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In this paper, we investigate the information content of losses and the denominator effect of risk on earnings informativeness. The information content of losses tends to be lower than profits since the firms’ market value is better explained by liquidation value rather than earnings news. Similarly, earnings of high-risk firms tend to be less informative since risk influences the discount rate of valuation models. Through a sample of 436 Brazilian public firms (4,086 firm-year observations), the results demonstrate that risk influences how earnings from companies reporting losses and profits are perceived, showing that losses are less informative than profits for low and medium-risk firms, while this difference disappears for high-risk firms. We attribute these results to the explanation of the liquidation or abandonment option, which is corroborated by our analyses. We also tested two alternative explanations for the low informativeness of losses (accounting conservatism and hidden assets) and observed that neither of the explanations are corroborated by our findings. Our results contribute to accounting and finance literature, providing evidence thathigh-risk firms are valued similarly to loss firms in terms of earnings informativeness, which has not been previously demonstrated. Este estudo investiga o conteúdo informacional dos prejuízos e o efeito denominador do risco na informatividade dos lucros. O conteúdo informacional dos prejuízos tende a ser menor do que o dos lucros, visto que o valor de mercado dessas empresas pode ser mais bem explicado pelo valor de liquidação do que pelas boas e más notícias contidas no lucro. Da mesma forma, os lucros de empresas de alto risco tendem a ser menos informativos, pois o risco influencia a taxa de desconto dos modelos de valuation. Por meio de uma amostra de 436 empresas brasileiras de capital aberto (4.086 observações anuais), verifica-se que o coeficiente de resposta aos lucros (ERC) dos prejuízos reportados é menor do que o dos lucros apenas para empresas de baixo e médio risco. Para empresas de alto risco, não há essa diferença. Também são testadas duas explicações alternativas para a baixa informatividade dos prejuízos (conservadorismo contábil e ativos ocultos), que não são corroboradas pelos principais achados. Esses resultados contribuem para a literatura de contabilidade e finanças, fornecendo evidências de que empresas de alto risco são avaliadas de modo semelhante a empresas com prejuízo em termos de informatividade dos lucros, o que ainda não havia sido demonstrado anteriormente. Este estudio investiga el contenido informativo de las pérdidas y el efecto del denominador del riesgo en la informatividad de las ganancias. El contenido informativo de las pérdidas tiende a ser menor que el de las ganancias, ya que el valor de mercado de estas empresas se explica mejor por el valor de liquidación que por las noticias de las ganancias. De manera similar, las ganancias de las empresas de alto riesgo tienden a ser menos informativas, ya que el riesgo influye en la tasa de descuento de los modelos de valoración. A través de una muestra de 436 empresas brasileñas de capital abierto (4.086 observaciones año-empresa), se observa que el coeficiente de respuesta a las ganancias (ERC) de las pérdidas reportadas es menor que el de las ganancias solo para empresas de bajo y mediano riesgo, mientras que para las empresas de alto riesgo tal diferencia desaparece. También se prueban dos explicaciones alternativas para la baja informatividad de las pérdidas (conservadurismo contable y activos ocultos). Estos resultados contribuyen a la literatura de contabilidad y finanzas, proporcionando evidencia de que las empresas de alto riesgo sonvaloradas de manera similar a las empresas con pérdidas en términos de la informatividad de las ganancias, lo cual no había sido demostrado previamente.

This work reviews the historical and current pest risks and research concerning seed storage in the Czech Republic (CR). Stored seed pests (i.e. animals causing injuries to the germ and endosperm) represent a high risk of economic damage due to the high value of seeds coupled with long-term seed storage in small storage units (e.g., boxes, satchels). Rodents represent a significant risk to all types of seeds, especially seeds stored in piles or bags. Mites, psocids, and moths are the main pests of stored grass and vegetable seeds: mites can decrease seed germinability by 52% and psocids caused 9.7% seed weight loss in broken wheat kernels after 3 months of infestation under laboratory conditions. Although beetles (Sitophilus sp., Tribolium sp., Oryzaephilus sp.) and moths (Plodia sp.) are common pests of grain seeds (e.g., wheat, barley, maize), two serious seed pests, Sitotroga cereallela and S. zemays, are rare in the CR. Bruchus pisorum is a common pest of pea seeds, while other Bruchids are rare in the Czech legume seed stores. Currently, the control of seed pests is becoming difficult because the efficient pesticides (e.g., methylbromide, dichlorvos, drinking anticoagulant rodent baits) for seed protection have been lost without the development of adequate substitutes. New research on seed protection in the CR using biological control (mite predators Cheyletus sp.), low pressure, modified atmospheres, and hydrogen cyanide is overviewed.

A significant amount of the world's economy is based upon the international trade of agricultural produce. For the producing countries, a growing concern is the potential economic and ecological damage that invasive species could cause. While threats can be decreased through the regulation of items potentially carrying invasive species, the effect of such restrictions on international trade also needs to be considered. A balance must therefore be met that permits the transfer of produce while filtering out unwanted pests. Drawing on the author's extensive experience, the social and financial implications of phytosanitary trade barriers are reviewed. This book offers valuable and comprehensive coverage of pest related barriers and strategies for their implementation.

The quality of meat is a multifactorial parameter dependent on the perspective and goals of the link in the production chain. Generally, a variety of factors directly or indirectly affect the quality characteristics of meat and, therefore, the value of meat products. Often, the literature divides the interfering factors into intrinsic and extrinsic. Intrinsic factors are related to animals; therefore, intrinsic factors are less variable. These factors include breed, sex, age, weight, genes, and type of muscle fiber. Some of these factors are not well studied, others have variable influence or are controversial and only a few are known and sometimes controlled. Thus, this study aimed to review some intrinsic factors that influence the quality of lamb meat. A qualidade da carne é um parâmetro multifatorial, dependente da perspectiva e objetivos do elo da cadeia produtiva. Geralmente, uma grande variedade de fatores afetam direta ou indiretamente as características de qualidade da carne e, consequentemente, os valores dos produtos cárneos. Frequentemente, a literatura divide os fatores interferentes em intrínsecos e extrínsecos. Os fatores intrínsecos são referentes ao animal e, portanto, menos variáveis. Esses fatores incluem raça, sexo, idade, peso, genes e tipo de fibras musculares. Alguns desses fatores não estão bem estudados, outros têm influência variável ou controvertida e somente alguns são conhecidos e, às vezes, controlados. Dessa forma, objetivou-se revisar alguns fatores intrínsecos que influenciam na qualidade da carne ovina. La calidad de la carne es un parámetro multifactorial que depende de la perspectiva y los objetivos del eslabón de la cadena de producción. En general, una amplia variedad de factores afectan directa o indirectamente la calidad de la carne y, en consecuencia, los valores de los productos cárnicos. A menudo, la literatura divide los factores que interfieren intrínseca y extrínsecamente. Los factores intrínsecos están relacionados con los animales, por lo tanto, son menos variable. Estos factores incluyen la raza, el género, la edad, el peso, los genes y el tipo de fibra muscular. Algunos de estos factores no están bien estudiados, otros tienen influencia variable o son polémicos, y sólo unos pocos son conocidos y a veces controlados. Por lo tanto, este trabajo pretende revisar algunos factores intrínsecos que influyen en la calidad de la carne de ovino.

The importance of P originating from agricultural sources to the nonpoint source pollution of surface waters has been an environmental issue for decades because of the well-known role of P in eutrophication. Most previous research and nonpoint source control efforts have emphasized P losses by surface erosion and runoff because of the relative immobility of P in soils. Consequently, P leaching and losses of P via subsurface runoff have rarely been considered important pathways for the movement of agricultural P to surface waters. However, there are situations where environmentally significant export of P in agricultural drainage has occurred (e.g., deep sandy soils, high organic matter soils, or soils with high soil P concentrations from long-term overfertilization and/or excessive use of organic wastes). In this paper we review research on P leaching and export in subsurface runoff and present overviews of ongoing research in the Atlantic Coastal Plain of the USA (Delaware), the midwestern USA (Indiana), and eastern Canada (Quebec). Our objectives are to illustrate the importance of agricultural drainage to nonpoint source pollution of surface waters and to emphasize the need for soil and water conservation practices that can minimize P losses in subsurface runoff

The rose varieties (Rosa spp.; Rosaceae), widely used to decorate urban landscapes, are susceptible to attacks by arthropod pests. The twospotted spider mite Tetranychus urticae Koch (Acari: Tetranychidae) is one of the most economically important pests in roses. The study proposed to evaluate the resistance mechanisms (antixenosis, antibiosis, and tolerance) of 4 rose varieties (‘Ojo de Toro,' ‘Samuray,' ‘Virginia,’ and ‘Keiro') to twospotted spider mite under greenhouse conditions. The antixenosis was evaluated by non-preference of oviposition, and through the number of larvae, nymphs, and adults of twospotted spider mite; antibiosis by the growth rate (r); tolerance by chlorophyll loss and leaf damage index. Twospotted spider mite showed no preference to oviposit on plants of the Samuray variety (3 eggs per leaflet). Larvae, nymphs, and adults showed no preference to feed on Ojo de Toro and Samuray varieties. Twospotted spider mite recorded the lowest values in r (0.2047 d-1) and the percentage of chlorophyll loss (15.64%) in the Samuray variety. The damage caused by twospotted spider mite in the 4 rose varieties was similar. The Samuray variety was the most resistant to twospotted spider mite, whereas the most susceptible varieties were Keiro and Virginia.

Crop loss to wildlife impedes local support for conservation efforts at Kibale National Park, Uganda. Systematic monitoring of crop loss to wildlife (mammals larger than 3 kg) and livestock was conducted in six villages around Kibale over a 2-year period. Five wildlife species accounted for 85% of crop damage events: baboons, bushpigs, redtail monkeys, chimpanzees, and elephants. Marked variation in frequency and extent of damage is reported within villages, between villages, and between wildlife species. Fields lying within 500 m of the forest boundary lost 4-7% of crops per season on average, but the distribution of damage was highly skewed such that maize and cassava fields were on occasion completely destroyed. Multivariate analysis was used to test predictors of damage, including human population density, guarding, hunting, sight distance, and distance from the forest. Tests were performed at two levels of analysis, field and village. Distance from the forest edge explained the greatest amount of variation in crop damage, although hunting also influenced the extent of crop damage. Elephants inflicted catastrophic damage to farms but their forays were rare and highly localized. Livestock caused considerable damage to crops but farmers seldom complained because they had institutionalized modes of restitution. Although most of the crop damage by wildlife is restricted to a narrow band of farmers living near the forest edge, risk perception among these farmers has been amplified by legal prohibitions on killing wild animals. Elevating local tolerance for wildlife will require diverse approaches, including channeling economic benefits to Kibale's neighbors and providing compensation in limited cases.

The potential contribution of mechanical disruption by ultrasonics and endogenous proteolytic enzymes on the tenderisation of hen muscle were investigated. The importance of endogenous enzymes was evaluated using various specific inhibitors. Freshly obtained breast muscles of culled hens (6 groups) were treated with different proteolytic enzyme inhibitors and/or ultrasonics, each group was treated with different methods, and then stored at 4 deg C for 0, 1, 3, and 7 days. Shear force decreased by 1.19 kg, and shear force and cooking loss were reduced by 0.69 kg and 4.27%, respectively, in the incorporated group treatment. The calpastatin activity was affected by almost all treatments. Our results suggest that ultrasonics and endogenous proteases contributed to muscle degradation, thereby improving hen meat tenderness and decreasing the cooking loss. Muscle degradation, tenderness, and water-retaining properties of hens were improved by a combination of ultrasound and exogenous proteolytic enzyme inhibitors.

Northern peatlands are important terrestrial carbon stores, and they show large spatial and temporal variation in the atmospheric exchange of CO2 and CH4. Thus, annual carbon balance must be studied in detail in order to predict the climatic responses of these ecosystems. Closed-chamber methods were used to study CO2 and CH4 in hollow, Sphagnum angustifolium lawn, S. fuscum lawn, and hummock microsites within an ombrotrophic S. fuscum bog. Micrometeorological tower measurements were used as a reference for the CH4 efflux from the bog. Low precipitation during May-August in 1994 (84 mm below the long-term average for the same period) and a warm July-August period caused the water table to drop by more than 15 cm below the peat surface in the hollows and to 48 cm below the surface in high hummocks. Increased annual total respiration exceeded gross production and resulted in a net C loss of 4-157 g/m2 in the different microsites. Drought probably caused irreversible desiccation in some lawns of S. angustifolium and S. balticum and in S. fuscum in the hummocks, while S. balticum growing in hollows retained its moisture and even increased its photosynthetic capacity during the July-August period. Seasonal (12 May-4 October) CH4 emissions ranged from 2 g CH4-C/m2 in drier S. fuscum hummocks and lawns to 7 and 14 g/m2 in wetter S. angustifolium-S. balticum lawns and hollows, respectively. Aerodynamic gradient measurements at the tower showed slightly higher CH4 flux rates than the average estimates for the whole bog obtained by closed-chamber methods. Winter C efflux comprised 30 g CO2-C/m2 and 1 g CH4-C/m2 out of a total loss of 90 g C/m2 on average in the bog, and there was an estimated annual loss of 7 g C/m2 by leaching. This study shows how delicately the boreal bog's C balance in different microsites depends on climatic variations, especially the distribution of precipitation. It also confirms that severe C losses can occur in boreal bogs during extended summer droughts, even in years with annual temperatures close to the long-term average and with precipitation clearly greater than the long-term average.

Una buena gestión de inventarios es fundamental para el funcionamiento de la empresa. Siguiendo una política de revisión continua y en un contexto de ventas perdidas, en este trabajo se propone el cálculo de los niveles de stock al inicio de ciclo usando técnicas fuzzy que buscan obtener una reducción de los costes computacionales e incluir en el modelo la incertidumbre sobre la demanda. Con este fin, después de describir la formalización teórica, se diseña un experimento con el que se muestra la aplicabilidad y potencialidad del método fuzzy propuesto.