Stock market responses to chemical accidents in Japan: An event study

Despite recent major chemical process accidents in Japan, the top management teams of firms still avoid taking costly risk reduction measures because of their low perceived impact on firm performance. The disclosure of information on accident risks might motivate managers to enhance workplace safety because of the subsequent evaluation of firms by investors in stock markets. If the disclosed risk information is newly available for investors, firms with a high risk of accidents would receive a poor evaluation by stock markets and thus managers would take risk reduction measures to prevent stock prices from declining. In this study, we conduct an event study analysis to examine whether accident risk information is already reflected in stock prices, using data on the Japanese chemical industry. The results of our event study show that the estimated cumulative average abnormal returns of firms' stocks are significantly negative after severe accidents actually occurred. This finding implies that risk information is not already reflected in the stock prices of Japanese chemical firms and that the disclosure of accident risk information has the potential to motivate the top management teams of firms to reduce their firms’ accident risk.     

Population dynamics of splitnose rockfish (Sebastes diploproa) in the Northeast Pacific Ocean

We developed an age-structured population model of splitnose rockfish, Sebastes diploproa, in the Northeast Pacific Ocean. Splitnose rockfish is a bycatch species that co-occurs with several commercially important species that are currently declared overfished. Bycatch species are typically not the focus of stock assessment efforts because of their limited economic importance, but they may suffer the same population declines as species with which they co-occur. To examine the dynamics of splitnose rockfish for the first time, we analyzed data from three groundfish fisheries and four research surveys conducted in the Northeast Pacific Ocean. To develop a model, we used Stock Synthesis, a statistical framework for the construction of a population dynamics models utilizing both fishery-dependent and fishery-independent data. In the model, we reconstructed the total catch of the species back to 1900, estimated the dynamics of the stock spawning output and recruitment and evaluated biomass depletion relative to the stock's unfished state, as well as sources of uncertainty in model outputs. The results indicate that the splitnose rockfish is currently not overfished even though it has experienced several periods of abrupt decline in its biomass. Revisiting age data from earlier years, monitoring fishery discard, and investigating the spatial dynamics of splitnose rockfish is important to further improve the understanding of this species’ population dynamics, and decrease uncertainty in model results.     

Stock market and deterrence effect: A mid-run analysis of major environmental and non-environmental accidents

We analyze the stock market reaction to 161 major environmental and non-environmental accidents, reported on the front page of the New York Times for half a century. To determine if the market induces a real deterrence effect, we extend the event windows up to one year. On average, the market reacts negatively and enduringly to the announcement of an accident. However, this average effect is largely driven by the airline industry and by government interventions. The estimated average compounded abnormal return following environmental accidents does not differ from zero after one year. This does not exclude, in severe events affecting large firms, huge losses in equity value, but the significant negative cumulative abnormal returns estimated immediately after an environmental accident in previous studies do not persist. Our results suggest that in a market driven by institutional investors, the deterrence effect is likely to be weak.     

An infinite-horizon model of dynamic membership of international environmental agreements

Much of the literature on international environmental agreements (IEAs) uses static models, although most important transboundary pollution problems involve stock pollutants. The few papers that study IEAs using models of stock pollutants do not allow for the possibility that membership of the IEA may change endogenously over time. In this paper we analyse a simple infinite-horizon version of the static model of self-enforcing IEAs, in which damage costs increase with the stock of pollution, and countries decide each period whether to join an IEA. Using a quadratic approximation of the value function of the representative country we show that there exists a steady-state stock of pollution with corresponding steady-state IEA membership, and that as the stock rises towards steady state the IEA membership falls. Moreover, we find that the greater is the cost of damage, and hence the greater are the potential gains from cooperation, the smaller is the membership of a self-enforcing IEA.     

Effects of herbage removal on productivity of selected high-sierra meadow community types

We investigated the effects of herbage removal on three subalpine meadow plant communities in the Rock Creek drainage of Sequoia National Park, California, USA. In the xericCarex exserta Mkze. (short-hair sedge) type, annual aboveground productivity averaged 19 g/m² in control plots (clipped once after plant senescence in late September) over a five-year period. Annual aboveground productivity was enhanced about 30%–35% when plots in this community type were clipped more frequently (i.e., additional herbage removal in the early, mid, and late seasons) during each of four treatment years but was reduced by 13%–19% during a fifth (recovery) year in which all but late September clipping was suspended. In a moderately mesicEleocharis pauciflora (Lightf.) Link. (few-flowered spike rush)-Calamagrostis breweri Thurb. (short-hair grass) type, control plot productivity averaged 115 g/m²/yr and was reduced by 20–30% by the additional herbage removal. A more mesicDeschampsia caespitosa (L.) Beauv. (tufted hairgrass)-Carex rostrata Stokes, (beaked sedge) type had the greatest mean above-ground productivity (169 g/m²/yr) but also showed damage (i.e., decrease in productivity by 15%–20%) caused by the additional herbage removal. These data suggest that longterm, intensive herbage removal may be more detrimental to moderately mesic and mesic subalpine meadow community types than to xeric types.     

Towards a 3D National Ecological Footprint Geography

In the last decades several indicators have been proposed to guide decision makers and help manage natural capital. Among such indicators is the Ecological Footprint, a resource accounting tool with a biophysical and thermodynamic basis. In our recent paper (Niccolucci et al., 2009), a three dimensional Ecological Footprint (^3DEF) model was proposed to better explain the difference between human demand for natural capital stocks and resource flows. Such ^3DEF model has two relevant dimensions: the surface area (or Footprint size - EF_size) and the height (or Footprint depth - EF_depth). EF_size accounts for the human appropriation of the annual income from natural capital while EF_depth accounts for the depletion of stocks of natural capital and/or the accumulation of stocks of wastes. Building on the 2009 Edition of the National Footprint Accounts (NFA), global trends (from 1961 to 2006) for both EF_size and EF_depth were analyzed. EF_size doubled from 1961 to 1986; after 1986 it reached an asymptotic value equal to the Earth's biocapacity (BC) and remained constant. Conversely, EF_depth remained constant at the “natural depth” value until 1986, the year in which global EF first exceeded Earth's BC. A growing trend was observed after that. Trends in each Footprint land type were also analyzed to better appraise the land type under the higher human induced stress. The usefulness of adopting such ^3DEF model in the National Footprint Accounts was also discussed. In comparing any nation's demand for ecological assets with its own biocapacity in a given year, four hypothetical cases were identified which could serve as the basis for a new Footprint geography based on both size and depth concepts. This ^3DEF model could help distinguish between the use of natural capital flows and the depletion of natural capital stocks while maintaining the structure and advantages of the classical Ecological Footprint formulation.     

苯酚贮备液稳定性的探讨

测定了长时间保存的１．００００ｇ／Ｌ苯酚贮备液的浓度和标样。结果表明此浓度的苯酚贮备液可在３年内保持稳定。     

A simulation model to explore the relative value of stock enhancement versus harvest regulations for fishery sustainability

Harvest restrictions and stock enhancement are commonly proposed management responses for sustaining degraded fisheries, but comparisons of their relative effectiveness have seldom been considered prior to making policy choices. We built a population model that incorporated both size-dependent harvest restrictions and stock enhancement contributions to explore trade-offs between minimum length limits and stock enhancement for improving population sustainability and fishery metrics (e.g., catch). We used a Murray cod Maccullochella peelii peelii population as a test case, and the model incorporated density-dependent recruitment processes for both hatchery and wild fish. We estimated the spawning potential ratio (SPR) and fishery metrics (e.g., angler catch) across a range of minimum length limits and stocking rates. Model estimates showed that increased minimum length limits were much more effective than stock enhancement for increasing SPR and angler catches in exploited populations, but length limits resulted in reduced harvest. Stocking was predicted to significantly increase total recruitment, population sustainability, and fishery metrics only in systems where natural reproduction had been greatly reduced via habitat loss, fishing mortality was high, or both. If angler fishing effort increased with increased fish abundance from stocking efforts, fishing mortality was predicted to increase and reduce the benefits realized from stocking. The model also indicated that benefits from stock enhancement would be reduced if reproductive efficiency of hatchery-origin fish was compromised. The simulations indicated that stock enhancement was a less effective method to improve fishery sustainability than measures designed to reduce fishing mortality (e.g., length limits).     

浙江省畜牧业发展的生态环境问题及其控制对策

系统地论述了浙江省畜牧业发展的生态环境问题,分析了畜禽污染的现状和趋势,提出了一整套消除畜牧公害,促进畜牧业可持续发展的对策和措施 。     

Revealing climate change opinions through investment behavior: Evidence from Fukushima

In this study we present a novel research approach to obtaining behavior-based evidence of regional climate change attitudes, using the 2011 Fukushima nuclear plant incident as a natural experiment. Our approach allows us to produce the first non-survey-based empirical evidence of a trans-Atlantic divide in public opinion on the environment and climate change that investors assign to fossil-based and renewable energy. This value is based on the perceived potential of these fuel types to substitute for nuclear generation in the aftermath of the Fukushima crisis. We carry out an event study to examine differences in abnormal returns of global coal and renewable energy companies on European and American stock exchanges. We find that investors trading on U.S. markets exhibit a significantly more favorable perception of coal stock profitability, while investors trading on European exchanges display a more favorable perception about profitability of renewable energy stocks.