Effect of feeding fermentable fibrerich feedstuffs lupin and chicory prior to slaughter with special emphasis on the effect on chemical boar taint in organic entire male and female pigs and technological meat quality

Boar taint is an off-flavour of pork caused primarily by skatole and, androstenone. Pig off-odour and flavour mostly caused by higher skatole concentrations in backfat. It is a problem in all types of pork production and is not restricted to entire male pigs. If uncastrated, 5-10% of Danish entire male pigs (100 kg liveweight) have > 0.25 ppm skatole in backfat and are then classified as boar tainted, having a markedly reduced value. Even backfat skatole values above 0.15 ppm enhance the off-odour for skatole sensitive consumers. An alternative way to reduce high skatole concentrations may be feeding with fibre-rich feedstuffs. This idea is based on previous studies which have demonstrated that 10% dried chicory or more in the feed reduces skatole in entire male pigs significantly after 7, 14 and 21 days of feeding, resulting in a significant reduction in perceived boar taint and thus an improvement in the flavour and taste of meat. Significantly decreased skatole concentrations and a tendency to increased eating quality have also been demonstrated by feeding 25% lupines to female and castrated male pigs during the whole fattening period. The question remains, however, whether the effects of lupines on skatole and other sensory characteristics of female and entire male pigs can be obtained when used only in the last 1 or 2 weeks before slaughter. Two experimental replicates each consisting of 24 pigs (12 entire male and 12 female) was divided into three treatments according to litter and initial weight and kept in pairs (pens) of either female or entire male pigs. The male and female pigs were kept in different stables. The pairs of pigs have been fed three organic diets for either 1 or 2 weeks prior to slaughter of which two diets contained different fermentable fibre-rich feedstuffs (10% dried chicory root plus 90% organic control feed and 25% blue lupine seed plus 75% other organic feed components). These two treatments were compared with a control; where the pairs of pigs were fed organic control concentrate (“conventional”) either 1 or 2 weeks prior to slaughter (at approx. 104 kg liveweight). Levels of skatole and indole in blood plasma from Vena jugularis were monitored at the start of the experiment and just before slaughter, and skatole in backfat was measured at slaughter. Production results were registered (daily weight gain, FUp per kg gain, slaughter weight, carcass meat percentage, warm and cold carcass weight), and after slaughter at Research Centre Foulum the following technological meat quality attributes were measured on M. Longissimus dorsi (LD): meat colour (L*, a*, and b* values), drip loss, pH measurements, temperatures and glycogen at 45 minutes and 24 hours post mortem. There was a significant reduction in skatole in blood and backfat for both sexes by feeding 25% blue lupine one or two weeks prior to slaughter (P<0.001). The 10% (and 13.3%) dried chicory roots showed no significant effect. This is possibly due to error in the heat treatment of the roots during the drying process. A majority of the meat quality parameters were not significantly affected by either of the two dietary treatments. However, glycogen contents tended to be higher 45 minutes and 24 hours post mortem (P<0.10) and the drip loss lower in the lupine-fed pigs. There were clear tendencies to significant differences in production results as the 25% lupines showed negative impact on growth rate, feed conversion ratio, slaughter weight and carcass weight. Newly mixed entire male pigs showed worse performance than newly mixed female pigs during the short time experiment

Effect of feeding fermentable fibrerich feedstuffs on meat quality with emphasis on chemical and sensory boar taint in entire male and female pigs

Skatole, androstenone and other compounds such as indole cause boar taint in entire male pork. However, female pigs also produce skatole and indole. The purpose of this experiment was to minimise boar taint and increase overall impression of sensory quality by feeding entire male and female pigs with fibrerich feedstuffs. The pigs have been fed three organic diets for either 1 or 2 weeks prior to slaughter of which two diets contained different fermentable fibre-rich feedstuffs – 10–13.3% dried chicory roots or 25% blue lupines. These two treatments were compared with pigs fed with an organic control diet for either 1 or 2 weeks prior to slaughter. Lupines significantly reduced skatole in blood and backfat for both genders after 1 week. Moreover, lupines showed negative impact on growth rate and feed conversion whilst chicory showed no significant differences in this respect. However, the indole concentration was significantly lower in chicory than lupine fed pigs. From a sensory perspective, chicory and lupine feeding reduced boar taint since odour and flavour of manure related to skatole and urine associated to androstenone were minimised. The level of boar taint in the entire male pigs was most effectively reduced after 14 days by both fibre-rich feeds while lupine had the largest influence on ‘‘boar” taint reduction in female pigs

How Sticky Are the Costs? Evidence from the Shipping Industry

Trying to understand how cost behaves seems to be an essential element of cost and management accounting. In this study, we examine whether costs increase more when operation rises than they decrease when operation falls by an equivalent amount. The shipping industry is taken as an empirical case to study these issues at hand, based on a selected sample of 123 publicly-listed shipping companies, over 2006-2016. The sample includes companies belonging to the three main shipping sectors, i.e. tankers, containers and dry-bulk. We applied pooled regressions, based on ordinary least squares. Each model is run for each sample and each type of cost that we have considered in our model. We have gone through several tests of cost stickiness for some types of costs and their determinants. What we have found is the presence of stickiness both for the total cost of labor and the vessel operating costs

The role of net stable funding ratio on the bank lending channel: evidence from European Union

This paper is motivated by the ongoing debate about the Basel III impact on the efficient functioning of the banking sector. We empirically examine the effect that the implementation of the net stable funding ratio has on real economy. Using data from the EU banking sector, we conduct a retrospective analysis by simulating and investigating historically the NSFR index and its role in the implementation of a common monetary policy. We intervene on the traditional bank lending channel of Bernanke and Blinder (Am Econ Rev 82:901–921, 1992) by incorporating the interaction term between liquidity and interest rates. The analysis is conducted both at an aggregated loan supply level and by loan category while it incorporates, additionally to the interaction term, conventional asset pricing approaches with the adoption of self-financing trading strategies detecting nonlinearities in the relationship between liquidity provisions and bank lending channel. According to our findings, there is evidence of a heterogeneous response of financial intermediaries’ loan supply (due to changes of interest rates) across different NSFR levels. Banks with higher NSFR respond positively to an interest rate increase, by restructuring their loans’ portfolios to achieve higher risk-adjusted returns, conditional on the presence of an efficient asset allocation. On the contrary, low NSFR banks reduce loan supply as a response to higher interest rates

Islamic banking, efficiency and societal welfare: a machine-learning, agent-based study

Purpose: This paper models the benefits of Islamic banking on the efficiency of the banking sector and on societal happiness. This paper aims to examine how the adoption of Islamic banking to various degrees affects economics outcomes. Design/methodology/approach: This study uses machine-learning tools to build a happiness function and integrate it in an agent-based model to test for the direct and indirect welfare effects of implementing Islamic banking principles. Findings: This study shows that even though Islamic banking systems tend to reduce economic activity, financial stability and societal happiness is improved. Additionally, a banking sector using Islamic principles across all its members is better equipped to handle banking crises because contagion to both economic activity and societal welfare is greatly reduced. At the same time, adoption of the profit-and-loss sharing (PLS) paradigm by banks may also slow down economic growth. Research limitations/implications: The findings extend existing literature on the advantages of Islamic banking, by quantifying the welfare benefits of the PLS paradigm on happiness and financial stability. Originality/value: To the best of the authors’ knowledge, this paper is the first to combine agent-based modelling with machine learning tools to examine the benefits of the Islamic banking model on financial stability, social welfare and unemployment

Safe-haven properties of soft commodities during times of Covid-19

We use wavelet coherence analysis on global COVID-19 fear index and, soft commodities’ spot and futures prices to investigate safe-haven properties of soft commodities over the period from January 28, 2020 to April 29, 2021. Our findings show that each of the sampled soft commodities shows safe-haven behavior in one of the spot or futures markets and for one of the short-term or long-term investors during the times of COVID-19. Our results also show that safe-haven properties of soft commodities are contingent upon the nature of the commodity. The findings of our mean-variance portfolio analysis indicate that the portfolios with commodity futures are less risky and efficient compared to the portfolio containing stocks only, thus robustly supporting the safe-haven properties of soft commodities during COVID-19. Our results not only have important implications for individual investors and asset managers in suggesting particular soft commodities to strengthen safe-haven and diversification features of their portfolios but also can assist the policy makers to understand and disentangle health fear dimension of several interlocking dynamics affecting the spot and futures prices of soft commodities during COVID-19

Asymmetric and nonlinear inter-relations of US stock indices

© 2018, Emerald Publishing Limited. Purpose: The purpose of this paper is to examine the inter-relations among the US stock indices. Design/methodology/approach: Data of nine US stock indices spanning a period of sixteen years (2000-2015) are employed for this purpose. Asymmetries are examined via an error correction model. Non-linear inter-relations are researched via Breitung’s nonlinear cointegration, a M-G nonlinear causality model, shocks to the forecast error variance, a shock spillover index and an asymmetric VAR-GARCH (VAR-ABEKK) approach. Findings: The inter-relations are significant. The results are robust across all types of inter-relations. They are highest in the Lehman Brothers sub-period. Higher stability after the EU debt crisis, enhances independence and growth for the US stock indices. Originality/value: To the best of the knowledge, this is the first study to examine the inter-relations of US stock indices. Most studies on inter-relations concentrate on the portfolio analysis to reveal diversification benefits among various asset markets internationally. Hence this study contributes to this literature on the inter-relations of a specific asset market (stock), and in a specific nation (USA). The evident inter-relations support the notion of diversification benefits in the US stock markets

A survey of shipping finance research: setting the future research agenda

Financing shipping related investment projects has always been a focal area of debate and research within the international maritime industry since access to funding can determine the competitiveness of a capital-intensive business as well as its success or failure under adverse market conditions. This paper provides, for the first time, a comprehensive and structured survey of all published research in the area of shipping finance and investment. The review spans approximately four decades (1979-2018) of empirical evidence, including 162 studies published in 48 scholarly journals, complemented with select books and book chapters. The study provides a bibliometric analysis and comprehensive synthesis of existing research offering an invaluable source of information for both the academic community and business practice, shaping the future research agenda in shipping finance and investment