bluuebunny/crossref_metadata_2025_split huggingface dataset:
The effect of sentiment on commercial real estate returns: investor and occupier perspectives
Authors: Cheung Ka Shing , Lee Joshua 
Published: January 2021

PurposeReal estate is an asset that is traded in highly segmented, illiquid and informationally inefficient local markets. A short sale in real estate is almost infeasible and therefore impedes informed rational arbitrageurs to trade against mispricing. Thus, real estate returns are prone to sentiment-driven behaviours. Will the impacts on asset returns be identical for different types of sentiment?Design/methodology/approachThis study argues that not all sentiment effects are created equal. Using the bounds test of the autoregressive distributed lag (ARDL) models, this paper examines how occupier sentiment versus investor sentiment contributes to the short-run and long-run dynamics of commercial real estate returns in Australia.FindingsThe empirical evidence suggests that investor sentiment and occupier sentiment influence return asymmetrically after macroeconomic conditions are controlled for.Practical implicationsThe sectoral analysis further reveals that sector-specific sentiment plays a significant role in explaining commercial real estate returns. Furthermore, notable improvement is found in producing more accurate prediction in returns, given that measures of occupier and investor sentiment are appropriately specified in the forecast.Originality/valueThis study is novel in the sense that it acknowledges the impacts of occupiers' and investors' sentiment may be fundamentally different. The unique innovation and contribution of this study to behavioural finance literature are based on a new dataset from the Royal Institute of Chartered Surveyors which includes a survey-based measure of investor sentiment and occupier sentiment.
Thermal constraints on energy balance, behaviour and spatial distribution of grizzly bears
Authors: Rogers Savannah A. , Robbins Charles T. , Mathewson Paul D. , Carnahan Anthony M. , van Manen Frank T. , Haroldson Mark A. , Porter Warren P. , Rogers Taylor R. , Soule Terence , Long Ryan A. 
Published: January 2021

Abstract

Heat dissipation limit theory posits that energy available for growth and reproduction in endotherms is limited by their ability to dissipate heat. In mammals, endogenous heat production increases markedly during gestation and lactation, and thus female mammals may be subject to greater thermal constraints on energy expenditure than males. Such constraints likely have important implications for behaviour and population performance in a warming climate.

We used a mechanistic simulation model based on the first principles of heat and mass transfer to study thermal constraints on activity (both timing and intensity) of captive female grizzly bears Ursus arctos in current and future climate scenarios. We then quantified the relative importance of regulatory behaviours for maintaining heat balance using GPS telemetry locations of lactating versus non‐lactating female bears from Yellowstone National Park, and assessed the degree to which costs of thermoregulation constrained the distribution of sampled bears in space and time.

Lactating female bears benefitted considerably more from behavioural cooling mechanisms (e.g. partial submersion in cool water or bedding on cool substrate) than non‐lactating females in our simulations; the availability of water for thermoregulation increased the number of hours during which lactating females could be active by up to 60% under current climatic conditions and by up to 43% in the future climate scenario. Moreover, even in the future climate scenario, lactating bears were able to achieve heat balance 24 hr/day by thermoregulating behaviourally when water was available to facilitate cooling.

The most important predictor of female grizzly bear distribution in Yellowstone, regardless of reproductive status, was elevation. However, variables associated with the thermal environment were relatively more important for predicting the distribution of lactating than non‐lactating female bears.

Our results suggest that the costs of heat dissipation, which are modulated by climate, may impose constraints on the behaviour and energetics of large endotherms like grizzly bears, and that access to water for cooling will likely be an increasingly important driver of grizzly bear distribution in Yellowstone as the climate continues to warm.

A free Plain Language Summary can be found within the Supporting Information of this article.
Physiological and behavioural effects of anemone bleaching on symbiont anemonefish in the wild
Authors: Cortese Daphne , Norin Tommy , Beldade Ricardo , Crespel Amélie , Killen Shaun S. , Mills Suzanne C. 
Published: January 2021

Abstract

Climate change causes extreme heat waves that have induced worldwide mass coral bleaching. The impacts of temperature‐induced bleaching events on the loss of algal endosymbionts in both corals and anemones are well documented. However, the cascading impacts of bleaching on animals that live in association with corals and anemones are understudied.

We performed a field‐based experiment to investigate how host anemone bleaching affected the metabolic rate, growth, behaviour and survival of wild juvenile orange‐fin anemonefish Amphiprion chrysopterus over 1, 2 and (for survival) 9 months.

We found that the standard metabolic rate of anemonefish residing in bleached anemones decreased over time but was unaffected in fish from healthy anemones. Despite the reduced metabolic cost, the growth rate of fish from bleached anemones was significantly lower compared to fish from healthy anemones, suggesting that animals residing in bleached hosts are at an energetic disadvantage. This was corroborated by our finding that fish from bleached anemones spent more time out of their anemones, suggestive of a greater need to forage in the water column. However, fish from bleached anemones were overall less active and used less space around the anemone, resulting in a negative correlation between space use and survival after 4 weeks.

Our results provide insight into the physiological and behavioural effects of host bleaching on juvenile fish in the wild, and highlight how relatively short‐term thermal anomalies can have long‐lasting impacts beyond the bleached anemones or corals themselves.

A free Plain Language Summary can be found within the Supporting Information of this article.
Merging dynamical and structural indicators to measure resilience in multispecies systems
Authors: Medeiros Lucas P. , Song Chuliang , Saavedra Serguei 
Published: January 2021

Abstract

Resilience is broadly understood as the ability of an ecological system to resist and recover from perturbations acting on species abundances and on the system's structure. However, one of the main problems in assessing resilience is to understand the extent to which measures of recovery and resistance provide complementary information about a system. While recovery from abundance perturbations has a strong tradition under the analysis of dynamical stability, it is unclear whether this same formalism can be used to measure resistance to structural perturbations (e.g. perturbations to model parameters).

Here, we provide a framework grounded on dynamical and structural stability in Lotka–Volterra systems to link recovery from small perturbations on species abundances (i.e. dynamical indicators) with resistance to parameter perturbations of any magnitude (i.e. structural indicators). We use theoretical and experimental multispecies systems to show that the faster the recovery from abundance perturbations, the higher the resistance to parameter perturbations.

We first use theoretical systems to show that the return rate along the slowest direction after a small random abundance perturbation (what we call full recovery) is negatively correlated with the largest random parameter perturbation that a system can withstand before losing any species (what we call full resistance). We also show that the return rate along the second fastest direction after a small random abundance perturbation (what we call partial recovery) is negatively correlated with the largest random parameter perturbation that a system can withstand before at most one species survives (what we call partial resistance). Then, we use a dataset of experimental microbial systems to confirm our theoretical expectations and to demonstrate that full and partial components of resilience are complementary.

Our findings reveal that we can obtain the same level of information about resilience by measuring either a dynamical (i.e. recovery) or a structural (i.e. resistance) indicator. Irrespective of the chosen indicator (dynamical or structural), our results show that we can obtain additional information by separating the indicator into its full and partial components. We believe these results can motivate new theoretical approaches and empirical analyses to increase our understanding about risk in ecological systems.
Age‐related reproductive performance of the Adélie penguin, a long‐lived seabird exhibiting similar outcomes regardless of individual life‐history strategy
Authors: Kappes Peter J. , Dugger Katie M. , Lescroël Amélie , Ainley David G. , Ballard Grant , Barton Kerry J. , Lyver Phil O'B. , Wilson Peter R. 
Published: January 2021

Abstract

Age‐related variation in reproductive performance in long‐lived iteroparous vertebrate species is common, with performance being influenced by within‐individual processes, such as improvement and senescence, in combination with among‐individual processes, such as selective appearance and disappearance. Few studies of age‐related reproductive performance have compared the role of these drivers within a metapopulation, subject to varying degrees of resource competition.

We accounted for within‐ and among‐individual changes among known‐aged Adélie penguins Pygoscelis adeliae during 17 years (1997–2013), at three clustered colonies of disparate size, to understand patterns in age‐related reproductive success during early and late adulthood.

Age at first reproduction (AFR) was lowest, and number of breeding attempts highest, at the largest colony. Regardless of AFR, success improved with early post‐recruitment experience. For both oldest and youngest recruitment groups, peak performance occurred at the end of their reproductive life span indicating a possible cost of reproduction. Intermediate recruitment groups reached peak performance in their mid‐reproductive life span and with intermediate breeding experience, before decreasing. Breeding success was lowest for the initial breeding attempt regardless of AFR, but we observed subsequent variation relative to recruitment age. Gaining experience by delaying recruitment positively influenced reproductive performance early in the reproductive life span and was most evident for the youngest breeders. Oldest recruits had the highest initial and peak breeding success. Differences in AFR resulted in trade‐offs in reproductive life span or timing of senescence but not in the overall number of breeding attempts.

Patterns differed as a function of colony size, and thus competition for resources. Early life improvement in performance at the larger colonies was primarily due to within‐individual factors and at the largest colony, AFR. Regardless of colony size late‐life performance was positively related to the age at last reproduction, indicating selective disappearance of lower performing individuals.

These results highlight that different life‐history strategies were equally successful, indicating that individuals can overcome potential trade‐offs associated with early‐ and late‐life performance. These results have important implications for understanding the evolution of life‐history strategies responsible for driving population change.
Episodic nutrient enrichments stabilise protist coexistence in planktonic oligotrophic conditions
Authors: Zufiaurre Aitziber , Felip Marisol , Giménez‐Grau Pau , Pla‐Rabès Sergi , Camarero Lluís , Catalan Jordi 
Published: January 2021

Abstract

Seasonal compositional changes in plankton communities are usually considered as species replacements. Given the enormous number of individuals integrating the communities and our limited capacity to count and determine most of them, we likely observe only alternative population peaks of some of the coexisting species. The contemporary coexistence theory addresses coexistence in communities of competing species, considering relative fitness inequalities and stabilising niche differences as components of average long‐term growth rates. Here, we experimentally show that the response patterns predicted by the theory occur when varying nutrient pulses fertilise the planktonic community.

We used gently self‐filling 100‐L enclosures to minimise the disturbance of the initial community and different pulse P and N additions to manipulate the apparently species‐poor epilimnetic community of an ultraoligotrophic P‐limited lake. We measured and compared the protist species growth response to gradients of P enrichment and N stoichiometric imbalance. The P and N levels used in most treatments were within the oligotrophic seasonal and inter‐annual variations of the lake and were higher in a few extreme treatments that provided mesotrophic conditions of the remote regions affected by N atmospheric contamination. We alternatively replicated all treatments using ammonium or nitrate as the N source.

Most protist species, recorded in this lake across seasons in previous studies, were recovered, indicating a persistent assemblage of species that is seasonally hidden from observation. Recovery included some rare species observed only in the slush layers of the seasonal snow and ice cover. The coexistence‐stabilising mechanisms were indicated by treatment response features, such as frequency‐dependent growth, inverse relationship between fitness inequality and niche differentiation proxies, high‐rank taxonomic levels clustering across the limiting‐nutrient gradient but segregation at the species level according to the type of N supply and resting stage development depending on nutrient conditions. The response similarities between autotrophic and heterotrophic organisms indicate a network of interactions that may reinforce coexistence.

Synthesis. The results indicate that many planktonic protist species in oligotrophic waters can show stable long‐term non‐equilibrium coexistence by alternately recovering from very low densities when episodic nutrient enrichments, of varying P and N amounts and composition, occur.
Livestock‐exclusion duration required for restoring grassland in semiarid, loess region in China: Estimate based on species composition measured from small‐scale vegetation patterns
Authors: Yamamura Yasuo , Cheng Jimin , Yasuda Taisuke , Chen Jun , Hu Tianming , Hori Yoshimichi , Nakano Takashi , Shiyomi Masae 
Published: January 2021

AbstractTo restore the degraded grassland in the Yunwushan Natural Reserve of Ningxia semiarid loess region, Ningxia Autonomous Region, China, managers have established grasslands with excluding livestock from one large area every 5 years since 1982. The annual precipitation at the site is around 400 mm, and heavy grazing by sheep/goats has been conducted in the past. In July 2009 in which vegetation surveys were conducted, seven grasslands with different exclusion durations such as 0, 2, 7, 12, 17, 22 or 27 years had already been established. The objectives of survey were to clarify the vegetation changes with exclusion duration, and to estimate the number of years required for recovering the vegetation. In each of these grasslands, 100 50 × 50 cm2 quadrats, each of which was further divided into four 25 × 25 cm2 sub‐quadrats, were set, and then each of the species occurring within each sub‐quadrat was recorded. Aboveground biomass and soil hardness within each quadrat were also measured as auxiliary variables. We used eco‐statistical survey and analysis methods of small‐scale spatial patterns of vegetation. The followings are results obtained: after 12–17 years of exclusion, (a) the soil had softened; (b) the aboveground biomass had increased to amounts >200 dw g m–2; (c) the spatial uniformity in biomass increased to a stationary state; and (d) the dissimilarity of species composition between two successive exclusion durations decreased to a stationary state. We conclude from these observations that the degraded grassland required 12–17 years of exclusion to restore vegetation and productivity. We also proposed candidates of plant species to be seeded or planted for recovering degraded grassland in this area.
Shades of Power: Network Links with Gender Quotas and Corporate Governance Codes
Authors: Mateos de Cabo Ruth , Grau Pilar , Gimeno Ricardo , Gabaldón Patricia 
Published: January 2021

AbstractThis study analyses the impact of political and regulatory pressures to increase the influence of women within the European board of directors’ network. To accomplish this, we used a longitudinal approach, tracking two centrality measures of a European directors’ network from 1999 to 2014. The network comprised publicly listed firms in 37 European countries, resulting in an extensive sample of 71,300 directors, of which around 10% were women. Governments promoting gender diversity in leadership positions have focused on two solutions: a slow track using voluntary approaches versus a fast track pushing for binding legislation. The panel data analysis shows how voluntary approaches to promote gender diversity, as implemented through corporate governance codes, have a positive and significant relationship with the ‘closeness’ of women to other directors in the network (i.e. their access to information). In contrast, binding legislation, such as gender quotas, increases women's role as unique ‘bridges’ between sub‐networks – a result that serves to heighten their ‘betweenness’ centrality (i.e. their control over information).
Does Target Country Cultural Orientation Influence M&A?
Authors: Ahmad Muhammad Farooq , Aziz Saqib , Dowling Michael M. 
Published: January 2021

AbstractWe examine whether the cultural orientation of target firms influences the outcomes of international mergers and acquisitions (M&As). Prior research shows that the national culture of the acquiring firm country influences M&As, as well as the distance between the acquiring and target country cultures. Not previously studied from a cultural perspective of M&As has been the target country culture, despite estimates that about 40% of M&As are target‐initiated. Our focus is on target firm cultural orientation, including how cultural orientation affects the likelihood of, and returns from, M&As. Our testing applies three cultural orientation factors (results, tradition and people orientation) extracted from a GLOBE cultural framework to a dataset of firm‐level M&A data across 39 countries, in 1990–2016. We find that firms from cultures with a results orientation are less likely to become M&A targets and also experience higher cumulative abnormal returns if acquired, while firms from countries with cultures with a tradition orientation or a people orientation are more likely to become targets but experience lower cumulative abnormal returns if acquired. These results are robust to a comprehensive range of robustness tests. Our findings suggest that understanding the cultural orientation of target firms is important to understanding M&A outcomes.
Training teachers for phonics and early reading: developing research‐informed practice
Authors: Flynn Naomi , Powell Daisy , Stainthorp Rhona , Stuart Morag 
Published: January 2021

BackgroundIn England, instruction in systematic synthetic phonics is the first approach to teaching children to read words. There is little research exploring what makes successful training for phonics teaching despite evidence teachers' subject knowledge is limited. There is a persisting problem of underachievement in reading in some regions of England, mirrored in the United States and Australia. In 2017–2018, the Department for Education (DfE) addressed poor reading outcomes in these regions by funding 1‐day training events. We report on one training model, developed and delivered by a team of academics, addressing issues specific to an English context, but contributing internationally relevant insights into phonics teacher training.MethodsResearch‐informed ‘phonics roadshows’ for training phonics teaching for early reading were devised for 14 regions of England with weak performance on the Year 1 phonics screening check. Five hundred eighty‐four practitioners attended from 379 schools. Participants provided feedback in on‐the‐day written evaluations and by survey 1‐year‐on (100 responses). Local authority officials who attended were interviewed about impacts of the roadshow 1‐year‐on (9 of 14). Qualitative data were analysed using a constructivist grounded theory approach.ResultsQuantitative data indicated positive responses to the events. Teachers found the day interesting, helpful and likely to impact their practice. Qualitative analysis revealed the need for consistent school‐wide approaches to phonics teaching; follow‐up training to develop teacher subject knowledge for teaching reading; and developing teachers' ability to assess children's progress in developing phonic knowledge and to provide targeted interventions to tackle under‐attainment. Local authority officials concurred with teachers' perceptions, with some differences between them and between regions.ConclusionsResearch‐informed in‐service training for phonics teaching can have beneficial impact, but must be closely partnered with local needs, and calibrated to teachers' existing subject knowledge, to ensure professionals feel empowered to make sustainable changes and improvements to practice.
Predictors of reading and spelling skills in German: the role of morphological awareness
Authors: Görgen Ruth , De Simone Elisabetta , Schulte‐Körne Gerd , Moll Kristina 
Published: January 2021

BackgroundThe role of morphological awareness for literacy development is non‐controversial, but it is likely to depend on the characteristics of a specific orthography. Previous studies analysing the role of morphological awareness are mainly based on English samples; thus, it is unclear how generalisable these results are. In the current study, we evaluated the predictive pattern of morphological awareness on reading and spelling in German, which is characterised by high consistency between morphology and orthography. While many words cannot be spelled correctly by relying on phoneme–grapheme mappings, morphological awareness can be reliably used to infer the correct spelling for many words. In contrast, morphological awareness seems less important for reading in German given the high consistency of grapheme–phoneme mappings. Therefore, we hypothesised that the predictive pattern of morphological awareness for spelling is higher than for reading due to the structure of German orthography. In addition, we examined whether the association between morphological awareness and spelling reflects specific awareness about morphemic units or rather general knowledge about frequent and permissible letter sequences in words.MethodWe developed web‐based tasks that allowed us to assess morphological awareness using pseudowords. Based on the data of 3,122 third and fourth graders, we analysed the predictive pattern of morphological awareness on reading and spelling after controlling for non‐verbal cognitive abilities, age/grade, phoneme awareness and sublexical orthographic sensitivity.ResultsWe found that morphological awareness accounted for significant amounts of unique variance over and above sublexical orthographic sensitivity in both literacy measures but was a better predictor for spelling than for reading.ConclusionsThe role of morphological awareness depends on the structure of a given orthography. In German, this is reflected by differences in the predictive pattern between reading and spelling skills. Furthermore, results support the specific role of morphological awareness for spelling in the German orthography.