Explaining the Cross‐Section of Stock Returns in Japan: Factors or Characteristics?

Japanese stock returns are even more closely related to their book-to-market ratios than are their U.S. counterparts, and thus provide a good setting for testing whether the return premia associated with these characteristics arise because the characteristics are proxies for covariance with priced factors. Our tests, which replicate the Daniel and Titman (1997) tests on a Japanese sample, reject the Fama and French (1993) three-factor model, but fail to reject the characteristic model.     

Phosphorus Inputs to Lake Simcoe from 1990 to 2003: Declines in Tributary Loads and Observations on Lake Water Quality

Total phosphorus (TP) inputs to Lake Simcoe have led to hypolimnetic dissolved oxygen (DO) depletion and loss of cold water fish habitat. Since 1990, efforts have been made to reduce the total TP input to the lake below a defined target of 75 t/year, which was predicted to lead to reductions in spring TP concentration and improvements in end-of-summer hypolimnetic DO concentrations. The total TP load to the lake during the most recent period of record (1998/99-2003/04) ranged from 53 to 76 t/yr and averaged 67 t/yr, compared to an average of 114 t/yr estimated between 1990/91 and 1997/98 (range 85-157 t/yr). Reductions in TP loads from the catchment via tributary discharge (∼26 t) accounted for the majority of the decrease in total load between the two time periods. Total P concentrations decreased significantly in four out of six long-term monitored tributaries; however, concentrations in all six tributaries remain above the level recommended to avoid nuisance plant growth (30 μg/L). Although TP loads to the lake are currently below the target 75 t/yr, excessive growths of filamentous algae and macrophytes continue to be a problem in the nearshore zone. End-of-summer minimum hypolimnetic DO concentrations (average 4.3 mg/L, 1998/99-2003/04) remain substantially below the level (7 mg/L) that is considered protective of lake trout. Efforts to reduce TP loads to the lake therefore need to continue.     

Factors affecting the activity of anammox bacteria during start up in the continuous culture reactor.

Factors affecting cultivation of extremely slow-growing bacteria (anaerobic ammonium oxidiser, doubling time 11 days) were investigated by using upflow anaerobic sludge blanket (UASB) reactors which can maintain high solid retention time. The effects of concentrations of DO, free ammonia (FA), and nitrite on activation of anammox activity were tested during the start-up period. The reactor was inoculated with granular sludge collected from a full-scale UASB reactor used for treating brewery wastewater, and sludge from a piggery wastewater treatment plant and rotating biological contactor treating sewage. Results of continuous operation showed that concentrations of DO, free ammonia (FA) and nitrite in the reactors played a key role in stimulating the anammox activity during start-up period. It is crucial to keep DO below 0.2 ppm, FA below 2 mg/L and nitrite nitrogen below 35 mg/L to cultivate anammox cells in the continuous bioreactor. When the levels of DO, FA and nitrite in the influent were controlled at less than the inhibition levels, the anammox activity increased gradually in the anaerobic condition. Addition of hydrogen sulphide into the reactor enhanced anammox activity in the continuous culture. Through the SEM, TEM and FISH analysis, anammox bacteria were detected in the granular sludge after 3 months of continuous operation.     

Colloidal silica removal in coagulation processes for wastewater reuse in a high-tech industrial park.

Four experiments of coagulation and flocculation were conducted to investigate the characteristics of colloidal silica removal in a high-tech industrial wastewater treatment plant for reclamation and reuse of the effluent. Experimental results illustrated that poly-aluminium chloride (PACl) showed higher performances on colloidal silica removal than alum. Interestingly, the two coagulants demonstrated the same capacity on silica removal. The specific silica removal capacity was approximately 0.135 mg SiO2/mg Al2O3 when the dosage of coagulants was in the range 30-150 mg/L Al2O3. In addition, the silica was reduced significantly at the condition of pH above 8. Experimental data implied that precipitation of aluminium flocs was the major mechanism for colloid silica removal in PACl and alum coagulation, besides, charge adsorption was also important for improving removal efficiency. Moreover, the addition of polyacrylic acid (PAA) as a flocculant could slightly advance silica removal in the PACl coagulation. The combined PACl/PAA/flocs coagulation was effective for the removal of colloidal silica, soluble COD, and turbidity and also suitable as a pretreatment unit in wastewater reclamation and reuse processes.     

A Proposed Arbitration Mechanism to Ensure Free Trade in Livestock Products

Trade negotiations between Canada and the United States are to begin in the near future. For there to be an ongoing free movement of commodities the question of nontariff barriers must be addressed in the negotiations. Livestock commodities are particularly prone to nontariff barriers due to the public health aspects of domestic regulations and the perishability of the products. Potential nontariff barriers in livestock and meat products are identified and the problems of normal negotiation procedures outlined. A proposal for an arbitration mechanism for the settlement of disputes is developed. It's essential elements are pre-approval of changes to regulations, extremely short arbitration periods and decentralized adjudication.
Les négociations de commerce entre le Canada et les États-Unis commenceront bientôt. Pour avoir un mouvement continuel des denrées, la question des barrières nontarifaires doit être adressée dans les négotiations. Les denrées bestiaux sont particulièrement portées aux barrières nontarifaires à cause des aspects de la santé publique dans les régulations domestiques et la nature périssable des produits. On identifie les barrières nontarifaires potentielles en des produits bestiaux et de viande. On indique aussi les problèmes avec les processus de négotiation normale. Une proposition pour un mécanisme d'arbitrage pour la résolution des disputes est developpée. Les elements essentiels de cette proposition sont l'approbation en avance des changements aux régulations, les périodes d'arbitration très courtes et les prononcements de jugements décentralisés.     

A comparison of biofilms from macrophytes and rocks for taste and odour producers in the St. Lawrence river.

Given their widespread and prolific annual development in the St. Lawrence River (SLR), macrophytes (i.e. submerged aquatic plants) represent large surface areas for biofilm growth and potentially important sites for associated production of taste and odour (T&O) compounds. We therefore evaluated the importance of submerged macrophytes and their associated biofilms for production of T&O compounds, 2-methylisoborneol (MIB) and geosmin (GM), compared with biofilms from adjacent rocks. We also tested the hypothesis that production of these compounds would differ between macrophyte species, based on the premise that they are not inert substrates but directly influence the communities that colonise their surfaces. Samples collected from transects across the SLR between Kingston and Cornwall, ON were dominated by the flat-bladed Vallisneria spp., and the leafed Myriophyllum spicatum, Elodea canadensis, Chara spp., Potamgeton spp., and Ceratophyllum spp. Overall, MIB and GM levels in biofilms ranged widely between samples. Expressed per g dry weight of biofilm, median levels from macrophyte were 50 (range 1-5000) ng MIB g(-1) and 10 (<1 to 580) ng GM g(-1) compared with 50 (range 5-970) ng MIB g(-1) and 160 (1-1600) ng GM g(-1) from rocks. Based on non-parametric statistical analysis, levels of GM were higher on a g dry weight basis in biofilms from rocks than macrophytes (P = 0.02), but MIB levels were similar (P = 0.94). However, when normalised for differences in substrate surface area (i.e. ng cm(-2)), levels of both MIB and GM were higher in biofilms from rocks than from macrophytes (P < 0.01). There were no discernable differences in MIB and GM concentrations from biofilms of different macrophytes based on either g dry weight sample or surface area (P > 0.05). Overlying water (OLW) concentrations ranged between 2-45 ng L(-1) for MIB and 5-30 ng L(-1) for GM and were not correlated with levels in adjacent biofilms. However, OLW concentrations peaked in shallow, low energy embayments consistent with enhanced production and release of MIB and GM in nearshore areas. The results support our previous work showing the importance of biofilms on various surfaces (rocks, macrophytes and zebra mussels) for MIB and GM production in the SLR, but suggest that inert surfaces like rocks are more productive sites per unit surface area than macrophytes.     

Influences of land use/cover on water quality in the upper and middle reaches of River Njoro, Kenya

Data from 10 sampling sites along the River Njoro are used to examine the contribution of nutrients from upstream land uses draining each of the sampling sites. The data also are used to assess whether both the proportion of land uses and the size of the subwatersheds account for the variability in water quality in the River Njoro watershed. Geographical Information System analysis was used to determine the spatial distribution of land‐cover types and subwatersheds contributing run‐off to the sampling sites in the River Njoro. Standard Digital Elevation Model‐based routines were used to establish the watershed area contributing run‐off to each sampling site. Water and sediment samples were collected for chemical analysis, and the nutrient levels were related to the upstream land‐use types and the size of the subwatersheds. The mid‐stream portion of the River Njoro (near Egerton University) accounts for the highest nutrient contributions. The percentage contribution is magnified by additions from industrial, human settlements and agricultural land uses around the University. There is a significant decrease in nutrient levels downstream, however, indicating natural purification as the river flows through an area of large‐scale farming with intense, well‐preserved riparian and in‐stream vegetation. Steep slopes of the land upstream of Egerton University enhance erosion and nutrient losses from those subwatersheds. Mixed small‐scale agricultural and bare lands contribute over 55% of the phosphorus load to the upper and mid‐reaches of the River Njoro. The size of the subwatershed accounts for about 53% of the variability in the soluble phosphorus in the river. The land‐use subwatershed proportions are important for characterizing and modelling water quality in the River Njoro watershed. Upland land uses are as important as near‐stream land uses. We suggest that conservation of intact riparian corridor along the river and its tributaries contributes significantly to natural purification processes and recovery of the ecological integrity of the River Njoro ecosystem.     

Organochlorine Contaminants of Wintering Ducks Foraging on Detroit River Sediments

Organochlorine analysis was performed on carcasses of 13 diving ducks from a 1981 wintering population that foraged on contaminated sediments in the lower Detroit River. Mean total PCB concentrations were 10 mg/kg for seven lesser scaups (Aythya affinis), 11 mg/kg for three greater scaups (A. marila), and 7.6 mg/kg for three goldeneyes (Bucephala clangula). Highest mean levels of other residues were measured for hexachlorobenzene (1.7 mg/kg) in goldeneyes, and transnonachlor (0.33 mg/kg) and 4,4’-DDE (1.3 mg/kg) in greater scaup. Quantitative analysis of 72 PCB congeners also was applied to water, seston, sediment, benthie oligochaetes, and carp from the same site. Principal congeners in most of the samples included some of the more toxic and persistent PCBs. Results of a multivariate analysis indicated that ratios of more conservative to less conservative PCBs did not vary significantly among ducks (α = .05), but differed from those in carp, oligochaetes, and sediment. For the February through March period of fat mobilization, concentrations of total PCB in lipid were inversely correlated with percent lipid (r = 0.76) in ducks. The percentage of conservative PCBs increased slightly. The distribution and partitioning of organochlorines, including toxic PCB congeners, varied considerably within this water column-sediment-fauna ecosystem. Estimates of toxic exposure based on total PCB values may be unreliable.     

Brake wear from vehicles as an important source of diffuse copper pollution.

In this article we show that brake wear from road traffic vehicles is an important source of atmospheric (particulate) copper concentrations in Europe. Consequently, brake wear also contributes significantly to deposition fluxes of copper to surface waters. We estimated the copper emission due to brake wear to be 2.4 kiloton per year. For comparison, the official database for Europe (without brake wear) totals 2.6 kiloton per year. In Western Europe the brake wear emissions dominate the total emission of copper. Using the spatially resolved emission data, copper distributions over Europe were calculated with the LOTOS-EUROS model. Without brake wear the model underestimates observed copper concentrations by a factor of 3, which is in accordance with other studies. Including the brake wear emissions largely removes the bias. We find that 75% of the atmospheric copper input in the North Sea may be due to brake wear. We estimate that about 25% of the total copper input in the Dutch part of the North Sea stems from brake wear. Although the estimated brake wear copper emission is associated with a large uncertainty, it significantly improves our understanding of the copper cycle in the environment.