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The objective of this study is to provide decision makers and policy makers with adequate information to support the diffusion of reuse strategies in Mediterranean greenhouses. Sixteen alternative scenarios are compared through eco-efficiency analysis, combining four technologies to manage drainage water (open-loop fertigation vs. wastewater treatment plant vs. cascade cropping vs. closed-loop fertigation) with two substrate materials and two substrate management options at end-of-life. System differences are modelled through detailed primary data, collected and validated via a multi-step process. Results show that cascade cropping and closed-loop fertigation have, respectively, the highest and second-highest eco-efficiency, with respect to their ability to reduce freshwater eutrophication (up to −6,63 kg P) and marine eutrophication (up to −47.1 kg P eq), while generating profits for the farmer. Selecting a biodegradable substrate and reusing it on farm can increase greenhouse profitability by 20%. This article is a new contribution to the literature by (i) supporting the improvement and harmonisation of eco-efficiency analysis in the agricultural sector; (ii) providing a comprehensive comparative assessment that is missing from the published literature; (iii) giving special emphasis to data and the data collection process, to provide input to further research; (iv) by generating lessons learnt of practical usefulness for reducing uncertainty in decision making and policy making; (v) by delivering policy recommendations to address key barriers to the diffusion of eco-efficient greenhouse cropping. The involvement of local and multidisciplinary stakeholders is required to improve the methodological approach and the acceptability of the proposed solution, especially in case of trade-offs among the different impact domains, and to identify and prioritise tailored interventions on the conditions and stakeholder needs. • Reusing drainage water can save 20% water and fertilisers. • Reusing drainage water can abate over 50% freshwater and marine eutrophication. • Reuse strategies are viable (net present value over 20 years > € 400000). • Avoiding substrate landfilling increases the profitability of reuse technologies. • Cascade cropping and closed-loop fertigation are eco-efficient reuse technologies. [ABSTRACT FROM AUTHOR]

Abstract: Considering the variance and correlation of uncertain parameters, this study presents a new approach to computing net present value (NPV) of the financial processes. The changes of the uncertain parameters are postulated in a closed and convex region called the uncertainty region. The size and shape of the uncertainty region is selected based on the historical data and risk-taking or risk-aversion of the investor. The variance of cash flows is of high significance in analyzing the sensitivity of NPV. The model proposed in this study is highly reliable because of entering the covariance of historical data. In this study, using the robust approach, the mathematical formulation computing the robust NPV is presented. Programming of the presented robust NPV was done in C++ programming environment. The robust NPV is analyzed through presenting numerical examples. Simulating 10,000 random scenarios of uncertain parameters demonstrates that in circumstances where the traditional approach to computing NPV is doomed to a percentage of failure to make decisions, the robust approach never faces failure. The more positive the skewness in the scenarios produced, the higher is the probability of encountering failure in the traditional approach; whereas the robust approach still does not fail. [Copyright &y& Elsevier]

This study investigates whether short selling, as a market mechanism, has a disciplining function for firms' investment efficiency, measured through the association between capital investment and future cash flows. Using a sample of large Australian listed firms, we find that short-selling activities improve the positive relationship between capital investment and future cash flow and that this effect is mainly driven by firms with a risk management committee (RMC). Additional analyses show that the disciplining function of short selling for firms' investment efficiency varies with (i) the level of firms' financial constraints, (ii) firms' life cycle or (iii) CEO share incentives. The main results are robust to a batch of endogeneity tests to address the potential self-selection bias and the concern about reverse causality. [ABSTRACT FROM AUTHOR]