The Production of Investment Returns in Spatially Extensive Financial Markets

Investment returns are produced by combining financial assets with human capital, the decision-making protocols of investment houses, and the electronic infrastructure that supports the flow of information about investment. At the center of the production process stand senior managers; their power and authority in the production process is fundamental to the performance of investment organizations. This article provides a model of the production of investment returns in financial centers and spatially extensive financial markets. We begin with Coase's theory of the firm but go beyond models of the firm that represent commodity-producing industries. Having substantiated the model of investment management, it is applied to institutions that seek investment returns in geographically extensive financial markets. Operating in financial markets at a distance from home jurisdictions is an increasingly important aspect of investment management. Given recent turmoil in global financial markets, financial houses have sought higher rates of return from markets in which they have little direct experience. At issue is how different types of financial organizations (large and small, growing and declining) produce investment returns in this new environment.     

Species diversity and regeneration of native species in Pennisetum ciliare (buffelgrass) pastures from the thornscrub of Sonora,México

To examine the influence of buffelgrass land conversion and pasture management on native species diversity and regeneration patterns, we describe community attributes and population structure in four different active pastures in thornscrub vegetation from eastern Sonora, Mexico. We compare a relatively undisturbed thornscrub community with a contiguous five years old active pasture, to identify species able to regenerate under current management practices. Buffelgrass conversion has a significant influence on species diversity and other community attributes. Active pastures have lower species diversity, crown cover and basal area of native species than the studied native thornscrub. An active pasture subjected to heavy grazing and without management of the thorny legume, Acacia cochliacantha, showed the lower species diversity and an almost monospecific stand of this legume. It is likely that the reduction in species diversity is caused by the conversion process, inadequate management and regeneration barriers that limit seedling establishment in active pastures. Our data recorded eight native species (13%) that were able to regenerate in active pastures. However, the great majority of native species were unable to regenerate under pastures. This study shows that under current management, active buffelgrass pastures maintain only a small fraction of native species with regenerating populations in the thornscrub.     

Disruption rates for one vulnerable soil in Organ Pipe Cactus National Monument,Arizona, USA

Rates of soil disruption from hikers and vehicle traffic are poorly known, particularly for arid landscapes. We conducted an experiment in Organ Pipe Cactus National Monument (ORPI) in western Arizona, USA, on an air-dry very fine sandy loam that is considered to be vulnerable to disruption. We created variable-pass tracks using hikers, an all-terrain vehicle (ATV), and a four-wheel drive vehicle (4WD) and measured changes in cross-track topography, penetration depth, and bulk density. Hikers (one pass = 5 hikers) increased bulk density and altered penetration depth but caused minimal surface disruption up to 100 passes; a minimum of 10 passes were required to overcome surface strength of this dry soil. Both ATV and 4WD traffic significantly disrupted the soil with one pass, creating deep ruts with increasing passes that rendered the 4WD trail impassable after 20 passes. Despite considerable soil loosening (dilation), bulk density increased in the vehicle trails, and lateral displacement created berms of loosened soil. This soil type, when dry, can sustain up to 10 passes of hikers but only one vehicle pass before significant soil disruption occurs; greater disruption is expected when soils are wet. Bulk density increased logarithmically with applied pressure from hikers, ATV, and 4WD.     

From cod to shellfish and back again? The new resource geography and Newfoundland's fish economy

This paper traces three key phases in Newfoundland's resource economy: the collapse of cod, the rise of shellfish and recent efforts to re-establish cod. I argue that these changes in the province's fish economy may be productively understood through the ‘new resource geography’. The paper explores three themes: the relationship between knowledge practices and resource management; the way in which fish resources are defined in both material and discursive forms; and the different sites and institutions involved in the regulation of the cod resource.     

The importance of spatial nested data in understanding the relationship between visitor use and landscape impacts

As managers and researchers of protected natural areas continue to seek balance in promoting visitor use but limiting negative experiential and natural resource impacts, the integration of social and physical spatial data may play a critical role in understanding how visitors and the community interface with the landscape within these protected areas. These spatial considerations are important for inventorying, monitoring, and managing the conditions of natural resources within parks. Specifically related to the visitor impacts of natural resources in parks are the use and condition of multiple-use trails. Technology such as GPS and GIS may allow for a unique assessment of the relationship between factors that influence this resource. This paper focuses on how visitor use distribution (measured through GPS tracking), activity type, and trail design influence the impacts to trail conditions. This paper also addresses statistical concerns related to spatial dependency. Results suggest that failure to account for spatial dependency can lead to erroneous Type I findings. Additionally, activity type (specifically horseback riders) and trail design were found to best predict trail impacts when controlling for spatial dependency.     

Understanding and managing the morphology of branches incising into sand-clay deposits in the Dutch Rhine Delta

In the Rhine-Meuse delta in the south-western part of the Netherlands,the morphology of the river branches is highly dependent on the erodibility of the subsoil.Erosion processes that were initiated after closure of the Haringvliet estuary branch by a dam(in 1970),caused a strong incision of several connecting branches.Due to the geological evolution of this area the lithology of the subsoil shows large variations in highly erodible sand and poorly erodible peat and clay layers.This study shows how the geological information can be used to create 3D maps of the erodibility of the sub-soil, and how this information can be used to schematize the sub-soil in computational models for morphological simulations.Local incisement of sand patches between areas with poorly erodible bed causes deep scour holes,hence increasing the risk on river-bank instability(flow slides) and damage to constructions such as groynes,quays,tunnels, and pipelines.Various types of mathematical models,ranging from 1D(SOBEK) to quasi-3D(Delft3D) have been applied to study the future development of the river bed and possible management options.The results of these approaches demonstrate that models require inclusion of a layer-bookkeeping approach for sub-soil schematization, non-uniform sediment fractions(sand-mud),tidal and river-discharge boundary conditions,and capacity-reduction transport modeling.For risk-reducing river management it has been shown how the development of the river bed can be addressed on a large scale and small scale.For instance,the use of sediment feeding and fixation of bed can be proposed for large-scale management,while monitoring and interventions at initiation of erosion can be proposed as response to small-scale developments that exceed predefined intervention levels.     

Climate change impact on water resources availability: case study of the Llobregat River basin (Spain)

ABSTRACT

Climate change may have significant consequences for water resources availability and management at the basin scale. This is particularly true for areas already suffering from water stress, such as the Mediterranean area. This work focused on studying these impacts in the Llobregat basin supplying the Barcelona region. Several climate projections, adapted to the spatiotemporal resolution of the study, were combined with a daily hydrological model to estimate future water availability. Depending on the scenario and the time period, different assessment indicators such as reliability and resilience showed a future decrease in water resources (up to 40%), with drought periods becoming more frequent. An additional uncertainty analysis showed the high variability of the results (annual water availability ranging from 147 hm³/year to 274 hm³/year), thus making accurate projections difficult. Finally, the study illustrates how climate change could be taken into account to provide adaptive measures for the future.

Editor M.C. Acreman; Associate editor J. Thompson     

Hydrological study of the potential effects of the melting of Nevado del Ruiz glacier on urban growth zones in Manizales,Colombia

ABSTRACT

This paper presents the results of a hydrological study aimed at characterizing flood-prone areas in the urban growth zone in the city of Manizales based on the potential effects of melting of the Nevado del Ruiz glacier, in Caldas, Colombia. These results constitute a basis for decision making regarding possible urban growth zones in Andean areas that face risks from volcanic eruptions producing lahars and floods caused by glacier melt. Conservative estimates of extreme flows in the Chinchiná River in the urban growth area of El Rosario can be obtained by considering the effects of rain triggered by airborne particulate material following a volcanic explosion combined with the effects of glacier melt. The effects of global warming on tropical glaciers contribute to their retreat, leading to their disappearance. Therefore, the worst scenario would take place if these events occurred in the short term as glacier volume decreases with time.

Editor Z.W. Kundzewicz; Associate editor not assigned     

Chemical and isotopic assessment of surface water–shallow groundwater interaction in the arid Grande river basin,North-Central Chile

ABSTRACT

This paper analyses the composition of surface water and shallow groundwater in the Grande River basin, North-Central Chile, using this information to characterize water interactions. Chemical and isotopic data for surface water and groundwater (7 and 6 sampling locations, respectively) were obtained from three sampling campaigns performed in March–April (autumn), August–September (late winter) and December (early summer) 2012. Precipitation samples were also collected. Data was processed using spatial distribution charts, Piper and Stiff diagrams, and multivariate analysis. In general, the results for each method converge on a high degree of connectivity between surface water and shallow groundwater in the study area. Furthermore, approximately a 10% of groundwater contribution to the surface flow discharge was estimated for a particular reach. This multi-method approach was useful for the characterization of surface water–groundwater interactions in the Grande River basin, and may become a suitable and replicable scheme for studies in arid and semi-arid basins facing similar water management challenges.

Editor D. Koutsoyiannis; Associate editor B. Dewals     

Soil moisture and rainfall intensity thresholds for runoff generation in southwestern Wisconsin agricultural watersheds

The goal of this study was to improve understanding of the factors that influence runoff generation during non‐frozen ground periods in small agricultural watersheds in southwestern Wisconsin where the landscapes are controlled by dolostone bedrock in order to provide agricultural producers with a manure management tool. Six small watersheds (ranging from 6 to 17 ha) within two southwestern Wisconsin farm sites (Discovery Farms Program (DFP) and Pioneer Farm (PF)) were instrumented, and surface runoff was continuously monitored from 2004 to 2007. The soils in all watersheds were formed in deep (~1 m) loessial sites. A direct‐plant management strategy and corn‐soybean crop rotation were utilized within watersheds at DFP. A conventional tillage system (chisel plow in the fall followed by soil finisher in the spring) and a corn‐oat‐alfalfa crop rotation were utilized within watersheds at PF. At PF, the amount of precipitation leaving the landscape as surface runoff (1.8%) was two times greater compared to DFP (0.9%), indicating that the direct‐plant management system was better at retaining precipitation than the chisel plow/soil finisher system. Using breakpoint regression analysis, a non‐linear response in runoff generation with antecedent soil moisture (ASM) was observed with a threshold ASM of 0.39 cm³cm^?3 (approximately 80% of total porosity) for all six watersheds. Below this threshold, runoff coefficients were near zero. Above this threshold, runoff coefficients increased with ASM. A non‐linear response in runoff generation with maximum 30 min rainfall intensity (I30) was also observed, and threshold I30 values increased as ASM decreased and as crop cover increased. Copyright © 2012 John Wiley & Sons, Ltd.