Do Corporate Global Environmental Standards in Emerging Markets Create Or Destroy Market Value

Arguments can be made on both sides of the question of whether a stringent, global corporate environmental standard represents a competitive asset or liability for multinational enterprises (MNEs) investing in emerging and developing markets. This paper seeks to answer this question by analyzing the global environmental standards of a large sample of US-based MNEs in relation to their market performance. We find that firms adopting a single, stringent global environmental standard have higher market values, as measured by Tobin's q, than firms defaulting to less stringent, or poorly enforced host country standards. Thus, developing countries that use lax environmental regulations to attract foreign direct investment end up attracting poorer quality, and perhaps, less competitive firms. Our results also suggest that externalities are incorporated to a significant extent in firm valuation. We discuss plausible reasons for this observation.corporate environmental policy, corporate performance, race to the bottom in foreign direct investment

Phytochrome A mediates blue-light enhancement of second-positive phototropism in Arabidopsis

Hypocotyl phototropism of etiolated Arabidopsis seedlings is primarily mediated by the blue-light receptor kinase phototropin 1 (phot1). Phot1-mediated curvature to continuous unilateral blue light irradiation (0.5 µmol m-2 s-1) is enhanced by overhead pre-treatment with red light (20 µmol m-2 s-1 for 15 min) through the action of phytochrome (phyA). Here, we show that pre-treatment with blue light is equally as effective in eliciting phototropic enhancement and is dependent on phyA. Although blue pre-treatment was sufficient to activate early phot1 signalling events, phot1 autophosphorylation in vivo was not found to be saturated, as assessed by subsequently measuring phot1 kinase activity in vitro. However, enhancement effects to red and blue pre-treatment were not observed at higher intensities of phototropic stimulation (10 µmol m-2 s-1). Phototropic enhancement to red and blue pre-treatments to 0.5 µmol m-2 s-1 unilateral blue light irradiation was also lacking in transgenic Arabidopsis where PHOT1 expression was restricted to the epidermis. Together, these findings indicate that phyA-mediated effects on phot1 signalling are restricted to low intensities of phototropic stimulation and originate from tissues other than the epidermis

Do Corporate Global Environmental Standards in Emerging Markets Create Or Destroy Market Value

Arguments can be made on both sides of the question of whether a stringent, global corporate environmental standard represents a competitive asset or liability for multinational enterprises (MNEs) investing in emerging and developing markets. This paper seeks to answer this question by analyzing the global environmental standards of a large sample of US-based MNEs in relation to their market performance. We find that firms adopting a single, stringent global environmental standard have higher market values, as measured by Tobin's q, than firms defaulting to less stringent, or poorly enforced host country standards. Thus, developing countries that use lax environmental regulations to attract foreign direct investment end up attracting poorer quality, and perhaps, less competitive firms. Our results also suggest that externalities are incorporated to a significant extent in firm valuation. We discuss plausible reasons for this observation.http://deepblue.lib.umich.edu/bitstream/2027.42/39644/3/wp259.pd

Regulatory practice and transport modelling for nitrate pollution in groundwater

This report forms the first deliverable of a project jointly funded by BGS and the Environment Agency to consider the potential for incorporating the outputs from the BGS unsaturated zone travel time work in assessing the risks to water from nitrate. This is to help to inform the nitrate vulnerable zones (NVZs) designation process. In England, the Environment Agency advises Defra on identifying areas for designation as NVZs. Over time, the designation process has developed and become more complex since the first round of designations in 1996. The designation process for groundwater initially used only public supply monitoring data and the associated source catchment area. In December 2000, the European Court of Justice held that the UK had failed to designate sufficient NVZs for the protection of all waters, not just for drinking water sources. This resulted in the development of revised methodologies for the designation of NVZs which separately address surface waters, groundwater and waters at risk of eutrophication. This was implemented in 2002. Further reviews have been carried out in 2008 and 2012 and as a result, modifications and improvements to methods have been made at each designation round. For groundwater the Environment Agency developed a numerical risk assessment procedure that uses a range of risk factors including both nitrate concentration data and nitrate-loading data to assess the risk of nitrate pollution. The loading data is based on farm census returns made to Defra and combined using the NEAP-N methodology developed by ADAS (Lord and Anthony, 2000). The overall risk assessment considers both current observed concentrations and predicted future concentrations as well as current loadings. However, this approach has a number of disadvantages including a lack of a specific term for the time of travel to the water table and emergence of pollutant both into groundwater and to groundwater discharge points that support surface water features. Instead, these issues are considered at the conceptual level in workshops with local EA hydrogeologists. A key question for Defra and the Agency is how long it will take for nitrate concentrations to peak and then stabilise at an acceptable, lower level, in response to existing and future land management control measures. This is most important for soils, for aquifers, for lakes and for groundwater-fed wetland systems that respond less quickly to changes in loading. Groundwater and lake catchment numerical models can provide first-order estimates of likely response times, but can be difficult and costly to set-up for many different situations and are difficult to apply consistently at the national scale. A previous review of nitrate vulnerable zones suggests a range of further needs: • to understand the recent developments in nitrate pollution simulation and particularly the potential to understand/characterise past nitrate loading from changing land management practices and correlate these with observed nitrate concentrations over time; • to evaluate the retention of nitrate in catchments, particularly in the unsaturated zone of soils and aquifers; • to simulate the recent and future anticipated decreases in nitrate loading by sectors within the UK; • to understand the likely time taken for nitrate concentrations to peak and then stabilise at an acceptable, lower level, in response to existing and future control measures. Without evidence of how long it may take systems to recover it is difficult to evaluate the effectiveness of existing measures or decide whether additional measures are necessary. The aim of this project is to investigate the use of new models to inform decision-making on nitrate pollution in groundwater and the potential for incorporating unsaturated zone processes in future NVZ designations. The work described here forms the first task of this project and aims to review NVZ methodology and recent designation experience. As part of this we will: • collate information from the Agency on the recent application of the methodology; • provide case study examples of designation in different time-lag settings and/or where these are not corroborated by water quality

New frontiers in international strategy

This paper is based on a panel we organized at the "First Annual Conference on Emerging Research Frontiers in International Business Studies", organized by the Journal of International Business Studies (JIBS), to discuss several new lines of research in international strategy. Four lines of research are developed: The strategic implications of semiglobalization, the impact of institutional voids in international strategy, primitives and levels of analysis in international business, and strategies for the base of the pyramid. Taken together, these studies aim to open a new frontier in our understanding of International Strategy, based on the co-location of firms as places and a key element in international business.international business; semiglobalization; internal strategy; base pyramid; institutions; competitiveness;

Modelling the groundwater nitrate legacy

This report details the findings of a project jointly funded by the British Geological Survey (BGS)and Defra through the Environment Agency. The overall aim of the work was to investigate the use of new models to inform decision-making on nitrate pollution in groundwater and the potential for incorporating unsaturated zone processes into the model currently used by the Environment Agency to delineate Nitrate Vulnerable Zones (NVZs). The potential application as supporting evidence for the Water Framework Directive has also been considered as nitrate pollution of groundwater remains the most significant reason for failure of WFD environmental objectives across England. The background to the nitrate legacy in groundwater and to the approaches to NVZ designation is described in Stuart et al. (2016). A series of developments to the BGS Nitrate Time Bomb (NTB) model have been made to improve a number of areas and approaches used in the first version of the model. The improvements included a spatially and temporally distributed nitrate input function, improved unsaturated zone thickness estimation, travel time attribution using a 1:250,000 geological map, estimating nitrate velocity in the unsaturated zone using groundwater recharge and aquifer properties, and introducing nitrate transport processes in low permeability superficial deposits and the saturated zones. These now allow the model to be applied at sub national scale. Using the improved model we have also made the first estimate of the mass of nitrate stored within the unsaturated zone and how this will change over time to improve UK nitrate budget estimates. The new version of the BGS NTB approach was applied in three case studies at different scales which compared its outcomes to the results from other modelling to demonstrate that the model can be benchmarked against the other nitrate modelling approaches: • For a basin-scale model of the Thames Chalk (Howden et al., 2010 & 2011). The NTB model gave comparable results to the original study back to 1925 provided that the same nitrate input function was used. Both models failed to predict nitrate concentrations in the Thames after the mid-1980s. • At the multi-borehole scale in the Permo-Triassic. A similar approach was used to the BGS model in the Eden Valley. This replicated the existing model for the area used by the Environment Agency both in terms of trend assessment and in the lack of dilution available within the aquifer block for blending purposes. • At the single borehole scale in the Chalk of the South Downs. The existing Environment and National Park model constructed by AMEC treated the unsaturated zone very similarly to the NTB model. This model provided a good fit to observed concentrations and confirmed the importance of estimating unsaturated zone delays. The assessment of modelled travel time from different areas of the catchment clearly illustrated the arable areas that would give a relatively rapid respond to changes in nitrate management. To illustrate the potential application of the BGS NTB model to support the Environment Agency’s NVZ designation methodology, areas of England were identified where unsaturated zone lags may be significant and where there is uncertainty in the NVZ designation. A major advantage of the BGS NTB model is that it covers the whole of England (and Wales) in a consistent way. A national overview of areas of designation uncertainty identified large areas of England, in particular the chalk outcrop of southern and eastern England. These were compared to areas with significant unsaturated zone travel time indicating where travel time may be contributing to designation uncertainty. The results suggest that the model may be useful both for identifying currently impacted groundwater which reflects legacy fertilizer application and also where additional designation could be needed as impacts have not yet emerged. Application of the model to support implementation of the WFD has also been considered and whilst no quantitative analysis has yet been carried out there are a number of ways that the model could be of significant benefit. For example, the model could be used to estimate when trend reversal would be expected to occur as a result of measures (at a specific location or across a groundwater body) and the time required to achieve good chemical status (alternative objective setting). A further application could be for scenario testing such as evaluating the effects of different land use/management measures as part of cost benefit analysis or considering the long term impacts of climate change through changing fertiliser use and/or recharge

Quantification of nitrate storage in the vadose (unsaturated) zone: a missing component of terrestrial N budgets

National terrestrial nitrogen budgets for many developed countries have been calculated as part of the management of impacts of N on the environment, but these rarely represent the subsurface explicitly. Using estimates of vadose zone travel time and agricultural nitrate loading, we quantify, for the first time, the total mass of nitrate contained in the vadose zone of aquifers in England and Wales. This mass peaked in 2008 at 1400 kt N (800 to >1700 kt N from sensitivity analyses) which is approximately 2.5 to 6 times greater than saturated zone estimates for this period and indicates that the subsurface is an important store of reactive nitrogen. About 70% of the nitrate mass is estimated to be in the Chalk, with the remainder split between the Permo-Triassic sandstones, the Jurassic Oolitic limestones and minor aquifers. Current controls on fertiliser application mean that the vadose zone is now a nitrate source and in 2015 we estimate the net flux from the unsaturated zone to groundwater to be 72 kt N/annum. The mass of nitrate in the vadose zone should be included in future terrestrial nitrogen budgets at national and global scales to improve ecosystem management. This article is protected by copyright. All rights reserved

Homoeologous chromosomal location of the genes encoding thionins in wheat and rye

Thionins are high sulphur basic polypeptides present in the endosperm of Gramineae. In wheat there are three thionins encoded by genes located in the long arms of chromosomes 1A, 1B and 1D. Rye has one thionin encoded by a gene which has been assigned to chromosome 1R after analysis of the Imperial-Chinese Spring rye-wheat disomic addition lines. Commercial varieties and experimental stocks with a 1B/1R substitution carry the thionin from rye ( R) instead of the B thionin from wheat. The R thionin gene is not located in the large chromosomal segment representing most of the short arm of chromosome 1R

Multilocus sequence typing of pathogenic treponemes isolated from cloven-hoofed animals and comparison to treponemes isolated from humans

Treponema species are implicated in many diseases of humans and animals. Digital dermatitis (DD) treponemes are reported to cause severe lesions in cattle, sheep, pigs, goats, and wild elk, causing substantial global animal welfare issues and economic losses. The fastidiousness of these spirochetes has previously precluded studies investigating within-phylogroup genetic diversity. An archive of treponemes that we isolated enabled multilocus sequence typing to quantify the diversity and population structure of DD treponemes. Isolates (n = 121) were obtained from different animal hosts in nine countries on three continents. The analyses herein of currently isolated DD treponemes at seven housekeeping gene loci confirm the classification of the three previously designated phylogroups: the Treponema medium, Treponema phagedenis, and Treponema pedis phylogroups. Sequence analysis of seven DD treponeme housekeeping genes revealed a generally low level of diversity among the strains within each phylogroup, removing the need for the previously used "-like" suffix. Surprisingly, all isolates within each phylogroup clustered together, regardless of host or geographic origin, suggesting that the same sequence types (STs) can infect different animals. Some STs were derived from multiple animals from the same farm, highlighting probable within-farm transmissions. Several STs infected multiple hosts from similar geographic regions, identifying probable frequent between-host transmissions. Interestingly, T. pedis appears to be evolving more quickly than the T. medium or T. phagedenis DD treponeme phylogroup, by forming two unique ST complexes. The lack of phylogenetic discrimination between treponemes isolated from different hosts or geographic regions substantially contrasts with the data for other clinically relevant spirochetes