Can CAPM (Capital Asset Pricing Model) accurately value assets?

A comprehensive analysis of CAPM (Capital Asset Pricing Model) was carried out. Our analysis within CAPM for several dozen listed companies from different countries, as well as numerous results of other authors, showed that the CAPM results differ significantly from the real returns of companies. The reasons for this discrepancy are discussed, which are related to the internal properties and shortcomings of the model, as well as its possible modifications that can bring the model closer to real life. Among the latter, accounting for financial risk in CAPM along with business risk, various amendments such as the Fama-French corrections, Arbitrage Pricing Theory (APT) and the incorporation of CAPM into modern capital structure theories. Accounting for financial risk in CAPM along with business risk was made by Brusov, Filatova and Kulik recently analytically (CAPM 2.0 model), in contrast to the phenomenological model of Hamada, and a large difference in these results was emphasized. In addition to the renormalization of the beta–coefficient, obtained in the Hamada model, two additional terms are found: the renormalized risk–free return and the term dependent on the cost of debt kd. Disadvantages of Hamada\u27s model are discussed. Two versions of CAPM (market and industry) are considered and it is shown that the latter is closer to real life

Market-based instruments for the governance of coastal and marine ecosystem services: An analysis based on the Chinese case

Scholars and policy makers have increasingly emphasized the role of market-based instruments (MBIs) for the governance of ecosystem services (ESs). Limited focus however exists on a systematic understanding of how coastal and marine governance facilitates MBIs to sustain ESs. This paper develops a framework for analyzing the governance of MBIs on the basis of four distinctive aspects, including price, regulatory support, coordination, and spatial consideration. This framework can be used to analyze how MBIs are reflected in the governance of coastal and marine ESs and to understand to what extent a market environment is created for ESs. This study focuses on one in-depth case, namely Chinese national coastal and marine governance. The case suggests that existing MBIs are based on ES valuation and impacts and serve for understanding transactions. Moreover, the MBIs tend to show a clear focus on improving policy coordination. Finally, a further understanding of MBIs for coastal and marine governance is needed to also explore the role of voluntary choice

Rules for the governance of coastal and marine ecosystem services: An evaluative framework based on the IAD framework

There is an increasing need for a comprehensive institutional understanding pertaining to ecosystem services (ESs) in coastal and marine fields. This paper develops a systematic framework to inform coastal and marine governance about the integration of ES concepts. First, as a theoretical basis, we analyze the generic rules that are part of the Institutional Analysis and Development (IAD) framework. Second, by an extensive literature review, we formulate a set of ES-specific rules and develop an evaluative framework for coastal and marine governance. Third, we examine this evaluative framework in a specific action situation, namely coastal strategic planning concerning Qingdao, China. Results from the literature review and the case study reveal that when designing ES-specific rules for coastal and marine governance, there are several socio-spatial and economic aspects that should be taken into account: (1) conceive of stakeholders as ES users, (2) capture the effect of ecological scaling, (3) understand ES interactions and clarify indirect impacts and causalities, (4) account for ES values, and (5) draw on economic choices for use rights to deal with ES issues

Killer whale genomes reveal a complex history of recurrent admixture and vicariance

Reconstruction of the demographic and evolutionary history of populations assuming a consensus tree‐like relationship can mask more complex scenarios, which are prevalent in nature. An emerging genomic toolset, which has been most comprehensively harnessed in the reconstruction of human evolutionary history, enables molecular ecologists to elucidate complex population histories. Killer whales have limited extrinsic barriers to dispersal and have radiated globally, and are therefore a good candidate model for the application of such tools. Here, we analyse a global data set of killer whale genomes in a rare attempt to elucidate global population structure in a nonhuman species. We identify a pattern of genetic homogenisation at lower latitudes and the greatest differentiation at high latitudes, even between currently sympatric lineages. The processes underlying the major axis of structure include high drift at the edge of species' range, likely associated with founder effects and allelic surfing during postglacial range expansion. Divergence between Antarctic and non‐Antarctic lineages is further driven by ancestry segments with up to fourfold older coalescence time than the genome‐wide average; relicts of a previous vicariance during an earlier glacial cycle. Our study further underpins that episodic gene flow is ubiquitous in natural populations, and can occur across great distances and after substantial periods of isolation between populations. Thus, understanding the evolutionary history of a species requires comprehensive geographic sampling and genome‐wide data to sample the variation in ancestry within individuals

Complex Coacervate-based Materials for Biomedicine

There has been increasing interest in complex coacervates for deriving and trans- porting biomaterials. Complex coacervates are a dense, polyelectrolyte-rich liq- uid that results from the electrostatic complexation of oppositely charged macroions. Coacervates have long been used as a strategy for encapsulation, par- ticularly in food and personal care products. More recent efforts have focused on the utility of this class of materials for the encapsulation of small molecules, pro- teins, RNA, DNA, and other biomaterials for applications ranging from sensing to biomedicine. Furthermore, coacervate-related materials have found utility in other areas of biomedicine, including cartilage mimics, tissue culture scaffolds, and adhesives for wet, biological environments. Here, we discuss the self- assembly of complex coacervate-based materials, current challenges in the intel- ligent design of these materials, and their utility applications in the broad field of biomedicine