ALBERT

Description: Equity markets play a pivotal role in the sustainability of developing countries, such as China. The literature on the detection of herding biases is confined to the aggregate level (firms, sector/industry and market). The present study adds to the behavioral finance literature by addressing the surprisingly unnoticed phenomena of the behavioral impact of herding bias on firm value (FV) at the firm level, using the sample of A-Shares listed firms at the Shanghai and Shenzhen Stock Exchanges (SSE and SZSE) under panel fixed effect specification. Initially, we detect the existence of investors and managers herding (IHR and MHR) biases at firm-level, and later, we examine their impact (distinct and interactive) upon the FV. The empirical results document the presence of IHR and MHR bias at market, sector and firm-level in both equity markets, which potentially drive the FV, while the impact is more pronounced during the extreme trading period. The findings are robust under different time intervals, and industry classification, therefore, offers useful policy implications to understand the behavioral dynamics of investors and managers.

Description: A conspicuous cell-shape phenotype known as “screwy” was reported to result from mutations at two or three uncharacterized loci in the ciliate Paramecium tetraurelia. Here, we describe a new screwy mutation, Spinning Top, which appeared spontaneously in the cross of an unrelated mutant with reference strain 51. The macronuclear (MAC) genome of the Spinning Top mutant is shown to lack a ~28.5-kb segment containing 18 genes at the end of one chromosome, which appears to result from a collinear deletion in the micronuclear (MIC) genome. We tested several candidate genes from the deleted locus by dsRNA-induced silencing in wild-type cells, and identified a single gene responsible for the phenotype. This gene, named Spade, encodes a 566-aa glutamine-rich protein with a C2HC zinc finger. Its silencing leads to a fast phenotype switch during vegetative growth, but cells recover a wild-type phenotype only 5–6 divisions after silencing is stopped. We analyzed 5 independently-obtained mutant alleles of the Sc1 locus, and concluded that all of them also lack the Spade gene and a number of neighboring genes in the MAC and MIC genomes. Mapping of the MAC deletion breakpoints revealed two different positions among the 5 alleles, both of which differ from the Spinning Top breakpoint. These results suggest that this MIC chromosome region is intrinsically unstable in strain 51.

Description: This article investigates the role of institutional quality in the oil wealth–economic growth nexus for 35 oil-exporting developing countries between 1984 and 2016. To achieve this objective, an empirical model was employed with linear interaction between oil wealth and institutional quality, and estimated by means of panel autoregressive distributed lag (ARDL) with a dynamic fixed effect estimator. From the results, a contingent effect of oil wealth on economic growth, both in the long run and in the short run, was established. Specifically, institutional quality was found to mitigate the negative effect of oil wealth on economic growth in the long run, while in the short run, institutional quality was found to enhance the positive effect of oil wealth on economic growth. Furthermore, the results provide the threshold levels of institutional quality, beyond which oil wealth enhances economic growth, both in the long run and in the short run, for the sampled countries. These results suggest that in order for oil-exporting developing countries to benefit from an increase in oil wealth, they must adopt appropriate policy measures to improve their levels of institutional quality and embed their entire oil wealth-generating mechanism in a sound institutional framework. Also of importance is that governments must ensure sustainable development through the benefits of wealth from oil.

Description: Bangladesh is one of the most flood-affected countries in the world. In the last few decades, flood frequency, intensity, duration, and devastation have increased in Bangladesh. Identifying flood-damaged areas is highly essential for an effective flood response. This study aimed at developing an operational methodology for rapid flood inundation and potential flood damaged area mapping to support a quick and effective event response. Sentinel-1 images from March, April, June, and August 2017 were used to generate inundation extents of the corresponding months. The 2017 pre-flood land cover maps were prepared using Landsat-8 images to identify major land cover on the ground before flooding. The overall accuracy of flood inundation mapping was 96.44% and the accuracy of the land cover map was 87.51%. The total flood inundated area corresponded to 2.01%, 4.53%, and 7.01% for the months April, June, and August 2017, respectively. Based on the Landsat-8 derived land cover information, the study determined that cropland damaged by floods was 1.51% in April, 3.46% in June, 5.30% in August, located mostly in the Sylhet and Rangpur divisions. Finally, flood inundation maps were distributed to the broader user community to aid in hazard response. The data and methodology of the study can be replicated for every year to map flooding in Bangladesh.

Description: Objective: We aimed to assess and compare cardiovascular disease (CVD) risk factors and predict the future risk of CVD among Somalis living in Norway and Somaliland. Method: We included participants (20–69 years) from two cross-sectional studies among Somalis living in Oslo (n = 212) and Hargeisa (n = 1098). Demographic data, history of CVD, smoking, alcohol consumption, anthropometric measures, blood pressure, fasting serum glucose, and lipid profiles were collected. The predicted 10-year risk of CVD was calculated using Framingham risk score models. Results: In women, systolic and diastolic blood pressure were significantly higher in Hargeisa compared to Oslo (p 〈 0.001), whereas no significant differences were seen in men. The ratio of total cholesterol to high-density lipoprotein (HDL) cholesterol was significantly higher in Hargeisa compared to Oslo among both men (4.4 versus 3.9, p = 0.001) and women (4.1 versus 3.3, p 〈 0.001). Compared to women, men had higher Framingham risk scores, but there were no significant differences in Framingham risk scores between Somalis in Oslo and Hargeisa. Conclusion: In spite of the high body mass index (BMI) in Oslo, most CVD risk factors were higher among Somali women living in Hargeisa compared to those in Oslo, with similar patterns suggested in men. However, the predicted CVD risks based on Framingham models were not different between the locations.

Description: In order to achieve a high renewable share in the electricity system, a significant expansion of cross-border exchange capacities is planned. Historically, the actual expansion of interconnector capacities has significantly lagged behind the planned expansion. This study examines the impact that such continued delays would have when compared to a strong interconnector expansion in an ambitious energy transition scenario. For this purpose, scenarios for the years 2030, 2040, and 2050 are examined using the electricity market model PowerFlex EU. The analysis reveals that both CO2 emissions and variable costs of electricity generation increase if interconnector expansion is delayed. This effect is most significant in the scenario year 2050, where lower connectivity leads roughly to a doubling of both CO2 emissions and variable costs of electricity generation. This increase results from a lower level of European electricity trading, a curtailment of electricity from a renewable energy source (RES-E), and a corresponding higher level of conventional electricity generation. Most notably, in Southern and Central Europe, less interconnection leads to higher use of natural gas power plants since less renewable electricity from Northern Europe can be integrated into the European grid.

Description: The official bioeconomy strategies in Europe and Germany pursue a technology-based implementation pathway and stipulate a wide range of objectives to be achieved with a bio-based economy. Reviews of the scientific and societal debate have shown that the technology fix meets criticism and that there is a controversial discussion about possible ways to shape the transition process. Against this background, an online survey was carried out among scientists involved in a regional bioeconomy research program in southern Germany in order to gain insight into their understanding of a bioeconomy. Moreover, the survey provides information about cooperation and major challenges in the future development of three biomass utilization pathways: biogas, lignocellulose, and microalgae. The analysis showed that a resource-oriented understanding of a bioeconomy is favored. The political objectives for a European bioeconomy are widely accepted, and it is expected that ongoing research can significantly contribute to achieving these goals. The two different pathways for shaping the bioeconomy that are discussed in the debate—the technology-based approach and the socio-ecological approach—are considered compatible rather than contrary. Up to now, scientific cooperation has prevailed, while cooperation with societal stakeholders and end-users has played a minor role.

Description: Savannas are extremely important socio-economic landscapes, with pastoralist societies relying on these ecosystems to sustain their livelihoods and economy. Globally, there is an increase of woody vegetation in these ecosystems, degrading the potential of these multi-functional landscapes to sustain societies and wildlife. Several mechanisms have been invoked to explain the processes responsible for woody vegetation composition; however, these are often investigated separately at scales not best suited to land-managers, thereby impeding the evaluation of their relative importance. We ran six transects at 15 sites along the Kalahari transect, collecting data on species identity, diversity, and abundance. We used Poisson and Tobit regression models to investigate the relationship among woody vegetation, precipitation, grazing, borehole density, and fire. We identified 44 species across 78 transects, with the highest species richness and abundance occurring at Kuke (middle of the rainfall gradient). Precipitation was the most important environmental variable across all species and various morphological groups, while increased borehole density and livestock resulted in lower bipinnate species abundance, contradicting the consensus that these managed features increase the presence of such species. Rotating cattle between boreholes subsequently reduces the impact of trampling and grazing on the soil and maintains and/or reduces woody vegetation abundance.

Description: Residential coal combustion is one of the most significant sources of carbonaceous aerosols in the Highveld region of South Africa, significantly affecting the local and regional climate. This study investigated single coal-burning particles emitted when using different fire-ignition techniques (top-lit up-draft versus bottom-lit up-draft) and air ventilation rates (defined by the number of air holes above and below the fire grate) in selected informal braziers. Aerosol samples were collected on nucleopore filters at the Sustainable Energy Technology and Research Centre Laboratory, University of Johannesburg. The individual particles (~700) were investigated using a scanning electron microscope equipped with energy-dispersive X-ray spectroscopy (EDX). Two distinct forms of spherical organic particles (SOPs) were identified, one less oxidized than the other. The particles were further classified into electronically dark and bright. The EDX analysis showed that 70% of the dark spherical organic particles had higher (~60%) relative oxygen content than in the bright SOPs. The morphology of spherical organic particles were quantified and classified into four categories: ~50% were bare single particles; ~35% particles were aggregated and formed diffusion accretion chains; 10% had inclusions, and 5% were deformed due to impaction on filter material during sampling. This study concludes that there are two distinct kinds of coal burning spherical organic particles and that dark SOPs are less volatile than bright SOPs. The authors also show that these spherical organic particles are similar in nature and characteristics to tar balls observed in biomass combustion and that they have the potential to absorb sunlight thereby affecting the earth’s radiative budget and climate. This study provides insights into the mixing states, morphology, and possible formation mechanisms of these organic particles from residential coal combustion in informal stoves.

Description: The conversion of biomass components catalyzed via immobilized enzymes is a promising way of obtaining valuable compounds with high efficiency under mild conditions. However, simultaneous transformation of glucose and xylose into gluconic acid and xylonic acid, respectively, is an overlooked research area. Therefore, in this work we have undertaken a study focused on the co-immobilization of glucose dehydrogenase (GDH, EC 1.1.1.118) and xylose dehydrogenase (XDH, EC 1.1.1.175) using mesoporous Santa Barbara Amorphous silica (SBA 15) for the simultaneous production of gluconic acid and xylonic acid. The effective co-immobilization of enzymes onto the surface and into the pores of the silica support was confirmed. A GDH:XDH ratio equal to 1:5 was the most suitable for the conversion of xylose and glucose, as the reaction yield reached over 90% for both monosaccharides after 45 min of the process. Upon co-immobilization, reaction yields exceeding 80% were noticed over wide pH (7–9) and temperature (40–60 °C) ranges. Additionally, the co-immobilized GDH and XDH exhibited a significant enhancement of their thermal, chemical and storage stability. Furthermore, the co-immobilized enzymes are characterized by good reusability, as they facilitated the reaction yields by over 80%, even after 5 consecutive reaction steps.