Search results for "Debt"
showing 10 items of 295 documents
Disentangling the latitudinal and altitudinal shifts in community composition induced by climate change: The case of riparian birds
2021
11 pages; International audience; Aim: This study investigates whether, and how, the composition of riparian bird communities has been affected by climate warming and habitat change. Although these two forces act separately, their respective contributions are rarely examined. Moreover, while the response of a given community may be a function of latitude and altitude, most studies have focused on these gradients separately. Riparian ecosystems are an opportunity to investigate community change along latitudinal and elevational gradients.Location: France, three major rivers (the Doubs, the Allier and the Loire)Taxon: Birds.Methods: Drawing upon bird community monitoring data over a period of…
The effects of drainage and restoration of pine mires on habitat structure, vegetation and ants
2016
Habitat loss and degradation are the main threats to biodiversity worldwide. For example, nearly 80% of peatlands in southern Finland have been drained. There is thus a need to safeguard the remaining pristine mires and to restore degraded ones. Ants play a pivotal role in many ecosystems and like many keystone plant species, shape ecosystem conditions for other biota. The effects of mire restoration and subsequent vegetation succession on ants, however, are poorly understood. We inventoried tree stands, vegetation, water-table level, and ants (with pitfall traps) in nine mires in southern Finland to explore differences in habitats, vegetation and ant assemblages among pristine, drained (30…
The preference and costs of sleeping under light at night in forest and urban great tits
2019
Artificial light at night (ALAN) is an increasing phenomenon associated with worldwide urbanization. In birds, broad-spectrum white ALAN can have disruptive effects on activity patterns, metabolism, stress response and immune function. There has been growing research on whether the use of alternative light spectra can reduce these negative effects, but surprisingly, there has been no study to determine which light spectrum birds prefer. To test such a preference, we gave urban and forest great tits (Parus major) the choice where to roost using pairwise combinations of darkness, white light or green dim light at night (1.5 lux). Birds preferred to sleep under artificial light instead of dar…
Wood-decaying fungi in old-growth boreal forest fragments: extinctions and colonizations over 20 years
2021
According to ecology theory, isolated habitat fragments cannot maintain populations of specialized species. Yet, empirical evidence based on monitoring of the same fragments over time is still limited. We studied the colonizationâextinction dynamics of eight wood-decaying fungal species in 16 old-growth forest fragments (<14 ha) over a 20-year period (1997â2017). We observed 19 extinctions and 5 colonizations; yet, the distribution of extinctions and colonizations did not differ from the one expected by chance for any of the species. Twenty-six percent of the extinctions took place in two natural fragments amid large forestâpeatland complexes. (Romell) Bourdot and Galzin decreased …
Recovery of plant communities after ecological restoration of forestry-drained peatlands
2017
Ecological restoration is expected to reverse the loss of biodiversity and ecosystem services. Due to the low number of well-replicated field studies, the extent to which restoration recovers plant communities, and the factors underlying possible shortcomings, are not well understood even in medium term. We compared the plant community composition of 38 sites comprising pristine, forestry-drained, and 5 or 10 years ago restored peatlands in southern Finland, with special interest in understanding spatial variation within studied sites, as well as the development of the numbers and the abundances of target species. Our results indicated a recovery of community composition 5–10 years after re…
Pricing Sovereign Contingent Convertible Debt
2016
We develop a pricing model for sovereign contingent convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's credit default swap CDS spread. One innovation is the modeling of CDS spread regime switching which is prevalent during crises. Regime switching is modeled as a hidden Markov process and is integrated with a stochastic process of spread levels to obtain S-CoCo prices through simulation. The paper goes a step further and uses the pricing model in a Longstaff-Schwartz. American option pricing framework to compute state contingent S-CoCo prices at some risk horizon, thus facilitating risk management. Dual trigger pricing is also discussed using the idiosyncratic CD…
The Case for Contingent Convertible Debt for Sovereigns
2015
We make the case for sovereigns to issue contingent convertible bonds as a means to forestall debt crises. These instruments contractually stipulate payment standstill, contingent on a sovereign’s credit default swap spread breaching a distress threshold. This is a financial innovation solution to the lack of sovereign debt restructuring mechanisms, limiting ex ante the likelihood of debt crises and imposing ex post risk sharing between creditors and the debtor. The new instruments are contingent contracts addressing neglected risks in sovereign debt. Building on literature for contingent convertible debt for banks we address the design of sovereign contingent debt, including market discipl…
Sustainable Growth Rate: An Analysis Regarding the Most Traded Companies on the Bucharest Stock Exchange
2018
The concept of sustainable growth rate was originally developed by Robert C. Higgins. In the case of companies with given stable financial policies, it is considered to be the link between growth-return rate combinations that gives a balanced growth line. This indicates the possibilities for a company to grow without generating deficits or cash surpluses. Increased sales require more assets, which can be financed by new debt, external equity, and internal equity through retained earnings. The sustainable growth rate is the maximum rate at which company sales can increase without decreasing its financial resources. The aim of this paper is to determine if the last year most traded companies …
COVID-19 Crisis - A Test for European Union’s Solidarity
2020
Abstract The crises the European Union has gone through over time have called into question the Union’s legitimacy and efficiency. The 2008-2009 financial crisis, the European debt crisis, the migration crisis and Brexit, have all tested the solidarity between member states. The COVID-19 pandemic is without a doubt the most drastic crisis in the EU’s history, with very severe socioeconomic consequences. The EU leaders were strongly criticized for not reacting quickly and efficiently enough to mitigate the impact of the virus, reduce suffering, and ward off the economic crisis. In this context, the questions that arise are: Is the Union a modern-day Titanic? Will it sink or it will sustain i…
The Value Relevance of Operating Lease Liabilities: Economic Effects of IFRS 16
2018
The new IASB and FASB models for leases aim to improve the quality of financial reporting. To this end, both standard setters impose the recognition of assets and liabilities for operating leases. Meanwhile, preparers have been strongly lobbying against these changes, as in their view the new treatment will lead to negative economic consequences. We undertake a value‐relevance study to examine whether as‐if capitalised operating leases are priced by market users in a relatively unexplored setting. We consider Spanish listed firms, and employ hand‐collected data on operating leases disclosed in the notes to the financial statements to constructively capitalise the assets and liabilities. Our…