Search

In this study we investigate the Na insertion process occurring in the "free carbon" phase embedded in two different SiCN(O) matrices with operando Raman spectroscopy. The two SiCN(O) samples have been prepared using two different thermal treatments carried out at 1000 °C (SiCN(O)1000) and 1400 °C (SiCN(O)1400). X‐ray diffraction as well as argon adsorption reveal significant structural and morphological differences between the materials. SiCN(O)1000 shows an amorphous nature whereas SiCN(O)1400 reveals the presence of crystalline β‐SiC, accompanied by a notable increase in surface area (from 56.7 m2/g to 331 m2/g) and micropore volume (from 0.02 cm3/g to 0.12 cm3/g). These alterations in the ceramic matrix due to thermal treatment affect significantly the electrochemical performance with initial de‐sodiation capacities of 112.4 mAh/g and 52.3 mAh/g for SiCN(O)1000 and SiCN(O)1400, respectively. Operando Raman spectroscopy, carried out during the sodiation and de‐sodiation of the SiCN(O) ceramics, reveals the microstructural changes occurring to the "free carbon" phase during the storage of sodium ions. As sodium is inserted, a shift in the G‐band position is observed in both the samples from about 1600 cm−1 to 1555 cm−1, with a concomitant decrease of the D‐band intensity and the distance between defects (LD) growing from 7.5 nm to 17.5 nm. Upon de‐sodiation, SiCN(O)1400 exhibits an inferior storage reversibility compared to SiCN(O)1000. This may be attributed to the irreversible sodium trapping occurring in SiCN(O)1400, highlighted by the reduced efficiency of the electrochemical process. [ABSTRACT FROM AUTHOR]

A facile and eco‐friendly strategy is presented for synthesizing novel nanocomposites, with MoP quantum dots (QDs) as cores and graphitic carbon as shells, these nanoparticles are dispersed in a nitrogen and phosphorus‐doped porous carbon and carbon nanotubes (CNTs) substrates (MoP@NPC/CNT). The synthesis involves self‐assembling reactions to form single‐source precursors (SSPs), followed by pyrolysis at 900 °C in an inert atmosphere to obtain MoP@NPC/CNT‐900. The presence of carbon layers on the MoP QDs effectively prevents particle aggregation, enhancing the utilization of active MoP species. The optimized sample, MoP@NPC/CNT‐900, exhibits remarkable electrocatalytic activity and durability for the hydrogen evolution reaction (HER). It demonstrates a low overpotential of 155 mV at 10 mA cm−2, a small Tafel slope of 76 mV dec−1, and sustained performance over 20 hours in 0.5 M H2SO4. Furthermore, the catalyst shows excellent activity in 1 M KOH, with a relatively low overpotential of 131 mV and long‐term durability under constant current input. The exceptional HER activity can be attributed to several factors: the superior performance of MoP QDs, the large surface area and good conductivity of the carbon substrates, and the synergistic effect between MoP and carbon species. [ABSTRACT FROM AUTHOR]

Mixed fisheries occur when multiple species are caught together and harvested by multiple fleets. The biological and technical interactions in mixed fisheries distinguish them from single-species fisheries, which makes them challenging for their assessment and management. The present knowledge synthesis reviewed pertinent policy documents and academic databases for twenty-three mixed fisheries worldwide; aiming to characterize attributes of mixed fisheries, provide overviews on their assessment and management, assess current research progress, and identify key factors that impact management effectiveness. Mixed fisheries were found to exhibit varying characteristics worldwide, rendering the implementation of universal management solutions unlikely. While mixed fisheries stock assessment and management are mostly based on single-species approaches, additional mixed fisheries considerations were incorporated at various scales, including multispecies, sector-specific, fishery, and ecosystem levels. Ecosystem-wide management considerations were the most significant contributor to improved management performance in terms of conserving stock biomass and preventing overfishing, underscoring the merits of the Ecosystem-based Fisheries Management (EBFM) principle. Mixed fisheries research demonstrated regional and thematic variations, with the most popular topics addressing immediate and practical management concerns, and the less frequently discussed topics offering valuable insights related to climate change and socio-ecological perspectives. The synthesis identified the available management approaches for mixed fisheries from different jurisdictions, yet their diversity highlighted a lack of global consensus on best management practices. Future mixed fisheries will benefit from balancing tradeoffs between ecological and socio-economic needs, implementing EBFM, adopting diverse and harmonized management tools, and prioritizing monitoring efforts. [ABSTRACT FROM AUTHOR]

Water‐splitting processes require advanced catalysts for the electrocatalytic hydrogen evolution reaction (HER) and oxygen evolution reaction (OER). A facile and cost‐effective approach using single‐source precursors (SSPs) to prepare active and durable bifunctional electrocatalysts consisting of core–shell structured transition metal phosphide (TMPs) nanoparticles dispersed and immobilized in a highly defective N‐, P‐codoped carbon matrix. The bimetallic FeNi phosphide supported on N‐, P‐codoped carbon is synthesized through pyrolysis at 900 °C under an argon atmosphere (FeNiP@NPC‐900), displaying promising electrocatalytic performance for both HER and OER, with low overpotentials of 191 and 278 mV, respectively. Furthermore, FeNiP@NPC‐900 exhibits remarkable durability in both acidic and alkaline electrolytes. The excellent catalytic and long‐term performance is attributed to several factors, including the novel SSP approach, which prevents the agglomeration of active TMPs particles, the in situ formation of exposed nanopores during the carbonization of the precursor without using surfactants, and the heterostructure between highly defective carbon and TMPs, which positively influences the electronic structure at the interface and facilitates charge transfer. The unique core–shell nanostructure protects the catalytically active phase from corrosion and synergistically promotes the activity performance. Therefore, a new strategy for designing active and stable heterostructured TMPs@carbon‐based electrocatalysts is provided. [ABSTRACT FROM AUTHOR]

Technical interactions (multiple fleets fishing multiple species with various gears, as either target or bycatch), bycatch regulations through a landing obligation, and biological and economic effects of climate change, affecting fisheries yield and profits, provide a challenge for demersal mixed fisheries of the North Sea. A multi‐stock, multi‐fleet, bioeconomic model was used to understand management options under these combined influences. Scenarios considered climate change effects on recruitment of three main gadoid stocks (cod – Gadus morhua, saithe – Pollachius virens, whiting – Merlangius merlangus), possible future developments of fuel and fish prices, and strict implementation of a landing obligation. The latter leads to decreased yield and profits in the short term due to increased choke effects, mainly of North Sea cod, being influenced by climate‐induced productivity changes. Allowing fishing above FMSY, but within sustainable limits, or limiting year‐to‐year quota changes, could help buffer initial losses at the expense of decreased profits in the mid‐ to long‐term. Economic performance of individual fleets was linked to their main target's stock status, cost structure, and fuel and fish prices. The results highlight a need to consider both biological and economic consequences of climate change in the management of mixed fisheries. [ABSTRACT FROM AUTHOR]

The interplay between temperature-related processes and predation in determining age-1 recruitment strength between 1992 and 2006 was analysed for North Sea cod (Gadus morhua) and Norway pout (Trisopterus esmarkii). For this purpose, an predation impact index (PI) was calculated out of survey data. PI was assumed to depend on the abundance of the predators and on the spatial overlap between predator and prey populations. Generalized additive models (GAMs) were created with spawning stock biomass (SSB) and sea surface temperature (SST) in the respective spawning and nursery areas and PI as explaining variables. SSB had no significant impact on recruitment during this time period for both species. SSTs during spring and PI explained the interannual variability in recruitment strength to a large extent (88% of the total variance for cod and 68% for Norway pout). The SST during spring determined the overall level of recruitment. At SSTs above a certain level, however, the effect on recruitment was no longer significant. In these temperature ranges, predation was the dominant effect. Therefore, the fate of North Sea cod and Norway pout stocks under global-warming conditions will be strongly influenced by the status of the North Sea food web. Nous avons analyse l'interaction entre les processus relies a la temperature et la predation pour expliquer la force du recrutement d'age l entre 1992 et 2006 chez la morue de la mer du Nord (Gadus morhua) et le tacaud norvegien (Trisopterus esmarki). Dans ce but, nous avons calcule un indice de l'impact de la predation (P1) a partir de donnees d'inventaire. Nous presupposons que PI est fonction de l'abondance des predateurs et du chevauchement spatial entre les populations de predateurs et de proies. Nous avons elabore des modeles additifs generalises (GAMs) dans lesquels la biomasse du stock reproducteur (SSB), la temperature de surface de la mer (SST) dans les zones respectives de fraye et de nourricerie, ainsi que PI sont les variables explicatives. Chez les deux especes, SSB n'a pas d'impact significatif sur le recrutement durant cet intervalle de temps. Les SST au printemps et PI expliquent en grande partie la variabilite interannuelle de la force du recrutement (88 % de la variance totale chez la morue et 68 % chez le tacaud). La SST determine ainsi le nivean global du recrutement. Au-dela de certaines SST, cependant, l'effet sur le recrutement n'est plus significatif. Dans ces gammes de temperature, f effet dominant est celui de la predation. Le sort des stocks de morue de la mer du Nord et de tacauds norvegiens dans les conditions de rechauffement global sera done fortement influence par la condition du reseau alimentaire de la mer du Nord. [Traduit par la Redaction], Introduction Understanding the mechanisms of fish stock recruitment has always been one of the most important tasks in fisheries science. Reliable recruitment models are the key for applying any mid- [...]

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1468-5957.2008.02107.x Byline: Alexander Kempf (1), Peer Osthoff (1) Keywords: socially responsible mutual funds; socially responsible investing; ethical investment Abstract: Abstract: We test the frequently made claim that SRI funds are conventional funds in disguise. For this purpose, we compare the portfolio holdings of SRI funds to conventional funds with respect to their social and environmental standards. Our empirical study of US equity funds shows that SRI funds have a significantly higher ethical ranking than standard funds, i.e., they are not conventional funds in disguise. This result holds for all ethical criteria we investigate. It is stable over time and holds after controlling for several fund characteristics. Finally, we find no evidence that our result is generated by window dressing strategies of SRI funds. Author Affiliation: (1)The authors are both from the Department of Finance and Centre for Financial Research (CFR), University of Cologne. Article History: (Paper received September 2007, revised version accepted June 2008) Article note: (*) Address for correspondence: Peer Osthoff, University of Cologne, Department of Finance and Centre for Financial Research (CFR), Albertus - Magnus - Platz, 50923 Koeln, Germany. e-mail: osthoff@wiso.uni-koeln.de

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1475-6803.2008.00230.x Byline: Alexander Kempf (1), Daniel Mayston (1) Keywords: G10; G14 Abstract: Abstract Previous market microstructure research focuses on commonality in liquidity at the inside spread. However, liquidity at the inside spread only determines the systematic liquidity risk of small and medium trades. We study commonality in displayed liquidity beyond best prices, which determines the systematic liquidity risk of large trades. We show that it is much larger than commonality at the inside spread. The deeper we look into the order book, the higher is the level of commonality. In addition, it rises in the morning and when markets fall. Author Affiliation: (1)University of Cologne

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1468-5957.2007.02062.x Byline: Alexander Kempf (1), Stefan Ruenzi (1) Keywords: mutual funds; fund families; performance flow relationship Abstract: Abstract: This paper examines the influence of the position of a fund within its family on its subsequent net-inflows. Our empirical study of the US equity mutual fund market shows that reaching a top position within the family leads to large inflows. These inflows accrue beyond those expected, given the performance of the fund in its respective market segment. The effect is much stronger in large families than in small families. We also find that inflows significantly increase if a fund moves into the top positions within its family from one year to another. These results lead to competition within the fund family and to important risk taking incentives for fund managers. Author Affiliation: (1)The authors are from the Department of Finance, University of Cologne and the Centre for Financial Research (CFR) Cologne, Germany. They thank Vikas Agarwal, Amanda Adkisson, Alexandra Niessen, Peter Pope (editor), Laura Starks, Russ Wermers, Youchang Wu, and participants at the FMA Annual and European Meetings (2004), the European Financial Management Association Meetings (2004), and the Xfi Conference on Fund Management (2006) for helpful comments. They are especially grateful to an anonymous referee. All remaining errors are the authors' own. Article History: (Paper received September 2005, revised version accepted July 2007) Article note: (*) Address for correspondence: Stefan Ruenzi, Department of Finance, University of Cologne, Albertus-Magnus-Platz, 50923 Koeln, Germany. e-mail: ruenzi@wiso.uni-koeln.de

Abstract: The North Sea ecosystem of the early 1980s differed substantially from that of the early 1990s. The current North Sea multispecies fisheries assessment models are parameterized by fish diet [...]

Ocean biogeochemical provinces have historically been used to characterize regions of similar biogeography, allowing for large‐scale comparisons and the definition of possible management units. Recent studies have shown that ocean color (OC) may be used as a proxy for a range of physical and biological parameters, allowing for a more direct approach in defining and monitoring provinces. The current work investigates whether OC‐derived provinces (area of a given OC type) can be identified in the North Sea and if they can provide insight into the system's dynamics. The analysis workflow was organized into three main steps: 1. OC type classification based on clustering of normalized reflectance spectra, 2. OC type characterization following match‐ups to other biological and physical covariates, and 3. Exploration of drivers of OC province dynamics. Based on data from 1997–2019, four main OC types were identified, which are shown to be related to bio‐optical, physical, and zooplankton community covariates. Atlantic‐associated OC types varied in their coverage of the North Sea on seasonal and interannual scales, with increased penetration related to periods of a weakened circulation. Interannual variability of OC province extent was also found to correlate with an index of the Subpolar Gyre. These results indicate that the dynamics of OC provinces in the North Sea are likely driven by the interaction between large‐scale circulation and local wind‐driven and baroclinic currents. The perspective offered by OC provinces helps elucidate spatiotemporal patterns of plankton and is proposed as a novel operational index for additional exploration of ecosystem functioning. Plain Language Summary: A water's color, from muddy brown to green or clear blue, reflects a range of information regarding its origin and characteristics. For example, we may be able to infer the amount of sediments or the concentration and composition of its algal community (phytoplankton), which form the base of the food web for many marine ecosystems. Using color measurements obtained from historical satellite imagery (1997–2019), North Sea water types were defined, which related to a range of parameters; including salinity, phytoplankton concentration, and associated zooplankton community. Of particular interest are the clearer, bluish water types associated with Atlantic waters that enter the North Sea around the area of the Shetland Islands, whose inflow variability is thought to be an important driver of the North Sea ecosystem over time. The results show that the coverage of Atlantic waters changes over seasonal and long‐term time scales, which are related to the strength of currents and changes in the source waters arriving to the European shelf. In addition to providing insight to historical changes, the method's use of freely available satellite imagery makes it an attractive approach for future monitoring of the ecosystem. Key Points: Four ocean color types are defined for the North Sea, which are associated with bio‐optical, physical, and zooplankton community covariatesOcean color province dynamics relate to variability in local wind‐forced currents and large‐scale variations in source watersAtlantic‐associated ocean color types show highest coverage in the North Sea during periods of reduced wind‐forced circulation [ABSTRACT FROM AUTHOR]

In the European Union (EU), the ecosystem approach to fisheries is implemented through several directives and polices, which are overarched by the Marine Strategy Framework Directive (MSFD). The MSFD requires the assessment of the environmental status of exploited fish and shellfish stocks, among others, to advise the EU Common Fisheries Policy (CFP) on sustainable catch options. The stock assessments for the CFP and the MSFD are supposed to be congruent, yet they differ in several substantial subjects. While the annual CFP assessment is based on two indicators, fishing mortality (F) and spawning stock biomass (SSB), in its Descriptor 3 (D3) the MSFD requires the assessment of three criteria (F , SSB, and age or size structure) within a six year period. Assessing exploited fish and shellfish stocks under the MSFD by using existing CFP assessments has therefore been a half-completed task, which had to be fulfilled by the member states of the EU. This paper suggests six easy steps, referred to as "quick wins" (QW), which are based on existing information from CFP stock assessments. The implementation of these six QW would allow for assessments of exploited fish and shellfish stocks that are compliant to D3. These QW are to (i) assess length/age structure within a stock, (ii) analyse and assess selectivity by fisheries, (iii) use all available information to assess a stock, (iv) use response indicators to assess environmental targets, (v) provide integrated stock-specific advice, and (vi) provide assessments with a mid-term perspective over a-period of six years. International Council for the Exploration of the Sea (ICES) combines the infrastructure and expertise to produce stock-specific assessment products tailored to the requirements of MSFD D3. Thereby, ICES could provide a valuable service to EU member states in the north-east Atlantic region by providing scientifically validated, quality-assured, and MSFD-compliant single-stock assessment products. This would be a big advancement towards implementing the ecosystem approach to fisheries management within Europe. [ABSTRACT FROM AUTHOR]

Previous studies have identified changes in habitat temperature as a major factor leading to the geographical displacement of North Sea cod in the last decades. However, the degree to which thermal suitability is presently changing in different regions of the North Sea is still unclear, or if temperature alone (or together with fishery) is responsible for this displacement. In this study, the spatial distribution of different life stages of cod was modelled from 1967 to 2015. The model is fit point-to-point, spatially resolved at scales of 20 km. The results show that suitability has decreased south of 56°N (>12% in the Southern Bight) and increased north of it (with maximum of roughly 10% in southern Skagerrak). Future changes to suitability were estimated throughout the century using temperature projections from a regional climate model under the Intergovernmental Panel on Climate Change scenario RCP8.5. The results show that southern Skagerrak, the central and northern North Sea and the edge of the Norwegian trench will remain thermally suitable for North Sea cod throughout the century. This detailed geographical representation of thermally suitable key zones for North Sea cod under climate change is revealed for the first time through the improved resolution of this analysis. [ABSTRACT FROM AUTHOR]

In marine ecosystems, maximum sustainable yield considerations are affected by any substantial changes that occur in the top and bottom compartments of the food-web. This study explores how the southern North Sea’s fisheries may need to adjust their fishing efforts to maintain optimum yields of sole, plaice, cod and brown shrimps under increased marine mammal populations and a reduced primary productivity. We constructed plausible scenarios of ongoing food-web changes using the results of Bayesian age-structured population models to estimate carrying capacities of harbour porpoises (Phocoena phocoena) and grey seals (Halichoerus grypus). Losses in primary productivity were predicted by lower trophic level ecosystem models. These scenarios were implemented in a food-web model of the southern North Sea. For each scenario, we sought mixed-fleet fishing efforts that would deliver maximum yields of sole, plaice, cod and brown shrimp combined. We also did so for a baseline run with unaltered mammal and primary production, and compared the differences in optimal fishing strategies, predicted yields, and states of the stocks between the scenarios. We found stocks and yields to be far more sensitive to changes in primary productivity than to increased marine mammal predation. The latter predominantly impacted cod, and even benefitted brown shrimps compared to the baseline run. Under 30% reduced primary productivity, fishing efforts had to be reduced by 50% to still provide maximum yields, whereas the marine mammal scenario induced no need to adjust the fishing regime. This draws attention to the potential gains of incorporating bottom-up processes into long-term management considerations, while marine mammal predation may be less of a concern, in particular for flatfish fisheries in the North Sea, and may even benefit shrimp trawlers because of reduced predation on shrimp from fish predators. [ABSTRACT FROM AUTHOR]

Despite regular reforms, problems under the EU's Common Fisheries Policy (CFP) persist. In order to identify priorities for future reforms of the policy, we developed an analytical framework consisting of 17 criteria and specifying indicators, derived from scientific, wider fisheries, and common resources literature. We applied the framework to the CFP governance system, its regulations, institutions, and processes at EU as well as member state level. The results show that the CFP does not fully meet any of the 17 criteria for an effective resource policy. Its performance was assessed as "neutral" regarding 10 criteria and "negative" regarding seven criteria. Trend analysis shows that there is a slightly positive trend regarding the CFP's performance, with five criteria trending positively, 11 showing a neutral trend and only one criterion trending negatively (simplicity of rules). The analysis identified five criteria which are performing badly and have not improved over time: simplicity of rules, user‐pays principle, resource efficiency, accountability, and compliance mechanisms. Future reforms of the CFP should first and foremost address these criteria while continuing efforts to improve the CFP's performance regarding other criteria. The evaluation of the CFP demonstrates the applicability of the analytical framework which can also be applied to other multilevel fisheries governance systems. Moreover, the results can inform reforms of Regional Fisheries Management Organisations. Like the CFP, these institutions manage transboundary fisheries and have not effectively addressed the issues of resource rent capture and resource efficiency. [ABSTRACT FROM AUTHOR]

Rationality would suggest that advice-seeking investors receive benefits from costly financial advice. However, evidence documenting these benefits for US investors has so far been lacking. This article is the first to document that US mutual fund investors indeed receive one of the many previously hypothesized benefits associated with financial advice. The documented benefit comes from valuable tax-management advice that helps investors avoid taxable fund distributions and becomes even more valuable when investors face distributions that can cause large and hard-to-predict tax liabilities. Additional evidence suggests that financial advice helps with other aspects of tax management such as tax-loss selling. [ABSTRACT FROM AUTHOR]

Achieving single species maximum sustainable yield (MSY) in complex and dynamic fisheries targeting multiple species (mixed fisheries) is challenging because achieving the objective for one species may mean missing the objective for another. The North Sea mixed fisheries are a representative example of an issue that is generic across most demersal fisheries worldwide, with the diversity of species and fisheries inducing numerous biological and technical interactions. Building on a rich knowledge base for the understanding and quantification of these interactions, new approaches have emerged. Recent paths towards operationalizing MSY at the regional scale have suggested the expansion of the concept into a desirable area of "pretty good yield", implemented through a range around FMSY that would allow for more flexibility in management targets. This article investigates the potential of FMSY ranges to combine long-term single-stock targets with flexible, short-term, mixed-fisheries management requirements applied to the main North Sea demersal stocks. It is shown that sustained fishing at the upper bound of the range may lead to unacceptable risks when technical interactions occur. An objective method is suggested that provides an optimal set of fishing mortality within the range, minimizing the risk of total allowable catch mismatches among stocks captured within mixed fisheries, and addressing explicitly the trade-offs between the most and least productive stocks. [ABSTRACT FROM AUTHOR]

Pretty good yield (PGY) is a sustainable fish yield corresponding to obtaining no less than a specified large percentage of the maximum sustainable yield (MSY). We investigated 19 European fish stocks to test the hypothesis that the 95% PGY yield range is inherently precautionary with respect to impairing recruitment. An FMSY range was calculated for each stock as the range of fishing mortalities (F) that lead to an average catch of at least 95% of MSY in long-term simulations. Further, a precautionary reference point for each stock (FP.05) was defined as the F resulting in a 5% probability of the spawning-stock biomass falling below an agreed biomass limit below which recruitment is impaired (Blim) in long-term simulations. For the majority of the stocks analysed, the upper bound of the FMSY range exceeded the estimated FP.05. However, larger fish species had higher precautionary limits to fishing mortality, and species with larger asymptotic length were less likely to have FMSY ranges impairing recruitment. Our study shows that fishing at FMSY generally is precautionary with respect to impairing recruitment for highly exploited teleost species in northern European waters, whereas the upper part of the range providing 95% of MSY is not necessarily precautionary for small- and medium-sized teleosts. [ABSTRACT FROM AUTHOR]