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.     

Insights on plant interaction between dominating species from patterns of plant association: expected covariance of pin-point cover measurements of two species

It has been suggested that in order to infer ecological processes from observed patterns of species abundance we need to investigate the covariance in species abundance. Consequently, an expression for the expected covariance of pin-point cover measurements of two species is developed. By comparing the observed covariance with the expected covariance we get a new type of information on the spatial arrangement of two species. Here the discrepancy between the observed and expected covariance may be thought of as a measure of the spatial configuration of the two species that may indicate underling ecological processes. The method is applied in a case study of Calluna vulgaris and Deschampsia flexuosa on dry heathland sites. The observed covariance of Calluna and Deschampsia at the level of the sites was positively and significantly correlated with the expected covariance. Negative covariance was observed on sites where both Calluna and Deschampsia had a high cover, which is in agreement with the notion that both species form distinct patches. Oppositely, at sites where both species have a low cover, we found that both the expected and observed covariance were positive. The proposed measure for the expected covariance of two species does capture information on the combined spatial configuration of the two species if the species are common. We show how this may be relevant for understanding the underlying ecological processes leading to the observed covariance.     

Response of plankton communities in freshwater pond and stream mesocosms to the herbicide metazachlor

Metazachlor is a frequently used herbicide with concentrations in surface waters up to 100 microg L(-1). A long-term mesocosm study was performed in order to investigate effects on stream and pond communities also regarding recovery. Single metazachlor doses of 5, 20, 80, 200, and 500 microg L(-1) were given and the aquatic communities monitored for 140 days. In this paper, special attention is paid to the plankton response and the results of the entire study are summarised. Metazachlor strongly affected the stream and pond mesocosm communities at concentrations higher than 5 microg L(-1). Direct negative effects were most prominent for chlorophytes whereas diatoms and cryptophytes seemed insensitive. The effects on zooplankton were caused by changes in habitat structure due to the strong decline of macrophytes. The slow degradation of metazachlor combined with the absence of recovery in both chlorophytes and macrophytes is likely to cause long-lasting effects on aquatic ecosystems.     

Anticipating Climate Threshold Damages

Several integrated assessment studies have concluded that future learning about the uncertainties involved in climate change has a considerable effect on welfare but only a small effect on optimal short-term emissions. In other words, learning is important but anticipation of learning is not. We confirm this result in the integrated assessment model “model of investment and technological development” for learning about climate sensitivity and climate damages. If learning about an irreversible threshold is included, though, we show that anticipation can become crucial both in terms of necessary adjustments of pre-learning emissions and resulting welfare gains. We specify conditions on the time of learning and the threshold characteristic, for which this is the case. They can be summarized as a narrow “anticipation window.”     

The BIOTA Biodiversity Observatories in Africa—a standardized framework for large-scale environmental monitoring

The international, interdisciplinary biodiversity research project BIOTA AFRICA initiated a standardized biodiversity monitoring network along climatic gradients across the African continent. Due to an identified lack of adequate monitoring designs, BIOTA AFRICA developed and implemented the standardized BIOTA Biodiversity Observatories, that meet the following criteria (a) enable long-term monitoring of biodiversity, potential driving factors, and relevant indicators with adequate spatial and temporal resolution, (b) facilitate comparability of data generated within different ecosystems, (c) allow integration of many disciplines, (d) allow spatial up-scaling, and (e) be applicable within a network approach. A BIOTA Observatory encompasses an area of 1?km² and is subdivided into 100 1-ha plots. For meeting the needs of sampling of different organism groups, the hectare plot is again subdivided into standardized subplots, whose sizes follow a geometric series. To allow for different sampling intensities but at the same time to characterize the whole square kilometer, the number of hectare plots to be sampled depends on the requirements of the respective discipline. A hierarchical ranking of the hectare plots ensures that all disciplines monitor as many hectare plots jointly as possible. The BIOTA Observatory design assures repeated, multidisciplinary standardized inventories of biodiversity and its environmental drivers, including options for spatial up- and downscaling and different sampling intensities. BIOTA Observatories have been installed along climatic and landscape gradients in Morocco, West Africa, and southern Africa. In regions with varying land use, several BIOTA Observatories are situated close to each other to analyze management effects.     

Abundance patterns and foraging activity of ant communities in abandoned,organic and commercial apple orchards in Northern California

The abundance patterns of ant communities were monitored with pitfall traps during 14 weeks in four northern California, dry farmed, apple orchards: an abandoned orchard undisturbed for 25 years, two ‘organically’ managed orchards, one with a cover crop of bell beans (Vicia faba) and grasses and the other kept clean of cover by discing, and a ‘commercial’ clean cultivated orchard sprayed with organophosphate insecticides. Six species of ants coexisted in the abandoned orchard, whereas only two species were found in the managed orchards. In both the organic and sprayed, clean cultivated systems, ants were more abundant in the orchard edges than in the vegetation-free centers. This trend was not apparent in the abandoned or organic cover orchards, where plant diversity in the center was similar to that of the edges. Ant predation on potato tuberworm larvae, Phthorimaea operculella, artificially placed on the orchard floor, declined with the intensity of management and vegetational simplication. A higher incidence of larval removal occurred in the edges than in the centers of the clean cultivated orchards. No noticeable populations of ants were detected on the trees in any of the orchards. Increased vegetational diversity and lack of disturbance appeared to affect ant locomotory activity and foraging efficiency by creating preferred sheltering and feeding sites.     

Determining Ecoregions for Environmental and GMO Monitoring Networks

A representative environmental monitoring network at the regional scale cannot use raster-based or random sampling designs, but requires a stratified sampling procedure integrating different information layers, and it has to occur in ecologically differing homogeneous regions (ecoregions). These we have determined using a set of spatial strata with ecological variables which we analysed with classification and regression trees (CART). We present a framework for environmental monitoring, that covers different scales, and we transfer the framework to a potential GMO (genetically modified organisms) monitoring network. We use ecoregion and other environmental strata together with existing environmental monitoring networks to determine GMO monitoring sites more precisely.