Search

The article reports that COVID-19 pandemic sparked selling across an unprecedented array of asset classes. We examine market dysfunction in the corporate bond market and measures implemented by the Federal Reserve with the support of the U.S. Treasury to ensure access to capital markets credit for U.S. corporate bond issuers.

Today, there is a growing trend towards growing peppers in foil or glasshouse, rather than in the open field. The advantage of these over open field cultivation is that they can increase the yield, improve the quality of the crop and the timing of the production, which in turn gives a much higher yield security. The most popular and least expensive investment for growing under foil is container growing. The aim of my research was to study the yield of the pepper variety Claudius under different nutrient solution formulations. I applied four treatments, which consisted of four different nutrient solution compositions. The first treatment had a nitrogen to potassium ratio of 1:1, the second treatment 1:1.3, the third treatment 1:1.6 and the fourth treatment a N:K ratio of 1:2. Each treatment was repeated four times. Each treatment involved 80 plants, which is 20 plants per replicate. During the experiment, I found that the different nitrogen/potassium ratios of the nutrient solution affected not only the weight of the harvested fruits, but also the number of fruits. A higher potassium content relative to nitrogen will clearly change the plants in a generative direction due to the upsetting of the vegetative-generative balance. The fruits started to reach the red colour typical of biological maturity before reaching the shape and size typical of the variety. [ABSTRACT FROM AUTHOR]

Hybrid rice has been planted throughout China to ensure food security owing to its higher yield potential than inbred rice. Meanwhile, substantial nitrogen (N) fertilizer has been applied to feed hybrid varieties for maximizing grain yield. However, to what extent the higher yield of hybrid than inbred rice depends on N fertilizer input remains unclear. A meta‐analysis was conducted in this study to (1) quantify the difference in N uptake and utilization between hybrid and inbred rice; (2) determine whether hybrid rice requires more N than inbred rice for producing per unit grain yield; and (3) evaluate the impact of the difference in crop growth duration between hybrid and inbred rice on their yield performance. The results showed that, overall, hybrid rice achieved a 10.1% higher grain yield, and 9.7% higher daily grain yield than inbred rice. This grain yield advantage increased from 6.1% to 11.9% depending on whether hybrids have longer crop growth duration than inbred rice. The yield advantage of hybrid rice was explained by higher total N uptake and internal N use efficiency, but not explained by N fertilizer input. Moreover, the yield advantage of hybrid rice with N fertilizer was driven by higher yield without N fertilizer instead of yield response to N fertilizer. These results suggest that hybrid rice does not necessarily require more N fertilizer to achieve higher yield than inbred rice. Therefore, hybrid rice could be planted with fewer external N to ensure food security and reduce environmental costs. [ABSTRACT FROM AUTHOR]

To promote green agricultural production, the government often provides two types of subsidies: the Green Technology Operation Subsidy (GOS), and the Green Technology Investment Subsidy (GIS). This paper examines the impact of government subsidy policies on a two-tier agricultural supply chain in which the farmer can choose to self-invest in green technologies or outsource them to the service provider. Our results indicate that outsourcing is more conducive to higher green technology inputs than self-directed investment in most cases and can generate higher profits for small-scale farmers; however, as the land scale increases, farmers prefer to invest in green technologies by themselves. In addition, if the farmer decides to self-invest in green technologies, the farmer prefer the GIS (GOS) policy when the land scale is small (large). Further analysis shows that if the farmer decides to outsource green technologies, the farmer's profit under the two subsidy policies is equal when the land scale is small, while the farmer benefits more from the GOS policy when the land scale is large. Finally, from the perspective of promoting agricultural green production, the GIS policy is always better than the GOS policy, regardless of whether the farmer outsource green technologies. • Investigate the production decision of farmers when outsourcing green technologies. • Outsourcing generates higher profits for small-scale farmers than self-investment. • Farmers benefits more from green technology operation subsidy when land scale is large. • Outsourcing is in most cases more effective than self-investment in increasing green technology inputs. • Green technology investment subsidy yields higher levels of agricultural green production. [ABSTRACT FROM AUTHOR]

The effectiveness of green mussel (Perna viridis) cultivation was compared between longline culture and the traditional bamboo stake method using different mussel densities in a rural area on the north coast of Java, Indonesia. The study took place in a rural area about 2 km north‐east from the city of Semarang where unsustainable shrimp and fish pond culture in the past has led to massive mangrove loss, spiralling environmental degradation and socio‐economic disintegration. Mangrove‐friendly alternatives for a sustainable socio‐economic recovery of local livelihoods are urgently being sought. Longlines were more successful than the stake method in spat collection. Longlines also showed a small but significantly higher relative weight gain and specific growth rate for mussels than bamboo stakes. Mussels in lower densities showed higher survival and grew to larger individual sizes, but initial seeding density had no significant effect on relative weight gain or specific growth rate per stocking. Slightly lower set‐up costs and time investment and somewhat higher yields for longlines give an almost twofold higher income per time unit of own time invested by the farmer for longline culture over the traditional stake culture method. The profitability of mussel culture using the stake method is below the average hourly wage for skilled labour, but above that when using the longline method. We conclude that green mussel culture using the longline system is feasible as an alternative to less sustainable forms of livelihood for the local communities in mangrove areas. [ABSTRACT FROM AUTHOR]

As an impact of climate change the yield of non-irrigated silage maize harvested in the summer is increasingly threatened. Annual precipitation amount shows a declining tendency and its distribution also becomes uneven and hectic. Therefore, we shall base our coarse fodder production on plant species with higher yield security. Winter cereals, especially triticale may excellently fulfil all requirements. The growing season of this species starts in September and ends in the beginning of May. During this period sufficient amount of water is available for the plants. By applying adequate agro-technical solutions and selecting the best varieties triticale can provide high yields together with outstanding quality. All examined triticale varieties provided high yields in 2017 accompanied by good content values. Examinations conducted on the quality of yields showed that the Dimenzio variety contained remarkably high crude protein content that significantly exceeded that of all the other triticale varieties. Taking into account the easily digestible fibre content NDFd48 Dimenzio and GK Maros performed extremely well with proportions above 77 percent. 2018 proved to be an arid year with low amount of precipitation. Average per hectare yields were ten tons less than in 2017. However, content values of the samples were still very good. 2019 has started with an arid autumn that had some negative effect. However, the largest yields were measured in this year reaching 42.14 t/ha for the Hungaro variety in the fourth mowing. Proportion of easily digestible fibre content proved to be considerably high in all three years of the examination. At the time of first mowing the value of dNDF48h was always above 70%. This can be interpreted as very good, since this value is measured only around 50 to 55 percent in case of silage maize. It is important to choose the appropriate variety. Based on our experiment results GK Maros, Hungaro and Dimenzio are suitable for coarse fodder production as well. [ABSTRACT FROM AUTHOR]

Highlights • Integrated effects of tillage, N fertilization and straw management were studied. • Straw incorporation lowers N 2 O emission only at optimal N fertilization. • No impacts on CH 4 were observed for single or integrated farming practices. • No-till, straw addition and optimal N fertilization = high yields & reduced GHG. Abstract No-till (NT), straw incorporation (SI) and optimized N fertilization are important mitigation options for reducing greenhouse gas (GHG) emissions from agroecosystems. These measures may also help to maintain high crop production and are frequently recommended for use in northern China. Few studies, however, have addressed the interactive effects of these conservation and fertilization practices with respect to GHG emissions and crop yields. We report on a field experiment conducted in two consecutive dry years (2013–2015) when precipitation was much lower than the long-term average. We examined the effects of three different N fertilizer application rates, tillage practice and straw management on crop yields, GHG, area-scaled GHG (in global warming potential) and net ecosystem economic budget (NEEB) of a winter wheat-summer maize rotation system in northern China. Results showed that reducing N fertilizer significantly decreased soil N 2 O emissions without affecting annual crop yields. Compared with the average of all other fertilization treatments, the no-till × straw incorporation (NT × SI) practice increased both wheat and maize yields. However, in the maize season, NT also increased cumulative N 2 O emissions compared with conventional tillage (CT). The practices of combining N fertilization with straw management conferred an additional effect on N 2 O emissions when compared with single practices (i.e. fertilization or straw management). Compared with straw removal (SR) treatments, SI increased annual cumulative N 2 O emissions by 37% for the conventional N fertilization, but decreased them by 13% at the optimized N fertilization. Neither single practice nor integrated practices had a significant effect on cumulative CH 4 uptake. The highest NEEB values were obtained in NT × SI × optimal N fertilization (OPT) and NT × SR × OPT in the 1st and 2nd cropping years, respectively. We conclude that, when considering the additional benefits of SI for improving soil fertility and C sequestration, the NT × SI × OPT practice would be a viable strategy to achieve high crop yields, while simultaneously reducing GHG emissions. [ABSTRACT FROM AUTHOR]

High yield agricultural systems, such as high tunnel (HT) vegetable production, require a large supply of soil nutrients, especially nitrogen (N). Compost is a common amendment used by HT growers both to supply nutrients and to improve physical and biological soil properties. We examined commercially-available composts and their effects on soil N, plant N uptake, and tomato yield in HT cultivation. In addition, a laboratory study examined N and carbon (C) mineralization from the composts, and the usefulness of compost properties as predictors of compost N mineralization was assessed under field and laboratory conditions. The field study used a randomized complete block design with four replications to compare four compost treatments (all added at the rate of 300 kg total N ha−1) with unamended soil and an inorganic N treatment (110 kg N ha−1). Tomatoes were grown in Monmouth, Maine during the summers of 2013 and 2014. Compost NO3−-N and NH4+-N application rates were significantly correlated with soil NO3−-N and NH4+-N concentrations throughout the growing season. Marketable yield was positively correlated with compost total inorganic N and NO3−-N in both years, and with NH4+-N in 2014. There were no significant differences among composts in percentage of organic N mineralized and no correlations were observed with any measured compost property. In the laboratory study, all compost-amended soils had relatively high rates of CO2release for the initial few days and then the rates declined. The compost-amended soils mineralized 4%–6% of the compost organic N. This study suggested compost inorganic N content controls N availability to plants in the first year after compost application. [ABSTRACT FROM AUTHOR]

This article examines the increasing access by UK issuers of high yield bonds to US investors notwithstanding substantive differences in the approach to valuation of the issuer in financial distress in US and UK restructuring law and, therefore, in anticipated return on default. It examines the development of the market in the context of existing theories on the relationship between law and finance and suggests that previous accounts have overlooked the adaptive capacity of the finance market to legal environment and the implications of such structural adaptation for the prospects of convergence in law. Three states are identified: where the market is poorly adapted to the legal environment and reinforces other pressure for change, where the market is adapted to the legal environment and is a neutral influence on, or even dampens, other pressure for change and where both legacy and adapted structures exist, potentially pulling in different directions at the same time. [ABSTRACT FROM AUTHOR]

Allelopathic crop water extracts with reduced herbicide doses were tested for weed control in wheat at Adaptive Research Farm, Sheikhupura, Pakistan during the year 2010-11. Aqueous extracts of sorghum (Sorghum bicolor L.), sunflower (Helianthus annuus L.) and mulberry (Morus alba L.) were combined (each at 18 l/ha) with Atlantis 3.6 WG (mesosulfuron + idosulfuron) @ 14.4 (recommended), 7.20 and 4.80g a.s/ha alongwith weedy check. Dried and chopped parts of sorghum and sunflower mature plants and dry leaves of mulberry were soaked in water, boiled and filtered and then these extracts were mixed as per treatments and applied at 50 days after sowing. The results revealed that application of extracts of sunflower+sorghum+mulberry mixed with Atlantis 3.6 WG @ 7.20 g a.s/ha exhibited higher weed reduction in total weed density (86%) and total weed dry weight (88%). The same treatment also produced maximum grain yield (2.90 t/ha), which was 36 percent higher than control (2.13 t/ha) and 3.94 percent higher than recommended dose of herbicide (2.79 t/ha). The data further showed superiority of this treatment for higher net return of Rs. 71322 per hectare and 4221 percent marginal rate of return. [ABSTRACT FROM AUTHOR]

The MIECHV (Maternal, Infant, and Early Childhood Home Visiting) program invests substantial federal resources to prevent child maltreatment and emergency medical costs. Eligibility is based on screening of demographic or clinical risk factors, but because screening accuracy in predicting poor outcomes is unknown, assignment to home-visiting might miss high-risk families or waste resources on low-risk families. To guide eligibility decisions, this study tested accuracy of demographic and clinical screening in predicting child maltreatment and emergency medical care. A population-representative sample of 201 birthing mothers (39.8% Black, 33.8% Latina) in Durham, NC, was enrolled between July 2009, and December 2010, and followed through December 2015. Participants were screened demographically (i.e., Medicaid, first-born, teenage, no high school diploma) and clinically (i.e., health/health care, parenting readiness, home safety, and parent mental health) at birth and followed through age 60 months, when Child Protective Services and hospital records were reviewed. Cox hazard models tested accuracy of prediction from screening variables. Demographic factors did not significantly predict outcomes, except having Medicaid/uninsured predicted more emergency medical care and being first-born was a (surprising) protective factor against a child maltreatment investigation. In contrast, clinical factors strongly predicted both maltreatment investigations (Hazard Ratio = 4.01 [95% CI = 1.97, 8.15], sensitivity = 0.70, specificity = 0.64, accuracy = 0.65) and emergency medical care (Hazard Ratio = 2.14 [95% CI = 1.03, 2.14], sensitivity = 0.50, specificity = 0.69, accuracy = 0.58). Even with added costs for clinical screening, selecting families for home visiting based on assessed clinical risk will improve accuracy and may yield a higher return on investment. The authors recommend a universal system of screening and care to support birthing families. [ABSTRACT FROM AUTHOR]

Transition to a low-carbon economy to achieve the Paris Agreement goal requires substantial investments. The green bond market shows good potential to help mobilize financial sources towards sustainable investments. In this paper, we compare the uptake of green bonds in Norway and Sweden from 2013 till 2019, with the aim to understand what drives the green bond market. Our study is one of the first comparative analyses specifically designed to explain differences in green bond uptake between two similar financial markets. The analysis can help us to identify factors that are transferable to other countries and that therefore can be important for facilitating the growth of green bonds in different markets. Data shows that there has been a faster growth in issuances in Sweden than Norway, and especially for the corporate sector and municipalities. When interviewing experienced green bond market participants in Norway and Sweden, we find that likely explanations are a business culture and financial institutions more focused on sustainability in Sweden, as well as a larger and more diversified corporate sector. In Norway, green bonds uptake may have been hampered by competition with high yield investments in oil & gas and shipping, a 'green' energy sector that considers green bonds to be superfluous, and many municipalities that are too small for green bond issuance. The experience from Sweden indicates that other countries wanting to facilitate uptake of green bonds should emphasize leadership on sustainability, collaboration between green bond issuers and investors, and active communication, high visibility, and thorough disclosure of sustainable finance activities. • Both Norway and Sweden are pioneers on green bonds, but the market has grown faster in Sweden. • Business culture and financial institutions are more focused on sustainability in Sweden. • Sweden has a larger and more diversified corporate sector. • Leadership on sustainability and issuer-investor collaboration will facilitate green bonds. • Active communication and high visibility of green bonds activities will stimulate the market. [ABSTRACT FROM AUTHOR]

Two important choices for apple growers are which cultivar to grow and which training system to use. Stochastic dominance analysis was used in an economic evaluation of a 10-year study in Pennsylvania (USA) comparing three cultivars (‘Crimson Gala’, ‘Ginger Gold’, and ‘Fuji’) grown on four training systems (vertical axe, slender spindle, 4-wire low trellis, and offset V-axe). Stochastic dominance accounts for grower risk attitude in such decisions. Because of consistently high yields and prices, ‘Fuji’ is the only cultivar that ranks highly across all risk attitude categories. For growers willing to accept more risk for higher reward, offset V-axe and vertical axe are preferred training systems. Trellis systems are preferred by growers seeking to minimize risk. [ABSTRACT FROM AUTHOR]

Purpose -- The purpose of the study is to test how land owners respond to the appreciation of land values in the presence of speculation. This paper introduces the concept of "land hoarding," which is land owners' response to higher land prices by selling more land up to a point beyond which accelerated land price appreciation would lead to land hoarding. Specifically, this paper examines the effect of land value appreciation higher than the opportunity cost of selling the land (measured by treasury-bill (T-bill) rate) on land sale and land hoarding. Design/methodology/approach -- A theoretical framework is developed to understand the demand for agricultural land retention with and without speculation, the former informing land hoarding behavior. A linear regression model was introduced and estimated using ordinary least square (OLS) method. A panel data model and analysis is also introduced, and following appropriate model selection tests, a fixed effect panel data estimation method is implemented. Data from 48 states, spanning from 1950 to 2004, are utilized. Findings -- An inverse relationship is found between the rate of land value appreciation and the demand for land by farmers, suggesting that the standard direct relationship between appreciation and land supplied to development holds. However, the additional finding of an inverse relationship between the rate of land value appreciation in excess of the risk-free rate of return and agricultural land development confirms the existence of an identifiable speculative demand component that involves land hoarding. Practical implications -- To the extent to which the findings are broadly applicable, one policy implication is that enhanced land retention can be achieved through market mechanisms. For example, the notion that reduced T-bill rates can actually result in market triggered land preservation is an interesting policy related finding. Equally interesting is the notion that policies that can trigger increases in the rate of appreciation of farmland may also potentially result in the agricultural hoarding of land. Obviously, enhanced profitability in agriculture due to programs targeting viability, commodity price support, reduction of regulation or market expansion programs can potentially affect land retention. Originality/value -- This paper introduces the "land hoarding hypothesis." High rates of land appreciation can be expected to signal that holding the land may yield better returns than selling it, suggesting that if rates of land appreciation become significantly high enough, farmers may begin to hoard land, not sell it, to maximize long-term returns. This concept can be valuable to market-based agricultural land retention programs at the urban fringe. By linking speculative behavior, land demand and existence of a hoarding behavior under some conditions, this paper adds value and originality to the literature. [ABSTRACT FROM AUTHOR]

The study compared input usage, effectiveness (Striga counts) and grain yields of five Striga control methods. The results revealed that the continuous cultivation of Striga tolerant maize variety (T1) and soybean variety followed by a Striga tolerant maize variety in the second year (T2) had a lower level of seed usage. The treatment involving a high level of N-Fertilizer (T4) however required the highest fertilizer level. Striga control was significantly higher (p<0.01) i.e lower Striga counts in T2 followed by T1. The maize grain yields were also significantly higher (p<0.01) in T1 and T2 plots. It was concluded that Higher maize grain yields and lower Striga counts can be obtained with the rotation of ACR 97 TZL Composite 1-W with a legume trap crop such as soyabean TGX 1448-2E or the same ACR 97 TZL Composite 1-W. [ABSTRACT FROM AUTHOR]

Witchweed, Striga hermonthica (Del.) Benth is a major threat to the realization of yield potentials of cereal crops especially maize. This study was therefore designed to compare economic performance of five Striga control methods. Data were obtained from an on-farm trial conducted on 12 farmers' fields with uniform infestations of Striga hermonthica at Kugu and Dambo villages in the Northern Guinea Savanna of Nigeria, during the 2005 and 2006 cropping seasons. The results revealed that treatment plots involving the cultivation of Striga tolerant maize variety (Acr 97 TZL COMP.1-W) followed by Striga tolerant maize variety in the second year (T1) had a higher cumulative gross margin per hectare (N76, 884.61) followed by the treatment involving the cultivation of an improved soyabean variety (TGX 1448-2E) followed by Striga tolerant maize variety in the second year i.e.T2 (N36, 287.00). The cost-benefit ratio was higher for T1 (2.27) followed by T2 (1.58). The marginal rate of return was also higher for T1 (N885.00) followed by T2 (N8.90). These results and the dominance analysis clearly revealed the economic superiority of T1 and T2 over the other treatments. High costs of fertilizer and scarcity of improved maize and soyabean varieties were identified as the major constraints to the adoption of the Striga control methods by farmers. [ABSTRACT FROM AUTHOR]

The rapid growth of international migration and remittances has led to a wealth of research examining these trends. One of these lines of research attempts to determine the relationship between migration, remittances and the adoption of "Green Revolution" high yield variety (HYV) seeds. This literature proposes that migration and remittances may increase HYV use by reducing household risk and credit constraints. Given the large scale of both migration and remittances, getting an accurate measurement of these impacts is crucial to designing and implementing policies in rural areas. This paper examines the relationship between migration, remittances and agricultural technology. The credit and risk hypotheses are tested using data from the Mexican Migration Project. The main focus of the paper is examining the issue of endogeneity with respect to migration and remittances. When the probit approach is tested, evidence of endogeneity bias with respect to migration and remittances is found. The risk and credit hypotheses are then tested with two-stage and three-stage analyses, in order to address the problem of endogeneity. The results are found to be significantly different when methodologies are employed to deal with endogeneity; suggesting this is an issue that needs to be addressed. Overall, the results find some evidence to support both the credit and risk hypotheses; although the results for the risk hypothesis are more mixed. [ABSTRACT FROM AUTHOR]

Abstract: This paper uses a binary logit model to predict the probability of default for high yield bonds issued by shipping companies. Our results suggest that two liquidity ratios, the gearing ratio, the amount raised over total assets ratio, and an industry specific variable are the best estimates for predicting default at the time of issuance. In-and-out-of-sample tests further indicate the predictive ability and robustness of our model. The results are of interest to institutional and individual investors as they can identify which factors to look at when making investment decisions, and which issues have a high likelihood to default; shipowners can also benefit by identifying the factors they need to focus on, in order to offer an issue that does not have a high probability of default. [Copyright &y& Elsevier]

In 1973 Montgomery et al. proposed an ( R, T) type of a periodic review inventory model in which the lost-sales rate caused by stockout is given. The purpose of this article is to investigate in this heuristic periodic review inventory model with partial lost-sales to effectively increase investment and to reduce the lost-sales rate. We discuss two models: complete (normal distribution) and partial (distribution free) information about the protection interval (i.e., review period plus lead time) demand distribution. For each model, two commonly used investment cost functional forms, logarithmic and power, are employed for lost-sales rate reduction. That is, for these two investment cost functions, we first assume that the protection interval demand follows a normal distribution, and then we assume that only first and second moments of the probability distribution of protected interval demand are known. Two algorithms are developed to find the optimal investment decision, and six numerical examples are given to illustrate the results. [ABSTRACT FROM AUTHOR]

• Present a more effective and lower time-consuming asymmetric distortion scheme. • Generalized dither modulation is applied to implement ternary embedding yielding stronger robustness and higher security. • Expand the embedding domain yielding higher security according to theoretical model and experiments. Sharing images on social network platforms (SNPs) from mobile intelligent devices is becoming more and more popular and has great potential for covert communication. However, images will be processed by lossy social network channels, such as JPEG compression, which reduces image quality and destroys message extraction. Previous robust steganographic schemes using reverse engineering or anti-compression domain for SNPs suffer from some security flaws or have only small capacity and low security level. The purpose of this paper is to refine the robust steganographic scheme by considering asymmetric costs for different modification polarities and expanding the embedding domain for digital images, aiming to aggregate the modifications on the elements with small costs. Such a new strategy that utilizes asymmetric distortion for dither modulation to implement ternary embedding can be regarded as generalized dither modulation in substantial sense. Compared with the original Dither Modulation-based robust Adaptive Steganography (DMAS), the proposed scheme selects more DCT coefficients as cover elements and we call it Generalized dither Modulation-based robust Adaptive Steganography (GMAS). Extensive experiments demonstrate that the proposed GMAS gains significant performance improvements in terms of robustness and security when compared with DMAS. [ABSTRACT FROM AUTHOR]

The article identifies opportunities for improved research and development (R & D) in the pharmaceutical industry. Results of market surveys show that drug research and development has decreased in a remarkable rate as well as the internal rate of return (IRR). The key factors which contributed to the situation include high costs of materials needed for drug research and development while prices of pharmaceutical products are under constant pressure and control.