Financial Markets in Times of Stress

In this paper, we examine which markets are most synchronized internationally and exhibit the greater extent of comovement. We focus on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. Our sample covers thirty-five developed and emerging market countries during 1997-1999. The extent of comovement and responsiveness to external shocks is examined in different ways. To measure the response of these markets to adverse external shocks, we date the peaks in domestic interest rates and bond spreads and the largest daily declines in equity prices and assess the extent of clustering around the same period. We also analyze which markets show evidence of greatest comovement in general, irrespective of whether there are adverse shocks or not.

Loss of diversity in the community of small mammals of Doñana National Park (SW Spain): another effect of the local climate change ?

Doñana National Park is an important wetland located in the southwest Spain forming part of the Mediterranean Basin, a "biodiversity hotspot" especially vulnerable to climate change. In this study, we investigate changes in diversity and abundance occurred between 1978 and 2016 in the community of small mammals of Doñana and their relationship with local climate changes. Capture-mark-recapture methods were carried out for a total of 16 years, unevenly distributed over four decades. Our findings show a consistent loss of diversity and abundance decline in the community of small mammals. Eliomys quercinus and Rattus rattus have almost disappeared from the area and Apodemus sylvaticus has sharply reduced its abundance parallel to the progressive increase of Mus spretus. Such a process is worrying for conservation as small mammals represent, after rabbits, the most important prey for carnivores and raptors in Doñana. The detected changes could be at least partially explained by the progressive increase in local temperature observed during the study period. In line with this, the species that have suffered a greater decline are those of Eurasian origin and northern distribution as is the case for E. quercinus and R. rattus while the current dominant species, M. spretus, proceeds from Africa and has a Mediterranean distribution. A non-exclusive alternative is that the extreme rarefaction of rabbits may have caused a trophic cascade effect enhancing predation by carnivores and raptors towards gradually smaller species.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Diagnosis of centrocestus formosanus infection in zebrafish (Danio rerio) in Italy: A window to a new globalization-derived invasive microorganism

Centrocestus formosanus is a digenetic trematode with a complex life cycle, involving invertebrate and vertebrate hosts, humans included. In particular, it causes gill lesions and mortality in freshwater fish species, and gastrointestinal symptoms in infected humans. Here, we describe the occurrence of C. formosanus infection in zebrafish imported in Italy and propose a newly designed species-specific primer pair to ameliorate the diagnostic investigations for C. formosanus. Gill arches of 30 zebrafish were examined for the presence of encysted metacercariae under a stereomicroscope and processed through molecular analyses targeting the ribosomal internal transcribed sequence 2 (ITS2). Although C. formosanus distribution was originally restricted to Asia, it has been subsequently reported in new countries, revealing itself as an invasive species and raising important concerns for biodiversity, economy, scientific research, as well as animal and public health. Given the crucial role played by the ornamental fish industry in spreading this parasite, there is an urgent need for control measures to prevent the introduction and establishment of C. formosanus in non-endemic areas, including Europe. We also suggest developing new strategies in microbiology and epidemiology to better explore this new globalization-derived invasive species

Forage Outsourcing in the Dairy Sector: The Extent of Use and Impact on Farm Profitability

The extent of forage purchasing behavior in milk production and its impact on profitability are analyzed using data from the 2000 and 2005 dairy versions of the Agricultural Resource Management Survey. Forage outsourcing is more common with hay than with silage and haylage, and is more prevalent in the western United States. Though silage and haylage outsourcing is found to impact profitability, the major profitability drivers appear to be farm size and efficiency. Evidence of significant forage contracting is found in the western United States.forage, input purchasing, outsourcing, contracting, milk production, Farm Management, Industrial Organization, Livestock Production/Industries,

Pasture-Based Dairy Systems: Who Are the Producers and Are Their Operations More Profitable than Conventional Dairies?

U.S. dairy operations are sorted via a multinomial logit model into three production systems: pasture-based, semi-pasture-based, and conventional. Region, farm size, financial situation, and production intensity measures impact system choice. Analysis follows to determine the impact of production system on enterprise profitability. Region, farm size, and demographic variables impact profitability, as does system choice: semi-pasture-based operations were less profitable than conventional operations on an enterprise, per hundredweight of milk produced basis. Significant differences were not found in the profitability of pasture-based operations versus those using other systems.dairy farm size, grazing, pasture-based dairying, Livestock Production/Industries,

Characterization of the woody biomass feedstock potential resulting from California's drought.

Regional tree die-off events generate large quantities of standing dead wood, raising concern over catastrophic wildfire and other hazards. Governmental responses to tree die-off have often focused on incentivizing biomass energy production that utilizes standing dead trees removed for safety concerns. However, the full distribution of potential woody bioenergy feedstock after tree die-off has not been evaluated due to the complexities of surveying and precisely measuring large forested areas. In this paper, we present a novel method for estimating standing dead biomass at a fine spatial resolution that combines aerial survey data with forest structure maps. Using this method, we quantify biomass generated by the unprecedented tree die-off that occurred in California following a 4-year drought and widespread pest outbreaks. The results are used to estimate feasibly recoverable feedstock for energy production. We find that approximately 95.1 million bone-dry tons (BDT) of dead biomass resulted from 2012-2017 mortality, with a lower bound of 26.2 million BDT. In other words, of the aboveground live tree biomass in 2012, ~1.3-4.8% died by 2017. Of the standing dead biomass, 29% meets minimum constraints for potential cost-effective bioenergy feedstock. This proportion drops to as low as 15% in the most affected areas due to terrain slope, wilderness status, and other factors, highlighting the need to complement disposal via biomass energy with other strategies to mitigate the risks of the tree mortality crisis, which is likely to only become more severe over time due to climate change

Small U.S. Dairy Farms: Can They Compete?

The U.S. dairy industry is undergoing rapid structural change, evolving from a structure including many small farmers in the Upper Midwest and Northeast to one that includes very large farms in new production regions. Small farms are struggling to retain competitiveness via improved management and low-input systems. Using data from USDA’s Agricultural Resource Management Survey, we determine the extent of U.S. conventional and pasture-based milk production during 2003-2007, and estimate net returns, scale efficiency, and technical efficiency associated with the systems across different operation sizes. We compare the financial performance of small conventional and pasture-based producers with one another and with largescale producers. A stochastic production frontier is used to analyze performance over the period for conventional and pasture technologies identified using a binomial logit model. Large conventional farms generally outperformed smaller farms using most economic measures – technical efficiency, various profitability measures, and returns to scale.Pasture-based system, technical efficiency, returns to scale, dairy, Livestock Production/Industries, Productivity Analysis,

Dairy Resource Management: A Comparison of Conventional and Pasture-Based Systems

Facing rapid and significant change in the sector, U.S. dairy production trends from 1993-2005 were tracked and performance measures (scale and technical efficiency and returns on assets) were estimated for conventional and pasture-based dairy farms using data from USDA's Agricultural Resource Management Survey. Comparisons of relative economic performance of dairy farms by size and type are made.dairy operations, pasture-based systems, technical efficiency, Livestock Production/Industries,