods were used for the sampling of wastewater from the wastewater treatment plant of Thessaloniki, northern Greece. The occurrence of 22 POPs was shown by both sampling methods. The most abundant compounds were heptachlor-exo-epoxide and PCBs-52; -101 and -180. Concentrations of POPs detected by active sampling and those estimated by the SPMDs matched very well in some cases, but significant mismatches were also observed. Regression analysis of the results detected by both methods showed moderate correlations. The highest uptake rate of hydrophobic compounds by SPMDs was observed for analytes with log K(OW) between 5.5 and 6.0. Our data suggest that active and passive sampling are complimentary, and that at least for the outflow of a WWTP, SPMDs could be used for the routine monitoring of compounds that are listed at the Water Framework Directive of the European Commissions.     

Trace elements in atmospheric particulate matter over a coal burning power production area of western Macedonia, Greece

Total suspended particle (TSP) concentrations were determined in the Eordea basin (western Macedonia, Greece), an area with intensive lignite burning for power generation. The study was conducted over a one-year period (November 2000–November 2001) at 10 sites located at variable distances from the power plants. Ambient TSP samples were analyzed for 27 major, minor and trace elements. Annual means of TSP concentrations ranged between 47 ± 33 μg m⁻³ and 110 ± 50 μg m⁻³ at 9 out of the 10 sites. Only the site closest to the power stations and the lignite conveyor belts exhibited annual TSP levels (210 ± 97 μg m⁻³) exceeding the European standard (150 μg m⁻³, 80/779/EEC). Concentrations of TSP and almost all elemental components exhibited significant spatial variations; however, the elemental profiles of TSP were quite similar among all sites suggesting that they are affected by similar source types. At all sites, statistical analysis indicated insignificant (P < 0.05) seasonal variation for TSP concentrations. Some elements (Cl, As, Pb, Br, Se, S, Cd) exhibited significantly higher concentrations at certain sites during the cold period suggesting more intense emissions from traffic, domestic heating and other combustion sources. On the contrary, concentrations significantly higher in the warm period were found at other sites mainly for crustal elements (Ti, Mn, K, P, Cr, etc.) suggesting stronger influence from soil resuspension and/or fly ash in the warm months. The most enriched elements against local soil or road dust were S, Cl, Cu, As, Se, Br, Cd and Pb, whereas negligible enrichment was found for Ti, Mn, Mg, Al, Si, P, Cr. At most sites, highest concentrations of TSP and elemental components were associated with low- to moderate-speed winds favoring accumulation of emissions from local sources. Influences from the power generation were likely at those sites located closest to the power plants and mining activities.     

Levels of dioxins and dioxin-like PCBs in food samples on the Greek market

Food intake is the main source of exposure to dioxin-like compounds for humans. The results of a surveillance programme on polychlorinated dibenzo-p-dioxins (PCDDs), dibenzofurans (PCDFs) and co-planar polychlorinated biphenyls (co-PCBs) in 77 food samples from the Greek market and producers are presented. The study included the analyses of milk and dairy products, meat and meat products, fish, vegetable oil, eggs, fruit, vegetable and rice collected between August and December 2002. After extraction, extracts were cleaned up on a series of carbon column chromatography, silica gel, alumina chromatography, and then analysed by high resolution gas chromatography/high resolution mass spectrometry. All samples had a dioxin content far below the EC Regulation (2375/2001/EC) limits.     

Cosmetic wastewater treatment technologies: a review

Environmental Science and Pollution Research - Over the past three decades, environmental concerns about the water pollution have been raised on societal and industrial levels. The presence of...     

Occurrence and fate of heavy metals in the wastewater treatment process

The occurrence and the fate of heavy metals (Cd, Pb, Mn, Cu, Zn, Fe and Ni) during the wastewater treatment process were investigated in the wastewater treatment plant (WTP) of the city of Thessaloniki, northern Greece, operating in the activated sludge mode. For this purpose, wastewater and sludge samples were collected from six different points of the plant, namely, the influent (raw wastewater, RW), the effluent of the primary sedimentation tank (primary sedimentation effluent, PSE), the effluent of the secondary sedimentation tank (secondary sedimentation effluent, SSE), sludge from the primary sedimentation tank (primary sludge, PS), activated sludge from the recirculation stream (activated sludge, AS), and the digested/dewatered sludge (final sludge, FS).

The distribution of metals between the aqueous and the solid phase of wastewater was investigated. Good exponential correlation was found between the metal partition coefficient, logK_p, and the suspended solids concentration. The mass balance of heavy metals in the primary, secondary and the whole treatment process showed good closures for all metal species. The relative distribution of individual heavy metals in the treated effluent and the sludge streams indicated that Mn and Cu are primarily (>70%) accumulated in the sludge, while 47–63% of Cd, Cr, Pb, Fe, Ni and Zn remain in the treated effluent.     

Chemical and ecotoxicological assessment of sludge-based biosolids used for corn field fertilization

Environmental Science and Pollution Research - Sludge-based biosolids can be used for crop fertilization and for soil enrichment with organic matter. The prerequisites for their application are...