How suitable are equity release mortgages as investments for pension funds?

This article examines the claim that equity release mortgages, the U.K. equivalent of reverse mortgages in the U.S., are suitable investments for pension funds. We present valuation, stress test and scenario analysis results that suggest that equity release mortgages are unsuitable for pension funds because: (i) they bear returns that are typically below the risk-free rate; (ii) they are not hedges for annuity books, let alone good hedges; and (iii) they are heavily exposed to house price risk, which annuity books are not. Our results suggest that equity release mortgages meet none of these criteria to be suitable for pension funds and are almost entirely dominated by risk-free government bonds. We offer an explanation for why investors appear to be unaware of the low returns on equity release mortgages

Identifying and prioritizing potential conservation sites in the Upper Oconee subbasin

Proceedings of the 2009 Georgia Water Resources Conference, April 27, 28, and 29, 2009 Athens, Georgia.Landscape scale conservation planning informed by stakeholders is necessary for effective conservation action. We developed a watershed level conservation planning approach by working with two local land trusts that operate in the Upper Oconee subbasin of northeast Georgia. Emphasizing the interdependency of ecological processes and human livelihood to area residents motivates stewardship; hence, we focused on conservation values that draw these linkages. In the United States, private landowner conservation is essential for successful protection of ecological processes and biodiversity. The prevalent route for involving private landowners with conservation is through partnerships with land trusts. A rapid proliferation of land trusts across the U.S. over the past decade indicates the increasing importance of private land conservation efforts. As our primary objective, we developed a GIS model for evaluating nine conservation features in the watershed using a weighted scoring system modified from the Georgia Land Conservation Program evaluation criteria. We extracted the 70 highest-ranking parcels as target recruitment parcels. The land trusts will begin targeting these 70 parcels for easement recruitment immediately. The second objective included quantifying these nine conservation features for current easements and other conservation lands to aid development of strategic conservation plans. Land trust personnel agreed with the relative scoring of their current holdings. We provided the land trusts access to the entire database of values for the features analyzed in all 34,024 parcels, empowering them to visit a potential easement site with a priori knowledge; thereby, enhancing the efficiency of their finite funding and personnel resources.Sponsored by: Georgia Environmental Protection Division U.S. Geological Survey, Georgia Water Science Center U.S. Department of Agriculture, Natural Resources Conservation Service Georgia Institute of Technology, Georgia Water Resources Institute The University of Georgia, Water Resources FacultyThis book was published by Warnell School of Forestry and Natural Resources, The University of Georgia, Athens, Georgia 30602-2152. The views and statements advanced in this publication are solely those of the authors and do not represent official views or policies of The University of Georgia, the U.S. Geological Survey, the Georgia Water Research Institute as authorized by the Water Research Institutes Authorization Act of 1990 (P.L. 101-307) or the other conference sponsors

IDENTIFYING AND PRIORITIZING POTENTIAL CONSERVATION SITES IN THE UPPER OCONEE SUBBASIN

Abstract. Landscape scale conservation planning informed by stakeholders is necessary for effective conservation action. We developed a watershed level conservation planning approach by working with two local land trusts that operate in the Upper Oconee subbasin of northeast Georgia. Emphasizing the interdependency of ecological processes and human livelihood to area residents motivates stewardship; hence, we focused on conservation values that draw these linkages. In the United States, private landowner conservation is essential for successful protection of ecological processes and biodiversity. The prevalent route for involving private landowners with conservation is through partnerships with land trusts. A rapid proliferation of land trusts across the U.S. over the past decade indicates the increasing importance of private land conservation efforts. As our primary objective, we developed a GIS model for evaluating nine conservation features in the watershed using a weighted scoring system modified from the Georgia Land Conservation Program evaluation criteria. We extracted the 70 highest-ranking parcels as target recruitment parcels. The land trusts will begin targeting these 70 parcels for easement recruitment immediately. The second objective included quantifying these nine conservation features for current easements and other conservation lands to aid development of strategic conservation plans. Land trust personnel agreed with the relative scoring of their current holdings. We provided the land trusts access to the entire database of values for the features analyzed in all 34,024 parcels, empowering them to visit a potential easement site with a priori knowledge; thereby, enhancing the efficiency of their finite funding and personnel resources

Multifocal Fluorescence Microscope for Fast Optical Recordings of Neuronal Action Potentials

AbstractIn recent years, optical sensors for tracking neural activity have been developed and offer great utility. However, developing microscopy techniques that have several kHz bandwidth necessary to reliably capture optically reported action potentials (APs) at multiple locations in parallel remains a significant challenge. To our knowledge, we describe a novel microscope optimized to measure spatially distributed optical signals with submillisecond and near diffraction-limit resolution. Our design uses a spatial light modulator to generate patterned illumination to simultaneously excite multiple user-defined targets. A galvanometer driven mirror in the emission path streaks the fluorescence emanating from each excitation point during the camera exposure, using unused camera pixels to capture time varying fluorescence at rates that are ∼1000 times faster than the camera’s native frame rate. We demonstrate that this approach is capable of recording Ca2+ transients resulting from APs in neurons labeled with the Ca2+ sensor Oregon Green Bapta-1 (OGB-1), and can localize the timing of these events with millisecond resolution. Furthermore, optically reported APs can be detected with the voltage sensitive dye DiO-DPA in multiple locations within a neuron with a signal/noise ratio up to ∼40, resolving delays in arrival time along dendrites. Thus, the microscope provides a powerful tool for photometric measurements of dynamics requiring submillisecond sampling at multiple locations

Assessing population exposure to coastal flooding due to sea level rise

The exposure of populations to sea-level rise (SLR) is a leading indicator assessing the impact of future climate change on coastal regions. SLR exposes coastal populations to a spectrum of impacts with broad spatial and temporal heterogeneity, but exposure assessments often narrowly define the spatial zone of flooding. Here we show how choice of zone results in differential exposure estimates across space and time. Further, we apply a spatio-temporal flood-modeling approach that integrates across these spatial zones to assess the annual probability of population exposure. We apply our model to the coastal United States to demonstrate a more robust assessment of population exposure to flooding from SLR in any given year. Our results suggest that more explicit decisions regarding spatial zone (and associated temporal implication) will improve adaptation planning and policies by indicating the relative chance and magnitude of coastal populations to be affected by future SLR.PRIFPRI3; ISIDSG

Monitoring riverine fish communities through eDNA metabarcoding:Determining optimal sampling strategies along an altitudinal and biodiversity gradient

Monitoring aquatic biodiversity through DNA extracted from environmental samples (eDNA) combined with high-throughput sequencing, commonly referred to as eDNA metabarcoding, is increasing in popularity within the scientific community. However, sampling strategies, laboratory protocols and analytical pipelines can influence the results of eDNA metabarcoding surveys. While the impact of laboratory protocols and analytical pipelines have been extensively studied, the importance of sampling strategies on eDNA metabarcoding surveys has not received the same attention. To avoid underestimating local biodiversity, adequate sampling strategies (i.e. sampling intensity and spatial sampling replication) need to be implemented. This study evaluated the impact of sampling strategies along an altitudinal and biodiversity gradient in the upper section of the Murrumbidgee River (Murray-Darling Basin, Australia). An eDNA metabarcoding survey was used to determine the local fish biodiversity and evaluate the influence of sampling intensity and spatial sampling replication on the biodiversity estimates. The results show that optimal eDNA sampling strategies varied between sites and indicate that river morphology, species richness and species abundance affect the optimal sampling intensity and spatial sampling replication needed to accurately assess the fish biodiversity. While the generality of the patterns will need to be confirmed through future studies, these findings provide a basis to guide future eDNA metabarcoding surveys in river systems

Identification of novel subgroup a variants with enhanced receptor binding and replicative capacity in primary isolates of anaemogenic strains of feline leukaemia virus

<b>BACKGROUND:</b> The development of anaemia in feline leukaemia virus (FeLV)-infected cats is associated with the emergence of a novel viral subgroup, FeLV-C. FeLV-C arises from the subgroup that is transmitted, FeLV-A, through alterations in the amino acid sequence of the receptor binding domain (RBD) of the envelope glycoprotein that result in a shift in the receptor usage and the cell tropism of the virus. The factors that influence the transition from subgroup A to subgroup C remain unclear, one possibility is that a selective pressure in the host drives the acquisition of mutations in the RBD, creating A/C intermediates with enhanced abilities to interact with the FeLV-C receptor, FLVCR. In order to understand further the emergence of FeLV-C in the infected cat, we examined primary isolates of FeLV-C for evidence of FeLV-A variants that bore mutations consistent with a gradual evolution from FeLV-A to FeLV-C.<p></p> <b>RESULTS:</b> Within each isolate of FeLV-C, we identified variants that were ostensibly subgroup A by nucleic acid sequence comparisons, but which bore mutations in the RBD. One such mutation, N91D, was present in multiple isolates and when engineered into a molecular clone of the prototypic FeLV-A (Glasgow-1), enhanced replication was noted in feline cells. Expression of the N91D Env on murine leukaemia virus (MLV) pseudotypes enhanced viral entry mediated by the FeLV-A receptor THTR1 while soluble FeLV-A Env bearing the N91D mutation bound more efficiently to mouse or guinea pig cells bearing the FeLV-A and -C receptors. Long-term in vitro culture of variants bearing the N91D substitution in the presence of anti-FeLV gp70 antibodies did not result in the emergence of FeLV-C variants, suggesting that additional selective pressures in the infected cat may drive the subsequent evolution from subgroup A to subgroup C.<p></p> <b>CONCLUSIONS:</b> Our data support a model in which variants of FeLV-A, bearing subtle differences in the RBD of Env, may be predisposed towards enhanced replication in vivo and subsequent conversion to FeLV-C. The selection pressures in vivo that drive the emergence of FeLV-C in a proportion of infected cats remain to be established