A surrogate similarity measure for the mean-variance frontier optimization problem under bound and cardinality constraints

This paper deals with the mean-variance optimization frontier problem when realistic constraints are considered. Our proposed methodology hybridizes a heuristic algorithm with an exact solution approach. A genetic algorithm is applied for the identification of the assets in the portfolio, whilst the asset weights in the portfolios are obtained by a quadratic programming model. The proposed algorithmic framework produces a constrained frontier that actually fulfills the bound and cardinality constraints, unlike other proposals where the frontier is composed of several sub-frontiers, each one considering the cardinality constraint but with different assets in each sub-frontier, thus violating the cardinality constraint. This brings us to propose a surrogate similarity measure for the optimization of the constrained frontier, which differs from a previous proposal where no bound constraints were considered. Regarding the genetic algorithm, we propose an initial population to boost the convergence of the optimization process, whilst the adopted mutation and crossover genetic operators result in feasible individuals. An illustrative example using components of five major stock market indices is provided to demonstrate the effectiveness of the proposed method

Improving the ecological efficiency of the bottom trawl fishery in the western Mediterranean: it’s about time!

The improvement of fishing technology has been detrimental to the sustainability of fisheries, which is particularly clear for the bottom trawl fishery. Reducing its environmental impact is a key point for the development of a more sustainable fishery. The present work analyzed different possibilities to mitigate the impact of gears on the seabed and to increase the efficiency of the bottom trawl fishery of the Western Mediterranean. The analysis of three experiments showed that innovative technical and regulation measures can lead to benefits such as the reduction of fishing effort, the improvement of the cost-benefit relation and the reduction of the direct impact on the seabed and the indirect effect on the ecosystems through reduce discards and the emission of CO2 into the atmosphere. After years of studies focused on improving the sustainability of this fishery, it's about time to turn this improvement into realityPreprint1,86

The use of Artificial Neural Networks (ANNs) in aquatic ecology

Publicad

Polymer-supported l-prolinol-based catalysts for the enantioselective addition of dialkylzinc reagents to N-(diphenylphosphinyl)imines

l-Prolinol-based ligands anchored to Merrifield or Wang-type resins have been shown to form efficient catalysts for the enantioselective addition of dialkylzinc reagents to N-(diphenylphosphinyl)imines. The enantioselectivity achieved with the polymeric catalyst (ee up to 88%) is slightly lower than the one obtained with the homogeneous ligand N-benzyl-l-prolinol, but the polymer-supported ligand presents the advantage of its recyclability: it can be recovered and used in up to six consecutive catalytic cycles with only a slight decrease in the enantiomeric excess. The phosphinamides obtained as addition products can be transformed into the corresponding enantiomerically enriched α-branched primary amines under mild acidic conditions.This work was generously supported by the Spanish Ministerio de Ciencia e Innovación (MICINN; grant no. CONSOLIDER INGENIO 2010, CSD2007-00006, CTQ2007-65218 and CTQ11-24151) and the Generalitat Valenciana (PROMETEO/2009/039, FEDER and GV/2007/036). R.A. thanks the Spanish Ministerio de Educación y Ciencia for a predoctoral fellowship. J.F.C. thanks the Instituto de Síntesis Orgánica for a fellowship

Libanon : Heiße Spuren im „Mordfall Hariri“?

The teleosts Chelidonichthys cuculus, Trigloporus lastoviza, Serranus cabrilla and Trachinus draco, are important by-catch species, in terms of landed biomass and commercial value, from the continental shelf bottom trawl fishery off the Balearic Islands (western Mediterranean). The main biological parameters of these species were calculated from monthly biological samplings, and were used along with three years pseudo-cohorts (2008-2010) obtained from monitoring on-board of the bottom trawl fleet, to assess their exploitation level through Virtual Population Analysis (VPA) and Yield per Recruit (Y/R) analysis. Time series of fishery independent indicators based on MEDITS surveys data such as the evolution of the abundance and biomass, the distribution range, and the Conservation Status of Fish b (CSFb), were also analyzed. All four species analyzed showed growth overfishing. The reductions of the fishing effort required to reach the Y/RF0,1 reference point were lower, 66-73% depending on the species, to those reported for the target species M. merluccius (87%), but higher than that reported for M. surmuletus (53%), in the study area in the period 2000-2010. The abundance and biomass, and the distribution range did not show any trend for the period 2001-2011, whereas the CSFb showed signs of recovery that may be due to the displacement of the trawl fishing effort from the shelf to the slope during the last decade. Our results underline the necessary incorporation of monitoring and assessment of by-catch species to the management of fisheries as their populations can show a more pronounced overexploitation than target ones

Diamond vs. square mesh codend in a multi-species trawl fishery of the western Mediterranean: effects on catch composition, yield, size selectivity and discards

Selectivity studies usually describe the effects on target species, whereas information on by-catch and discards is scarce. Nevertheless, large quantities of undersized individuals and invertebrates are discarded in the Mediterranean multi-species bottom trawl fishery. The present work analyses the data from two surveys carried out on the shallow and deep continental shelf (50–78 m, and 147–189 m, respectively) off the Balearic Islands (western Mediterranean). In these surveys, the traditionally used 40 mm diamond mesh codend and an experimental square mesh codend were used under commercial conditions. Catch composition, yields, size selectivity of both target and by-catch species, and discards were compared between the two mesh types. The mean selection length (L50) clearly increased for most species when using square mesh, escaping many more individuals under their minimum landing size. Yield of Spicara smaris was significantly lower by using the square mesh, changing the composition of the retained catch. Escapement ratio and economic loss were significantly higher with square mesh, although economic loss was almost negligible for both meshes on the deep continental shelf. The use of square mesh significantly reduced the discards of algae in the shallow waters and fish on the deep continental shelf. The results confirmed that square mesh codend reduces the fishing pressure on small specimens as well as the impact of trawling on the ecosystem. These benefits would not lead to a reduction of the yields neither of the main target species, the fishes Merluccius merluccius, Mullus surmuletus, Zeus faber, and the cephalopods Loligo vulgaris and Octopus vulgaris, nor of the rest of commercial categories, except for Spicara smarisPublicado

Stock assessment of Mullus surmuletus from GFCM GSA-05 (Balearic Islands)

Versión del edito

Stock boundaries for fisheries assessment and management in the Mediterranean: the Balearic Islands as a case study

The stock concept plays a pivotal role in fisheries assessment and management. Stocks are defined according to biological, geographical, economic or socio-political factors. The General Fisheries Commission for the Mediterranean (GFCM) has established thirty management geographical sub-areas (GSAs) based on political and statistical considerations rather than biological or economic factors. Here, we present our view on the main biological and ecological aspects that should be considered for delineating different management units in the Mediterranean. We focus on the Balearic Islands (GSA05) as a case study highlighting its specificities compared to the adjacent coast of the Iberian Peninsula (GSA06), but the approach could be generalized to the problem of identifying stock boundaries in other areas. The work is based on published information from different marine disciplines such as geomorphology, ecology and fisheries, combined with the analysis of new data coming from official fishery statistics and scientific surveys. This approach avoids the important draw¬backs (inconclusive results, high costs) of other time-consuming techniques used in stock identification, such as genetics. According to the information presented, we conclude that GSA05 should be maintained as an individualized area for assess-ment and management purposes in the western MediterraneanPublicado