Search results for "Fish"
showing 10 items of 3164 documents
Loss of habitats, naturalness and species diversity in Eurasian forest landscapes
2010
Abstract Man has exploited land and forests in Western and Central Europe longer and more intensively than in Northern Europe and further east in Eurasia. We estimated forest naturalness and modelled expected biodiversity loss in seven different landscapes (2500 km2 each) in the Netherlands, Sweden, Finland, Poland, St. Petersburg (Western European Russia), Perm (Eastern European Russia), and Irkutsk (Central Siberia) across the distribution of Pinus sylvestris L. in Eurasia. Field inventories showed that the mean living tree volumes were relatively similar in the studied sites, but the volumes of dead wood differed greatly. In Irkutsk and Perm the volume of dead trees per ha was about 5–10…
Density-dependent vole damage in silviculture and associated economic losses at a nationwide scale
2009
Voles inflict damage to silviculture by debarking or severing tree seedlings. The large-scale impacts of vole damage to silviculture, both in terms of severity and financial losses are, however, poorly known. In autumn 2005, cyclically fluctuating vole populations were at their highest in Finland for over 15 years, which led to extensive damage to silviculture during the winter 2005/06. We carried out a nationwide assessment of the incidence, spatial extent and economic value of damage and its relation to vole abundance in privately owned forests during this winter. Damage data were obtained with a questionnaire addressed to the directors of all Forest Management Associations (FMAs) operati…
The role of internal corporate governance mechanisms on default risk: A systematic review for different institutional settings
2020
Recent financial downturns, characterized by the significant failures of firms, have revealed the need to control credit risk. Latest literature has shown that weak corporate governance structures are related to high levels of default risk, leading to financial instability. In this context, we aim to summarize the literature that focuses on the role that internal corporate governance plays in the credit risk of firms, specifically considering three corporate governance components: ownership structure, board structure and financial stakeholders’ rights and relations. Additionally, we analyse whether the effectiveness of the internal mechanisms depends on particular key factors, especially th…
Systemic Risk in a Structural Model of Bank Default Linkages
2018
Abstract We study a structural model of individual bank defaults across the banking sector; banks are interconnected through their exposure to a common risk factor. The paper introduces a systemic risk measure based on the default frequency in the banking sector; this measure depends non-linearly on the factor's loadings, in contrast to previous systemic risk measures that depend linearly on loadings. We estimate loadings in the U.S. banking system over the course of the last 36 years; we find that they have considerably increased over time and identify four major regimes. Our measure shows that systemic risk became critical in the last of our four regimes, covering the most recent time per…
Cross-autocorrelations in European stock returns
2016
This paper examines lead-lag relationships between monthly index returns from 18 European industries. Several interesting and clear relationships are found that call into question the efficiency of European stock markets. While the Automobiles & Parts sector lags more than half of the other sectors, the Financial Services, Technology, and Telecommunications sectors lead many others. In particular, the leadership of the Technology sector has strengthened in recent years.
Rachats d'actions et augmentation de capital : une analyse de leur combinaison appliquée au marché français
2013
Noting that over 22% of capital increases thrown at the French financial market are made when a share repurchase program is in progress, we propose an original study of the combination of the two operations. From 50 operations for the period 1999-2006, we test if the buybacks "prepare" the market before launching the capital increase or means to change the distribution of voting rights. Our results infirm these two hypotheses and confirm rather the proposition of a fortuitous concomitance.
Activisme et proxy fight. Quand les actionnaires déclarent la guerre au management
2009
Les attentes des actionnaires minoritaires sont relativement heterogenes : les salaries ou les fournisseurs qui detiennent des actions ne sont pas uniquement preoccupes par les dividendes ou les plus-values, contrairement aux actionnaires patrimoniaux. Ces derniers, qui peuvent etre insatisfaits par certaines decisions strategiques ou operationnelles prises par les dirigeants, ont la possibilite d’agir pour proteger leurs interets, en s’engageant notamment dans une bataille de procuration. Dans cet article, les auteurs insistent sur les principales difficultes rencontrees par les actionnaires contestataires lors de ces batailles, sur les facteurs cles de succes, ainsi que sur les consequenc…
Dissenting voices in a consenting village: lessons from implementation of free, prior and informed consent at a REDD+ pilot in Tanzania
2020
Free, prior and informed consent (FPIC) is a key institutional tool in meeting social safeguards. Its implementation ensures respect of the local people's rights in an intervention. This paper presents a case of FPIC implementation at a REDD+ pilot site. Data were obtained through key informant interviews and focus group discussions with proponents and village members of the Lindi REDD+ project. Findings indicate that the inclusive approach to FPIC by taking the consultations to the hamlet level did not deliver a flawless process. The consent decision was reached by a majority vote, not consensus. There was some dissent, prompting the early establishment of project implementation committees…
Housing market shocks in italy: A GVAR approach
2020
Abstract In this paper, we use a Global Vector Autoregression (GVAR) model to assess the spatio-temporal mechanism of house price spillovers, also known as “ripple effect”, among 93 Italian provincial housing markets, over the period 2004 − 2016 . In order to better capture the local housing market dynamics, we use data not only on house prices but also on transaction volumes. In particular, we focus on estimating, to what extent, exogenous shocks, interpreted as negative housing demand shocks, arising from 10 Italian regional capitals, impact on their house prices and sales and how these shocks spill over to neighbours housing markets. The negative housing market demand shock hitting the G…
Trade, financial openness and dual banking economies: Evidence from GCC Region
2021
Abstract The recent wave of liberalization in Gulf Cooperation Council (GCC) countries has opened up a debate on the role of Islamic finance in the financial development of an economy. Using a comprehensive dataset of 43 Islamic and 49 conventional banks for the period 2007–2015, in this paper, we investigate the impact of trade and financial openness on financial development in the GCC region. We find that trade and financial openness have a positive effect on the profitability of both banking systems, while the interaction term of openness is negative for the profitability of Islamic banks. Moreover, trade and financial openness affect Islamic banks differently than conventional banks. No…