Market reactions to Australian boutique resource investor presentations

This paper examines the market reactions to 817 investor presentations by 326 Australian resource firms and finds evidence suggesting these events are informative. Furthermore, the positive returns do not reverse over the following 15 days, which contrasts with previous investor presentation research. However, consistent with the prior literature, extended long run cumulative abnormal returns are not significantly different from zero. This paper also documents stronger reactions to first time presenting firms, presentations that are announced to the market and firms exhibiting at the Africa Downunder and Excellence in Oil & Gas conferences. There are also stronger reactions for firms with lower ownership concentration. Examining boutique resource firm investor presentations adds to the existing disclosure and dissemination literature due to the presence of relatively high information asymmetry in the extractive industries, a unique setting, which contrasts with previous studies.     

The in-use annual energy and carbon saving by switching from a car to an electric bicycle in an urban UK general medical practice: the implication for NHS commuters

The UK Climate Change Act (CCA) mandates an 80 % reduction in CO₂ emissions by 2050. It is estimated that 3.2 M tonnes pa CO₂ results from travel-related NHS business. The acquisition of an electric bicycle to replace a car for both commuting and home visits allowed comparison of fuel use and CO₂ emissions over a 4-year period. The switch to the use of the electric bicycle reduced the average annual petrol use by 329 l, the energy consumption by 3,140 kWh and the CO₂ released by 748 kg a year. Wider adoption of electric bicycles in urban General Practice will contribute to the requirements of the CCA though to have a significant effect on the current estimated commuting-related carbon footprint of the NHS (0.76 MT pa) would require two-thirds of the workforce to abandon their cars in favour of electric bicycles.     

Self-ignition of tetrafluoroethylene induced by rapid valve opening in small diameter pipes

This work investigates the ignition of tetrafluoroethylene induced by the adiabatic compression that can arise by activating a high speed valve separating two portions of a pipeline with a high pressure difference. In the tests performed the high pressure zone contained tetrafluoroethylene at pressures between 15 and 30 bar. For the low pressure zone, experiments with nitrogen, air and tetrafluoroethylene were carried out. The pressure range in the low pressure zone was comprised between 0.05 and 1 bar. The pipe diameters analyzed were 15 and 20 mm. For the analyzed geometries, special conditions were required in order to reach reproducible ignitions, namely air at temperatures of at least 105 °C had to be present in the compression pipe. Furthermore, a minimum length of the compression pipe had to be used. The current work describes the experimental setup employed for the tests and discusses the achieved results. Numerical simulations were performed in order to clarify unexpected findings.     

Loss Rates from Lake Powell and Their Impact on Management of the Colorado River

As demand for water in the southwestern United States increases and climate change potentially decreases the natural flows in the Colorado River system, there will be increased need to optimize the water supply. Lake Powell is a large reservoir with potentially high loss rates to bank storage and evaporation. Bank storage is estimated as a residual in the reservoir water balance. Estimates of local inflow contribute uncertainty to estimates of bank storage. Regression analyses of local inflow with gaged tributaries have improved the estimate of local inflow. Using a stochastic estimate of local inflow based on the standard error of the regression estimator and of gross evaporation based on observed variability at Lake Mead, a reservoir water balance was used to estimate that more than 14.8 billion cubic meters (Gm³) has been stored in the banks, with a 90% probability that the value is actually between 11.8 and 18.5 Gm³. Groundwater models developed by others, observed groundwater levels, and simple transmissivity calculations confirm these bank storage estimates. Assuming a constant bank storage fraction for simulations of the future may cause managers to underestimate the actual losses from the reservoir. Updated management regimes which account more accurately for bank storage and evaporation could save water that will otherwise be lost to the banks or evaporation.     

National,regional and local attitudes towards climate change: identifying appropriate target audiences for communications

A government-funded scheme, the UK Climate Change Communications Initiative (UKCCCI), has provided money for organisations to deliver projects that attempt to impact positively on people's attitudes towards climate change. This devolution of communications is a relatively novel approach after previous centralised campaigns. This paper considers what size of target audience is most appropriate for attitude change initiatives. It compares data from a regional UKCCCI project aimed at residents of two counties with a nationally representative dataset. Regional data are also analysed to see if there are differences in attitudes within the two-counties target audience. The study suggests that attitude change interventions must strike a balance between personalisation of information and the higher cost of targeting smaller groups with more specific material.     

The mutagenic effect of tobacco smoke on male fertility

Despite the association between tobacco use and the harmful effects on general health as well as male fertility parameters, smoking remains globally prevalent. The main content of tobacco smoke is nicotine and its metabolite cotinine. These compounds can pass the blood-testis barrier, which subsequently causes harm of diverse degree to the germ cells. Although controversial, smoking has been shown to cause not only a decrease in sperm motility, sperm concentration, and an increase in abnormal sperm morphology, but also genetic and epigenetic aberrations in spermatozoa. Both animal and human studies have highlighted the occurrence of sperm DNA-strand breaks (fragmentation), genome instability, genetic mutations, and the presence of aneuploids in the germline of animals and men exposed to tobacco smoke. The question to be asked at this point is, if smoking has the potential to cause all these genetic aberrations, what is the extent of damage? Hence, this review aimed to provide evidence that smoking has a mutagenic effect on sperm and how this subsequently affects male fertility. Additionally, the role of tobacco smoke as an aneugen will be explored. We furthermore aim to incorporate the epidemiological aspects of the aforementioned and provide a holistic approach to the topic.

     

The effects of plant distribution and frugivore density on the scale and shape of dispersal kernels

For many plant species, seed dispersal is one of the most important spatial demographic processes. We used a diffusion approximation and a spatially explicit simulation model to explore the mechanisms generating seed dispersal kernels for plants dispersed by frugivores. The simulation model combined simple movement and foraging rules with seed gut passage time, plant distribution, and fruit production. A simulation experiment using plant spatial aggregation and frugivore density as factors showed that seed dispersal scale was largely determined by the degree of plant aggregation, whereas kernel shape was mostly dominated by frugivore density. Kernel shapes ranged from fat tailed to thin tailed, but most shapes were between an exponential and that of the solution of a diffusion equation. The proportion of dispersal kernels with fat tails was highest for landscapes with clumped plant distributions and increased with increasing number of dispersers. The diffusion model provides a basis for models including more behavioral details but can also be used to approximate dispersal kernels once a diffusion rate is estimated from animal movement data. Our results suggest that important characteristics of dispersal kernels will depend on the spatial pattern of plant distribution and on disperser density when frugivores mediate seed dispersal.     

Effects of heavy metal exposure on the condition and health of adult great tits (Parus major)

We examined the possible effects of heavy metal exposure on the quality and health of adult great tits (Parus major) at four study sites along a pollution gradient near a non-ferrous smelter in Belgium. Tarsus length, wing length, body mass and condition of great tits were compared with respect to study site, age (first-year and older great tits), sex and season (birds caught in winter and during breeding). Tarsus length did not differ significantly among study sites. The wing length of great tits was larger at the study site furthest from the smelter, especially for older great tits. The length of the outermost tail feathers, however, did not differ significantly among study sites. We found no signs of loss of body mass or condition towards the pollution source. The body mass and condition was lowest for female great tits at the site furthest from the smelter, especially during winter. Haematocrit values did not differ significantly among sites. Overall, we found no clear significant effects of heavy metal pollution on morphological measurements and health parameters of great tits.     

Continental scale passive air sampling of persistent organic pollutants using rapidly equilibrating thin films (POGs)

A novel design of rapidly equilibrating passive air sampler was deployed at 38 sites across 19 European countries to investigate short-term spatial variability of persistent organic pollutants (POPs). Devices were sealed in airtight containers to eliminate the possibility of contamination during transit and couriered to recipients with deployment instructions. Exposure times of 7days permitted the use of back trajectory analysis to further understand the factors responsible for influencing the large-scale spatial distribution of PCBs, PBDEs, PCNs, PAHs, lindane and HCB. Following sampler harvest, devices were sealed and returned for analysis. Comparison of sequestered levels showed that PAHs exhibited the greatest spatial variability (by a factor of 30) with higher levels often associated with greater population density. In contrast, HCB values were much more uniform, reflecting its well mixed distribution in the atmosphere. Spatial variation was strongly influenced by air mass origin, with lower levels being observed at most sites impacted by maritime air masses.