Hyporheic invertebrates as bioindicators of ecological health in temporary rivers: a meta-analysis

Worldwide, many rivers cease flow and dry either naturally or owing to human activities such as water extraction. However, even when surface water is absent, diverse assemblages of aquatic invertebrates inhabit the saturated sediments below the river bed (hyporheic zone). In the absence of surface water or flow, biota of this zone may be sampled as an alternative to surface water-based ecological assessments. The potential of hyporheic invertebrates as ecological indicators of river health, however, is largely unexplored. We analysed hyporheic taxa lists from the international literature on temporary rivers to assess compositional similarity among broad-scale regions and sampling conditions, including the presence or absence of surface waters and flow, and the regional effect of hydrological phase (dry channel, non-flowing waters, surface flow) on richness. We hypothesised that if consistent patterns were found, then effects of human disturbances in temporary rivers may be assessable using hyporheic bioindicators. Assemblages differed geographically and by climate, but hydrological phase did not have a strong effect at the global scale. However, hyporheic assemblage composition within regions varied along a gradient of higher richness during wetter phases

An empirical analysis of the cost of rearing dairy heifers from birth to first calving and the time taken to repay these costs

Rearing quality dairy heifers is essential to maintain herds by replacing culled cows. Information on the key factors influencing the cost of rearing under different management systems is, however, limited and many farmers are unaware of their true costs. This study determined the cost of rearing heifers from birth to first calving in Great Britain including the cost of mortality, investigated the main factors influencing these costs across differing farming systems and estimated how long it took heifers to repay the cost of rearing on individual farms. Primary data on heifer management from birth to calving was collected through a survey of 101 dairy farms during 2013. Univariate followed by multivariable linear regression was used to analyse the influence of farm factors and key rearing events on costs. An Excel spreadsheet model was developed to determine the time it took for heifers to repay the rearing cost. The mean +/- SD ages at weaning, conception and calving were 62 +/- 13, 509 +/- 60 and 784 +/- 60 days. The mean total cost of rearing was 1819 pound +/- 387/heifer with a mean daily cost of 2.31 pound +/- 0.41. This included the opportunity cost of the heifer and the mean cost of mortality, which ranged from 103.49 pound to 146.19 pound/surviving heifer. The multivariable model predicted an increase in mean cost of rearing of 2.87 pound for each extra day of age at first calving and a decrease in mean cost of 6.06 pound for each percentile increase in time spent at grass. The model also predicted a decrease in the mean cost of rearing in autumn and spring calving herds of 273.20 pound and 288.56 pound, respectively, compared with that in all-year-round calving herds. Farms with herd sizes100 had lower mean costs of between 301.75 pound and 407.83 pound compared with farms with <100 milking cows. The mean gross margin per heifer was 441.66 pound +/- 304.56 (range 367.63 pound to 1120.08) pound, with 11 farms experiencing negative gross margins. Most farms repaid the cost of heifer rearing in the first two lactations (range 1 to 6 lactations) with a mean time from first calving until breaking even of 530 +/- 293 days. The results of the economic analysis suggest that management decisions on key reproduction events and grazing policy significantly influence the cost of rearing and the time it takes for heifers to start making a profit for the farm

Analysis of the Management and Costs Associated with Rearing Pregnant Dairy Heifers in the UK from Conception to Calving

Good management of the pregnant heifer is crucial to ensure that she is well grown and healthy and calves down easily before joining the milking herd. This study collected primary data on all aspects of heifer management on 101 UK farms during heifer pregnancy from conception to calving including farm factors and associated costs of system inputs. A cost analysis workbook was developed to calculate the cost of rearing per heifer for each of the study farms. Associations between cost of rearing and farms factors were determined using linear regression and analysis of variance. Heifers had a mean age of conception of 509 d (range 365 - 700 d) and an age at first calving of 784 d (range 639 - 973 d). The mean total cost of rearing during pregnancy was £450.36 (range £153.11 to £784.00) with a mean daily cost of £1.64 (range £0.56 to £2.86). The inputs contributing the most to cost were feed (32.7%), labour (23.8%) and slurry disposal (11.2%). Total purchased and homegrown feed and grazing contributed between 25.5% and 65.4% of total costs with a mean contribution of 43.6%. The cost of rearing was lowest in spring calving herds and highest in all year round calving herds with intermediate values in autumn and multi block calving herds. The main variables influencing the cost were the number of days spent at grass, age at first calving, calving pattern, breed, herd size and region. Each extra day in age at first calving increased the mean cost of rearing during pregnancy by £0.33/d whereas every extra day at grass reduced the cost by £1.75/d

Quantum Bound States in Yang-Mills-Higgs Theory

We give rigorous proofs for the existence of infinitely many (non-BPS) bound states for two linear operators associated with the Yang-Mills-Higgs equations at vanishing Higgs self-coupling and for gauge group SU(2): the operator obtained by linearising the Yang-Mills-Higgs equations around a charge one monopole and the Laplace operator on the Atiyah-Hitchin moduli space of centred charge two monopoles. For the linearised system we use the Riesz-Galerkin approximation to compute upper bounds on the lowest 20 eigenvalues. We discuss the similarities in the spectrum of the linearised system and the Laplace operator, and interpret them in the light of electric-magnetic duality conjectures.Comment: minor corrections implemented; to appear in Communications in Mathematical Physic

A Study of Dairy Heifer Rearing Practices from Birth to Weaning and Their Associated Costs on UK Dairy Farms

There are many inputs into the dairy replacement herd which impact not only on the cost of rearing heifers from birth to first calving, but also on their future longevity and production potential. This study determined the current cost of rearing dairy heifers in the UK through the calculation and analysis of individual costs on a subset of 102 UK dairy farms. Each farm was visited and an extensive heifer rearing questionnaire was completed. Current heifer rearing practices were recorded to provide insight into critical management decisions. A cost analysis workbook was developed to calculate the costs of inputs in the pre-weaning period for labour, calving, feed, housing, health treatments and vaccinations, waste storage, machinery and equipment, and utilities. The average age at weaning was 62 d. The mean cost of rearing from birth to weaning was £195.19 per heifer with a mean daily cost of £3.14 (excluding the opportunity cost of the calf). This ranged from £1.68 to £6.11 among farms, reflecting major differences in management strategies and efficiency. The highest contribution to total costs came from feed (colostrum, milk, starter and forage) at 48.5% with milk feeding making up the greatest proportion of this at 37.3%. The next major expenses were bedding and labour, contributing 12.3% and 11.2% respectively. Unsurprisingly, delaying age at weaning increased total cost by £3.53 per day. Total costs were on average 45% higher on organic farms than conventional due to higher feed costs and later weaning. Calving pattern also had a strong association with the total cost being lowest with spring calving, intermediate with autumn calving and highest in multi block and all year round calving herds.fals

The management and associated costs of rearing heifers on UK dairy farms from weaning to conception

Dairy heifers only start to produce a return on investment at first calving. The length of the nonproductive rearing period is largely governed by farmer decisions on plane of nutrition and reproduction management. Primary data were collected from 101 dairy farms and a cost analysis workbook developed to calculate individual inputs in each of three periods to determine which management decisions and farm factors have the greatest influence on the total costs associated with rearing. This paper covers weaning until conception. Heifers were weaned at 62 d (range 42 - 112 d) and conceived by 509 d (range 365 - 700 d) giving an average weaning to conception period of 447 ± 60 d (range 253 to 630 d). The mean daily cost of rearing during this period was £1.65 (range £0.75 to £2.97 on different farms) giving a mean total cost of £745.94 per heifer (range £295.32 to £1745.85). This large variation was mostly due to the duration, which was mainly determined by age at first breeding (mean 476 days, range 365 - 700 d). The main contributors to total costs were feed (35.6%), labour (24.7%) and bedding (8.9%). The variables most strongly associated with the total costs were age at conception, calving pattern and breed. A multivariable model predicted an increase in mean cost of £2.26 for each extra day in age at conception. The total cost was highest in herds with all year round calving, intermediate in multi-block and lowest in spring and autumn calving herds, with Friesian x and Jersey herds having the lowest cost of rearing.falsePublished onlin

The Flash Crash: An Examination of Shareholder Wealth and Market Quality

We investigate stock returns, market quality, and options market activity around the flash crash of May 6, 2010. Abnormal returns are negative on the day of and the day after the flash crash for stocks that had trades that executed during the crash subsequently cancelled by either Nasdaq or NYSE Arca. Consistent with studies that suggest that other sources of liquidity withdrew from the markets during the flash crash, we find that the fraction of trades executed by the NYSE increases during this volatile period. Market quality deteriorates following the flash crash as bid-ask spreads increase and quote depths decrease. Evidence from the options markets indicates that investor uncertainty increased around the time of the crash and remained elevated for several days

Condensin(g) Crossover Control to a Few Breaks

Meiotic chromosome pairs must receive at least one crossover to ensure proper segregation at the first meiotic division. Mets and Meyer (2009) now present compelling evidence that the establishment of higher-order chromosome structure by a condensin complex regulates crossover recombination by controlling the distribution and frequency of meiotic double-strand breaks

A Managerial Motive for Initial Public Offering Underpricing

There are many reasons why managers are interested in maintaining control over their firm. Some potential reasons include compensation, autonomy, power, perquisites, and the ability to determine the terms under which the firm is acquired. This study examines one event that provides an opportunity for managers to take actions designed to maintain control of firm, the initial public offering (IPO). A simple rationing approach provides the mechanism which impacts management's ability to maintain control. The hypothesis underlying this study is that managers strategically underprice the IPO to influence outside blockholdings. By preventing large outside blocks from forming as part of the IPO, management reduces the incentive for outsiders to monitor their actions, resulting in greater autonomy.Chapter One documents that IPO underpricing is significantly related to country-level governance characteristics. Examining a sample of 4.698 IPOs across 24 countries for the 2000-2004 time period, the results suggest that IPO underpricing is higher in countries which offer greater protection to investors. These findings are consistent with the hypothesis that IPO underpricing is an instrument used by managers to maintain control of the firm when country-level governance mechanisms favor investors' rightsChapter Two finds that IPO underpricing exhibits a significant, positive relation with activity in the market for corporate control. Examining a sample of over 2,300 initial public offerings in the United States over the 1990-1998 time period, the results suggest that underpricing is greater when the market for corporate control is active. Additional results indicate that the corporate control climate prevailing at the time of the offering is related to the likelihood that a firm survives in subsequent years, that underpricing is associated with the post-offering ownership structure, and that the size of the external blockholdings formed concurrent with the offering are positively related to the probability a firm is taken over in the years following the event. Together, the findings presented in this study are consistent with the hypothesis that underpricing is an instrument used to protect managers when other governance mechanisms, including investors' rights and the market for corporate control, threaten their control over the firm