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.     

A screening procedure for selecting the most suitable dredged material placement site at the sea. The case of the South Euboean Gulf, Greece

The selection of the best site for the placement of dredged sedimentary material (～7,000 m³) from the Aliveri coastal area in the adjacent South Euboean Gulf (Greece) was accomplished through a screening procedure. The initial stage comprised the determination of physical, chemical, and biological characteristics of the dredged sediment before the commencement of any dredging operation. Grain size measurements, geochemical analyses together with the use of pollution/toxicity indices and empirical sediment quality guidelines, and the conduct of an acute toxicity test showed that the dredged material consisted of “unpolluted to slightly polluted” silty sands and sandy silts. However, the local authorities planned to place this sediment in the neighboring open sea area, i.e., the South Euboean Gulf, due to the absence of any beneficial use or alternative dumping option (i.e., dumping on public lands). Therefore, the next stage of the screening procedure, based on criteria such as the national legislation, seabed and seawater column characteristics, influence of the water mass circulation pattern on the post-placement migration of dredged sediment, impact on living resources and human activities (i.e., aquaculture and fishing), effect on significant marine sites (i.e., sites of scientific, ecological, and historical importance, navigation routes, military zones), and seafloor engineering uses, led to the evaluation of the suitability of the South Euboean Gulf as a potential dumping area. Then, the identification of the appropriate dredged material placement sites in the South Euboean Gulf was based on a cluster analysis, which tested the physicochemical resemblance of the dredged material and the surface sediments of 19 potential placement locations in the gulf. After the statistical process, only four sites situated near the north shoreline of the South Euboean Gulf were qualified as the best dredged material placement locations.     

A multi-criteria approach for the dumping of dredged material in the Thermaikos Gulf,Northern Greece

A multi-criteria approach was applied for the disposal into the sea of ～1 100 000 m³ of sediment, dredged from a coastal area in the northeastern part of the Thermaikos Gulf. This sediment (classified as muddy) is distributed vertically into two distinct Layers (A and B) with the thickness of the surficial sedimentary unit ranging from 7 to 54 cm. Its geochemistry reveals increased Cr and Ni concentrations, which may be attributed to natural enrichment through the erosion of the adjacent igneous and metamorphic rocks. In addition, a low to moderate contamination from urban-originated heavy metals, like Cu, Pb and Zn as well as from aliphatic and polycyclic hydrocarbons was identified for the upper Layer A. However, the limited proportion (5.5%) of the polluted Layer A in the total volume of the dredged material could not affect the good quality (assessed by the Sediment Quality Guidelines) of the bulk sediment. The identification of the optimum marine dumping site was based on (a) the physicochemical similarity (detected by the application of a cluster analysis) of the dredged material with the surficial deposits of potential dumping sites in the Outer Thermaikos Gulf, and (b) the consideration, based on previous studies, of various criteria related to the disposal area such as deep-water circulation, influence on living resources, impact on economical (aquaculture, fishing, navigation), recreational (fishing) and military activities.     

Improving statistical distinctness in assessing trophic levels: the development of simulated normal distributions

The statistical distinctness in assessing differences of the trophic status between sampling sites was investigated in the present study. Nutrient (phosphate, nitrate, nitrite, ammonia) and phytoplankton (chlorophyll, cell number) variables from nine sampling stations were used for the validation of the statistical procedures. Raw data, transformed data, and simulated data derived on normalized nutrient–phytoplankton frequency distribution were tested. The Kruskal–Wallis (KW) nonparametric statistical procedure was also applied on the raw data as well as the analysis of variance on transformed and simulated data. In all cases, pairwise comparisons for each parameter between stations were performed. The results showed that maximum distinctness between sampling sites for all the six variables was attained using the simulated data. The KW method showed the poorest discrimination between stations. The methodology of producing and using simulated data is described step by step, and the advantages in cases of unequal sampling design or small sample size are discussed.     

Recent advances in the bioremediation of arsenic-contaminated groundwater

The biological treatment of groundwater is used primarily to remove electron donors from water sources, providing (biologically) stable drinking water, which preclude bacterial regrowth during subsequent water distribution. To the electron donors belong also the dissolved metal cations of ferrous iron and manganese, which are common contaminants found in most (anaerobic) groundwater. The removal of iron and manganese is usually accomplished by the application of chemical oxidation and filtration. However, biological oxidation has recently gained increased importance and application due to the existence of certain advantages, over the conventional physicochemical treatment. The oxidation of iron and manganese is accelerated by the presence of certain indigenous bacteria, the so-called "iron and manganese oxidizing bacteria." In the present paper, selected long-term experimental results will be presented, regarding the bioremediation of natural groundwater, containing elevated concentrations of iron and arsenic. Arsenic is considered as a primary pollutant in drinking water due to its high toxicity. Therefore, its efficient removal from natural waters intended for drinking water is considered of great importance. The application of biological processes for the oxidation and removal of dissolved iron was found to be an efficient treatment technique for the simultaneous removal of arsenic, from initial concentrations between 60 and 80 microg/l to residual (effluent) arsenic concentrations lower than the limit of 10 microg/l. The paper was focused on the removal of As(III) as the most common species in anaerobic groundwater and generally is removed less efficiently than the oxidized form of As(V). To obtain information for the mechanism of As(III) removal, X-ray photoelectron spectroscopy (XPS) analyses were applied and it was found that As(III) was partially oxidized to As(V), which enabled the high arsenic removal efficiency over a treatment period of 10 months.