Influence of episodic wind events on thermal stratification and bottom water hypoxia in a Great Lakes estuary

Hypoxia formation and breakdown were tracked during 2015 in Muskegon Lake estuary at multiple locations, and five years (2011–2015) of time-series buoy observatory data were evaluated for the effect of episodic wind-events on lake mixing. Bi-weekly water temperature and dissolved oxygen (DO) profiles at four locations revealed that hypoxia occurred at all sites and persisted for 2–3 months during summer 2015. On one date in late-summer, up to 24% of the lake’s volume was estimated to be mildly hypoxic (DO < 4 mg L^?1) as defined by lake sturgeon requirements. Patterns of wind speed and water column stability in late spring indicated that high winds and low stability delayed the onset of hypoxia while in late summer low winds and high stability delayed degradation of hypoxia. Wind speeds appear to play a great role in the interannual variability of stratification and subsequent hypoxia. Water temperature and DO profiles taken before and after one mid-summer mixing event (wind speed >7.7 m s^?1 for 10 h), indicated that while the wind was unable to completely mix the entire water column, it deepened the epilimnion by ～1.5 m and sheared a thin layer from the upper hypolimnion. By entraining internally loaded nutrients, such episodic wind-events may initiate and sustain algal blooms in nutrient limited surface waters. Quantifying the variable role of wind and mixing events will be key to integrating limnological processes into climate models of the future.     

The Effect of Media Coverage on the Pricing of Seasoned Equity Offerings

This paper examines the role of media coverage and investor attention on the outcomes of seasoned equity offerings (SEOs). I use an archive of Thomson Reuters news articles to proxy for firm visibility and investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with media coverage prior to SEOs. Overall, the evidence is consistent with the hypothesis that media coverage affects investors' information processing in SEOs. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Flood Risk and Salience: New Evidence from the Sunshine State

A growing literature finds evidence that flood risk salience varies over time, spiking directly following a flood and then falling off individuals' cognitive radar in the following years. In this article, we provide new evidence of salience exploiting a hurricane cluster impacting Florida that was preceded and followed by periods of unusual calm. Utilizing residential property sales across the state from 2002 through 2012, our main estimate finds a salience impact of ?8%, on average. The salience effect persists when we base estimation only on spatial variation in prices to limit confounding from other simultaneous changes due to shifting hedonic equilibria over time. These effects range from housing prices decreases of 5.4–12.3% depending on the year of sale. Understanding flood risk salience has important implications for flood insurance and disaster policy, the benefits transfer literature, and, more broadly, our understanding of natural disaster resilience. JEL Classification: Q51, Q54, R21     

Comparison of Sharp Interface to Variable Density Models in Pumping Optimisation of Coastal Aquifers

Water Resources Management - A number of models have been developed to simulate seawater intrusion in coastal aquifers, which differ in the accuracy level and computational demands, based on the...     

Matrix Representation of Solution Concepts in the Graph Model for Conflict Resolution with Probabilistic Preferences and Multiple Decision Makers

Group Decision and Negotiation - In this paper, matrix methods are developed to determine stable states in the graph model for conflict resolution (GMCR) with probabilistic preferences with n...     

Periodic strategies in optimal execution with multiplicative price impact

We study the optimal execution problem with multiplicative price impact in algorithmic trading, when an agent holds an initial position of shares of a financial asset. The interselling decision times are modeled by the arrival times of a Poisson process. The criterion to be optimized consists in maximizing the expected net present value of the gains of the agent, and it is proved that an optimal strategy has a barrier form, depending only on the number of shares left and the level of the asset price.     

Cross‐Functional Integration: Concept Clarification and Scale Development

The centrality of cross‐functional integration (CFI) to supply chain theory and practice has long been recognized. Yet researchers continue to struggle with consistently defining or measuring the CFI construct, thus limiting the utility of CFI research. This research develops (1) a comprehensive definition of CFI that synthesizes previous supply chain research and (2) a valid set of scale items that measure the conceptual domain outlined by this definition. The goal is to build a common foundation for extending knowledge on CFI's antecedents and consequences, and ultimately to improve scholars’ ability to guide a broader practitioner community still struggling to achieve integration in their organizations.     

Characterizing physical habitat preferences and thermal refuge occupancy of brook trout (Salvelinus fontinalis) and Atlantic salmon (Salmo salar) at high river temperatures

Anthropogenic influences, including climate change, are increasing river temperatures in northern and temperate regions and threatening the thermal habitats of native salmonids. When river temperatures exceed the tolerance levels of brook trout and Atlantic salmon, individuals exhibit behavioural thermoregulation by seeking out cold‐water refugia – often created by tributaries and groundwater discharge. Thermal infrared (TIR) imagery was used to map cold‐water anomalies along a 53 km reach of the Cains River, New Brunswick. Trout and salmon parr did not use all identified thermal anomalies as refugia during higher river temperature periods (>21°C). Most small‐bodied trout (8–30 cm) were observed in 80% of the thermal anomalies sampled. Large‐bodied trout (>35 cm) required a more specific set of physical habitat conditions for suitable refugia, that is, 100% of observed large trout used 30% of the anomalies sampled and required water depths >65 cm within or adjacent to the anomaly. Densities of trout were significantly higher within anomalies compared with areas of ambient river temperature. Salmon parr were less aligned with thermal anomalies at the observed temperatures, that is, 59% were found in 65% of the sampled anomalies; and densities were not significantly different within/ outside anomalies. Salmon parr appeared to aggregate at 27°C, and after several events over 27°C variability in aggregation behaviour was observed – some fish aggregated at 25°C, others did not. We stipulate this is due to variances of thermal fatigue. Habitat suitability curves were developed for velocity, temperature, depth, substrate, and deep water availability to characterize conditions preferred by fish during high‐temperature events. These findings are useful for managers as our climate warms, and can potentially be used as a tool to help conserve and enhance thermal refugia for brook trout and Atlantic salmon in similar systems.