Impact of the FTSE4Good Index on firm price: an event study

This paper examines whether corporate financial performance is affected by public endorsement of environmental and social performance. Event study methodology, which relies on the notion of market efficiency, is used to examine the relationship between positive and negative announcements and changes in share prices or daily returns. Inclusion in and deletion from the FTSE4Good UK Index is used as a proxy measure for good (poor) corporate social responsibility. The abnormal or unexpected daily returns associated with an event are calculated and their significance tested. The results show a trend towards positive and negative announcements having the expected effects on daily returns. But these movements are not significant and the data do not suggest that a firm's presence on the index brings it any significant financial return for signalling its corporate social responsibility.     

Gaudeamus lavocati sp. nov. (Rodentia, Hystricognathi) from the early Oligocene of Zallah, Libya: first African caviomorph?

A new African species of hystricognathous rodent, Gaudeamus lavocati sp. nov., is described herein from the early Oligocene deposits of Zallah locality (Sirt basin, Central Libya). The dental morphology of this species is very close to that of some earliest South American caviomorphs. It allows a reinterpretation of molar crest homologies among earliest caviomorphs, pentalophodonty being confirmed as the plesiomorphic molar condition in Caviomorpha. This morphological resemblance argues for close affinities between Gaudeamus and earliest South American hystricognaths. Cladistic analysis supports Gaudeamus lavocati sp. nov. as the first known African representative of Caviomorpha, implying that its ancestors were part of the African phiomyid group that crossed the South Atlantic by a direct immigration route. Alternatively, the series of derived dental features of Gaudeamus could also be interpreted as evolutionary synchronous convergences of an African hystricognath lineage towards the specialized pattern of some caviomorphs. However, the high level of similarities concerning teeth morphology and enamel microstructure and the similar age of fossiliferous strata on both continents make this interpretation less probable. The phylogenetic position of this taxon is of considerable importance because it represents an enigmatic component of the phiomorph–caviomorph radiation in Africa and appears as a new clue toward the understanding of caviomorph origins.     

Incorporating dormancy in dynamic microbial community models

Biogeochemical activity in natural and engineered systems depends on the abundances, functional capabilities and physiological states of the indigenous microorganisms. Typically, only a fraction of the microbial population is active at any given time. As environmental conditions change, previously active microorganisms may switch to an inactive or dormant state, while dormant ones may become active. Here, we present an extended modeling concept for the growth and decay of microorganisms that explicitly accounts for their ability to switch between active and dormant states. The equations describing the switching between physiological states are implemented into a biogeochemical reaction simulator. The model was used to reproduce published data from two laboratory experiments in which microorganisms were subjected to intermittent substrate supply or reactivated after a prolonged period of starvation. Parameter values obtained from the simulation of these experiments were used for subsequent sensitivity analyses and for the simulation of hypothetical scenarios. Results for hypothetical microbial communities consisting of two competing species exposed to periodic feeding imply that, under certain conditions, an effective dormancy-reactivation strategy may have a competitive advantage over a fast growth strategy. That is, organisms that can switch rapidly in response to fluctuations in external conditions may outcompete fast-growing organisms. Furthermore, certain combinations of growth and dormancy strategies may lead to the long-term coexistence of the two competing species. Overall, the simulated population dynamics show that dormancy is an important feature of microbial communities, which can lead to complex responses to environmental fluctuations.     

High occurrences of brominated lipid fatty acids in boreal sponges of the order Halichondrida

Sponges of warm- and temperate- but also cold-waters are known to synthesize structurally diverse primary and secondary metabolites. These compounds fulfill a variety of functions including adaptations of the cell membranes to environmental conditions. We show here that boreal sponges of the order Halichondrida are rich sources of brominated lipid fatty acids. The comparison of lipid compositions of halichondrid Demospongiae from boreal and warmer waters indicates an accumulation of brominated fatty acids in sponges from colder settings. Moreover, the spatial distribution of brominated fatty acids in the sponge tissue of one widely distributed sponge of the North-East Atlantic (Phakellia ventilabrum) hints to a function related to membrane fluidity and permeability rather than to defense against predation. However, brominated fatty acids are diagnostic for the presence of bromoperoxidases in sponges and may therefore be potentially useful as markers in a chemical screening for secondary metabolites of pharmacological interest.