De-Silva, D. L.; Ellias, M.; Wilmott, K.; Mallet, J; Day, J. J.
Aim Despite the greatest butterfly diversity on Earth occurring in the Neotrop- ical Andes and Amazonia, there is still keen debate about the origins of this exceptional biota. A densely sampled calibrated phylogeny for a widespread butterfly subtribe, Oleriina (Nymphalidae: Ithomiini) was used to estimate the origin, colonization history and diversification of this species-rich group. Location Neotropics. Methods Ancestral elevation and biogeographical ranges were reconstructed using data ge...
Beckman, Elizabeth J; Witt, Christopher C
Time-calibrated molecular phylogenies can help us to understand the origins of the diverse and unique Andean avifauna. Previous studies have shown that the tempo of diversification differed between the Andes and adjacent lowland regions of South America. Andean taxa were found to have speciated more recently and to have avoided the decelerated diversification that is typical of Neotropical lowland clades. The South American siskins, a Pleistocene finch radiation, may typify this Andean pattern. We investigated the phylogenetic biogeography of all the New World siskins and goldfinches in new detail. To understand the specific role of the Andes in siskin diversification, we asked: (1) Was diversification faster in Andean siskin lineages relative to non-Andean ones? (2) Did siskin lineages move into and out of the Andes at different rates? We found that siskin lineages in the Andes had higher diversification rates and higher outward dispersal rates than siskin lineages outside the Andes. We conclude that páramo expansion and contraction in response to Pleistocene climatic cycles caused accelerated diversification and outward dispersal in Andean siskins. The younger average age of bird species in the Andes compared to lowland South America may be attributable to bursts of recent diversification in siskins and several other vagile, open-habitat clades. PMID:25796324
PNAS published on August 15,2011 the article ＂Eocene habitat shift from saline to freshwater promoted Tethyan amphipod diversification＂ by Professor Shuqiang Li of Institute of Zoology,CAS,together with Slovenian cooperators. Current theory predicts that a shift to a new habitat would increase the rate of diversification;while as lineages evolve into multiple species,intensified competition would decrease the rate of diversification.
Aleixo, Alexandre; Wilkinson, M. Justin
. The youngest landsurfaces thus lie furthest from the mountains. In this scenario major drainages were also reoriented in wholesale fashion away from a northerly orientation generally towards the east and an Atlantic Ocean outlet. The advance of megafans is best seen by the location of axial rivers such as the Orinoco and Mamore which lie against the cratonic margins furthest from the Andes, at the distal ends of major megafan ramparts. More importantly, other major river courses in western-central Amazonia will have been established at progressively younger dates with distance eastward. If this landscape-sequence scenario is accurate, it parallels the progressive younging of the passerine lineages. The bird DNA data appears to confirm strongly the pervasive role of Amazonian rivers--as primary barriers separating sister lineages of birds, and thus probably as facilitaters of bird speciation. We show for the first time that a general spatio-temporal pattern of diversification for terra-firme lineages in the Amazon is associated with rivers ("younging-eastward"), and furthermore parallels a specific scenario of regional drainage evolution.
Sánchez-González, Luis A.; Navarro-Sigüenza, Adolfo G.; Krabbe, Niels Kaare;
With nearly 30 species, the Atlapetes brush-finches are one of the most species-rich genera in the New World sparrows (Passerellidae). Atlapetes is mainly distributed in highland forests from Mexico to north-western Argentina, with a few taxa in the foothills (...
Gurr, Geoff M; Lu, Zhongxian; Zheng, Xusong; Xu, Hongxing; Zhu, Pingyang; Chen, Guihua; Yao, Xiaoming; Cheng, Jiaan; Zhu, Zengrong; Catindig, Josie Lynn; Villareal, Sylvia; Van Chien, Ho; Cuong, Le Quoc; Channoo, Chairat; Chengwattana, Nalinee; Lan, La Pham; Hai, Le Huu; Chaiwong, Jintana; Nicol, Helen I; Perovic, David J; Wratten, Steve D; Heong, Kong Luen
Global food security requires increased crop productivity to meet escalating demand(1-3). Current food production systems are heavily dependent on synthetic inputs that threaten the environment and human well-being(2,4,5). Biodiversity, for instance, is key to the provision of ecosystem services such as pest control(6,7), but is eroded in conventional agricultural systems. Yet the conservation and reinstatement of biodiversity is challenging(5,8,9), and it remains unclear whether the promotion of biodiversity can reduce reliance on inputs without penalizing yields on a regional scale. Here we present results from multi-site field studies replicated in Thailand, China and Vietnam over a period of four years, in which we grew nectar-producing plants around rice fields, and monitored levels of pest infestation, insecticide use and yields. Compiling the data from all sites, we report that this inexpensive intervention significantly reduced populations of two key pests, reduced insecticide applications by 70%, increased grain yields by 5% and delivered an economic advantage of 7.5%. Additional field studies showed that predators and parasitoids of the main rice pests, together with detritivores, were more abundant in the presence of nectar-producing plants. We conclude that a simple diversification approach, in this case the growth of nectar-producing plants, can contribute to the ecological intensification of agricultural systems. PMID:27249349
Boasson, Elin Lerum
Better understanding of Europeanization requires research on national, societal change. This paper presents a theoretical framework that enables assessment of Europeanised change processes within national industries. Empirically it explores how European Union (EU) state aid regulations and European renewable energy trends in conjunction led to diversification among Norwegian stationary energy producers. Key theoretical implications are as follows: (1) The pattern of interaction between change impulses from the European environment, governmental hierarchical steering and institutional logics within the national organisational field was crucial to the output of the change process. (2) Misfit between institutional logics at the European level and the organisational field hampers change, rather than promoting it. (3) The carriers / the actors that bring the European impulses into the organisational field / matter because they translate change impulses in line with their institutional logic. (4) National politicians are unable to control the process of translating these impulses, and that reduces their political clout. (5) Europeanization brings greater challenges to national democratic governance of liberalised industries. (author). refs., tabs
Full Text Available Abstract Background The Pleistocene Ice Ages were the most recent geohistorical event of major global impact, but their consequences for most parts of the Southern hemisphere remain poorly known. We investigate a radiation of ten species of Sternopriscus, the most species-rich genus of epigean Australian diving beetles. These species are distinct based on genital morphology but cannot be distinguished readily by mtDNA and nDNA because of genotype sharing caused by incomplete lineage sorting. Their genetic similarity suggests a Pleistocene origin. Results We use a dataset of 3858 bp of mitochondrial and nuclear DNA to reconstruct a phylogeny of Sternopriscus using gene and species trees. Diversification analyses support the finding of a recent rapid speciation event with estimated speciation rates of up to 2.40 species per MY, which is considerably higher than the proposed average rate of 0.16 species per MY for insects. Additionally, we use ecological niche modeling and analyze data on habitat preferences to test for niche divergence between species of the recent Sternopriscus radiation. These analyses show that the species can be characterized by a set of ecological variables referring to habitat, climate and altitude. Conclusions Our results suggest that the repeated isolation of populations in glacial refugia might have led to divergent ecological adaptations and the fixation of morphological traits supporting reproductive isolation and therefore may have promoted speciation. The recent Sternopriscus radiation fulfills many characteristics of a species flock and would be the first described example of an aquatic insect species flock. We argue that the species of this group may represent a stage in speciation past the species flock condition because of their mostly broad and often non-overlapping ranges and preferences for different habitat types.
Hünemeier, Tábita; Gómez-Valdés, Jorge; Ballesteros-Romero, Mónica; Azevedo, Soledad de; Martínez-Abadías, Neus; Esparza, Mireia; Sjøvold, Torstein; Sandro L. Bonatto; Salzano, Francisco Mauro; Bortolini, Maria Cátira; González-José, Rolando
Shifts in social structure and cultural practices can potentially promote unusual combinations of allele frequencies that drive the evolution of genetic and phenotypic novelties during human evolution. These cultural practices act in combination with geographical and linguistic barriers and can promote faster evolutionary changes shaped by gene–culture interactions. However, specific cases indicative of this interaction are scarce. Here we show that quantitative genetic parameters obtained fr...
A likelihood inference of historical biogeography in the world's most diverse terrestrial vertebrate genus: diversification of direct-developing frogs (Craugastoridae: Pristimantis) across the Neotropics.
Mendoza, Ángela María; Ospina, Oscar E; Cárdenas-Henao, Heiber; García-R, Juan C
The geology of the northern Andean region has driven the evolutionary history of Neotropical fauna through the creation of barriers and connections that have resulted in speciation and dispersal events, respectively. One of the most conspicuous groups of anuran fauna in the Andes and surrounding areas is the direct-developing species of the genus Pristimantis. We investigated the molecular phylogenetic placement of 12 species from the montane Andes of Colombia in a broader geographical context with a new genus-level phylogeny in order to identify the role of Andean orogeny over the last 40million years and the effect of elevational differences in diversification of Pristimantis. We examined the biogeographic history of the genus using ancestral range reconstruction by biogeographic regions and elevational ranges. We recognized the middle elevational band (between 1000 and 3000m) in the Northwestern Andes region of Colombia and Ecuador as a focal point for the origin and radiation of Pristimantis species. Additionally, we found several Andean migrations toward new habitats in Central Andes and Merida Andes for some species groups. We suggest that the paleogeological changes in the Northwestern Andes were the main promoter of speciation in Pristimantis, and may have served as a corridor for the dispersion of lowland species. PMID:25681675
A central but little-tested prediction of "escape and radiation" coevolution is that colonization of novel, chemically defended host plant clades accelerates insect herbivore diversification. That theory, in turn, exemplifies one side of a broader debate about the relative influence on clade dynami...
Glenn R. Mueller; Barry A. Ziering
Previous work on real estate portfolio diversification by location began with geographic region diversification and moved to economically defined regions (a combination of economics and geography). This work takes the next step by removing the arbitrary geographic restriction and looking at the local economic drivers of individual metropolitan areas as the key determinant for more efficient diversification. The results show that economic diversification can be a more effective diversification...
National Oceanic and Atmospheric Administration, Department of Commerce — The Central Andes gravity data (6,151 records) were compiled by Professor Gotze and the MIGRA Group. This data base was received in April, 1997. Principal gravity...
US Fish and Wildlife Service, Department of the Interior — Information about the history and management of Lake Andes is compiled in this report. It is intended to help future refuge managers become acquainted with the...
The concept of energy source diversification was introduced as a substitution conservation action. The current status and philosophy behind a diversification program is presented in the context of a national energy policy. Advantages, disadvantages (constraints), and methods of implementation for diversification are discussed. The energy source systems for diversification are listed and an example impact assessment is outlined which deals with the water requirements of the specific energy systems.
Benjamin E. Hermalin and Michael L. Katz.
Benjamin E. Hermalin and Michael L. Katz Keywords: diversification; principal-agent relationship Firms undertake a variety of actions to reduce risk through diversification, including entering diverse lines of business, taking on project partners, and maintaining portfolios of risky projects such as R&D or natural resource exploration. By a well-known argument, securities holders do not directly benefit from risk-reducing corporate diversification when they can replicate this diversification ...
Full Text Available In this paper we examine the factors that have promoted the iversification of software process models. The intention is to understand more clearly the problem-solving process in software engineering & try to find out the efficient way to manage the risk. A review of software process modeling is given first, followed by a discussion of process evaluation techniques. A taxonomy for categorizing process models, based on establishing decision criteria,is identified that can guide selecting the appropriate model from a set of alternatives on the basis of model characteristics and software project needs. We are proposing a model in this paper, for dealing with the diversification in software engineering.
Tasca, Paolo; Battiston, Stefano
This paper contributes to a growing literature on the pitfalls of diversification by shedding light on a new mechanism under which, full risk diversification can be sub-optimal. In particular, banks must choose the optimal level of diversification in a market where returns display a bimodal distribution. This feature results from the combination of two opposite economic trends that are weighted by the probability of being either in a bad or in a good state of the world. Banks have also interl...
Benjamin E. Hermalin; Katz, Michael L.
Firms undertake a variety of actions to reduce risk through diversification, including entering diverse lines of business, taking on project partners, and maintaining portfolios of risky projects such as R&D or natural resource exploration. By a well-known argument, securities holders do not directly benefit from risk-reducing corporate diversification when they can replicate this diversification on their own. Moreover, shareholders should be risk neutral with respect to the unsystematic risk...
Oude Lansink, A.G.J.M.; Stefanou, S.E.; Kapelko, M.
Diversification is often seen as a risk management tool, but specialization allows operators to exploit scale economies in single outputs and offers specialized operators more opportunities to fine-tune their skills which can promote a greater degree of technical proficiency. Measuring economies of
Arango, Luz Gabriela; Arizabaleta de García, María Teresa; Bejarano, Nilse; Borchart de Moreno, Christiana; Bucheli, Rocío Vaca; Cervantes, Elvira Llanos; Cisneros, Tatiana; Defossez, Anne-Claire; Fassin, Didier; Giraldo, Fernando Urrea; Li, Dina; Malaver, José; Montúfar, Verónica; Moscoso, Martha; Ortega, Diego Zapata
El Seminario "Mujeres De Los Andes: Condiciones De Vida Y Salud" tuvo lugar en la ciudad de Quito, del 6 al 10 de junio de 1991. Reunió investigadores de distintas disciplinas académicas y actores de variados campos, de cuatro países del área andina-Bolivia, Colombia, Ecuador y Perú-, en los cuales está presente el Instituto Francés de Estudios Andinos, principal instigador del evento. Este libro, que reúne la mayor parte de las ponencias en él presentadas, se inscribe en la línea de las corr...
Galema, Rients; Lensink, Robert; Spierdijk, Laura
International commercial banks, institutional investors, and private investors have become increasingly interested in financing microfinance institutions (MFIs). This paper investigates whether adding microfinance funds to a portfolio of risky international assets yields diversification gains. By us
Becerra, Judith X.; Venable, D. Lawrence
Elucidating the geographical history of diversification is critical for inferring where future diversification may occur and thus could be a valuable aid in determining conservation priorities. However, it has been difficult to recognize areas with a higher likelihood of promoting diversification. We reconstructed centres of origin of lineages and identified areas in the Mexican tropical dry forest that have been important centres of diversification (sources) and areas where species are maint...
Maguire, Phil; Moser, Philippe; O'Reilly, Kieran; McMenamin, Conor; Kelly, Robert; Maguire, Rebecca
In this article we introduce a new strategy for optimal diversification which combines elements of Diversified Risk Parity ,  and Diversification Ratio , with emphasis on positive risk premiums. The Uncorrelated Positive Bets strategy involves the identification of reliable, independent sources of randomness and the quantification of their positive risk premium.We use principal component analysis to identify the most significant sources of randomness contributing...
Dirk P.M. De Wit
Diversification benefits are shown to vary inversely with the correlation between asset returns. The present study estimates average correlation coefficients between real-estate returns from property-specific data of an internationally diversified real estate and in the Netherlands. It is found that diversification benefits within the United States are much larger than on the European Continent. The low correlation found between U.S. real estate returns implies that portfolios of small number...
Ulrich Kirchner; Caroline Zunckel
In the market place, diversification reduces risk and provides protection against extreme events by ensuring that one is not overly exposed to individual occurrences. We argue that diversification is best measured by characteristics of the combined portfolio of assets and introduce a measure based on the information entropy of the probability distribution for the final portfolio asset value. For Gaussian assets the measure is a logarithmic function of the variance and combining independent Ga...
Eastaugh, Steven R
To determine the impact of health system restructuring on the levels of hospital diversification and operating ratio this article analyzed 94 teaching hospitals and 94 community hospitals during the period 2008-2013. The 47 teaching hospitals are matched with 47 other teaching hospitals experiencing the same financial market position in 2008, but with different levels of preference for risk and diversification in their strategic plan. Covariates in the analysis included levels of hospital competition and the degree of local government planning (for example, highly regulated in New York, in contrast to Texas). Moreover, 47 nonteaching community hospitals are matched with 47 other community hospitals in 2008, having varying manager preferences for service-line diversification and risk. Diversification and operating ratio are modeled in a two-stage least squares (TSLS) framework as jointly dependent. Institutional diversification is found to yield better financial position, and the better operating profits provide the firm the wherewithal to diversify. Some services are in a growth phase, like bariatric weight-loss surgery and sleep disorder clinics. Hospital managers' preferences for risk/return potential were considered. An institution life cycle hypothesis is advanced to explain hospital behavior: boom and bust, diversification, and divestiture, occasionally leading to closure or merger. PMID:25223156
... Complex. We started this process through a notice in the Federal Register (72 FR 27328; May, 15, 2007... Fish and Wildlife Service Lake Andes National Wildlife Refuge Complex, Lake Andes, SD; Draft... assessment (EA) for the Lake Andes National Wildlife Refuge Complex (Complex), which includes Lake Andes...
An important literature has shown that the relationship between economic diversification and income per capita is non-monotonic (Imbs and Wacziarg, 2003 and Koren and Tenreyro, 2007). At early stages of development countries diversify as income increases and new economic opportunities emerge, but at later stages of development the production bundle becomes more concentrated as income rises. The aim of this paper is to explore the role played by Weak Links effects à la Jones (2011) in explaini...
Gubaydullina, Zulia; Spiwoks, Markus
The paper analyses on an experimental basis the phenomenon of non-optimal under-diversification in portfolio choice decisions and investigates the reasons behind it. The most important obstacles for optimal diversification are studied – the correlation neglect hypothesis and the overconfidence which both lead to suboptimal diversification decisions. The investment alternatives are constructed in a way that the Markowitz’ efficiency frontier is reduced to a single point in the return-risk diag...
Bizzo, Nelio; Bizzo, Luis Eduardo Maestrelli
Considering geological time as an important epistemological obstacle to the construction of ideas on biological evolution, a study was carried out on the so-called "Darwin Papers". The conclusion was that Charles Darwin's excursion in the Andes during March-April 1835 was a crucial step in this regard. An expedition was carried out in March-April…
... review and comment following the announcement in the Federal Register on October 29, 2012 ] (77 FR 65574... Fish and Wildlife Service Lake Andes National Wildlife Refuge Complex, Lake Andes, SD; Final... conservation plan and finding of no significant impact (FONSI) for the Lake Andes National Wildlife...
In a new and developing period of higher education, it needs to develop the higher education in China from popularization to diversification. It is necessary to reform the existed modes to achieve the diversification of higher education, and explore new ways to promote the development of higher education further.
Weber, Marjorie G; Agrawal, Anurag A
The ability of plants to form mutualistic relationships with animal defenders has long been suspected to influence their evolutionary success, both by decreasing extinction risk and by increasing opportunity for speciation through an expanded realized niche. Nonetheless, the hypothesis that defense mutualisms consistently enhance plant diversification across lineages has not been well tested due to a lack of phenotypic and phylogenetic information. Using a global analysis, we show that the >100 vascular plant families in which species have evolved extrafloral nectaries (EFNs), sugar-secreting organs that recruit arthropod mutualists, have twofold higher diversification rates than families that lack species with EFNs. Zooming in on six distantly related plant clades, trait-dependent diversification models confirmed the tendency for lineages with EFNs to display increased rates of diversification. These results were consistent across methodological approaches. Inference using reversible-jump Markov chain Monte Carlo (MCMC) to model the placement and number of rate shifts revealed that high net diversification rates in EFN clades were driven by an increased number of positive rate shifts following EFN evolution compared with sister clades, suggesting that EFNs may be indirect facilitators of diversification. Our replicated analysis indicates that defense mutualisms put lineages on a path toward increased diversification rates within and between clades, and is concordant with the hypothesis that mutualistic interactions with animals can have an impact on deep macroevolutionary patterns and enhance plant diversity. PMID:25349406
Kpate ADJAOUTE; Danthine, Jean-Pierre
This paper studies the impact of EMU on portfolio diversification opportunities. We find a significant increase in the correlation between stock returns, whether they are computed on the basis of market or sector indices. This is true for two definitions of the pre-convergence and convergence periods. Diversification opportunities within the Euro-area have thus been reduced. The culprit appears to be less the disappearance of currency risk than the convergence of economic structures and/or th...
Bissantz, Kathrin; Bissantz, Nicolai; Ziggel, Daniel
During the World Financial Crisis it became obvious that classical models of portfolio theory significantly under-estimated risks, especially with regard to stocks. Instabilities of correlations and volatilities, the relevant parameters characterizing risk, led to overestimation of diversification effects and consequently to under-estimation of risks. In this article, we analyze diversification effects concerning stocks during different market periods of the previous decade. We show ...
Oasis, Kodila-Tedika; Simplice A, Asongu
This paper extends the growing literature on knowledge economy by investigating the effect of intelligence on economic diversification. Using a battery of estimation techniques that are robust to endogeneity, we find that human capital has positive effects on export diversification, manufactured added value and export manufactures. This empirical evidence is based on a world sample for the period 2010. The findings have significant implications for the fight against the Dutch disease. In esse...
Guiso, Luigi; Jappelli, Tullio
In this paper we focus on poor financial literacy as one potential factor explaining lack of portfolio diversification. We use the 2007 Unicredit Customers' Survey, which has indicators of portfolio choice, financial literacy and many demographic characteristics of investors. We first propose test-based indicators of financial literacy and document the extent of portfolio under-diversification. We find that measures of financial literacy are strongly correlated with the degree of portfolio di...
William N. Goetzmann; Massimo Massa; Andrei Simonov
We relate the degree of investor portfolio focus to the broader urban economic context of the household. Using a detailed panel of investors in Sweden over the period 1995 to 2000, we find that the level of investor diversification, as measured by number of stocks in the portfolio and by the average correlation among holdings, is partially explained by city industrial characteristics. We find that rural portfolios are more diversified than urban portfolios and that portfolio diversification i...
QinZheng; ZouJianjun; ChenShou
The strategy of diversification has become an important approach to enterprise development A successful diversification strategy depends mainly on the correct business choice. Before choosing a new business, we must identify the core competeneies of the enterprise and research the attraction and criticai success factors of the target business. Then we should make sure whether the core competencies match the critical success factors or not.The new business should be useful for cuitivating sustainable competitive advantage.
ANDES (Agua Negra Deep Experiment Site) is a unique opportunity to build a deep underground laboratory in the southern hemisphere. It will be built in the Agua Negra tunnel planned between Argentina and Chile, and operated by the CLES, a Latin American consortium. With 1750m of rock overburden, and no close- by nuclear power plant, it will provide an extremely radiation quiet environment for neutrino and dark matter experiments. In particular, its location in the southern hemisphere should play a major role in understanding dark matter modulation signals.
Fjeldså, Jon; Rahbek, Carsten
The process of diversification since the late Tertiary was studied by linking together well-resolved phylogenies and species distributions for tanagers (Aves, Thraupini). Species richness patterns reveal very high densities of range-restricted species in the Andes, and to a lesser extent in the A...... high persistence of lineages in specific areas, something that may be related to how climatic changes are moderated by local topography....... Atlantic forests of south-eastern Brazil, and moderate densities of widespread species in the tropical lowlands. Contemporary climate explains well the variation in species richness for the 25% most widespread species; for the remaining 75% of species with more restricted distributions, variation can only...
Coad, Alexander Jean-Luc; Guenther, C.
We focus on the relationship between age and diversification patterns of German machine tool manufacturers in the post-war era. We distinguish between 'minor diversification' (adding a new product variation within a familiar submarket) and 'major diversification' (expanding the product portfolio ....... Fourth, survival estimations reveal that diversification activities reduce the risk of exit in general and to a varying degree at different ages. These results are interpreted using Penrosean growth theory.......We focus on the relationship between age and diversification patterns of German machine tool manufacturers in the post-war era. We distinguish between 'minor diversification' (adding a new product variation within a familiar submarket) and 'major diversification' (expanding the product portfolio...... lines). Second, we find that product portfolios of larger firms tend to be more diversified. Third, with respect to consecutive diversification activities, quantile autoregression plots show that firms experiencing diversification in one period are unlikely to repeat this behavior in the following year...
Brandon, M. T.; Tomkin, J. H.
ELA. The proportionality constant is dependent on specifics of the local area, including precipitation. Nonetheless, this yield law, together with the assumption of a constant wedge taper, allows us to predict the time evolution of the Patagonia Andes. We consider three examples. The first is the growth of the Patagonian wedge upward to a fixed ELA. The second is the topographic response of the Patagonian wedge to a dropping ELA, as expected for global cooling during the late Cenozoic. The third is the influence of the short-term glacial cycles, as has been typical for the Quaternary. We found that short-term climate fluctuations (~100 ka glacial cycles) would have little influence on the topographic evolution of the Patagonian wedge. Instead, our conclusion is that the southward decreasing size of the Patagonian Andes is mainly due to the southward slope of the ELA, which has probably been a constant feature for the range over its full 25 Ma history. Late Cenozoic cooling may have contributed by promoting faster glacial erosion as the ELA dropped to lower elevations everywhere. What is interesting is that this change would have caused shortening to be focused in the core of the range, in order to maintain the wedge taper there. We suggest that the wedge is still adjusting to this change in erosion rates, which may explain why thrusting stopped along the east side of the range at about 9 Ma. Continental subduction would still be active but would be accommodated now by distributed shortening in the core of the range.
Alam, Hasan B.
This article gives an overview of the promotion process in an academic medical center. A description of different promotional tracks, tenure and endowed chairs, and the process of submitting an application is provided. Finally, some practical advice about developing skills and attributes that can help with academic growth and promotion is dispensed.
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1997 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 2003 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1996 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1999 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1994 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1995 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1998 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 2000 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1961. Existing water supplies are tabulated for each of the four units providing numbers for...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2009. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1988. General water uses are discussed for 1988 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2013. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1998. General water uses are discussed for 1998 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1964. Existing water supplies are tabulated for each of the four units providing numbers for...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1989. General water uses are discussed for 1989 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2006. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2000. General water uses are discussed for 2000 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1982. General water uses are discussed for 1982 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1984. General water uses are discussed for 1984 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1966. General water uses are discussed for 1966 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1963. Existing water supplies are tabulated for each of the four units providing numbers for...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2008. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1959. Appears to just be the correspondence letter to the regional supervisor with some data on...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2005. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1993. General water uses are discussed for 1993 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1971. General water uses are discussed for 1971 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1965. General water uses are discussed for 1965 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2010. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2007. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1990. General water uses are discussed for 1990 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1968. General water uses are discussed for 1968 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1970. General water uses are discussed for 1970 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1995. General water uses are discussed for 1995 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1960. A short summary of water rights is provided. Existing water supplies, as of January 1961,...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1969. General water uses are discussed for 1969 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1947. It provides a table of each unit along with the crest of spill elevation and a recommended...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1991. General water uses are discussed for 1991 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2012. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1999. General water uses are discussed for 1999 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1994. General water uses are discussed for 1994 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1983. General water uses are discussed for 1983 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1987. General water uses are discussed for 1987 for each unit, impoundment data is tabulated...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 2004. Short forms are supplied for the years water use report management plan. These forms cover...
US Fish and Wildlife Service, Department of the Interior — This report contains locations and water use at Lake Andes NWR for 1992. General water uses are discussed for 1992 for each unit, impoundment data is tabulated...
A.A.C.J. van Oijen; G.W.J. Hendrikse (George)
textabstractProduct diversification and its financial outcomes have been studied exhaustively. However, previous literature has focused on corporations, ignoring other important legal organizations or governance structures. In this paper, we study the diversification strategies of cooperatives and c
John J Wiens; Lapoint, Richard T.; Whiteman, Noah K.
Insects contain more than half of all living species, but the causes of their remarkable diversity remain poorly understood. Many authors have suggested that herbivory has accelerated diversification in many insect clades. However, others have questioned the role of herbivory in insect diversification. Here, we test the relationships between herbivory and insect diversification across multiple scales. We find a strong, positive relationship between herbivory and diversification among insect o...
Maarten van Oordt
Diversification by banks affects the systemic risk of the sector. Importantly, Wagner (2010) shows that linear diversification increases systemic risk. We consider the case of securitization, whereby loan portfolios are sliced into tranches with different seniority levels. We show that tranching offers nonlinear diversification strategies, which can reduce the failure risk of individual institutions beyond the minimum level attainable by linear diversification, without increasing systemic risk.
Paul EHLING; Ramos, Sofia Brito
This research addresses whether geographic diversification provides benefits over industry diversification. In the absence of constraints, no empirical evidence is found to support the argument that country diversification is superior. With short-selling constraints, however, the geographic tangency portfolio is not attainable by industry portfolios. Results with upper and lower constraints on portfolio weights as well as an out-of-sample analysis show that geographic diversification almost c...
Barasinska, Nataliya; Schäfer, Dorothea; Stephan, Andreas
This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more sophisticated strategy of diversification and asks whether financial theory is compatible with observed diversification patterns. Based on the German Socioeconomic Panel which provides unique measures...
Condamine, Fabien L; Clapham, Matthew E; Kergoat, Gael J
Macroevolutionary studies of insects at diverse taxonomic scales often reveal dynamic evolutionary patterns, with multiple inferred diversification rate shifts. Responses to major past environmental changes, such as the Cretaceous Terrestrial Revolution, or the development of major key innovations, such as wings or complete metamorphosis are usually invoked as potential evolutionary triggers. However this view is partially contradicted by studies on the family-level fossil record showing that insect diversification was relatively constant through time. In an attempt to reconcile both views, we investigate large-scale insect diversification dynamics at family level using two distinct types of diversification analyses on a molecular timetree representing ca. 82% of the extant families, and reassess the insect fossil diversity using up-to-date records. Analyses focusing on the fossil record recovered an early burst of diversification, declining to low and steady rates through time, interrupted by extinction events. Phylogenetic analyses showed that major shifts of diversification rates only occurred in the four richest holometabolous orders. Both suggest that neither the development of flight or complete metamorphosis nor the Cretaceous Terrestrial Revolution environmental changes induced immediate changes in diversification regimes; instead clade-specific innovations likely promoted the diversification of major insect orders. PMID:26778170
Clauretie, Terrence M
Geographic diversification allows those involved in real estate markets to manage risk. In this paper we discuss the role of local economic diversification in risk management. We show that residential foreclosure rates are negatively related to local economic diversification. We conclude that geographical diversification with reference to local economic diversification is more efficient than naive geographic diversification alone.
Klinger, Bailey; Lederman, Daniel
The literature on the relationship between economic diversification and development has grown rapidly in recent years, partly due to the surprising finding that diversification rises with gross domestic product per capita up to a certain point. Export diversification along the extensive margin is inextricable from the introduction of new export products. The authors test the hypothesis tha...
Er.Kirtesh Jailia,; Manisha Jailia; Er.Pramod Kumar,; Manisha Agarwal
In this paper we examine the factors that have promoted the iversification of software process models. The intention is to understand more clearly the problem-solving process in software engineering & try to find out the efficient way to manage the risk. A review of software process modeling is given first, followed by a discussion of process evaluation techniques. A taxonomy for categorizing process models, based on establishing decision criteria,is identified that can guide selecting the a...
Beren W. ROBINSON, David W. PFENNIG
Full Text Available Identifying the causes of diversification is central to evolutionary biology. The ecological theory of adaptive diversification holds that the evolution of phenotypic differences between populations and species––and the formation of new species––stems from divergent natural selection, often arising from competitive interactions. Although increasing evidence suggests that phenotypic plasticity can facilitate this process, it is not generally appreciated that competitively mediated selection often also provides ideal conditions for phenotypic plasticity to evolve in the first place. Here, we discuss how competition plays at least two key roles in adaptive diversification depending on its pattern. First, heterogenous competition initially generates heterogeneity in resource use that favors adaptive plasticity in the form of “inducible competitors”. Second, once such competitively induced plasticity evolves, its capacity to rapidly generate phenotypic variation and expose phenotypes to alternate selective regimes allows populations to respond readily to selection favoring diversification, as may occur when competition generates steady diversifying selection that permanently drives the evolutionary divergence of populations that use different resources. Thus, competition plays two important roles in adaptive diversification––one well-known and the other only now emerging––mediated through its effect on the evolution of phenotypic plasticity [Current Zoology 59 (4: 537–552, 2013].
Dewey, J. F.; Lamb, S. H.
Nearly 90 mm a -1 of relative plate convergence is absorbed in the Andean plate-boundary zone. The pattern of active tectonics shows remarkable variations in the way in which the plate slip vector is partitioned into displacement and strain and the ways in which compatibility between different segments is solved. Along any traverse across the plate-boundary zone, the sum of relative velocities between points must equal the relative plate motion. We have developed a kinematic synthesis of displacement and strain partitioning in the Andes from 47°S to 5°N relevant for the last 5 Ma based upon: (1) relative plate motion deduced from oceanic circuits giving a roughly constant azimuth between 075 and 080; (2) moment tensor solutions for over 120 crustal earthquakes since 1960; (3) structural studies of deformed Plio-Pleistocene rocks; (4) topographic/geomorphic studies; (5) palaeomagnetic data; and (6) geodetic data. We recognize four neotectonic zones, with subzones and boundary transfer zones, that are partitioned in different ways. These zones are not coincident with the 'classic' zones defined by the presence or absence of a volcanic chain or differences in finite displacements and strains and tectonic form; the long-term segmentation and finite evolution of the Andes may not occur in constantly defined segments in space and time. In Segment 1 (47°-39°S), the slip vector is partitioned into roughly orthogonal Benioff Zone slip with large magnitude/large slip-surface earthquakes and both distributed dextral shear giving clockwise rotations of up to 50° and dextral slip in the curved Liquine-Ofqui Fault System giving 5°-10° of anticlockwise fore-arc rotation. In Segment 2 (39°-20°S), the slip vector is partitioned into Benioff Zone slip roughly parallel with the slip vector, Andean crustal shortening and a very small component of dextral slip, including that on the Atacama Fault System. Between 39° and 34°S, a cross-strike dextral transfer, which deflects
Lijtmaer, Darío A; Kevin C R Kerr; Barreira, Ana S.; Hebert, Paul D N; Pablo L Tubaro
BACKGROUND: The causes for the higher biodiversity in the Neotropics as compared to the Nearctic and the factors promoting species diversification in each region have been much debated. The refuge hypothesis posits that high tropical diversity reflects high speciation rates during the Pleistocene, but this conclusion has been challenged. The present study investigates this matter by examining continental patterns of avian diversification through the analysis of large-scale DNA barcode librari...
US Fish and Wildlife Service, Department of the Interior — Lake Andes was a much larger body of water prior to the construction of an artificial outlet structure that lowered the water level by 13 feet. Since Lake Andes is...
US Fish and Wildlife Service, Department of the Interior — Current condition of lake Andes (1996) and highlights potential problems and recommendations for improving the lake as a hatchery. Lake Andes was a much larger body...
US Fish and Wildlife Service, Department of the Interior — Brief background on Lake Andes fishing history, and data on current fish populations. Lake Andes was a much larger body of water prior to the construction of an...
Goodman, Kari Roesch
Large species radiations provide exceptional opportunities for understanding the processes involved in the formation of new species. This research is focused on a species-rich lineage of ecologically diversified planthoppers in the Hawaiian islands, Nesosydne (Hemiptera: Delphacidae). In order to examine the factors promoting diversification in this lineage at multiple slices through evolutionary time, I used an integrative approach combining three classes of methods. First, I used molecular ...
The issue of diversification, diversification of exports and imports, diversification of foreign trade. Determined the importance of diversification strategy to improve economic performance and proved that diversification allows the flexibility to respond to changing market opportunities and reduce the risks that may occur during production specialization. With the diversification of the company reinforce its competitive position in the market. The concept of diversification is used in the fo...
Cheol S. Eun; Sandy Lai; Frans A. de Roon; Zhe Zhang
We propose a new investment strategy employing "factor funds" to systematically enhance the meanvariance efficiency of international diversification. Our approach is motivated by the increasing evidence that size (SMB), book-to-market (HML), and momentum (MOM) factors, along with the market factor, adequately describe international stock returns, and by the direct link between investors' portfolio choice problems and international asset pricing theories and tests. Using data from 10 developed...
Christoffersen, Peter; Jacobs, Kris; Jin, Xisong;
We characterize diversification in corporate credit using a new class of dynamic copula models which can capture dynamic dependence and asymmetry in large samples of firms. We also document important differences between credit spread and equity return dependence dynamics. Modeling a decade of...... the crisis and remain high as well. The most important shocks to credit dependence occur in August of 2007 and in August of 2011, but interestingly these dates are not associated with significant changes to median credit spreads....
d'Albis, Hippolyte; Thibault, Emmanuel
In this article, the diversification motives of the demand for annuities is analyzed. Using a model allowing for the uncertainty of both the human life length and the interest rate, the Decision Maker is supposed to choose an optimal portfolio to maximize a bequest. Conditions under which an increase in the risk of bond returns increase the demand for annuities are proposed and discussed. Moreover, it is shown that, contrary to previous claims, more risk adversion is associated with a low...
Raphael Amit; Joshua Livnat; Paul Zarowin
This study investigates the direct effects of corporate diversification on accounting reports, and the implications of these effects for accounting research. The study shows that firms which diversify into unrelated areas of business devote a larger proportion of their capital investments to acquisitions and are, therefore, characterized by smaller differences between replacement-cost and historical-cost values of assets than undiversified firms. The implications of these findings, as well as...
Wenhua Yu, Junxiao Xu, Yi Wu, Guang Yang
Full Text Available Although mammals have long been regarded as a successful radiation, the diversification pattern among the clades is still poorly known. Higher-level phylogenies are conflicting and comprehensive comparative analyses are still lacking. Using a recently published supermatrix encompassing nearly all extant mammalian families and a novel comparative likelihood approach (MEDUSA, the diversification pattern of mammalian groups was examined. Both order- and family-level phylogenetic analyses revealed the rapid radiation of Boreoeutheria and Euaustralidelphia in the early mammalian history. The observation of a diversification burst within Boreoeutheria at approximately 100 My supports the Long Fuse model in elucidating placental diversification progress, and the rapid radiation of Euaustralidelphia suggests an important role of biogeographic dispersal events in triggering early Australian marsupial rapid radiation. Diversification analyses based on family-level diversity tree revealed seven additional clades with exceptional diversification rate shifts, six of which represent accelerations in net diversification rate as compared to the background pattern. The shifts gave origin to the clades Muridae+Cricetidae, Bovidae+Moschidae+Cervidae, Simiiformes, Echimyidae, Odontoceti (excluding Physeteridae+Kogiidae+Platanistidae, Macropodidae, and Vespertilionidae. Moderate to high extinction rates from background and boreoeutherian diversification patterns indicate the important role of turnovers in shaping the heterogeneous taxonomic richness observed among extant mammalian groups. Furthermore, the present results emphasize the key role of extinction on erasing unusual diversification signals, and suggest that further studies are needed to clarify the historical radiation of some mammalian groups for which MEDUSA did not detect exceptional diversification rates.
JOMO K.S.; Rock, M
Instead of simply relying on static comparative advantage considerations, the governments of the three second-tier South-East Asian newly industrializing countries of Indonesia, Malaysia and Thailand have all intervened to diversify their economies. Such diversification has included the promotion of new crops (e.g. oil palm) and natural resource exploitation, i.e. diversification of primary production, as well as the promotion of manufacturing. Besides import-substituting and export-oriented ...
McNamara, Kevin T.; Christoph R. Weiss
The present paper brings together two strands of literature by analysing the interrelationship between on-farm and off-farm diversification econometrically. Estimation results from simultaneous bivariate probit models suggest that on-farm and off-farm diversification decisions are closely related. The degree of diversification is significantly lower for farms where the farm operator works off-the farm. On the other hand, the probability of entering into the off-farm labour market declines wit...
Klinger, Bailey; Lederman, Daniel
The literature on the relationship between economic diversification and development established that diversification rises with development up to a point. Some have argued that market failures reduce private investments that are necessary to find out whether a new product can be exported profitably, thus implying that the threat of entry can reduce export discoveries and consequently hamper diversification. In parallel, the trade literature on the "extensive margin" of trade has focused on th...
Powers, Michael R.
Purpose – The purpose of this paper is to explore the roles of diversification, hedging, and a third risk-reduction process – “pacification” – in risk finance. Design/methodology/approach – After briefly reviewing the concepts of diversification and hedging, a simple mathematical model is offered for reducing the standard deviation of a portfolio of traditional “insurance” and/or other financial risks. Findings – The findings show that: neither diversification nor hedging, by itself, can guar...
CADOT, Olivier; Carrere, Celine; Strauss-Kahn, Vanessa
The paper explores the evolution of export diversification patterns along the economic development path. Using a large database with 156 countries over 19 years at the HS6 level of disaggregation (4,991 product lines), we look for action at the intensive and extensive margins. We find a hump-shaped pattern of export diversification similar to what Imbs and Wacziarg (2003) found for production. Diversification and subsequent reconcentration take place mostly along the extensive margin. This hu...
I present a framework of banking in which banks’ main role is to monitor their borrowers. Within this framework I analyze the benefits of diversification and the threats of systemic risk and inter-bank competition. Diversification improves banks’ monitoring incentives. High systemic risk not only hampers banks’ monitoring incentives, but also makes diversification less effective. I also show that competition lowers monitoring incentives. I match the insights of the analysis with the abundant ...
Paul EHLING; Ramos, Sofia B.
This research addresses whether geographic diversification provides benefits over industry diversification in a sample of European country and industry indexes. The methodology allows performance comparisons with short-selling constraints, upper and lower bounds, and many benchmarks. In the absence of constraints, no empirical evidence is found to support the argument that country diversification is a superior approach. In the case of realistic weights on portfolios such as short-selling, and...
De Giorgi, Enrico G.; Mahmoud, Ola
Diversification represents the idea of choosing variety over uniformity. Within the theory of choice, desirability of diversification is axiomatized as preference for a convex combination of choices that are equivalently ranked. This corresponds to the notion of risk aversion when one assumes the von-Neumann-Morgenstern expected utility model, but the equivalence fails to hold in other models. This paper reviews axiomatizations of the concept of diversification and their relationship to the r...
Bauer, Johannes M
Recent regulatory reform has gradually relaxed the constraints on vertical and horizontal diversification of public utilities. After earlier strategies of conglomerate diversification utilities more recently started to expand into domestic and international activities more closely related to their core business. Sound diversification may improve corporate performance, but raises complicated policy issues in firms operating in both regulated and unregulated markets. The paper studies the probl...
Doukas, John A.; Ozgur B Kan
Previous empirical studies have found that global diversification results in 18% shareholder loss. In this paper, we examine the sources behind the global diversification shareholder value loss in a contingent claims framework. This postulates that the risk-reduction effects of global diversification should decrease the value of shareholder equity (call option), whereas they should increase bondholder value. Consequently, near-all equity globally diversified firms should not experience...
Full Text Available This study provides information on the diversity of Peruvian species of Polylepis. Nineteen (19 species are reported here (more than 70% of the 27 species registered for the whole Andean region. As a result, Peru could be considered as the country with the largest diversity of Polylepis species, in comparison with Bolivia (13, Ecuador (7, Argentina (4, Colombia (3, Chile (2, and Venezuela (1. The species occur in 19 departments of Peru, with the majority of them in Cusco (10 and Ayacucho (8. Species diversity is mostly concentrated in the Peruvian southern Andes (15 species, with the region becoming the potential center of diversification of the genus Polylepis. Regarding their altitudinal distribution, the greatest diversity (18 is found between 3000 and 4000 m.
Fathi Abid; Pui Lam Leung; Mourad Mroua; Wing Keung Wong
This paper applies the mean-variance portfolio optimization (PO) approach and the stochastic dominance (SD) test to examine preferences for international diversification versus domestic diversification from American investors’ viewpoints. Our PO results imply that the domestic diversification strategy dominates the international diversification strategy at a lower risk level and the reverse is true at a higher risk level. Our SD analysis shows that there is no arbitrage opportunity between in...
Losos, Jonathan B; Ricklefs, Robert E
Charles Darwin's travels on HMS Beagle taught him that islands are an important source of evidence for evolution. Because many islands are young and have relatively few species, evolutionary adaptation and species proliferation are obvious and easy to study. In addition, the geographical isolation of many islands has allowed evolution to take its own course, free of influence from other areas, resulting in unusual faunas and floras, often unlike those found anywhere else. For these reasons, island research provides valuable insights into speciation and adaptive radiation, and into the relative importance of contingency and determinism in evolutionary diversification. PMID:19212401
Föller, K.; Stelbrink, B.; Hauffe, T.; Albrecht, C.; Wilke, T.
contributes to one of the overall goals of the SCOPSCO deep-drilling program - inferring the driving forces for biotic evolution in Lake Ohrid. It might also enhance our understanding of how ecosystem resilience, in general, may promote relatively constant diversification rates in isolated ecosystems. However, we encourage future studies testing hypotheses about the lack of catastrophic events in Lake Ohrid. These studies should be based on high-resolution data for the entire geological history of the lake, and they should potentially involve information from the sediment fossil record, not only for gastropods but also for other groups with a high share of endemic taxa.
Using portfolio theory ("Markowitz" diversification) the article shows that diversification on international bond markets also serves the interest of investors who give priority to minimizing risks. Institutional investors are frequently subject to important legal constraints in their ability to place assets according to findings of modern portfolio theory and to transfer risk.
胡莎; 窦志成; 王晓捷; 继荣
In search engines, different users may search for different information by issuing the same query. To satisfy more users with limited search results, search result diversification re-ranks the results to cover as many user intents as possible. Most existing intent-aware diversification algorithms recognize user intents as subtopics, each of which is usually a word, a phrase, or a piece of description. In this paper, we leverage query facets to understand user intents in diversification, where each facet contains a group of words or phrases that explain an underlying intent of a query. We generate subtopics based on query facets and propose faceted diversification approaches. Experimental results on the public TREC 2009 dataset show that our faceted approaches outperform state-of-the-art diversification models.
Poon, Peter T.
The author poses certain questions in this paper: 'In the future, should there be just one software engineering standards set? If so, how can we work towards that goal? What are the challenges of internationalizing standards?' Based on the author's personal view, the statement of his position is as follows: 'There should NOT be just one set of software engineering standards in the future. At the same time, there should NOT be the proliferation of standards, and the number of sets of standards should be kept to a minimum.It is important to understand the diversification of the areas which are spanned by the software engineering standards.' The author goes on to describe the diversification of processes, the diversification in the national and international character of standards organizations, the diversification of the professional organizations producing standards, the diversification of the types of businesses and industries, and the challenges of internationalizing standards.
Ricklefs, Robert E
Morphological diversity tends to increase within evolving lineages over time, but the relative roles of gradual evolutionary change (anagenesis) and abrupt shifts associated with speciation events (cladogenesis, or 'punctuated equilibrium') have not been resolved for most groups of organisms. However, these two modes of evolution can be distinguished by the fact that morphological variance increases in proportion to time under anagenesis, and in proportion to the logarithm of the number of species under cladogenesis. Although species and time are themselves correlated, multiple regression analysis provides a statistical framework for partitioning their relative contributions. In this study, I use multiple regressions to evaluate the effects of time and species number on morphological diversity within clades of passerine birds. The results show clearly that number of species exerts a strong influence on morphological variance independent of time, but that time has no unique effect. Thus, morphological evolution in birds seems to be associated with cladogenesis. How lineage splitting promotes morphological diversification poses an important challenge to ecologists and evolutionary biologists. PMID:15254535
This paper's results indicate that futures for crude oil, natural gas and unleaded gasoline fail to enhance the performance of representative energy stocks in terms of return to risk, but do decrease the overall level of risk exposure borne by passive equity investors. Our findings suggest that futures contracts on energy commodities are valuable to market participants with an interest in hedging against price fluctuations in energy markets by buy-and-hold strategies. However, this conclusion is reversed when one takes the perspective of traders whose core interests can be better approximated through the return to risk-bearing. In fact, this paper documents that return-to-risk maximizing agents are unlikely to profit from trading energy futures in addition to energy stocks. Moreover, futures for energy commodities fail to offer significant diversification gains with respect to energy stocks once investors adopt simple dynamic trading strategies that rely on readily available pricing information. (author)
Full Text Available En Chile y Argentina la especie Oligoryzomys longicaudatus ha sido identificada como el principal reservorio para Virus Andes (ANDV. El objetivo de este trabajo es reportar la presencia del virus Andes en Rattus norvergicus, roedor urbano recolectado de un muestreo en San Diego del Cristo, comuna de Melipilla, Región Metropolitana. La presencia del virus Andes en Rattus norvegicus podría indicar la importancia de otros roedores como eventuales vectores virales.In Chile and Argentina Oligoryzomys longicaudatus has been identified as the main reservoir for Hantavirus Andes. The aim of this work was to report the presence of Hantavirus Andes in Rattus norvegicus, an urban rodent collected during sampling in San Diego del Cristo, Melipilla, Metropolitan Region. The existence of Hantavirus Andes in Rattus norvegicus could indicate the importance of other rodents as possible viral vectors.
the driving forces for biotic evolution in Lake Ohrid. It might also enhance our understanding of how ecosystem resilience, in general, may promote relative constant diversification rates in isolated ecosystems. However, we encourage future studies testing hypotheses about the lack of catastrophic events in Lake Ohrid. These studies should be based on high-resolution data for the entire geological history of the lake, and potentially involving information from the sediment fossil record, not only for gastropods but also for other groups with a high share of endemic taxa.
Cooney, Christopher R; Seddon, Nathalie; Tobias, Joseph A
The adaptability of species' climatic niches can influence the dynamics of colonization and gene flow across climatic gradients, potentially increasing the likelihood of speciation or reducing extinction in the face of environmental change. However, previous comparative studies have tested these ideas using geographically, taxonomically and ecologically restricted samples, yielding mixed results, and thus the processes linking climatic niche evolution with diversification remain poorly understood. Focusing on birds, the largest and most widespread class of terrestrial vertebrates, we test whether variation in species diversification among clades is correlated with rates of climatic niche evolution and the extent to which these patterns are modified by underlying gradients in biogeography and species' ecology. We quantified climatic niches, latitudinal distribution and ecological traits for 7657 (˜75%) bird species based on geographical range polygons and then used Bayesian phylogenetic analyses to test whether niche evolution was related to species richness and rates of diversification across genus- and family-level clades. We found that the rate of climatic niche evolution has a positive linear relationship with both species richness and diversification rate at two different taxonomic levels (genus and family). Furthermore, this positive association between labile climatic niches and diversification was detected regardless of variation in clade latitude or key ecological traits. Our findings suggest either that rapid adaptation to unoccupied areas of climatic niche space promotes avian diversification, or that diversification promotes adaptation. Either way, we propose that climatic niche evolution is a fundamental process regulating the link between climate and biodiversity at global scales, irrespective of the geographical and ecological context of speciation and extinction. PMID:27064436
Komer, C. A.; Morgan, P.
The central Andes of South America extend from approximately 14 deg. S to 28 deg. S as an unbroken chain of mountains and volcanoes over 2000 km long. It is here that the Nazca plate dives under the South American plate at angles varying from 10 deg to 30 deg. Very little is known about the volcanoes comprising this classic, subduction-type plate margin. A catalogue of the volcanoes in the central Andes is being prepared by Dr. P.W. Francis and Dr. C.A. Wood at the NASA Lunar and Planetary Institute. At present, more than 800 volcanoes of Cenozoic age have been recognized in the chain, with an estimated 75-80 major, active Quarternary volcanoes. Approximately one hundred 1536 x 1536 pixel color composite Optronics positives were produced from six full LANDSAT Thermatic Mapper scenes and three partial TM scenes. These positives cover a large portion of the central Andes. The positives were produced from LANDSAT data using the VAX imaging package, LIPS. The scenes were first transferred from magnetic tape to disk. The LIPS package was then used to select volcanically interesting areas which were then electronically enhanced. Finally, the selected areas were transferred back to tape and printed on the Optronics equipment. The pictures are color composites using LANDSAT TM bands 7,4, and 2 in the red, green, and blue filters, respectively.
Babatunde, Raphael O.
The promotion of off-farm activities and income diversification in order to provide alternative income earning opportunities for rural households in developing countries has received increased policy attention recently. The growing importance of off-farm activities has also led to rising interest in analyzing the wider implications for household livelihoods and rural development, especially in Africa. In this dissertation, the impact of off-farm income diversification on income, food security...
Full Text Available The issue of diversification, diversification of exports and imports, diversification of foreign trade. Determined the importance of diversification strategy to improve economic performance and proved that diversification allows the flexibility to respond to changing market opportunities and reduce the risks that may occur during production specialization. With the diversification of the company reinforce its competitive position in the market. The concept of diversification is used in the formulation of portfolio strategy as one of the four components, namely a vector or direction of future growth areas of the company. The proposed provisions, by which we can achieve a positive result. Proved that by diversifying, the company improves its economic performance.
Herikstad, Inger Voll; Askø, Elin
We found our Master thesis to be the optimal opportunity to examine the important phenomenon of diversification, but from a different angle than what earlier researchers have done. Diversification is a useful technique for reducing risk in a portfolio and several researches over the years have agreed on the importance of diversification. We observed that researchers tended to base their research on different stock exchanges or brokerage accounts, and put little emphasis on the motives behind ...
Weldegebriel, Zerihun; Prowse, Martin Philip
Social-protection programmes like the Productive Safety-Net Programme (PSNP) in Ethiopia can play a positive role in promoting livelihoods and enhancing risk management. This article uses propensity score matching to estimate its effect on income diversification. The results suggest that receiving...
W. Deng (Wendong)
markdownabstract__Abstract__ This thesis contributes to two research streams of the literature regarding agricultural cooperatives, namely, social capital and product diversification of cooperatives. First, the thesis examines the nature of a marketing cooperative by considering both its economic a
Bilichenko, V.; Tsymbal, S.
The block diagram which with use of imitating modelling will allow to choose optimum strategy diversification the enterprises of automobile transport is developed, having received the maximal profit at the minimal expenses.
Jongmooo Jay Choi
All international investments inevitably have some diversification consequences. Yet the literature on foreign direct investment accords only a limited role to diversification or financial variables. This paper develops a theory of corporate international investment from the standpoint of finance in an environment where the segmentation of international capital markets for individuals or the presence of agency costs provide some independence to corporate decisions separate from shareholders. ...
T. Todd Smith; Garry J. Schinasi
This paper studies the extent to which basic principles of portfolio diversification explain "contagious selling" of financial assets when there are purely local shocks (e.g., a financial crisis in one country). The paper demonstrates that elementary portfolio theory offers key insights into "contagion." Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock i...
İlhan Meriç; Jie Ding; Gülser Meriç
Because of their low correlation with each other and with developed stock markets, emerging stock markets are generally mentioned as attractive portfolio diversification prospects for global investors. In this paper, we use the Principal Components Analysis (PCA) method to study the global portfolio diversification opportunities for the investors of seven developed stock markets in twenty emerging stock markets with data for the January 1, 2003-January 1, 2014 period.
Burress, Edward D.; Alejandro Duarte; Serra, Wilson S.; Marcelo Loueiro; Gangloff, Michael M.; Lynn Siefferman
Ecological speciation is well-known from adaptive radiations in cichlid fishes inhabiting lentic ecosystems throughout the African rift valley and Central America. Here, we investigate the ecological and morphological diversification of a recently discovered lotic predatory Neotropical cichlid species flock in subtropical South America. We document morphological and functional diversification using geometric morphometrics, stable C and N isotopes, stomach contents and character evolution. Thi...
Patrick F. Rowland; Linda L. Tesar
One possible explanation for home bias is that investors may obtain indirect international diversification benefits by investing in multinational firms rather than by investing directly in foreign markets. This paper employs mean-variance spanning tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. We find that in most countries and most time...
Full Text Available Because of their low correlation with each other and with developed stock markets, emerging stock markets are generally mentioned as attractive portfolio diversification prospects for global investors. In this paper, we use the Principal Components Analysis (PCA method to study the global portfolio diversification opportunities for the investors of seven developed stock markets in twenty emerging stock markets with data for the January 1, 2003-January 1, 2014 period.
Chen, Lin Yow
Diversification strategy involves decisions about the products that a firm should make and the markets that it competes in. It is a matter that is of great importance to corporate level managers. This report examines the conglomerate approach to diversification, essentially a strategy of broad expansion through the addition of new businesses that are unrelated to existing ones. There are three objectives to this study. The first was to investigate the relationship between the degree of divers...
Arip, Mohammad Affendy; Yee, Lau Sim; Abdul Karim, Bakri
This paper examines the relationship between export diversification and economic growth in Malaysia. We use annual data from 1980-2007 and time-series techniques of cointegration and Granger causality tests to examine the long-run relationship and dynamic interactions among the variables. The results show the presence of a unique cointegrating vector among the four variables. Consistent with previous studies, we found that export diversification plays significant roles to economic growth in M...
Meslier, Céline; Donald P. Morgan; Samolyk, Katherine; Tarazi, Amine
We estimate the benefits of intrastate and interstate geographic diversification for bank risk and return, and assess whether such benefits could be shaped by differences in bank size and disparities in economic conditions within states or across U.S. states. For small banks, only intrastate diversification is beneficial in terms of risk-adjusted returns but for very large institutions both intrastate and interstate expansions are rewarding. However, in all cases the relationship is hump-shap...
Burkholz, Rebekka; Garas, Antonios; Schweitzer, Frank
We consider the problem of risk diversification in complex networks. Nodes represent e.g. financial actors, whereas weighted links represent e.g. financial obligations (credits/debts). Each node has a risk to fail because of losses resulting from defaulting neighbors, which may lead to large failure cascades. Classical risk diversification strategies usually neglect network effects and therefore suggest that risk can be reduced if possible losses (i.e., exposures) are split among many neighbo...
Broll, Udo; Wahl, Jack E.
The value at risk measure attempts to summarize in a single number market value risk of a portfolio of financial assets.The paper focuses on the interaction between the solvency probability of a bank, on one hand, and the diversification potential of its portfolio, on the other hand, when optimum endowment of equity capital is to be determined. Given the necessity to achieve some confidence level of solvency we demonstrate that diversification pays when optimizing the use of the equity resource.
Because corporate diversification and organization co-evolve, diversification discounts, which are widely reported in the literature, can be caused by organizational structure, rather than by the industrial scope of the firm. The paper examines this possibility based on a large sample of Japanese firms for which the legal (parent-subsidiary) structure of the organization is easily observable. I identified a significant discount for diversified firms with and without control over the organizat...
Schlunegger, F.; Norton, K. P.
enhanced orographic rainfall, which promotes thrusting and internal shortening. A fault-scale coupled erosion-deformation model also shows that low erosion rates and steep topographic angles would have forced a migration of deformation from the Western Escarpment to the eastern side. These findings illustrate the strong control of orographic precipitation on the deformation of the Central Andes. Kober, F. et al. Denudation rates and topography-driven rainfall threshold in northern Chile: multiple cosmogenic nuclide data and sediment budgets. Geomorphology 83, 97-120 (2007). Norton, K. & Schlunegger, F. Migrating deformation in the Central Andes from enhanced orographic rainfall. Nat. Commun. 2, 584 (2011). Safran, E. B et al. Erosion rates driven by channel network incision in the Bolivian Andes. Earth Surf. Process Landforms 30, 1007-1024 (2005).
Burkholz, Rebekka; Schweitzer, Frank
We consider the problem of risk diversification in complex networks. Nodes represent e.g. financial actors, whereas weighted links represent e.g. financial obligations (credits/debts). Each node has a risk to fail because of losses resulting from defaulting neighbors, which may lead to large failure cascades. Classical risk diversification strategies usually neglect network effects and therefore suggest that risk can be reduced if possible losses (i.e., exposures) are split among many neighbors (exposure diversification, ED). But from a complex networks perspective diversification implies higher connectivity of the system as a whole which can also lead to increasing failure risk of a node. To cope with this, we propose a different strategy (damage diversification, DD), i.e. the diversification of losses that are imposed on neighboring nodes as opposed to losses incurred by the node itself. Here, we quantify the potential of DD to reduce systemic risk in comparison to ED. For this, we develop a branching proce...
There are several research activities to enhance safety and reliability of nuclear power plant operation and maintenance. We are developing a concept of an autonomous operation system where the role of operators is replaced with artificial intelligence. The purpose of the study described in this report is to develop a operator support system in abnormal plant situations. Conventionally, diagnostic modules based on individual methodology such as expert system have been developed and verified. In this report, methodology diversification is considered to integrate diagnostic modules which performance are confirmed using information processing technique. Technical issues to be considered in diagnostic methodology diversification are; 1)reliability of input data, 2)diversification of knowledge models, algorithms and reasoning schemes, 3)mutual complement and robustness. The diagnostic module utilizing the different approaches defined along with strategy of diversification was evaluated using fast breeder plant simulator. As a result, we confirmed that any singular diagnostic module can not meet accuracy criteria for the entire set of anomaly events. In contrast with this, we confirmed that every abnormality could be precisely diagnosed by a mutual combination. In other words, legitimacy of approach selected by strategy of diversification was shown, and methodology diversification attained clear efficiency for abnormal diagnosis. It has been also confirmed that the diversified diagnostic system implemented in this study is able to maintain its accuracy even in case that encountered scale of abnormality is different from reference cases embedded in the knowledge base. (author)
Lagomarsino, Laura P; Condamine, Fabien L; Antonelli, Alexandre; Mulch, Andreas; Davis, Charles C
The tropical Andes of South America, the world's richest biodiversity hotspot, are home to many rapid radiations. While geological, climatic, and ecological processes collectively explain such radiations, their relative contributions are seldom examined within a single clade. We explore the contribution of these factors by applying a series of diversification models that incorporate mountain building, climate change, and trait evolution to the first dated phylogeny of Andean bellflowers (Campanulaceae: Lobelioideae). Our framework is novel for its direct incorporation of geological data on Andean uplift into a macroevolutionary model. We show that speciation and extinction are differentially influenced by abiotic factors: speciation rates rose concurrently with Andean elevation, while extinction rates decreased during global cooling. Pollination syndrome and fruit type, both biotic traits known to facilitate mutualisms, played an additional role in driving diversification. These abiotic and biotic factors resulted in one of the fastest radiations reported to date: the centropogonids, whose 550 species arose in the last 5 million yr. Our study represents a significant advance in our understanding of plant evolution in Andean cloud forests. It further highlights the power of combining phylogenetic and Earth science models to explore the interplay of geology, climate, and ecology in generating the world's biodiversity. PMID:26990796
van de Sande, Brett; Vanlehn, Kurt; Treacy, Don; Shelby, Bob; Wintersgill, Mary
The size of introductory physics lectures often inhibits personal homework assistance and timely corrective feedback. Andes, an intelligent homework help system designed for two semesters of introductory physics, can fill this need by encouraging students to use sound problem solving techniques and providing immediate feedback on each step of a solution. On request, Andes provides principles-based hints based on previous student actions. A multi-year study at the U.S. Naval Academy demonstrates that students using Andes perform better than students working the same problems as graded pencil and paper homeworks. In addition, student attitude surveys show that Andes is preferred over other homework systems. These findings have implications for student attitudes toward, and mastery of, physics. See http://www.andes.pitt.edu for more information.
Schnitzler, Jan; Kučinić, Mladen; Graf, Wolfram; Ibrahimi, Halil; Kerovec, Mladen
The karst areas in the Dinaric region of the Western Balkan Peninsula are a hotspot of freshwater biodiversity. Many investigators have examined diversification of the subterranean freshwater fauna in these karst systems. However, diversification of surface-water fauna remains largely unexplored. We assessed local and regional diversification of surface-water species in karst systems and asked whether patterns of population differentiation could be explained by dispersal–diversification processes or allopatric diversification following karst-related microscale vicariance. We analyzed mitochondrial cytochrome c oxidase subunit I (mtCOI) sequence data of 4 caddisfly species (genus Drusus) in a phylogeographic framework to assess local and regional population genetic structure and Pliocene/Pleistocene history. We used BEAST software to assess the timing of intraspecific diversification of the target species. We compared climate envelopes of the study species and projected climatically suitable areas during the last glacial maximum (LGM) to assess differences in the species climatic niches and infer potential LGM refugia. The haplotype distribution of the 4 species (324 individuals from 32 populations) was characterized by strong genetic differentiation with few haplotypes shared among populations (16%) and deep divergence among populations of the 3 endemic species, even at local scales. Divergence among local populations of endemics often exceeded divergence among regional and continental clades of the widespread D. discolor. Major divergences among regional populations dated to 2.0 to 0.5 Mya. Species distribution model projections and genetic structure suggest that the endemic species persisted in situ and diversified locally throughout multiple Pleistocene climate cycles. The pattern for D. discolor was different and consistent with multiple invasions into the region. Patterns of population genetic structure and diversification were similar for the 3 regional
Full Text Available Long-term field studies in the scope of a multidisciplinary project in southern Ecuador revealed extraordinary high species numbers of many organismic groups. This article discusses reasons for the outstanding vascular plant diversity using a hierarchical scale-oriented top-down approach (Grüninger 2005, from the global scale to the local microscale. The global scale explains general (paleo- ecological factors valid for most parts of the humid tropics, addressing various hypotheses and theories, such as the “greater effective evolutionary time”, constant input of “accidentals”, the “seasonal variability hypothesis”, the “intermediate disturbance hypothesis”, and the impact of soil fertility. The macroscale focuses on the Andes in northwestern South America. The tropical Andes are characterised by many taxa of restricted range which is particularly true for the Amotape-Huancabamba region, i.e. the so called Andean Depression, which is effective as discrete phytogeographic transition as well as barrier zone. Interdigitation of northern and southern flora elements, habitat fragmentation, geological and landscape history, and a high speciation rate due to rapid genetic radiation of some taxa contribute to a high degree of diversification. The mesoscale deals with the special environmental features of the eastern mountain range, the Cordillera Real and surrounding areas in southern Ecuador. Various climatic characteristics, the orographic heterogeneity, the geologic and edaphic conditions as well as human impact are the most prominent factors augmenting plant species diversity. On microscale, prevailing regimes of disturbance and environmental stresses, the orographic basement, as well as the general role on the various mountain chains are considered. Here, micro-habitats e.g. niches for epiphytes, effects of micro-relief patterns, and successions after small-sized disturbance events are screened. Direct effects of human impact are
Smith, J E; Black, B L
Participation by hospital pharmacy departments in planning and development of diversified services is described. Diversification requires market planning. Seven basic marketing steps are identification of mission, goals, and objectives; identification of growth strategies (market penetration, market development, product development, and diversification); market analysis of external factors (size, growth, and logistics; reimbursement and financial considerations; competition; regulatory issues; and legal issues); market analysis of internal factors (departmental organization and reporting lines, demographics of the institution, and costs and productivity associated with the new service); program development and design; implementation; and evaluation. Hospitals can diversify by expanding acute-care services through management contracts and mergers; developing new services to include long-term-care, ambulatory-care, occupational-health, and wellness programs; starting other health-care ventures, such as consulting, continuing medical education, and continuing education for nurses; and expanding into non-health-care businesses. Vertical diversification is finding new markets for existing services; horizontal diversification is development of new services for new markets. To diversify, an institution may need to change its corporate structure; it may form a family of corporations that includes a university, nonprofit hospitals, holding companies, for-profit corporations, joint ventures, and service organizations. Through diversification, institutions and pharmacy departments can create alternative sources of funding and offer more comprehensive services to patients. PMID:3605115
Tecnatom is developing since several years ago the diversification of technologies and markets given its enterprise vocation of technological leadership in the services and products supplied in both the national and international nuclear market. In this paper, a description of the historical development of these technologies is made, and how the diversification is initiated in the global market, as well as the identification of the segments of the industrial market where services and products of high technology can be provided. A description of the diversification strategy is included and several results of this policy are presented for the aircraft and space market, the transport market, the industrial processes market, etc. Finally, examples of developments of new technologies of virtual reality and augmented reality are explained and how these new capabilities feedback in the nuclear market. (Author)
US Fish and Wildlife Service, Department of the Interior — This collection of monthly activity reports summarizes activities on Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR during the 1975 calendar year. Resource...
WAN, Zhixi; Damian R. Beil
In this paper, the authors examine a supply base diversification problem faced by a buyer who periodically holds auctions to award short term supply contracts among a cohort of suppliers (i.e., the supply base). To mitigate significant cost shocks to procurement, the buyer can diversify her supply base by selecting suppliers from different regions. The authors find that the optimal degree of supply base diversification depends on the buyer’s bargaining power, i.e., the buyer’s ability to choo...
Ribas, Camila C.; Aleixo, Alexandre; Nogueira, Afonso C. R.; Miyaki, Cristina Y.; Cracraft, Joel
Many hypotheses have been proposed to explain high species diversity in Amazonia, but few generalizations have emerged. In part, this has arisen from the scarcity of rigorous tests for mechanisms promoting speciation, and from major uncertainties about palaeogeographic events and their spatial and temporal associations with diversification. Here, we investigate the environmental history of Amazonia using a phylogenetic and biogeographic analysis of trumpeters (Aves: Psophia), which are represented by species in each of the vertebrate areas of endemism. Their relationships reveal an unforeseen ‘complete’ time-slice of Amazonian diversification over the past 3.0 Myr. We employ this temporally calibrated phylogeny to test competing palaeogeographic hypotheses. Our results are consistent with the establishment of the current Amazonian drainage system at approximately 3.0–2.0 Ma and predict the temporal pattern of major river formation over Plio-Pleistocene times. We propose a palaeobiogeographic model for the last 3.0 Myr of Amazonian history that has implications for understanding patterns of endemism, the temporal history of Amazonian diversification and mechanisms promoting speciation. The history of Psophia, in combination with new geological evidence, provides the strongest direct evidence supporting a role for river dynamics in Amazonian diversification, and the absence of such a role for glacial climate cycles and refugia. PMID:21795268
Van Dyk, Francois; Van Vuuren, Gary; Styger, Paul
The residual variance method is the traditional method for measuring portfolio diversification relative to a market index. Problems arise, however, when the market index itself is not appropriately diversified. A diversification measurement (Portfolio Diversification Index), free from market index influences, has been recently introduced. This article explores whether this index is a robust and 'good' diversification measure compared with the residual variance method. South African unit trust...
This paper provides an overview of patterns in farm, agro and rural tourism development in a way of farm, agro and rural economy diversification to achieve economic and environmental sustainability. The importance of rural tourism in the rural economy is increasing by farm, agro and rural economy diversification addressing its multifunctional development. The European Union policies are targeting both, farm and agro diversification as well as rural economy diversification. Farm, agro and rura...
ANA I. SINDE-CANTORNA; ANA GUEIM ONDE-CANTO; Mª ISABEL DIÉGUEZ-CASTRILLÓN
Determinants and performance of diversification strategy have been approached frequently in the literature. Nevertheless, there are only a few studies that analyze the diversification in sectors where the impulse to diversify is not strictly economic, but political or social. Diversification of agricultural and farm activity towards the tourism in Galicia is a clear example. The aim of this paper is to determine the factors that motivate holders of farmers to initiating a strategy of diversif...
Rebecca S. Demsetz; Philip E. Strahan
This paper shows that large BHCs are better diversified than small BHCs based on market measures of diversification. We find, however, that better diversification does not translate into reductions in overall risk. The risk reducing potential of diversification at large BHCs is offset by their lower capital ratios, larger C&I loan portfolios, and greater use of derivatives. Our results suggest that asset growth should enhance diversification but that the effects on risk will depend on the ext...
The current study explores relationship between the crop diversification and risk in India. Herfindahl Index has been used to analyse the level of crop diversification across the major states over the period of study. An effort has been made to compute yield risk and price risk of each state using the Markowitz's Mean-variance theory and map it with the crop diversification for the corresponding states. Result shows that, while the relationship is positive in the case of crop-diversification ...
Randy I . Anderson; Stowe, John D; Xuejing Xing
The main purpose of this paper is to investigate empirically whether corporate diversification reduces the risk of the diversifying firm. We investigate this issue using a sample of diversifying acquisitions and various risk measures. We find that corporate diversification tends to decrease the risk of some firms but increase the risk of many others. On average corporate diversification does not lower firm risk. These findings call into question the notion that corporate diversification stric...
Ratcliff, William C; Hawthorne, Peter; Libby, Eric
Life is full of risk. To deal with this uncertainty, many organisms have evolved bet-hedging strategies that spread risk through phenotypic diversification. These rates of diversification can vary by orders of magnitude in different species. Here we examine how key characteristics of risk and organismal ecology affect the fitness consequences of variation in diversification rate. We find that rapid diversification is strongly favored when the risk faced has a wide spatial extent, with a singl...
US Fish and Wildlife Service, Department of the Interior — This narrative report summarizes activities on Lake Andes NWR between September and December of 1946. Water conditions, waterfowl, furbearers, maintenance and...
Full Text Available This paper applies the mean-variance portfolio optimization (PO approach and the stochastic dominance (SD test to examine preferences for international diversification versus domestic diversification from American investors’ viewpoints. Our PO results imply that the domestic diversification strategy dominates the international diversification strategy at a lower risk level and the reverse is true at a higher risk level. Our SD analysis shows that there is no arbitrage opportunity between international and domestic stock markets; domestically diversified portfolios with smaller risk dominate internationally diversified portfolios with larger risk and vice versa; and at the same risk level, there is no difference between the domestically and internationally diversified portfolios. Nonetheless, we cannot find any domestically diversified portfolios that stochastically dominate all internationally diversified portfolios, but we find some internationally diversified portfolios with small risk that dominate all the domestically diversified portfolios.
Full Text Available Morphological and DNA sequence data has been used to propose hypotheses of relationships within the Characiformes with minimal comparative discussion of causes underpinning the major intraordinal diversification patterns. We explore potential primary morphological factors controlling the early diversification process in some Neotropical characiforms as the first step to identifying factors contributing to the pronounced intraordinal morphological and species diversity. A phylogenetic reconstruction based on 16S rDNA (mitochondrial and 18S rDNA (nuclear genes provided the framework for the identification of the main morphological differences among the Acestrorhynchidae, Anostomidae, Characidae, Ctenoluciidae, Curimatidae, Cynodontidae, Gasteropelecidae, Prochilodontidae and Serrasalmidae. Results indicate an initial split into two major groupings: (i species with long dorsal-fin bases relative to the size of other fins (Curimatidae, Prochilodontidae, Anostomidae, Serrasalmidae which primarily inhabit lakes, swamps, and rivers (lineage I; and (ii species with short dorsal-fin bases (Acestrorhynchidae, Gasteropelecidae, Characidae which primarily inhabit creeks and streams (lineage II. The second diversification stage in lineage I involved substantial morphological diversification associated with trophic niche differences among the monophyletic families which range from detritivores to large item predators. Nonmonophyly of the Characidae complicated within lineage II analyzes but yielded groupings based on differences in pectoral and anal fin sizes correlated with life style differences.
Skipper, P. K.
In reaction to the economic risks associated with an over reliance on oil and gas exports, residents of the Midland/Odessa area of Texas began seeking diversification options for the local economy and, in 1986, formed the Midland/Odessa Health and Retirement Endeavor (MOHRE). This non-profit corporation was formed to examine the feasibility of…
Carmona, Julio; León, Ángel; Vaello-Sebastià, Antoni
We study the time diversification issue in the context of the optimal asset allocation of an executive with decreasing relative risk aversion preferences, who is granted a package of European stock options. The asset menu for his unrestricted wealth includes both market portfolio and money account.
Burkholz, Rebekka; Garas, Antonios; Schweitzer, Frank
We study the influence of risk diversification on cascading failures in weighted complex networks, where weighted directed links represent exposures between nodes. These weights result from different diversification strategies and their adjustment allows us to reduce systemic risk significantly by topological means. As an example, we contrast a classical exposure diversification (ED) approach with a damage diversification (DD) variant. The latter reduces the loss that the failure of high degree nodes generally inflict to their network neighbors and thus hampers the cascade amplification. To quantify the final cascade size and obtain our results, we develop a branching process approximation taking into account that inflicted losses cannot only depend on properties of the exposed, but also of the failing node. This analytic extension is a natural consequence of the paradigm shift from individual to system safety. To deepen our understanding of the cascade process, we complement this systemic perspective by a mesoscopic one: an analysis of the failure risk of nodes dependent on their degree. Additionally, we ask for the role of these failures in the cascade amplification.
@@ The Eighth Five-Year Plan period witnessed rapid the development in the diversification business of China's onshore petroleum industry for five consecutive years mainly as a result of intensified efforts to develop new products and foreign- exchange- earning products by making full use of science and technology. In particular, great achievements were recorded in the following aspects.
Joy, Jeffrey B
Interactions between species are important catalysts of the evolutionary processes that generate the remarkable diversity of life. Symbioses, conspicuous and inherently interesting forms of species interaction, are pervasive throughout the tree of life. However, nearly all studies of the impact of species interactions on diversification have concentrated on competition and predation leaving unclear the importance of symbiotic interaction. Here, I show that, as predicted by evolutionary theories of symbiosis and diversification, multiple origins of a key innovation, symbiosis between gall-inducing insects and fungi, catalysed both expansion in resource use (niche expansion) and diversification. Symbiotic lineages have undergone a more than sevenfold expansion in the range of host-plant taxa they use relative to lineages without such fungal symbionts, as defined by the genetic distance between host plants. Furthermore, symbiotic gall-inducing insects are more than 17 times as diverse as their non-symbiotic relatives. These results demonstrate that the evolution of symbiotic interaction leads to niche expansion, which in turn catalyses diversification. PMID:23390106
Key innovations are traits that are associated with the particular evolutionary 'success' of some taxonomic groups. Climbing plants depend on the availability of physical support to reach the canopy and thereby prevent shading by neighbouring plants. The present article shows that the evolution of a climbing habit in flowering plants constitutes a key innovation. A literature survey identified 48 pairs of sister groups from 45 families of flowering plants for which information on phylogenetic...
Kasperski, Stephen; Holland, Daniel S
Catches and prices from many fisheries exhibit high interannual variability, leading to variability in the income derived by fishery participants. The economic risk posed by this may be mitigated in some cases if individuals participate in several different fisheries, particularly if revenues from those fisheries are uncorrelated or vary asynchronously. We construct indices of gross income diversification from fisheries at the level of individual vessels and find that the income of the current fleet of vessels on the US West Coast and in Alaska is less diverse than at any point in the past 30 y. We also find a dome-shaped relationship between the variability of individuals' income and income diversification, which implies that a small amount of diversification does not reduce income risk but that higher levels of diversification can substantially reduce the variability of income from fishing. Moving from a single fishery strategy to a 50-25-25 split in revenues reduces the expected coefficient of variation of gross revenues between 24% and 65% for the vessels included in this study. The increasing access restrictions in many marine fisheries through license reductions and moratoriums have the potential to limit fishermen's ability to diversify their income risk across multiple fisheries. Catch share programs often result in consolidation initially and may reduce diversification. However, catch share programs also make it feasible for fishermen to build a portfolio of harvest privileges and potentially reduce their income risk. Therefore, catch share programs create both threats and opportunities for fishermen wishing to maintain diversified fishing strategies. PMID:23341621
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1983 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1981 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1982 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1984 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1985 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1989 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1986 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1988 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1987 calendar year. The report...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1992 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1993 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Karl Mundt NWR, and Lake Andes WMD outlines Refuge accomplishments during the 1991 calendar year. The report begins...
US Fish and Wildlife Service, Department of the Interior — This annual narrative report for Lake Andes NWR, Lake Andes WMD, and Karl E. Mundt NWR outlines Refuge accomplishments during the 1990 calendar year. The report...
Burress, Edward D.; Duarte, Alejandro; Serra, Wilson S.; Loueiro, Marcelo; Gangloff, Michael M.; Siefferman, Lynn
Ecological speciation is well-known from adaptive radiations in cichlid fishes inhabiting lentic ecosystems throughout the African rift valley and Central America. Here, we investigate the ecological and morphological diversification of a recently discovered lotic predatory Neotropical cichlid species flock in subtropical South America. We document morphological and functional diversification using geometric morphometrics, stable C and N isotopes, stomach contents and character evolution. This species flock displays species-specific diets and skull and pharyngeal jaw morphology. Moreover, this lineage appears to have independently evolved away from piscivory multiple times and derived forms are highly specialized morphologically and functionally relative to ancestral states. Ecological speciation played a fundamental role in this radiation and our data reveal novel conditions of ecological speciation including a species flock that evolved: 1) in a piscivorous lineage, 2) under lotic conditions and 3) with pronounced morphological novelties, including hypertrophied lips that appear to have evolved rapidly. PMID:24278349
Baker, William J.; Eiserhardt, Wolf L.; Kissling, W. Daniel;
Recent biogeographic and ecoinformatic studies of palms provide a global context for the spatio-temporal evolution of palms and the tropical rain forests that they inhabit. Palms display high rain forest niche conservatism, with >90% of species occurring in this biome. The global distribution of...... clades and species richness is highly structured, suggestive of complex, differentiated patterns of evolutionary drivers. Macroecological studies show that palm species richness is globally contingent on climatic variables typical of the humid tropics, while island palm floras are also influenced by area...... for our understanding of rain forests because fossil evidence for this biome prior to the Palaeocene is weak. Lineage diversification in palms has proceeded in a constant manner from 100 Ma at least until the Miocene, conforming to the museum model of diversification. Since the Miocene...
Full Text Available International portfolio diversification is often advocated as a way of enhancing portfolio performance particularly through the reduction of portfolio risk. Portfolio managers in Europe have for decades routinely invested a substantial portion of their portfolios in securities that were issued in other countries. During the last decade US investors have held a significant amount of foreign securities with over a trillion dollars invested in foreign assets by 1994. South African institutions have been allowed some freedom to diversify internationally since mid 1995 and individual investors since July 1997. In this paper the potential diversification benefits for South African investors are considered. The stability over time of the correlation structure is investigated and simple ex-ante investment strategies are formulated and evaluated.
Christoffersen, Peter; Errunza, Vihang; Jacobs, Kris;
International equity markets are characterized by nonlinear dependence and asymmetries. We propose a new dynamic asymmetric copula model to capture long-run and short-run dependence, multivariate nonnormality, and asymmetries in large cross-sections. We find that correlations have increased marke...... and nonlinear dependence. The benefits from international diversification have reduced over time, drastically so for DMs. EMs still offer significant diversification benefits, especially during large market downturns.......International equity markets are characterized by nonlinear dependence and asymmetries. We propose a new dynamic asymmetric copula model to capture long-run and short-run dependence, multivariate nonnormality, and asymmetries in large cross-sections. We find that correlations have increased...
Hughes, John S; Jing LIU; LIU Jun
We investigate the effects of information and diversification on cost of capital in a noisy rational expectations model. Assuming a factor structure for risky asset payoffs and two classes of investors, informed and uninformed, we show that in large economies the APT (Ross, 1976) holds and i) information from private signals about idiosyncratic shocks has no effect on cost of capital and ii) information from private signals about systematic factors affects cost of capital only through factor ...
Hicham Benjelloun; Abdulkader M.A. Abdullah
Purpose – The purpose of this paper is to investigate how best to diversify in Saudi Arabia's stock market. Design/methodology/approach – The analysis proceeds as follows: first, repeated sampling with replacement from a sample of 62 actual companies' monthly stock returns from January 2001 to June 2006 is used to simulate the performance of various portfolio sizes; second, a modified Statman diversification model is used to evaluate the performance of index funds in Saudi Arabia and thus ass...
We derive empirical tests for stochastic dominance that allow for diversification between choice alternatives. The tests can be computed using straightforward linear programming. Bootstrapping techniques and asymptotic distribution theory can approximate the sampling properties of the test results and allow for statistical inference. Our results could provide a stimulus to the further proliferation of stochastic dominance for the problem of portfolio selection and evaluation (as well as other...
Phylogenetic trees of present-day species allow investigation of the rate of evolution that led to the present-day diversity. A recent analysis of the mammalian phylogeny challenged the view of explosive mammalian evolution after the Cretaceous–Tertiary (K/T) boundary (65 Mya). However, due to lack of appropriate methods, the diversification (speciation minus extinction) rates in the more recent past of mammalian evolution could not be determined. In this paper, I provide a method that reveal...
There is now a substantial literature on the effects of rebalancing on portfolio performance. It is widely argued in the theoretical literature that rebalanced strategies are inherently likely to generate greater terminal wealth than unrebalanced strategies, although empirical studies do not generally support this claim. We show that this claim is based on a misattribution between ‘rebalancing returns’ which are specific to the act of rebalancing, and ‘diversification returns’ which can be ea...
John D. Burger; Warnock, Francis E.
This paper has two main goals: to analyze country allocations in international bond portfolios and to describe the development of bond markets around the world. In the primary analysis, we find that country weights in U.S. investors' foreign bond portfolios are determined by the openness of capital accounts and potential diversification benefits. Positions in local-currency-denominated bonds are particularly sensitive to past and prospective volatility of returns. Analysis of reallocations in...
Bürgi, Roland; Dacorogna, Michel M; Iles, Roger
Insurance and reinsurance live and die from the diversification benefits or lack of it in their risk portfolio. The new solvency regulations allow companies to include them in their computation of risk-based capital (RBC). The question is how to really evaluate those benefits. To compute the total risk of a portfolio, it is important to establish the rules for aggregating the various risks that compose it. This can only be done through modelling of their dependence. It is a well known...
Kpate ADJAOUTE; Danthine, Jean-Pierre
Diversification opportunities in Euroland appear to have improved significantly since the advent of the euro, thus invalidating the prospects identified in the last years of the convergence-to-EMU period. We identify low frequency movements in the time series of return dispersions suggestive of cycles and long swings in return correlations. The most recent post-euro period is clearly associated with an important upswing with return dispersions exceeding for the first time their peaks of the e...
We study the dependence between the downside risk of European banks and insurers. Since the downside risk of banks and insurers differs, an interesting question from a supervisory point of view is the risk reduction that derives from diversification within large banks and financial conglomerates. We discuss the limited value of the normal distribution based correlation concept, and propose an alternative measure which better captures the downside dependence given the fat tail property of the ...
Risk managers use portfolios to diversify away the unpriced risk of individual securities. In this article we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case of fat-tailed distributed returns. The downside risk of a security is decomposed into a part which is attributable to the market risk, an idiosyncratic part, and a second independent factor. We show that the fat-tailed-based downside risk, measured as value-at-ris...
markdownabstract__Abstract__ This thesis contributes to two research streams of the literature regarding agricultural cooperatives, namely, social capital and product diversification of cooperatives. First, the thesis examines the nature of a marketing cooperative by considering both its economic and social attributes. Several formal models are formulated to address the interaction between cooperative governance structure and the different dimensions of cooperative social capital. The coopera...
García-R, Juan C.; Crawford, Andrew J.; Mendoza, Ángela María; Ospina, Oscar; Cardenas, Heiber; Castro, Fernando
The Andes of South America hosts perhaps the highest amphibian species diversity in the world, and a sizable component of that diversity is comprised of direct-developing frogs of the genus Pristimantis (Anura: Craugastoridae). In order to better understand the initial stages of species formation in these frogs, this study quantified local-scale spatial genetic structuring in three species of Pristimantis. DNA sequences of two mitochondrial gene fragments (16S and COI) were obtained from P. brevifrons, P. palmeri and P. jubatus at different locations in the Cordillera Occidental. We found high levels of genetic diversity in the three species, with highly structured populations (as measured by FST) in P. brevifrons and P. palmeri while P. jubatus showed panmixia. Large effective population sizes, inferred from the high levels of genetic diversity, were found in the three species and two highly divergent lineages were detected within P. jubatus and P. palmeri. Estimated divergence times among populations within P. brevifrons and P. palmeri coincide with the Pleistocene, perhaps due to similar responses to climatic cycling or recent geological history. Such insights have important implications for linking alpha and beta diversity, suggesting regional scale patterns may be associated with local scale processes in promoting differentiation among populations in the Andes. PMID:23049941
Ooi Chai-Aun; Hooy Chee-Wooi; Mat Som Ahmad Puad
The unstable environment of hotel industry which is driven by the fluctuation of tourism demand has motivated this study to look into the best diversification strategy for firm performance betterment. 42 hotel firms are investigated across 4 Asian economies, from year 2001 to 2012. Our results suggest that unrelated industrial diversification is the only alternative to improve hotel firm performance. Unrelated international diversification instead has a significant negative effect towards fir...
Mueller, Glenn R.
Diversification of real estate portfolios has historically been accomplished by utilizing a geographic and/or property-type strategy. More recently, a number of economically based diversification categories have been proposed by industry researchers (see Hartzell, Shulman and Wurtzebach, 1987 and Wurtzebach, 1988). This study tests the efficiency of the existing geographic and geographic/economic strategies currently in the literature against an economically based diversification strategy usi...
In this paper a model based on conflicts of interest between shareholders, the CEO and divisional managers is developed to explain why corporate diversification is good for some firms and bad for others. It is shown that when the decision to diversify is endogenous, whether diversification destroys value depends on the severity of con‡icts of interests and the complementarities across divisions and not, as usual in the literature that explains value-decreasing diversification, on the efficien...
Portfolio diversification and active risk management are essential parts of financial analysis which became even more crucial (and questioned) during and after the years of the Global Financial Crisis. We propose a novel approach to portfolio diversification using the information of searched items on Google Trends. The diversification is based on an idea that popularity of a stock measured by search queries is correlated with the stock riskiness. We penalize the popular stocks by assigning th...
Walden, Johan; Ibragimov, Rustam
This paper analyzes portfolio diversification for nonlinear transformations of heavy-tailed risks. It is shown that diversification of a portfolio of convex functions of heavy-tailed risks increases the portfolioâ€™s riskiness if expectations of these risks are infinite. In contrast, for concave functions of heavy-tailed risks with finite expectations, the stylized fact that diversification is preferable continues to hold. The framework of transformations of heavy-tailed risks includes many m...
Udai Lal Paliwal
Maximizing returns and minimizing risk through diversification has been a popular topic in economics and finance research. Studies have shown that correlation among international portfolio returns increases during periods of turbulence in capital markets, meaning that benefits from international diversification are lost exactly when they are needed most (Bodie, Kane & Marcus, 2008). This and other similar findings pave the way for nontraditional diversification strategies. The present pap...
Kevin Moran; Benoît Carmichael; Gilles Boevi Koumou
This paper extends the use of Rao (1982b)'s Quadratic Entropy (RQE) to modern portfolio theory. It argues that the RQE of a portfolio is a valid, exible and unifying approach to measuring portfolio diversification. The paper demonstrates that portfolio's RQE can encompass most existing measures, such as the portfolio variance, the diversification ratio, the normalized portfolio variance, the diversification return or excess growth rates, the Gini-Simpson indices, the return gaps, Markowitz's ...
Diversification return is an incremental return earned by a rebalanced portfolio of assets. The diversification return of a rebalanced portfolio is often incorrectly ascribed to a reduction in variance. We argue that the underlying source of the diversification return is the rebalancing, which forces the investor to sell assets that have appreciated in relative value and buy assets that have declined in relative value, as measured by their weights in the portfolio. In contrast, the incrementa...
Ibragimov, Rustam; Walden, Johan
Recent results in value at risk analysis show that, for extremely heavy-tailed risks with unbounded distribution support, diversification may increase value at risk, and that generally it is difficult to construct an appropriate risk measure for such distributions. We further analyze the limitations of diversification for heavy-tailed risks. We provide additional insight in two ways. First, we show that similar non-diversification results are valid for a large class of risks with bounded supp...
This paper revisits the Home Bias Puzzle -- the relatively low interna- tional diversification of portfolios. We suggest that part of the diversifi- cation puzzle may be due to reliance on the conventional CAPM model as the benchmark predicting patterns of diversification. We compare the asset diver- sification patterns of agents who maximize a generalized expected utility (GEU) to the diversification of agents who maximize the conventional expected utility (EU). Specifically, we derive the p...
An influential theoretical literature has observed that economic diversification can reduce risk and increase financial development. But causality operates in both directions, as a well functioning financial system can enable a society to invest in more productive but risky projects, thereby determining the degree of economic diversification. Thus, ordinary least squares (OLS) estimates of the impact of economic diversification on financial development are likely to be biased. Motivated by th...
Full Text Available The beneficial effects of diversified income portfolios are well documented in previous research on non-profit organizations. This study examines how different types of organizational missions affect the level of revenue diversification of organizations in one industry, a question that was neglected in previous research. Based on contingency theory, it is assumed that different missions are associated with different funding sources. Since missions can be complementary or conflicting, specific attention needs to be paid to the combination of missions. The sport sector is chosen as an empirical setting because non-profit sports clubs can have various missions while their overall purpose is promoting sport. Panel data from a nationwide survey of non-profit sports clubs in Germany are used for the analysis. The regression results show that revenue diversification is significantly determined by organizational mission. Historically, typical mission statements like promoting elite sport, tradition, conviviality, non-sport programs, and youth sport have a positive effect on revenue diversification, while clubs with a commercial orientation and a focus on leisure and health sport have more concentrated revenues. The findings have implications for club management in the sense that some missions are associated with higher financial risk and that the combination of missions should be chosen carefully.
Full Text Available The unstable environment of hotel industry which is driven by the fluctuation of tourism demand has motivated this study to look into the best diversification strategy for firm performance betterment. 42 hotel firms are investigated across 4 Asian economies, from year 2001 to 2012. Our results suggest that unrelated industrial diversification is the only alternative to improve hotel firm performance. Unrelated international diversification instead has a significant negative effect towards firm performance. Our results further show that board of directors implies a significant link to the relationship between diversification and firm performance, only in a crisis period.
Singh, N. P.; Kumar, Ranjit; Singh, R.P.
The pattern of diversification across states/crops in India has been schematized and various determinants of diversification have been deciphered. To objectively confer the empirical resonance, values of Simpson index have been estimated. The diversification index (SID) has been found to range from 0.47 (WB) to 0.90 (Karnataka) in 1990-91 and from 0.40 (Orissa) to 0.92 (Karnataka) in 2000-01. The increase in diversification Index signifies shift towards non-foodgrain crops. In Karnataka, thou...
It is beyond controversy that the majority of the largest companies in the industrialized countries perform to a certain extent product diversification strategies. Tying up to this finding the underlying work firstly deals with alternative theoretical and empirical definitions of corporate diversification. Subsequently the theoretical part mainly elaborates an industrial economic framework for categorizing motives of firm diversification. Despite of some inevitable degree of arbitrariness, a relatively widespread and sufficient categorization can be presented. With regards to the relevant economic literature most explanations of product diversification can be classified appropriately. Observing diversification activities one would prima facie infer a positive relationship between product diversification and firm performance, but both, theory and empirical evidence, yield ambiguous results. The empirical part provides a list of existing studies, classified according to the theoretical categorization. In an overview some stylised facts are filtered and discussed consecutively. Most notably, it was found that related diversification strategies significantly outperform strategies of unrelated diversification. At the end of the empirical section econometric methods are applied to agricultural and industrial economic (relating to telecommunication markets) data sets. For the agricultural studies a significantly positive relationship between product diversification and firm performance was found. In contrast no significant results were obtained for the telecommunication markets. (author)
Bush, Andrew M; Novack-Gottshall, Philip M
The ecological traits and functional capabilities of marine animals have changed significantly since their origin in the late Precambrian. These changes can be analysed quantitatively using multi-dimensional parameter spaces in which the ecological lifestyles of species are represented by particular combinations of parameter values. Here, we present models that describe the filling of this multi-dimensional 'ecospace' by ecological lifestyles during metazoan diversification. These models reflect varying assumptions about the processes that drove ecological diversification; they contrast diffusive expansion with driven expansion and niche conservatism with niche partitioning. Some models highlight the importance of interactions among organisms (ecosystem engineering and predator-prey escalation) in promoting new lifestyles or eliminating existing ones. These models reflect processes that were not mutually exclusive; rigorous analyses will continue to reveal their applicability to episodes in metazoan history. PMID:21813550
Berger, Allen N.; Hasan, Iftekhar; Korhonen, Iikka; Zhou, Mingming
Conventional wisdom in banking argues that diversification tends to reduce bank risk and improve performance, but the recent financial crisis suggests that aggressive diversification strategies may have resulted in increased risk taking and poor performance. This paper addresses this important question by evaluating the empirical relationship between diversification strategies and the risk-return tradeoff in banking. Our data set covers Russian banks during the 1999-2006 period and finds some...
Corporate diversification has long been a focused and deeply developed field, defined as the process of a company expand its business into different areas. There are mainly three different types of corporate diversification: product diversification (related or unrelated) and geographic market diversification (home market or international market). Our research is concentrated on the first form of diversification. In addition, the relationship between corporate diversification and firm valu...
Full Text Available Available proxy records witnessing palaeoclimate of the tropical Andes are comparably scarce. Major implications of palaeoclimate development in the humid and arid parts of the Andes are briefly summarized. The long-term behaviour of ENSO has general significance for the climatic history of the Andes due to its impact on regional circulation patterns and precipitation regimes, therefore ENSO history derived from non-Andean palaeo-records is highlighted. Methodological constraints of the chronological precision and the palaeoclimatic interpretation of records derived from different natural archives, such as glacier sediments and ice cores, lake sediments and palaeo-wetlands, pollen profiles and tree rings are addressed and complementary results concerning former climatic conditions are discussed in terms of possible implications of former atmospheric circulation patterns and main climatic forcing factors. During the last years, increasing tree-ring information is getting available from the tropical Andes, providing high-resolution climate-sensitive records covering the past centuries for the study of climate variability.
Zhong Funing; Zhu Jing
Feeding a growing population exceeding 1 billion is a big challenge to the Chinese government and has partly led to the self-sufficient policy in grain production and supply for decades. However, the efforts to push grain production everywhere have resulted in not only deterioration of the environment but also stagnation or even reduction in farmers'income as production costs continue to increase.This situation might be worsening after China's accession to the WTO that provides market access for bulk commodity imports. A sustainable development in Chinese agriculture depends on diversification, or structural adjustment, that allows Chinese farmers to fully utilize their comparative advantage in production of labor-intensive goods.Past experience has shown that diversification has contributed more than a half of the growth in Chinese agriculture during the reform period and reduced stresses on the environment at the same time. It is likely to contribute even more to Chinese agriculture in the future and in a sustainable manner.
Christoffersen, Peter; Errunza, Vihang; Jacobs, Kris;
Forecasting the evolution of security co-movements is critical for asset pricing and portfolio allocation. Hence, we investigate patterns and trends in correlations over time using weekly returns for developed markets (DMs) and emerging markets (EMs) over the period 1973–2012. We show that it is ......Forecasting the evolution of security co-movements is critical for asset pricing and portfolio allocation. Hence, we investigate patterns and trends in correlations over time using weekly returns for developed markets (DMs) and emerging markets (EMs) over the period 1973–2012. We show...... that it is possible to model co-movements for many countries simultaneously using BEKK, DCC, and DECO models. Empirically, we find that correlations have trended upward significantly for both DMs and EMs. Based on a time-varying measure of diversification benefits, we find that it is not possible to circumvent...... the increasing correlations in a long-only portfolio by adjusting the portfolio weights over time. However, we do find some evidence that adding EMs to a DM-only portfolio increases diversification benefits....
Christoffersen, Peter; Errunza, Vihang R.; Jacobs, Kris;
Forecasting the evolution of security co-movements is critical for asset pricing and portfolio allocation. Hence, we investigate patterns and trends in correlations over time using weekly returns for developed markets (DMs) and emerging markets (EMs) during the period 1973-2012. We show that it i......Forecasting the evolution of security co-movements is critical for asset pricing and portfolio allocation. Hence, we investigate patterns and trends in correlations over time using weekly returns for developed markets (DMs) and emerging markets (EMs) during the period 1973-2012. We show...... that it is possible to model co-movements for many countries simultaneously using BEKK, DCC, and DECO models. Empirically, we find that correlations have significantly trended upward for both DMs and EMs. Based on a time-varying measure of diversification benefit, we find that it is not possible in a long......-only portfolio to circumvent the increasing correlations by adjusting the portfolio weights over time. However, we do find some evidence that adding EMs to a DM-only portfolio increases diversification benefits....
Full Text Available The goal of this paper is to analyze the international diversification of risk through portfolio diversification based on investments abroad, particularly by investing in currencies of emerging countries. The starting point of the analysis is the work of Harry Markowitz, Portfolio selection, a reference work for the global financial environment in which the author states that a portfolio is efficient if it provides the highest possible expected return for a given level of risk and the lowest possible level of risk for any expected rate of earnings. The information used for this study comes from numerous sources and of great importance to international financial markets. The results based on the used data and information provide a comprehensive scan of how Federal Reserve proposed a clustered index of currencies, the current trend of exchange, the emerging BRIC countries scenario for 2050 and sources of the volatile emerging markets. Thus, following the completion of this work, we consider it necessary to pay attention to the course of emerging markets whose economic development and openness plays a significant role in their penetration of international investors’ investment plan.
Sadownik, Jan W.; Mattia, Elio; Nowak, Piotr; Otto, Sijbren
How new species emerge in nature is still incompletely understood and difficult to study directly. Self-replicating molecules provide a simple model that allows us to capture the fundamental processes that occur in species formation. We have been able to monitor in real time and at a molecular level the diversification of self-replicating molecules into two distinct sets that compete for two different building blocks (‘food’) and so capture an important aspect of the process by which species may arise. The results show that the second replicator set is a descendant of the first and that both sets are kinetic products that oppose the thermodynamic preference of the system. The sets occupy related but complementary food niches. As diversification into sets takes place on the timescale of weeks and can be investigated at the molecular level, this work opens up new opportunities for experimentally investigating the process through which species arise both in real time and with enhanced detail.
Takwate, Kwaji Tizhe
This paper examines the concept of management of diversification at tertiary education level in view of the growth of national secondary education system which vested high scramble for tertiary education was made in relation to question of access and expansion. This paper examines management of diversification at tertiary education level as a…
Teixeira, Pedro; Koryakina, Tatyana
In recent years, much has been written about the challenging financial context faced by many European higher education institutions, and the pressures towards funding diversification. However, the evidence available indicates that funding diversification has seldom lived up to the rhetorical expectations of marketization and privatization that…
Gerowitt, B.; Melander, B.; Krawczyk, R.;
results. Neither are crop diversification methods restricted to Organic Farming, nor can IWM (Integrated Weed Management) be successfully implemented without respecting the role of weeds in agro-ecosystems. The project “PRODIVA - Crop diversification and weeds“ is supported within the ERA-net CORE Organic...
Broll, Udo; Roldán-Ponce, Antonio; Wahl, Jack E.
In order to evaluate the allocational effectiveness of regional policy when harmonizing regional economic conditions firms? preferences play a pivot role. If harmonization hinders risk diversification of the firm, then instead of regional diversification of capital agglomeration of capital occurs. Hence, regional policy will not achieve its objective to equal the spatial allocation of capital.
Schmitz, M.; Orihuela, N. D.; Klarica, S.; Gil, E.; Levander, A.; Audemard, F. A.; Mazuera, F.; Avila, J.
Merida Andes (MA) is one of the most important orogenic belt in Venezuela and represents the northern culmination of South America Andes. During the last 60 years, several models have been proposed to explain the shallow and deep structure, using different geological, geophysical, seismological, geochemical and petrologic concepts; nevertheless, most of them have applied local observation windows, and do not represent the major structure of MA. Therefore, a multidisciplinary research group, coordinated by FUNVISIS, in close cooperation with UCV, ULA and PDVSA, is proposed in order to get the outlined goals in the project entitled GIAME ("Geociencia Integral de los Andes de MErida") was established, which aims to generate a lithospheric scale model and the development of a temporal dynamic model for the MA. As a base for lithospheric investigations of the Merida Andes, we are proposing three wide angle seismic profiles across the orogen on three representative sites, in order to determine the inner structure and its relation with the orogen's gravimetric root. To the date, there are no seismic studies at lithospheric scale which cross MA. The wide angle seismic will be complemented with the re-processing and re-interpretation of existing reflection seismic data, which will allow to establish a relationship between MA and its associated flexural basins (Maracaibo and Barinas-Apure basins). Depending on the results of the VENCORP Project (VENezuelan COntinental Reflection Profiling), which might show some reliable results about crustal features and Moho reflectors along three long seismic profiles at Caribbean Moutain system, a reflection seismic profile across the central portion of MA is proposed. Additional tasks, consisting in MA quaternary deformation studies, using research methods like neotectonics and paleoseismology, georadar, numerical modeling, cinematic GPS, SAR interferometry, thermocronology, detailed studies on regional geology, flexural modeling
Understanding the relationship between taxonomic and morphological changes is important in identifying the reasons for accelerated morphological diversification early in the history of animal phyla. Here, a simple general model describing the joint dynamics of taxonomic diversity and morphological disparity is presented and applied to the data on the diversification of blastozoans. I show that the observed patterns of deceleration in clade diversification can be explicable in terms of the geometric structure of the morphospace and the effects of extinction and speciation on morphological disparity without invoking major declines in the size of morphological transitions or taxonomic turnover rates. The model allows testing of hypotheses about patterns of diversification and estimation of rates of morphological evolution. In the case of blastozoans, I find no evidence that major changes in evolutionary rates and mechanisms are responsible for the deceleration of morphological diversification seen during the per...
Jousset, Alexandre; Eisenhauer, Nico; Merker, Monika; Mouquet, Nicolas; Scheu, Stefan
There is a growing awareness that biodiversity not only drives ecosystem services but also affects evolutionary dynamics. However, different theories predict contrasting outcomes on when do evolutionary processes occur within a context of competition. We tested whether functional diversity can explain diversification patterns. We tracked the survival and diversification of a focal bacterial species (Pseudomonas fluorescens) growing in bacterial communities of variable diversity and composition. We found that high functional diversity reduced the fitness of the focal species and, at the same time, fostered its diversification. This pattern was linked to resource competition: High diversity increased competition on a portion of the resources while leaving most underexploited. The evolved phenotypes of the focal species showed a better use of underexploited resources, albeit at a cost of lower overall growth rates. As a result, diversification alleviated the impact of competition on the fitness of the focal species. We conclude that biodiversity can stimulate evolutionary diversification, provided that sufficient alternative niches are available. PMID:27386573
Weeks, Brian C; Claramunt, Santiago
Different models of speciation predict contrasting patterns in the relationship between the dispersal ability of lineages and their diversification rates. This relationship is expected to be negative in isolation-limited models and positive in founder-event models. In addition, the combination of negative and positive effects of dispersal on speciation can result in higher diversification rates at intermediate levels of dispersal ability. Using molecular phylogenies to estimate diversification rates, and wing morphology to estimate dispersal ability, we analysed the influence of dispersal on diversification in the avifauna of Australasian archipelagoes. Contrary to expectations given the fragmented nature of island systems, the relationship between dispersal ability and diversification rate was monotonically negative. While multiple mechanisms could generate this pattern, they all share a phase of range expansion that is decoupled from speciation. PMID:25100701
Álvarez-Varas, R; González-Acuña, D; Vianna, J A
The Neotropical ecoregion has been an important place of avian diversification where dispersal and allopatric events coupled with periods of active orogeny and climate change (Late Pliocene-Pleistocene) have shaped the biogeography of the region. In the Neotropics, avian population structure has been sculpted not only by geographical barriers, but also by non-allopatric factors such as natural selection and local adaptation. We analyzed the genetic variation of six co-distributed Phrygilus species from the Central Andes, based on mitochondrial and nuclear markers in conjunction with morphological differentiation. We examined if Phrygilus species share patterns of population structure and historical demography, and reviewed the intraspecific taxonomy in part of their geographic range. Our results showed different phylogeographic patterns between species, even among those belonging to the same phylogenetic clade. P. alaudinus, P. atriceps, and P. unicolor showed genetic differentiation mediated by allopatric mechanisms in response to specific geographic barriers; P. gayi showed sympatric lineages in northern Chile, while P. plebejus and P. fruticeti showed a single genetic group. We found no relationship between geographic range size and genetic structure. Additionally, a signature of expansion was found in three species related to the expansion of paleolakes in the Altiplano region and the drying phase of the Atacama Desert. Morphological analysis showed congruence with molecular data and intraspecific taxonomy in most species. While we detected genetic and phenotypic patterns that could be related to natural selection and local adaptation, our results indicate that allopatric events acted as a major factor in the population differentiation of Phrygilus species. PMID:25987531
Full Text Available Abstract Background Plant-feeding insects make up a large part of earth's total biodiversity. While it has been shown that herbivory has repeatedly led to increased diversification rates in insects, there has been no compelling explanation for how plant-feeding has promoted speciation rates. There is a growing awareness that ecological factors can lead to rapid diversification and, as one of the most prominent features of most insect-plant interactions, specialization onto a diverse resource has often been assumed to be the main process behind this diversification. However, specialization is mainly a pruning process, and is not able to actually generate diversity by itself. Here we investigate the role of host colonizations in generating insect diversity, by testing if insect speciation rate is correlated with resource diversity. Results By applying a variant of independent contrast analysis, specially tailored for use on questions of species richness (MacroCAIC, we show that species richness is strongly correlated with diversity of host use in the butterfly family Nymphalidae. Furthermore, by comparing the results from reciprocal sister group selection, where sister groups were selected either on the basis of diversity of host use or species richness, we find that it is likely that diversity of host use is driving species richness, rather than vice versa. Conclusion We conclude that resource diversity is correlated with species richness in the Nymphalidae and suggest a scenario based on recurring oscillations between host expansions – the incorporation of new plants into the repertoire – and specialization, as an important driving force behind the diversification of plant-feeding insects.
For resource-rich countries, diversification is claimed to represent a strategy for reducing resource curse problems. This, however, depends on whether diversification has a positive effect on the country's institutions. While there is a lot of evidence that exports of oil have a negative impact on institutions, we know much less about the extent to which diversification leads to better institutions. This article applies recent political economy theory to the phenomenon of diversification. Theoretical arguments suggest that it is the pattern of industrial activity rather than diversification per se, which affects institutions like democracy. In other words, not all forms of diversification lead to better institutions. Furthermore, where diversification has a positive impact on institutions, diversification may be difficult to attain when it threatens the power base of the ruling elite. A possible implication of these arguments is that policies for diversification should focus on international regulation affecting elite incentives, rather than domestic industrial policy. - Highlights: ► Diversification can be a strategy for reducing resource curse problems in oil-rich countries. ► But this requires that diversification has a positive effect on the institutions of a country. ► It is the pattern of industrial activity rather than diversification per se, which affects institutions like democracy. ► Diversification may be difficult to attain when it threatens the power basis of the ruling elite. ► Policies for diversification should focus on international ruling affect elite incentives, rather than home industrial policy.
The EU Directive 2004/8/EC, concerning the promotion of cogeneration, established principles on how EU member states can support combined heat and power generation (CHP). Up to now, the implementation of these principles into national law has not been uniform, and has led to the adoption of different promotion schemes for CHP across the EU member states. In this paper, we first give an overview of the promotion schemes for CHP in various European countries. In a next step, we take two standard CHP technologies, combined-cycle gas turbines (CCGT-CHP) and engine-CHP, and apply exemplarily four selected support mechanisms used in the four largest European energy markets: feed-in tariffs in Germany; energy efficiency certificates in Italy; benefits through tax reduction in the UK; and purchase obligations for power from CHP generation in France. For contracting companies, it could be of interest to diversify their investment in new CHP facilities regionally over several countries in order to reduce country and regulatory risk. By applying the Mean-Variance Portfolio (MVP) theory, we derive characteristic return-risk profiles of the selected CHP technologies in different countries. The results show that the returns on CHP investments differ significantly depending on the country, the support scheme, and the selected technology studied. While a regional diversification of investments in CCGT-CHP does not contribute to reducing portfolio risks, a diversification of investments in engine-CHP can decrease the risk exposure. - Research highlights: →Preconditions for CHP investments differ significantly between the EU member states. →Regional diversification of CHP investments can reduce the total portfolio risk. →Risk reduction depends on the chosen CHP technology.
Ratcliff, William C; Hawthorne, Peter; Libby, Eric
Life is full of risk. To deal with this uncertainty, many organisms have evolved bet-hedging strategies that spread risk through phenotypic diversification. These rates of diversification can vary by orders of magnitude in different species. Here we examine how key characteristics of risk and organismal ecology affect the fitness consequences of variation in diversification rate. We find that rapid diversification is strongly favored when the risk faced has a wide spatial extent, with a single disaster affecting a large fraction of the population. This advantage is especially great in small populations subject to frequent disaster. In contrast, when risk is correlated through time, slow diversification is favored because it allows adaptive tracking of disasters that tend to occur in series. Naturally evolved diversification mechanisms in diverse organisms facing a broad array of environmental risks largely support these results. The theory presented in this article provides a testable ecological hypothesis to explain the prevalence of slow stochastic switching among microbes and rapid, within-clutch diversification strategies among plants and animals. PMID:25410817
Leavitt Steven D
Full Text Available Abstract Background Factors promoting diversification in lichen symbioses remain largely unexplored. While Pleistocene events have been important for driving diversification and affecting distributions in many groups, recent estimates suggest that major radiations within some genera in the largest clade of macrolichens (Parmeliaceae, Ascomycota vastly predate the Pleistocene. To better understand the temporal placement and sequence of diversification events in lichens, we estimated divergence times in a common lichen-forming fungal genus, Melanohalea, in the Northern Hemisphere. Divergence times were estimated using both concatenated gene tree and coalescent-based multilocus species tree approaches to assess the temporal context of major radiation events within Melanohalea. In order to complement our understanding of processes impacting genetic differentiation, we also evaluated the effects of Pleistocene glacial cycles on population demographics of distinct Melanohalea lineages, differing in reproductive strategies. Results We found that divergence estimates, from both concatenated gene tree and coalescent-based multilocus species tree approaches, suggest that diversification within Melanohalea occurred predominantly during the Miocene and Pliocene, although estimated of divergence times differed by up to 8.3 million years between the two methods. These results indicate that, in some cases, taxonomically diagnostic characters may be maintained among divergent lineages for millions of years. In other cases, similar phenotypic characters among non-sister taxa, including reproductive strategies, suggest the potential for convergent evolution due to similar selective pressures among distinct lineages. Our analyses provide evidence of population expansions predating the last glacial maximum in the sampled lineages. These results suggest that Pleistocene glaciations were not inherently unfavorable or restrictive for some Melanohalea species, albeit
The EU Directive 2004/8/EC, concerning the promotion of cogeneration, established principles on how EU member states can support combined heat and power generation (CHP). Up to now, the implementation of these principles into national law has not been uniform, and has led to the adoption of different promotion schemes for CHP across the EU member states. In this paper, we first give an overview of the promotion schemes for CHP in various European countries. In a next step, we take two standard CHP technologies, combined-cycle gas turbines (CCGT-CHP) and engine-CHP, and apply exemplarily four selected support mechanisms used in the four largest European energy markets: feed-in tariffs in Germany; energy efficiency certificates in Italy; benefits through tax reduction in the UK; and purchase obligations for power from CHP generation in France. For contracting companies, it could be of interest to diversify their investment in new CHP facilities regionally over several countries in order to reduce country and regulatory risk. By applying the Mean-Variance Portfolio (MVP) theory, we derive characteristic return-risk profiles of the selected CHP technologies in different countries. The results show that the returns on CHP investments differ significantly depending on the country, the support scheme, and the selected technology studied. While a regional diversification of investments in CCGT-CHP does not contribute to reducing portfolio risks, a diversification of investments in engine-CHP can decrease the risk exposure. (author)
Barros, Agustina; Monz, Christopher; Pickering, Catherine
Despite the popularity of tourism and recreation in the Andes in South America and the regions conservation value, there is limited research on the ecological impacts of these types of anthropogenic use. Using a systematic quantitative literature review method, we found 47 recreation ecology studies from the Andes, 25 of which used an experimental design. Most of these were from the Southern Andes in Argentina (13 studies) or Chile (eight studies) with only four studies from the Northern Ande...