Matching social and financial logics in ethical investing : the case of Etica SGR

Nowadays some financial operators are challenging the boundaries between the social and business sectors, developing financial instruments that enable investors to pursue social issues along with financial returns. This sector developed in Europe at different speeds and followed different paths. While in some European countries numbers related to the ethical investment sector are starting to be remarkable, in Italy this approach is still in an early development stage. The objectives of this research are to provide a framework of ethical investing and suggest financial operators a possible strategy to overcome organizational problems that result from matching social and financial logics. I will address the first providing clear definition of ethical investment and, following an approach of building blocks, I will explain how it is implemented over Europe. I will be able to show the role that institutional investors represent in this context and the barriers that in Italy still brake the development of the sector. Then, using the modern literature on institutional logics I will study the case of Etica SGR, a company leader of ethical investing in the Italian market. I observed that the strategy that it implemented in order to manage multiple institutional logics is particularly suitable for growing companies, a stage of business cycle still not addressed by the literature

Diameter growth: Can live trees decrease?

Growth refers to an increase in dimensions with time and is implicit in the expected continual increase in tree dimensions. Tree diameters, however, could decrease during the growing season due to water depletion. Annual negative growth measurements are usually attributed to human error and not to other physiological or physical processes. Although seasonal and diurnal fluctuations of diameter have been well documented, perennial decrement of diameter has not been the focus of physiological research. The aim of this work was to analyse the potential causes of decrease in annual diameter growth related to tree mortality due to self-thinning in Nothofagus pumilio forests and to quantify the variations in water depletion of the tree trunks. Some trees did present negative annual diameter increments associated with a water content decrease in the trunks (77 per cent in live trees compared with 56 per cent in recently dead individuals), which produced a contraction (more than 8 per cent of the initial diameter) in the wood and the bark. Trees could survive during 2-5 growth seasons with continual decreases in their diameters (14 per cent, standard error 5 per cent of the trees in the studied stand) until the water content reached a limit where mortality resulted. Therefore, the occurrence of data showing a diameter decrease in successive forest inventories may be due to physiological and physical processes in the natural dynamics of the stand, and not exclusively be explained away as the results of human measurement errors.Facultad de Ciencias Agrarias y ForestalesConsejo Nacional de Investigaciones Científicas y Técnica

Diameter growth: Can live trees decrease?

Growth refers to an increase in dimensions with time and is implicit in the expected continual increase in tree dimensions. Tree diameters, however, could decrease during the growing season due to water depletion. Annual negative growth measurements are usually attributed to human error and not to other physiological or physical processes. Although seasonal and diurnal fluctuations of diameter have been well documented, perennial decrement of diameter has not been the focus of physiological research. The aim of this work was to analyse the potential causes of decrease in annual diameter growth related to tree mortality due to self-thinning in Nothofagus pumilio forests and to quantify the variations in water depletion of the tree trunks. Some trees did present negative annual diameter increments associated with a water content decrease in the trunks (77 per cent in live trees compared with 56 per cent in recently dead individuals), which produced a contraction (more than 8 per cent of the initial diameter) in the wood and the bark. Trees could survive during 2-5 growth seasons with continual decreases in their diameters (14 per cent, standard error 5 per cent of the trees in the studied stand) until the water content reached a limit where mortality resulted. Therefore, the occurrence of data showing a diameter decrease in successive forest inventories may be due to physiological and physical processes in the natural dynamics of the stand, and not exclusively be explained away as the results of human measurement errors.Facultad de Ciencias Agrarias y ForestalesConsejo Nacional de Investigaciones Científicas y Técnica

A Retrospective Comparative Study in Patients With Cocaine Use Disorder Comorbid With Attention Deficit Hyperactivity Disorder Undergoing an rTMS Protocol Treatment

Background: Adult attention-deficit/hyperactivity disorder (ADHD) is associated with high comorbidity with other psychiatric diseases, including cocaine use disorder (CocUD). Given the common fronto-striatal dysfunction, ADHD patients often use cocaine as self-medication for ameliorating symptoms by increasing striatal dopamine release. Yet, comorbidity with ADHD is related to poor treatment outcomes. CocUD has been treated with transcranial magnetic stimulation (TMS), but no studies investigated the outcomes in patients comorbid with ADHD. Methods: Twenty-two ADHD/CocUD and 208 CocUD-only participants received a high-frequency (15 Hz) rTMS treatment stimulating the left-DLPFC. We investigated whether both groups of patients shared similar demographic and clinical characteristics at baseline. Then, we monitored the effect of treatment testing for potential differences between groups. Results: At baseline demographic, toxicology and clinical features were not different between the two groups except for global severity index (GSI from SCL-90): patients of ADHD/CocUD group reported higher general symptomatology compared to the CocUD-only group. Concerning the effect of treatment, both groups significantly improved over time regarding cocaine use, craving, and other negative affect symptoms. No differences were observed between groups. Conclusions: To our knowledge, this is the first study comparing the demographic characterization and rTMS clinical improvements of patients with a dual diagnosis of ADHD and CocUD against CocUD-only patients. Cocaine use and common self-reported withdrawal/abstinence symptoms appear to benefit from rTMS treatment with no differences between groups. Future studies are needed to further investigate these preliminary results

Diameter growth: Can live trees decrease?

Growth refers to an increase in dimensions with time and is implicit in the expected continual increase in tree dimensions. Tree diameters, however, could decrease during the growing season due to water depletion. Annual negative growth measurements are usually attributed to human error and not to other physiological or physical processes. Although seasonal and diurnal fluctuations of diameter have been well documented, perennial decrement of diameter has not been the focus of physiological research. The aim of this work was to analyse the potential causes of decrease in annual diameter growth related to tree mortality due to self-thinning in Nothofagus pumilio forests and to quantify the variations in water depletion of the tree trunks. Some trees did present negative annual diameter increments associated with a water content decrease in the trunks (77 per cent in live trees compared with 56 per cent in recently dead individuals), which produced a contraction (more than 8 per cent of the initial diameter) in the wood and the bark. Trees could survive during 2-5 growth seasons with continual decreases in their diameters (14 per cent, standard error 5 per cent of the trees in the studied stand) until the water content reached a limit where mortality resulted. Therefore, the occurrence of data showing a diameter decrease in successive forest inventories may be due to physiological and physical processes in the natural dynamics of the stand, and not exclusively be explained away as the results of human measurement errors.Facultad de Ciencias Agrarias y ForestalesConsejo Nacional de Investigaciones Científicas y Técnica

Lepidoptera diversity in harvested forests: short term variation due to variable retention application

La cosecha tradicional afecta la biodiversidad original del bosque, principalmente a los insectos. Los sistemas de regeneración con retención variable se proponen para mejorar la conservación en bosques intervenidos, siendo los lepidópteros buenos indicadores. El objetivo fue evaluar variaciones en la diversidad luego de implementarse distintos sistemas de regeneración en bosques de Nothofagus pumilio en Tierra del Fuego (Argentina). En 50 ha se ensayaron tres sistemas con retención: agregada-RA, dispersa-RD y combinada-RC, que se compararon con un bosque primario-BP, y se evaluaron durante cuatro años (línea base antes del corte y capturas en veranos posteriores), mediante un sistema de trampeo de amplio espectro. Se analizaron 4328 individuos pertenecientes a 38 morfoespecies (división Heterocera). Las abundancias y riquezas variaron anualmente, siendo máximas después del corte y mínimas antes de la misma. La riqueza no varió entre BP (35 morfoespecies) y los rodales intervenidos (31-35 morfoespecies), siendo muy bajo el impacto debido a la incorporación de morfoespecies (1 RA y RC, 2 RD). Existió mayor similitud entre BP y RC, seguido de RD y RA. No existieron variaciones significativas de diversidad de lepidópteros en el corto plazo después del corte, siendo RC el que mejor conservó la diversidad original de BP.Traditional harvesting affects the original forest biodiversity, mainly on insects. Several regeneration systems with retention have been proposed to improve the conservation capacity of harvested forest. These were not evaluated, being the Lepidoptera good indicators. The objective was to evaluate diversity variations after the implementation of several regeneration systems in Nothofagus pumilio forests of Tierra del Fuego (Argentina). In 50 ha were assayed three regeneration systems with aggregated-RA, dispersed-RD and combined-RC retention, compared to a primary forest-BP. It was evaluated during four years, carrying out a base-line before cut and captures in following summers. A wide-spectrum trap set was employed. 4328 individuals were analyzed belonging to 38 morpho-species (Heterocera division). The abundance and diversity varied annually, being maximum after the cut and minimum before the interventions. Diversity did not varied between BP (35 morpho-species) and the harvested stands (31-35 morpho-species), being very low the impact due to the new morpho-species incorporation (1 RA and RC, 2 RD). BP and RC were the most similar treatments, followed by RD and RA. Few Lepidoptera variations were detected during the first years after the cut, being RC the treatment which better conserved the original diversity of BP.Facultad de Ciencias Agrarias y Forestale

Talares from northeastern Buenos Aires in the presence of Ligustrum lucidum W. T. (Aiton): Changes in forest structure and dynamics

La presencia de nuevas especies arbóreas en ecosistemas boscosos desencadena modifcaciones en la dinámica que se reflejan en su estructura. Estos procesos son especialmente relevantes desde el punto de vista de la conservación de bosques nativos. Los bosques de tala (Celtis ehrenbergiana var. ehrenbergiana) y coronillo (Scutia buxifolia) se consideran como una de las principales comunidades boscosas de la provincia de Buenos Aires y se encuentran protegidos en el marco de diversas reservas. En los talares de la Reserva El Destino, reconocidos entre los mejor conservados, se desarrolló un proceso de establecimiento de Ligustrum lucidum, especie que demuestra gran potencial invasor en otros bosques de la Argentina y del mundo. El objetivo de este trabajo fue caracterizar la estructura actual de estos talares e inferir los cambios en la dinámica vinculados con la presencia de esta especie. En la actualidad, estos bosques están dominados por ligustro, tanto en términos de densidad (93%) como de área basal (80%), y la estructura del componente nativo está lejos de los valores característicos. Cerca de 80% de los árboles nativos están muertos, valor muy superior al 20% de mortalidad natural, y se asocian de forma positiva con la densidad de ligustro. La exótica se instaló inicialmente en forma no selectiva y espacialmente aleatoria, y hoy llega a dominar el dosel al superar rápidamente en altura a las especies nativas. El estado actual se alcanzó en aproximadamente 20-25 años, lo cual implica un proceso de cambio estructural muy veloz. Estos resultados indican que estos talares cambiaron profundamente y, dado el grado de modifcación, podrían concebirse como un sistema ecológico nuevo, sean ecosistemas noveles o híbridos. Cualquiera sea el enfoque, el control del ligustro y la restauración activa del componente nativo, así como la erradicación en áreas donde el establecimiento es reciente, resultan prioritarios para asegurar la perpetuidad de estos bosques.The presence of new tree species in forest ecosystems promotes changes in stand dynamics that are reflected by forest structure. These processes are particularly relevant in native forests conservation. Tala (Celtis ehrenbergiana var. ehrenbergiana) and coronillo (Scutia buxifolia) forests are considered among the main forest communities of Buenos Aires province, in Argentina, and are included in several protected areas. In the El Destino Reserve, a very well conserved native forest is currently in the presence of Ligustrum lucidum, which has demonstrated a high invasive potential in other forest of Argentina and the world. The aim of this work was to characterize present structure of these stands and to infer changes in the dynamics promoted by the presence of L. lucidum. We found that these talares are currently dominated by L. lucidum in tree density (93%) and basal area (80%), and that native forest structure has departed from the characteristic values. Around 80% of native trees are dead, widely surpassing the 20% reported natural mortality, and dead tree density is positively associated with L. lucidum density. The exotic species initially established in a non-selective and spatially random pattern and reached current canopy dominance by rapidly exceeding native species total height. Present conditions were reached approximately in 20-25 years, which indicate a high rate of structural change. These results demonstrate these talares have profoundly changed and, considering the degree of modification, could be treated as new ecological systems, either novel or hybrid ecosystems. Whichever the approach, the control of L. lucidum and the active restoration of the native component, as well as the eradication of the exotic species in areas where establishment is still recent, are all of high priority in order to ensure the long-term conservation of these forests.Fil: Franco, María Guadalupe. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales. Provincia de Mendoza. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales. Universidad Nacional de Cuyo. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales; ArgentinaFil: Plaza Behr, Maia Carisa. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Medina, Micaela. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales; ArgentinaFil: Perez, Carolina. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales; ArgentinaFil: Mundo, Ignacio Alberto. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales. Provincia de Mendoza. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales. Universidad Nacional de Cuyo. Instituto Argentino de Nivología, Glaciología y Ciencias Ambientales; ArgentinaFil: Cellini, Juan Manuel. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Arturi, Marcelo Fabian. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

Talares from northeastern Buenos Aires in the presence of Ligustrum lucidum W. T. (Aiton): changes in forest structure and dynamics

La presencia de nuevas especies arbóreas en ecosistemas boscosos desencadena modifcaciones en la dinámica que se reflejan en su estructura. Estos procesos son especialmente relevantes desde el punto de vista de la conservación de bosques nativos. Los bosques de tala (Celtis ehrenbergiana var. ehrenbergiana) y coronillo (Scutia buxifolia) se consideran como una de las principales comunidades boscosas de la provincia de Buenos Aires y se encuentran protegidos en el marco de diversas reservas. En los talares de la Reserva El Destino, reconocidos entre los mejor conservados, se desarrolló un proceso de establecimiento de Ligustrum lucidum, especie que demuestra gran potencial invasor en otros bosques de la Argentina y del mundo. El objetivo de este trabajo fue caracterizar la estructura actual de estos talares e inferir los cambios en la dinámica vinculados con la presencia de esta especie. En la actualidad, estos bosques están dominados por ligustro, tanto en términos de densidad (93%) como de área basal (80%), y la estructura del componente nativo está lejos de los valores característicos. Cerca de 80% de los árboles nativos están muertos, valor muy superior al 20% de mortalidad natural, y se asocian de forma positiva con la densidad de ligustro. La exótica se instaló inicialmente en forma no selectiva y espacialmente aleatoria, y hoy llega a dominar el dosel al superar rápidamente en altura a las especies nativas. El estado actual se alcanzó en aproximadamente 20-25 años, lo cual implica un proceso de cambio estructural muy veloz. Estos resultados indican que estos talares cambiaron profundamente y, dado el grado de modifcación, podrían concebirse como un sistema ecológico nuevo, sean ecosistemas noveles o híbridos. Cualquiera sea el enfoque, el control del ligustro y la restauración activa del componente nativo, así como la erradicación en áreas donde el establecimiento es reciente, resultan prioritarios para asegurar la perpetuidad de estos bosques.The presence of new tree species in forest ecosystems promotes changes in stand dynamics that are reflected by forest structure. These processes are particularly relevant in native forests conservation. Tala (Celtis ehrenbergiana var. ehrenbergiana) and coronillo (Scutia buxifolia) forests are considered among the main forest communities of Buenos Aires province, in Argentina, and are included in several protected areas. In the El Destino Reserve, a very well conserved native forest is currently in the presence of Ligustrum lucidum, which has demonstrated a high invasive potential in other forest of Argentina and the world. The aim of this work was to characterize present structure of these stands and to infer changes in the dynamics promoted by the presence of L. lucidum. We found that these talares are currently dominated by L. lucidum in tree density (93%) and basal area (80%), and that native forest structure has departed from the characteristic values. Around 80% of native trees are dead, widely surpassing the 20% reported natural mortality, and dead tree density is positively associated with L. lucidum density. The exotic species initially established in a non-selective and spatially random pattern and reached current canopy dominance by rapidly exceeding native species total height. Present conditions were reached approximately in 20-25 years, which indicate a high rate of structural change. These results demonstrate these talares have profoundly changed and, considering the degree of modification, could be treated as new ecological systems, either novel or hybrid ecosystems. Whichever the approach, the control of L. lucidum and the active restoration of the native component, as well as the eradication of the exotic species in areas where establishment is still recent, are all of high priority in order to ensure the long-term conservation of these forests.Laboratorio de Investigación de Sistemas Ecológicos y Ambientale

Diameter models for the fiscalization of harvested lenga (Nothofagus pumilio) forests

En Tierra del Fuego los aprovechamientos forestales se realizan principalmente sobre bosques primarios en terrenos fiscales. Existe poca información disponible sobre estos bosques aprovechados, siendo necesario reconstruir la estructura forestal previa a la corta, tanto en trabajos de investigación como fiscalización. En estos casos la precisión de las estimaciones adquiere fundamental importancia. Por ello, se desarrollaron dos modelos de diámetro que permiten la estimación de la estructura previa a partir de tocones: DAP = 0,858274 x Dtoc, (r2 = 95,95; MAE = 2,38 cm; ESE = 3,55 cm) y DAPcc = 1,0661 x DAPsc, (r2 = 99,57; MAE = 0,53 cm; ESE = 0,75 cm). Se discute el uso de los modelos y la influencia de variables cualitativas de clase de sitio, social y fase de desarrollo. El empleo de estos modelos sencillos no resta precisión a la estimación, resultando apropiados para todo el rango diamétrico (DAP > 10 cm), independientemente de la calidad de sitio, clase social o fase de desarrollo.In Tierra del Fuego forest harvesting is carried out mainly over old growth forests growing in public land. There is little available information of these harvested forests, being necessary to rebuild previous forest structure in research and government control works. In these cases accuracy in the estimations is an important goal. Hence, two diameter models that enable us to rebuild any previous structure from the remaining stumps were developed: DAP = 0.858274 x Dtoc, (r2 = 95.95; MAE = 2.38 cm; ESE = 3.55 cm) y DAPcc = 1.0661 x DAPsc, (r2 = 99.57; MAE = 0.53 cm; ESE = 0.75 cm). The use of these models and the influence of different qualitative variables such as site index, crown class and development phase are discussed. Simplicity of the models does not reduce accuracy in the estimations, resulting appropriate for the whole range of diameters (DBH > 10 cm) and any category of site index, crown class or development phase.Facultad de Ciencias Agrarias y Forestale

Forty years of forest management in Tierra del Fuego province

Los bosques patagónicos son aprovechados desde la colonización, habiéndose intensificado en los últimos cuarenta años. Diferentes propuestas silvícolas se aplican en los bosques productivos de Tierra del Fuego, siendo escasa la información de la evolución de dichos tratamientos. En este trabajo se caracterizó la estructura forestal original y actual, y la regeneración de bosques aprovechados durante las últimas cuatro décadas. La tasa de extracción no varió significativamente con el tiempo ni con las políticas forestales implementadas (μ=17,8 m²/ha, σ=9,3 m²/ha), aumentando el daño del dosel remanente (μ=20,4 m²/ha, σ=6,9 m²/ha). La estructura resultante es mayormente irregular debido a que se realizaron tratamientos silviculturales incompletos. Esto se refleja en la abundante regeneración (h1,3m (pl/ha): μ=8672, σ=7889). Resulta necesario desarrollar políticas de aprovechamiento sustentable que modifiquen la tendencia histórica de subexplotación del recurso forestal, así como implementar tratamientos silvícolas completos que permitan optimizar la rentabilidad presente y futura.Patagonian forests have been harvested since early colonization, intensified during the last forty years. Different silvicultural treatments are carried out in timber forests of Tierra del Fuego, but little information is available of their evolution. In this work, original and current forest structure, and regeneration were characterized in forest harvested during the last forty years. Basal area removed did not differ between decades, neither in time nor with the different forest policies applied (μ=17.8 m²/ha, σ=9.3 m²/ha). Injures in the remnant trees are higher along the years (μ=20.4 m²/ha, σ=6.9 m²/ha). The resultant forest structure is irregular, due to the application of incomplete silvicultural treatments. This structure is reflected in regeneration numbers (h<1.3m (pl/ha): μ=212*103, σ=240.5*103; h>1.3m (pl/ha): μ=8672, σ=7889). Sustainable management policies must be developed in order to change the historical tendency of sub exploitation of the forest resource, and silvicultural treatments are needed to optimize cur rent and future profitability.Facultad de Ciencias Agrarias y Forestale