Net photosynthesis and dark respiration studies were conducted on Atriplex confertifolia (Torr. and Frem.) S. Wats and Ceratoides lanata (Pursh) J.T. Howell under field and laboratory conditions. These woody species are commonly found in salt desert shrub communities of the Intermountain West. During these investigations, the effects of air temperature, plant moisture stress, soil water potential, irradiation, and plant phenological status were examined with respect to their influence on carbon dioxide (CO2 ) exchange. Intensive field studies were carried out between April and October. This interval corresponded to the major period of physiological activity in both species. The factors of moisture stress and phenological status appeared to regulate photosynthesis and respiration on a seasonal basis. They set the limits within which daily CO2 exchange could take place. Diel patterns of CO2 exchange were primarily controlled by prevailing temperature and irradiation. Irradiation was more critical during the spring, and temperature became more limiting in the summer. Two alternate photosynthetic strategies of dealing with existing harsh environmental conditions appeared to have evolved in Atriplex confertifolia and Ceratoides lanata. Atriplex confertifolia exhibited an endurance strategy whereby it continued moderate rates of photosynthesis throughout the season. Ceratoides lanata, in contrast, completed the majority of its net assimilation in the spring; then it was relatively inactive when moisture stress became great. These differences seemed to be correlated with water use efficiencies of both species. Rates of net photosynthesis were greatest during the spring in both species. At that time CO2 fixation in Ceratoides lanata exceeded that of Atriplex confertifolia. Later in the year, photosynthetic rates were reduced; and the assimilation rate of Atriplex confertifolia was greater than that observed in Ceratoides lanata. These seasonal patterns of CO2 exchange offered an insight into differences between species using different assimilation pathways. Atriplex confertifolia utilizes the dicarboxylic acid pathway (C4) for carbon fixation, while Ceratoides lanata uses the pentose pathway (C3). Since both species can coexist in the same reasonably stable community, it appeared that both carboxylation pathways were efficient with respect to prevailing environmental conditions. Atriplex confertifolia had lower net assimilation rates than C4 species from warmer climates. It carried on moderate rates of photosynthesis at low temperature (5 to 10 C), and it had relatively low thermal optima (15 to 27 C) for net photosynthesis. An acclimative shift in temperature optima was also noted. This photosynthetic pattern seemed to be related to the climatic conditions under which Atriplex confertifolia evolved. Ceratoides lanata exhibited assimilation rates which were comparable to other C3 species in arid environments. As with Atriplex confertifolia, Ceratoides lanata carried on photosynthesis at relatively low temperatures, but it did not undergo an acclimative shift in the temperature optimum (15 C). Both species were physiologically adapted to severe moisture stress. They carried out active photosynthesis and respiration at soil water potentials between -15 and -50 bars. As soil water potential decreased below -50 bars, CO2 exchange in Ceratoides lanata was curtailed. Photosynthesis and respiration continued at a moderate level in Atriplex confertifolia until soil water potential was reduced below -70 bars.

Five species of stoneflies (Zapada haysi, Plumiperla diversa, Taenionema pacificum, Isoperla petersoni, Arcynopteryx compacta) from the North Slope and Interior of Alaska were examined for seasonal patterns of emergence of adults and growth of nymphs. Generally growth was retarded during the winter in this region, and all species except I. petersoni completed growth prior to January. The life cycles of six stonefly species (Prostoia besametsa, Triznaka signata, Sweltsa coloradensis. Isoperla fulva, Skwala parallela, Claassenia sabulosa) are described from northern New Mexico. In this region growth was generally less retarded during the winter than in Alaska; P. besametsa completed all nymphal growth during late fall and winter. Drumming behavior of a Colorado population of Pteronarcella badia was described using an evolutionary framework to explain the maintenance of signal variation in this species. Laboratory experiments were used to explore the effect of intraspecific and interspecific interactions on spatial partitioning in P. badia and Claassenia sabulosa. P. badia exhibited clumping and distributed itself as the surface area of substrate in low densities; however, in the presence of C. sabulosa its distribution was random and different from available surface area. A field study was used to examine spatial partitioning by three New Mexico stonefly species (I_. fulva, P. besametsa, T. signata) and to ascertain patterns of microdistribution relating to several abiotic and biotic factors. Generally, there was an interaction of the measured abiotic parameters (current, water temperature, time) with nymphal size. Additionally, void space and sample volume were successfully used to compare biotic densities among leaf and mineral substrates, which were higher in leaf packs than in mineral substrates.

Thesis (Ph.D. (Risk Management))--North-West University, Potchefstroom Campus, 2008.

Although a pair trading is well known among South African agricultural commodity traders, there are no comprehensive documented accounts for the selection and trading of agricultural commodity pairs in South Africa. The majority of agricultural commodity pairs traders take positions based on their personal view of price movements, without testing for a statistical relationship between the paired commodities that will guarantee that their prices will move back to a common mean. To remedy this lack of method regarding the pairs selection and pairs trading processes, a comprehensive pairs selection process was developed and is documented in this thesis. During the pairs selection process, several agricultural commodities were put through a rigorous evaluation process to test for any long-run statistical relationships between them. This was done to ensure that only pairs with stable long-run statistical relationships were included in the final pair’s portfolio that was compiled. In order to test the profitability of this pair’s portfolio, several fundamental and technical indicators were used to determine entry and exit points. Although some of these indicators did not render satisfactory results, the RSI and Bollinger bands succeeded in realising an acceptable profit. / Thesis (Ph.D. (Risk Management))--North-West University, Potchefstroom Campus, 2008.

Although a pair trading is well known among South African agricultural commodity traders, there are no comprehensive documented accounts for the selection and trading of agricultural commodity pairs in South Africa. The majority of agricultural commodity pairs traders take positions based on their personal view of price movements, without testing for a statistical relationship between the paired commodities that will guarantee that their prices will move back to a common mean. To remedy this lack of method regarding the pairs selection and pairs trading processes, a comprehensive pairs selection process was developed and is documented in this thesis. During the pairs selection process, several agricultural commodities were put through a rigorous evaluation process to test for any long-run statistical relationships between them. This was done to ensure that only pairs with stable long-run statistical relationships were included in the final pair’s portfolio that was compiled. In order to test the profitability of this pair’s portfolio, several fundamental and technical indicators were used to determine entry and exit points. Although some of these indicators did not render satisfactory results, the RSI and Bollinger bands succeeded in realising an acceptable profit. / Thesis (Ph.D. (Risk Management))--North-West University, Potchefstroom Campus, 2008.

This thesis presents an empirical investigation into the Arbitrage Pricing Theory (APT). At the onset of the thesis it is recognised that tests of the APT are conditional on a number of preconditions and assumptions. The first line of investigation examines the effect of the assumed nature of the form of the return generating process of stocks. It is found that stocks follow an approximate factor structure and tests of the APT are sensitive to the specified form of the return generating process. We provide an efficient estimation methodology for the case when stocks follow an approximate factor structure. The second issue we raise is that of the appropriate factors, the role of the market portfolio and the performance of the APT against the Capital Asset Pricing Model (CAPM). The conclusions that we draw are that the APT is robust to a number of specified alternatives and furthermore, the APT outperforms the CAPM in comparative tests. In addition, within the APT specification there is a role for the market portfolio. Through a comparison of the results in chapters 2 and 3 it is evident that the APT is not robust to the specification of unexpected components. We evaluate the validity of extant techniques in this respect and find that they are unlikely to be representative of agents actual unexpected components. Consequently we put forth an alternative methodology based upon estimating expectations from a learning scheme. This technique is valid in respect to our prior assumptions. Having addressed these preconditions and assumptions that arise in tests of the APT a thorough investigation into the empirical content of the APT is then undertaken. Concentrating on the issues that the return generating process must be unique and that the estimated risk premia should be stable overtime the results indicate that the APT does have empirical content. Finally, armed with the empirically valid APT we proceed to analyse the issue of seasonalities in stock returns. The results confirm previous findings that there are seasonal patterns in the UK stock market, however, unlike previous findings we show that these seasonal patterns are part of the risk return structure and can be explained by the yearly business cycle. Furthermore, the APT retains empirical content when these seasonal patterns are removed from the data. The overall finding of this thesis is that the APT does have empirical content and provides a good description of the return generating process of UK stocks.

Les réchauffements climatiques associés aux activités anthropiques ont soumis les écosystèmes arctiques à des changements rapides qui menacent leur stabilité à court terme. La diminution dramatique de la banquise arctique est une des conséquences les plus concrètes de ce réchauffement. Dans ce contexte, comprendre et prédire comment les systèmes arctiques évolueront est crucial, surtout en considérant comment les flux de carbone (C) de ces écosystèmes - soit des puits nets, soit des sources nettes de CO2 pour l'atmosphère - pourraient avoir des répercussions importantes sur le climat. Le but de cette thèse est de dresser un portrait saisonnier de l’activité bactérienne afin de déterminer l’importance de sa contribution aux flux de carbone en Arctique. Plus spécifiquement, nous caractérisons pour la première fois la respiration et le recours à la photohétérotrophie chez les microorganismes du golfe d’Amundsen. Ces deux composantes du cycle du carbone demeurent peu décrites et souvent omises des modèles actuels, malgré leur rôle déterminant dans les flux de C non seulement de l’Arctique, mais des milieux marins en général. Dans un premier temps, nous caractérisons la respiration des communautés microbiennes (RC) des glaces de mer. La connaissance des taux de respiration est essentielle à l’estimation des flux de C, mais encore limitée pour les milieux polaires. En effet, les études précédentes dans le golfe d’Amundsen n’ont pas mesuré la RC. Par la mesure de la respiration dans les glaces, nos résultats montrent des taux élevés de respiration dans la glace, de 2 à 3 fois supérieurs à la colonne d'eau, et une production bactérienne jusqu’à 25 fois plus importante. Ces résultats démontrent que la respiration microbienne peut consommer une proportion significative de la production primaire (PP) des glaces et pourrait jouer un rôle important dans les flux biogéniques de CO2 entre les glaces de mer et l’atmosphère (Nguyen et Maranger, 2011). Dans un second temps, nous mesurons la respiration des communautés microbiennes pélagiques du golfe d’Amundsen pendant une période de 8 mois consécutif, incluant le couvert de glace hivernal. En mesurant directement la consommation d'O2, nous montrons une RC importante, mesurable tout au long de l’année et dépassant largement les apports en C de la production primaire. Globalement, la forte consommation de C par les communautés microbiennes suggère une forte dépendance sur recyclage interne de la PP locale. Ces observations ont des conséquences importantes sur notre compréhension du potentiel de séquestration de CO2 par les eaux de l’Océan Arctique (Nguyen et al. 2012). Dans un dernier temps, nous déterminons la dynamique saisonnière de présence (ADN) et d’expression (ARN) du gène de la protéorhodopsine (PR), impliqué dans la photohétérotrophie chez les communautés bactérienne. Le gène de la PR, en conjonction avec le chromophore rétinal, permet à certaines bactéries de capturer l’énergie lumineuse à des fins énergétiques ou sensorielles. Cet apport supplémentaire d’énergie pourrait contribuer à la survie et prolifération des communautés qui possèdent la protéorhodopsine. Bien que détectée dans plusieurs océans, notre étude est une des rares à dresser un portrait saisonnier de la distribution et de l’expression du gène en milieu marin. Nous montrons que le gène de la PR est présent toute l’année et distribué dans des communautés diversifiées. Étonnamment, l’expression du gène se poursuit en hiver, en absence de lumière, suggérant soit qu’elle ne dépend pas de la lumière, ou que des sources de photons très localisées justifie l’expression du gène à des fins sensorielles et de détection (Nguyen et al., soumis au journal ISME). Cette thèse contribue à la compréhension du cycle du C en Arctique et innove par la caractérisation de la respiration et de l’efficacité de croissance des communautés microbiennes pélagiques et des glaces de mer. De plus, nous montrons pour la première fois une expression soutenue de la protéorhodopsine en Arctique, qui pourrait moduler la consommation de C par la respiration et justifier son inclusion éventuelle dans les modélisations du cycle du C. Dans le contexte des changements climatiques, il est clair que l'importance de l’activité bactérienne a été sous-estimée et aura un impact important dans le bilan de C de l'Arctique. / Arctic ecosystems are undergoing rapid changes, primarily due to unprecedented climatic warming as a function of anthropogenic activities, which threaten their short-term stability. One of the most dramatic impacts has been the loss and change in annual sea ice. Understanding and predicting how these systems will evolve is crucial, especially if considering how carbon (C) fluxes from these ecosystems – either net sinks or net CO2 sources for the atmosphere – could have important repercussions on global climate. The objective of this thesis is to establish a seasonal portrait of bacterial activity to characterize its contribution to Arctic carbon fluxes. Specifically, we quantify for the first time microbial respiration in sea-ice and the water column and explore the use of photoheterotrophy by microorganism over an annual cycle in the Amundsen Gulf of the Arctic Ocean. These components of carbon cycling remain poorly understood and infrequently directly measured. As a consequence they are either extrapolated or omitted from models, despite their significant role in C dynamics not only in the Arctic, but also in marine systems in general. First, we characterise respiration in sea-ice microbial communities (CR). An understanding of respiration rates is essential for accurate estimation of C fluxes, but the role of respiration in sea ice is poorly understood. This work represents the first comprehensive evaluation of respiration in polar sea ice to date. Using novel O2 consumption measurements in sea-ice, we found high respiration rates in sea-ice, 2 to 3 times higher than in the water column and bacterial production rates up to 25 times higher. These results show that microbial respiration can consume a significant portion of sea ice primary production (PP) and play a key role in biogenic CO2 fluxes between sea-ice and the atmosphere (Nguyen and Maranger, 2011). Second, we measure respiration of pelagic microbial communities of Amundsen Gulf over an eight-month period, including under the winter ice-cover. By measuring directly O2 consumption, we show high CR, measurable over the whole year and greatly surpassing C inputs from PP. Globally, high C consumption by microbial communities supports a high reliance on internal recycling of local PP. These observations have important consequences on our understanding of the CO2 sequestering potential of the Arctic Ocean (Nguyen et al., 2012) Finally, we describe the seasonal patterns in presence (DNA) and expression (RNA) of the proteorhodospin (PR) gene, involved in bacterial photoheterotrophy. The PR gene, combined with the retinal chromophore, allows bacteria to capture energy from light towards energetic or sensory purposes. This additional energy source could contribute to the survival and proliferation of bacterial communities expressing the gene in the highly variable polar environment. Although PR has been found in many oceans, this study represents a unique time-series that follows the seasonal distribution and expression of the gene in a natural marine system. We show that the PR gene was present over the whole study period and widely distributed in diverse bacterial communities. Surprisingly, we observed continued PR expression over winter, in the absence of sunlight. This suggests either that the PR’s expression does not depend on light or, that other very localized photon sources could justify PR expression for detection and sensory functions (Nguyen et al., submitted to the ISME journal). This thesis contributes to the understanding of Arctic carbon cycling and includes several novel elements such as the characterization of respiration and bacteria growth efficiency in both pelagic and sea-ice habitats. The use of an alternative C pathway by bacteria in the Polar ocean was also explored for the first-time in a time-series. The observed sustained expression of the PR gene in the Arctic could modulate C consumption by respiration and justify its inclusion in future models of C cycling. In a context of climate change, it is clear that bacterial activity has been underestimated and how this will change in a warmer Arctic will have a significant impact in the ecosystem’s overall C budget.