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Discontinuity of air routes is a subject that has been analysed in various ways. For example, the complex network approach focuses on network robustness and resilience due to route interruptions during a relatively short period. Also seasonal interruptions of air routes are a well-documented phenomenon in the context of demand variability. However, only recently discussions emerge on the more permanent cessation of air routes, the route churn. Today, European low-cost carriers frequently apply route churn in their networks. To enable early route churn detection in these networks, a regression model is developed in which route characteristics explain the churning likelihood of individual routes. The results of the econometric analysis show that churn rates are higher during an economic downturn, within the Eastern European market, between the Eastern and the Mediterranean market and between primary airports. In addition, we find that distance and the number of seats offered have a significant negative effect on the churn likelihood. The results also show significant effects of market share, seasonality and route age on the chance of cessation. To conclude, the paper demonstrates substantial differences in churn behaviour amongst specific low-cost carriers. [ABSTRACT FROM AUTHOR]

In this paper we analyze the topological properties of the network of the Euro Area banking market network, with the primary aim of assessing the importance of a bank in the financial system with respect to ownership and control of other credit institutions. The network displays power law distributions in both binary and weighted degree metrics indicating a robust yet fragile structure and a direct link between an increase of control diversification and a rise in the market power. Therefore while in good time the network is seemingly robust, in bad times many banks can simultaneously go into distress. This behavior paves the way for Central bank’s actions. In particular we investigate whether the Single Supervisory Mechanism introduced by the European Central Banks and based on banks’ total asset is a good proxy to quantify their systemic importance. Results indicate that not all the financial institutions with high valued total assets are systemically important but only few of them. Moreover the network structure reveals that control is highly concentrated, with few important shareholders approximately controlling a separate subset of banks. [ABSTRACT FROM AUTHOR]

The effect of corruption on airport productive efficiency is analyzed using an unbalanced panel data of major European airports from 2003 to 2009. We first compute the residual (or net) variable factor productivity using the multilateral index number method and then apply robust cluster random effects model in order to evaluate the importance of corruption. We find strong evidence that corruption has negative impacts on airport operating efficiency; and the effects depend on the ownership form of the airport. The results suggest that airports under mixed public–private ownership with private majority achieve lower levels of efficiency when located in more corrupt countries. They even operate less efficiently than fully and/or majority government owned airports in high corruption environment. We control for economic regulation, competition level and other airports’ characteristics. Our empirical results survive several robustness checks including different control variables, three alternative corruption measures: International Country Risk Guide (ICRG) corruption index, Corruption Perception Index (CPI) and Control of Corruption Index (CCI). The empirical findings have important policy implications for management and ownership structuring of airports operating in countries that suffer from higher levels of corruption. [ABSTRACT FROM AUTHOR]

Abstract: A robust geochronology based on U–Pb zircon ages in Australia (n=158) and Europe (n=376) provides a rigorous test of (1) the model of a climatic–tectonic cycle of a single continent (Pangea) and ocean (Panthalassa) with an icehouse climate alternating with many continents and oceans with a greenhouse climate, and (2) the idea of coeval (320 to 300Ma) right-lateral shear events in Eastern Australia and Europe followed by earliest Permian (~300Ma) extension. During Pangean assembly, stress from the oblique collision of Laurussia and Gondwanaland bent the oroclines in Iberia, drove the intense shortening in Central Australia and terminal megakinking in the Lachlan orogen, and possibly drove the bending of oroclines in Eastern Australia. Extension I (~300Ma, Carboniferous/Permian) followed the first outburst of self-induced (monsoonal) heat from the newly assembled Pangea, and generated fresh accommodation space for globally synchronous sedimentary successions, including the glacial base and succeeding coals of the Gondwana facies. Extension was relieved by sags on (isotropic) cratons and rifts on (anisotropic) fold belts with voluminous volcanics. In Europe, the Variscan orogen was cut into right-lateral magmatic rifts and the craton sagged to accumulate magmatic basins; likewise, the convergent margin of Eastern Australia was cut into a long magmatic rift and the cratonic foreland covered by the Gondwana facies. The end-Permian (251Ma) sea-level drawdown, climate warming, and severe biotic extinction, with no obvious tectonic cause, were responsible for the Early-Middle Triassic coal gap. A second outburst of heat drove Extension II (235Ma, Carnian, Late Triassic), expressed as rifts and sags that accumulated a second set of coal-bearing strata. At this time of its largest extent, Pangea underwent incipient breakup by rifting of the Atlantic Margins of North America, Morocco, and Western Europe that developed into 190Ma drifting. [Copyright &y& Elsevier]

Highlights: [•] Robust abundance estimates for five cetacean species in EU Atlantic shelf waters. [•] No evidence for large-scale change in abundance between 1994 and 2005 in 3 species. [•] Large shift in harbour porpoise distribution demonstrated by spatial modelling. [•] Results allow assessment of conservation status at large spatial scale. [Copyright &y& Elsevier]

Abstract: This paper examines the relationship between cross-country differences in drug price regulation and the location of biopharmaceutical Foreign Direct Investment (FDI) in Europe. Simple theory predicts that price regulation in one country might affect total investment, but not the location of that investment, if sales are global. Nevertheless, some manufacturers threaten that the introduction of price regulation in a country will motivate them to move their investments to other countries. Are such threats cheap talk, or is there evidence that firms avoid price-controlling countries when making FDI location choices? We use data on 527 investments initiated in 27 European countries between 2002 and 2009 and find that investors are less likely to choose countries with price controls, after controlling for other determinants of investment. We also observe a relative decline in investment in countries that increased the stringency of regulatory regimes during our sample period. The effect is restricted to non-manufacturing investments and is most robust for those related to administrative functions. [Copyright &y& Elsevier]

Abstract: A range of new spatial datasets classifying the European environment has been constructed over the last few years. These datasets share the common objective of dividing European environmental gradients into convenient units, within which objects and variables of interest have relatively homogeneous characteristics. The stratifications and typologies can be used as a basis for up-scaling, for stratified random sampling of ecological resources, for the representative selection of sites for studies across the continent and for the provision of frameworks for modeling exercises and reporting at the European scale. This paper provides an overview of five recent European stratifications and typologies, constructed for contrasting objectives, and differing in spatial and thematic detail. These datasets are: the Environmental Stratification (EnS), the European Landscape Classification (LANMAP), the Spatial Regional Reference Framework (SRRF), the Agri-Environmental Zonation (SEAMzones), and the Foresight Analysis for Rural Areas Of Europe (FARO-EU) Rural Typology. For each classification the objective, background, and construction of the dataset are described, followed by a discussion of its robustness. Finally, applications of each dataset are summarized. The five stratifications and typologies presented here give an overview of different research objectives for constructing such classifications. In addition they illustrate the most up to date methods for classifying the European environment, including their limitations and challenges. As such, they provide a sound basis for describing the factors affecting the robustness of such datasets. The latter is especially relevant, since there is likely to be further interest in European environmental assessment. In addition, advances in data availability and analysis techniques, will probably lead to the construction of other typologies in the future. [Copyright &y& Elsevier]

Abstract: Factor analysis as a dimension reduction technique is widely used with compositional data. Using the method for raw data or for improperly transformed data will, however, lead to biased results and consequently to misleading interpretations. Although some procedures, suitable for factor analysis with compositional data, were already developed, they require pre-knowledge of variable groups, or are complicated to handle. We present an approach based on the centred logratio (clr) transformation that does not build on this pre-knowledge, but still recognizes the specific character of compositional data. In addition, by using the isometric logratio transformation it is possible to robustify factor analysis using a robust estimation of the covariance matrix. A back-transformation of the results to the clr space allows an interpretation of the results with compositional biplots. The method is demonstrated with data from the Kola project, a large ecogeochemical mapping project in northern Europe. [Copyright &y& Elsevier]