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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 26 (1999), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: On April 26, 1982, Moody’s Investors Service refined its rating system for the first time in its seventy-three year rating history. We examine the information content of the rating refinement in the study. We find a statistically significant change in the yields on bonds whose ratings were downgraded. The detection of the impact of refinement on bond prices implies that rating agencies perform an important function in financial markets, that is they provide information to investors.
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  • 2
    ISSN: 1476-4687
    Source: Nature Archives 1869 - 2009
    Topics: Biology , Chemistry and Pharmacology , Medicine , Natural Sciences in General , Physics
    Notes: [Auszug] Water availability limits plant growth and production in almost all terrestrial ecosystems. However, biomes differ substantially in sensitivity of aboveground net primary production (ANPP) to between-year variation in precipitation. Average rain-use efficiency (RUE; ANPP/precipitation) also ...
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  • 3
    ISSN: 1476-4687
    Source: Nature Archives 1869 - 2009
    Topics: Biology , Chemistry and Pharmacology , Medicine , Natural Sciences in General , Physics
    Notes: [Auszug] Arid ecosystems, which occupy about 20% of the earth's terrestrial surface area, have been predicted to be one of the most responsive ecosystem types to elevated atmospheric CO2 and associated global climate change. Here we show, using free-air CO2 enrichment (FACE) ...
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  • 4
    ISSN: 1365-2486
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology , Energy, Environment Protection, Nuclear Power Engineering , Geography
    Notes: It has been suggested that desert vegetation will show the strongest response to rising atmospheric carbon dioxide due to strong water limitations in these systems that may be ameliorated by both photosynthetic enhancements and reductions in stomatal conductance. Here, we report the long-term effect of 55 Pa atmospheric CO2 on photosynthesis and stomatal conductance for three Mojave Desert shrubs of differing leaf phenology (Ambrosia dumosa—drought-deciduous, Krameria erecta—winter-deciduous, Larrea tridentata—evergreen). The shrubs were growing in an undisturbed ecosystem fumigated using FACE technology and were measured over a four-year period that included both above and below-average precipitation. Daily integrated photosynthesis (Aday) was significantly enhanced by elevated CO2 for all three species, although Krameria erecta showed the greatest enhancements (63% vs. 32% for the other species) enhancements were constant throughout the entire measurement period. Only one species, Larrea tridentata, decreased stomatal conductance by 25–50% in response to elevated CO2, and then only at the onset of the summer dry season and following late summer convective precipitation. Similarly, reductions in the maximum carboxylation rate of Rubisco were limited to Larrea during spring. These results suggest that the elevated CO2 response of desert vegetation is a function of complex interactions between species functional types and prevailing environmental conditions. Elevated CO2 did not extend the active growing season into the summer dry season because of overall negligible stomatal conductance responses that did not result in significant water conservation. Overall, we expect the greatest response of desert vegetation during years with above-average precipitation when the active growing season is not limited to ∼2 months and, consequently, the effects of increased photosynthesis can accumulate over a biologically significant time period.
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  • 5
    ISSN: 1365-2486
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology , Energy, Environment Protection, Nuclear Power Engineering , Geography
    Notes: Seedling recruitment is an important determinant of community structure in desert ecosystems. Positive photosynthetic growth and water balance responses to increasing atmospheric carbon dioxide (CO2) concentrations ([CO2]) are predicted to be substantial in desert plants, suggesting that recruitment could be stimulated. However, to date no studies have addressed the response of perennial plant recruitment in natural populations of desert shrubs exposed to elevated [CO2]. In April 1997, we employed Free-Air Carbon Dioxide Enrichment (FACE) in order to increase atmospheric [CO2] in an undisturbed Mojave Desert ecosystem from ambient (∼∼ 370 µmol mol−1) to elevated CO2 (∼∼ 550 µmol mol−1). From 1997 to 2001 we seasonally examined survival, growth, gas exchange and water potential responses of Larrea tridentata and Ambrosia dumosa seedlings that germinated in Fall, 1997. Recruitment densities were not influenced by [CO2] in either species, although a two-fold higher adult Ambrosia density under elevated [CO2] resulted in two-fold higher seedling density (0.87 vs 0.40 seedlings m−2). Mortality was greatest for both species during the first summer (1998), despite above-average rainfall during the previous Winter–Spring. A significant [CO2] × time interaction revealed that early survival was greater under elevated CO2, whereas a significant species time interaction revealed that overall survival was greater for Ambrosia (28%) than for Larrea (15%), regardless of [CO2]. Microsite (understorey or interspace) alone had no significant influence on survival. Significant species, microsite and species × microsite effects on growth (seedling height, stem diameter and canopy size) were found, but elevated CO2 had minimal impact on these parameters. Photosynthetic rates (Asat) for both species were higher at elevated [CO2] during certain seasons, but not consistently so. These results suggest that increased atmospheric [CO2] may enhance carbon (C) assimilation and survival of aridland perennial shrubs during favourable growing conditions, but that it may not counteract the effects of prolonged drought on mortality.
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  • 6
    ISSN: 1365-2486
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology , Energy, Environment Protection, Nuclear Power Engineering , Geography
    Notes: Arid and semiarid climates comprise roughly 40% of the earth’s terrestrial surface. Deserts are predicted to be extremely responsive to global change because they are stressful environments where small absolute changes in water availability or use represent large proportional changes. Water and carbon dioxide fluxes are inherently coupled in plant growth. No documented global change has been more substantial or more rapid than the increase in atmospheric CO2. Free Air CO2 Enrichment (FACE) technology permits manipulation of CO2 in intact communities without altering factors such as light intensity or quality, humidity or wind. The Nevada Desert FACE Facility (NDFF) consists of three 491 m2 plots in the Mojave Desert receiving 550 μL L–1 CO2, and six ambient plots to assess both CO2 and fan effects. The shrub community was characterized as a Larrea–Ambrosia–Lycium species complex. Data are reported through 12 months of operation.
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Science Ltd
    Global change biology 11 (2005), S. 0 
    ISSN: 1365-2486
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology , Energy, Environment Protection, Nuclear Power Engineering , Geography
    Notes: Arid ecosystems, which occupy about 35% of the Earth's terrestrial surface area, are believed to be among the most responsive to elevated [CO2]. Net ecosystem CO2 exchange (NEE) was measured in the eighth year of CO2 enrichment at the Nevada Desert Free-Air CO2 Enrichment (FACE) Facility between the months of December 2003–December 2004. On most dates mean daily NEE (24 h) (μmol CO2 m−2 s−1) of ecosystems exposed to elevated atmospheric CO2 were similar to those maintained at current ambient CO2 levels. However, on sampling dates following rains, mean daily NEEs of ecosystems exposed to elevated [CO2] averaged 23 to 56% lower than mean daily NEEs of ecosystems maintained at ambient [CO2]. Mean daily NEE varied seasonally across both CO2 treatments, increasing from about 0.1 μmol CO2 m−2 s−1 in December to a maximum of 0.5–0.6 μmol CO2 m−2 s−1 in early spring. Maximum NEE in ecosystems exposed to elevated CO2 occurred 1 month earlier than it did in ecosystems exposed to ambient CO2, with declines in both treatments to lowest seasonal levels by early October (0.09±0.03 μmol CO2 m−2 s−1), but then increasing to near peak levels in late October (0.36±0.08 μmol CO2 m−2 s−1), November (0.28±0.03 μmol CO2 m−2 s−1), and December (0.54±0.06 μmol CO2 m−2 s−1). Seasonal patterns of mean daily NEE primarily resulted from larger seasonal fluctuations in rates of daytime net ecosystem CO2 uptake which were closely tied to plant community phenology and precipitation. Photosynthesis in the autotrophic crust community (lichens, mosses, and free-living cyanobacteria) following rains were probably responsible for the high NEEs observed in January, February, and late October 2004 when vascular plant photosynthesis was low. Both CO2 treatments were net CO2 sinks in 2004, but exposure to elevated CO2 reduced CO2 sink strength by 30% (positive net ecosystem productivity=127±17 g C m−2 yr−1 ambient CO2 and 90±11 g C m−2 yr−1 elevated CO2, P=0.011). This level of net C uptake rivals or exceeds levels observed in some forested and grassland ecosystems. Thus, the decrease in C sequestration seen in our study under elevated CO2– along with the extensive coverage of arid and semi-arid ecosystems globally – points to a significant drop in global C sequestration potential in the next several decades because of responses of heretofore overlooked dryland ecosystems.
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 12 (1984), S. 0 
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study extends the earlier studies by Zerbst and Brueggeman (Z&B) and Colwell, Guntermann and Sirmans (CGS) with regard to the shifting of FHA discount points by the seller to the buyer in the form of a higher selling price. The study extends the earlier studies by reducing the estimation problems of the CGS model and further developing the Z&B model to incorporate expected discount points built into the asking price. The results presented indicate that 100% of the points are not being shifted. Reasons for the less-than-full shifting are given.
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Science Ltd
    Plant, cell & environment 28 (2005), S. 0 
    ISSN: 1365-3040
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology
    Notes: Widespread bleaching (chlorosis) of patches of the dominant desert moss Syntrichia caninervis was observed across the northern Mojave Desert in the winter of 2002–03 following an extended period of drought interrupted by small rain events. These rain events were more frequent during the warmer months just prior to the appearance of chlorosis. We hypothesized that the patches were experiencing physiological stress due to partial hydration/rapid dehydration cycling during the warmer months. Compared to unbleached (green) shoots, chlorotic shoots exhibited significantly reduced photochemical performance, photosynthetic pigments, regenerational potential, sex expression, and lower rates of growth and productivity. However, age-specific analyses revealed older leaves from chlorotic shoots did not show the typical decline in vigour, suggesting that stress may primarily affect younger tissues. It is concluded that this chlorosis phenomenon is indicative of physiological stress presently occurring in the Mojave Desert, and is likely due to exposure to a higher than normal frequency of light rain events (〈 3.5 mm), which serve to partially hydrate moss patches that then rapidly desiccate.
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Plant, cell & environment 6 (1983), S. 0 
    ISSN: 1365-3040
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Biology
    Notes: Abstract. The potential influence of tissue tolerances to extreme temperatures on distributional limits was investigated for 15 taxa (14 species) of leaf-succulent agaves from the south-western United States and northern Mexico. As a group, the agaves exhibited a moderate low temperature tolerance of – 11°C (based on a 50% inhibition in the number of mesophyll cells taking up a stain, neutral red). However, nearly all of the species were able to tolerate extremely high tissue temperatures of over 60°C. Nocturnal acid accumulation by these crassulacean acid metabolism plants was about 6°C more sensitive to temperature extremes than was cellular membrane integrity.High and low temperature acclimation in response to changing day/night air temperatures was observed in all 15 taxa, with high temperature acclimation averaging two-fold greater than low temperature acclimation (3.8°C versus 2.0°C per 10°C change in ambient temperature). Species occupying the coldest habitats exhibited the greatest low temperature tolerances and acclimation; several such species, such as Agave utahensis and A. schottii, had small rosette sizes which resulted in higher minimum leaf temperatures. Species from the hottest habitats had among the greatest high temperature tolerances and acclimation; the two species from open desert scrub habitats, A. deserti and A. lecheguilla, had the lowest leaf shortwave absorptances observed, which would result in lower maximum leaf temperatures. Thus morphology and tissue tolerances to stressful temperatures reflect the temperature extremes of a plant's native habitat, although low temperature tolerance appears to limit the distribution of agaves more than high temperature tolerance.
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