Moths of the Douglas Lake Region (Emmet and Cheboygan Counties), Michigan: V. Crambidae and Pyralidae (Lepidoptera)

187 species of Pyraloidea from Emmet and Cheboygan Counties in Michigan are documented, providing the first extensive list of any microlepidopteran group for any part of the state. This list complements those of the well studied macrolepidoptera of the region, and provides a starting point for examining the remainder of the microlepidopteran fauna

\u3ci\u3eA Fine Dining Experience: Review of How Not to Be Eaten. The Insects Fight Back.\u3c/i\u3e Gilbert Waldbauer. 2012. University of California Press. 221 pp.

(excerpt) As a long-time researcher and observer of insects, Waldbauer is the ideal person to write a book about insect defenses. It is obvious throughout the text that he has been intimately involved with these topics during his career, and his enthusiasm for these animals shines through. I can imagine his many students thoroughly enjoying classes, field trips and research with such a talented observer

Host Plants and Habitats of the Baltimore Checkerspot Butterfly, \u3ci\u3eEuphydryas Phaeton\u3c/i\u3e (Lepidoptera: Nymphalidae), in the Great Lakes Region

The habitats and host plants of Euphydryas phaeton in the Great Lakes region are examined using data from several different populations spread over much of the region. The range of habitats and host plants used by this species is wider than commonly believed. While many populations are found in seasonal or permanent wetlands, others are located in dry, old fields or woodland areas. The host plants used vary with habitat, but they include all major primary hosts and many secondary hosts previously reported plus several new records. The biology of E. phaeton is shown to be similar to western Euphydryas butterflies in which variation in habitat and host plant use is well documented

Competition, Growth, and Performance in the Banking Industry

This paper analyzes competition, growth, and performance in the banking industry. First, we analyze the relationship between market structure and the performance of the banking industry. Furthermore, we test hypotheses on whether size matters for individual banks' profit performance. As such, we use extreme bounds stability analysis and a stability analysis in line with Sala-i-Martin (1997) to test for the reliability of the regression outcomes. It turns out that bank profits are inversely related to the amount of bank assets and are positively associated with the amount of tier-one bank capital.Bank Competition, Bank Performance, Bank Size, International Banking

Are internet firms different? : evidence from insider trading

This study investigates whether the information content of insider transactions, with a focus on sell transactions, is different for high growth, high volatility Internet-based firms. Prior research on more “traditional” firms has found a small, but significant negative abnormal return with insider sells, which points to an association of insider sells with negative information about the firm by outsiders. We employ several models to examine over 1,000 inside transactions for more than 100 NETDEX firms to find that for Internet firms, insider sells are not followed by a significant negative abnormal return. Firm size effects differ between the different methods employed. In conclusion, it appears that while insider sales in traditional firms are motivated by information asymmetry reason, insider sales in Internet firms are not. We conclude that Internet firms are different indeed.

The opportunity cost of negative screening in socially responsible investing

This paper investigates the impact of negative screening on the investment universe as well as on financial performance. We come up with a novel identification process and as such depart from mainstream socially responsible investing literature by concentrating on individual firms’ conduct and by studying a much wider range of issues. Firstly, we study the size and financial performance of fourteen potentially controversial issues: abortion, adult entertainment, alcohol, animal testing, contraceptives, controversial weapons, fur, gambling, genetic engineering, meat, nuclear power, pork, (embryonic) stem cells, and tobacco. We investigate an international sample of more than 1,600 stocks for more than twenty years. We then analyze the impact of applying negative screens to a market portfolio. Our findings suggest that the choice for negative screening strategies does matter for the size of the investment universe as well as for risk-adjusted return performance. Investing in controversial stocks in many cases results in additional risk-adjusted returns, whereas excluding them may reduce financial performance. These findings suggest that there are opportunity costs to negative screening.Publisher PDFPeer reviewe

Joint default probabilities and country risk

The assessment of country risk is of crucial importance for both developing countries and international lenders and investors. Many existing country risk approaches are opaque and heavily rely on subjective choices. In general, they lack a theoretical basis. To assess country risk, we use the Merton model in which a loan defaults if the value of a firm’s assets falls below the amount due to the loan. In a portfolio context, this implies that default correlations warrant the utmost attention. We find that country default correlations are significant and low. Furthermore, joint defaults tend to be clustered in Latin American and Eastern European transition countries, but not in Asia.

Financial development and the transmission of monetary shocks

We investigate whether the financial system dampens or exacerbates monetary shocks of inflation uncertainty to the economy. Our GMM-estimates for 88 countries over a period of 25 years show that inflation uncertainty has a positive and significant impact on the volatility of economic growth. More importantly, we find that financial development dampens the negative effects of inflation uncertainty on the volatility of economic growth. This confirms the importance of a well-developed financial sector.

Spread of \u3ci\u3eAcentria Ephemerella\u3c/i\u3e (Lepidoptera: Pyralidae) in Central North America

The aquatic moth, Acentria ephemerella, was first reported from North America in 1927. Recent records from widespread localities in central North America indicate that the range of this European introduction continues to expand. The moth is well established in the western Great Lakes region and is recorded west to the Missouri River valley in Iowa

Biology of the Genus \u3ci\u3eHemileuca\u3c/i\u3e (Lepidoptera: Saturniidae) in Michigan

The habitats and host plants of buckmoths (Hemileuca: Saturniidae: Hernileucinae) in Michigan are described and compared to those of the three species known from eastern North America, H. maia, H. nevadensls, and H. lucina. Michigan populations show variation in host plant and habitat use spanning the entire range of all three species. The presence of transitional phenotypes and the host plant and habitat data suggest that Michigan populations are a single, variable species. These things combined with the intermediate geographical location of Michigan\u27s populations call into question the taxonomic distinctness of the three eastern buckmoth species