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Full inversion tillage (FIT) at pasture renewal is a management option aiming to increase carbon stocks in long-term pasture, to achieve carbon neutrality. This study investigated the effects of FIT on carbon and nutrient distribution in the soil profile (0–7.5, 7.5–15, 15–22.5 and 22.5–30 cm depths) as well as nutrient uptake, and subsequent fodder crop and/or pasture yields across three pasture renewal trials (Trials 1 and 3: Alfisol; Trial 2: Andisol). These effects of FIT were assessed against standard tillage treatments (no till, shallow till), and non-renewed pasture within 8–18 months post-tillage. FIT changed soil carbon stratification, causing 16%–46% reduction in topsoil (0–7.5 cm) cation exchange capacity across the three trials. However, nutrient levels after FIT remained within recommended ranges for crop and/or pasture growth, avoiding any yield reductions. Topsoil fertility post-FIT depended on original degree of nutrient stratification in the soil profile. At Trial 1, temporary deficiencies caused by low subsoil P and K soil tests pre-FIT were anticipated and corrected with fertiliser nutrients for the following break crop and resown pasture. We conclude that soil testing the cultivation depth prior to FIT at pasture renewal provides the necessary soil test information to manage yield expectations. [ABSTRACT FROM AUTHOR]

We here analyze the factor loadings given by the CAPM, the Fama–French three (FF3), and the five-factor model (FF5), and test the performance and the validity of adding two more factors (volatility and dispersion of returns) to the FF5 factor model of European index-based ESG leaders' portfolios. Our ESG leaders' portfolios generated significant negative alphas during 2012–2022, corroborating the literature's negative argument. The negative abnormal returns of ESG leaders' portfolios are homogeneous across the three ESG pillars. We conclude that European ESG leaders' portfolios are biased toward large cap and value stocks with robust operating profitability and against aggressive investments. As robustness tests, we examine Global ESG leaders' index-based portfolios, producing the same results but with reduced importance in some loading factors like profitability and investment strategy. Furthermore, we deduced that European and Global ESG leaders' portfolios tilt towards volatility and herding bias. [ABSTRACT FROM AUTHOR]