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The cladoceran Daphnia lumholtzi is a subtropical and tropical zooplankter, and an invasive species in North America. Thus far, D. lumholtzi has not been detected in Europe. Here we investigated whether a hypothetical introduction to Europe could result in a successful invasion, either now or in the near future when facilitated by climate change. In laboratory experiments, we tested whether different clones of D. lumholtzi can invade a resident community consisting of native Daphnia from lake Klostersee, Germany, and how invasion success depends on temperature and the presence or absence of planktivorous fish. In some treatments, invasion success was consistently high, and D. lumholtzi reached densities similar to the native competitors by the end of the experiment. The presence of a planktivorous fish reduced the invasion success of D. lumholtzi, and a clone with an inducible defense against fish predation was a more successful invader than a permanently defended clone. Of the three temperatures tested in this study (15, 20, and 24 °C), invasion success was highest at 20 °C. To understand the competitive interaction between native and introduced Daphnia, we fit a Lotka-Volterra-type competition model to the population dynamics. Our experimental and modeling results suggest that D. lumholtzi can invade European lakes and can cause substantial declines in the population size of native Daphnia, with potential consequences for higher trophic levels.
A majority of the plant species that are introduced into new ranges either do not become established, or become naturalized yet do not attain high densities and are thus considered ecologically and economically unproblematic. The factors that limit these relatively “benign” species are not well studied. The biotic resistance hypothesis predicts that herbivores, pathogens and competition reduce growth and reproduction of individual plants and so suppress population growth of non-native species. We explored the effect of insect herbivory and surrounding vegetation on growth and fitness of the non-native biennial plant Verbascum thapsus (common mullein) in Colorado, USA. Mullein is widespread in its introduced North American range, yet is infrequently considered a management concern because populations are often ephemeral and restricted to disturbed sites. To evaluate the impact of insect herbivores on mullein performance, we reduced herbivory using an insecticide treatment and compared sprayed plants to those exposed to ambient levels of herbivory. Reducing herbivory increased survival from rosette to reproduction by 7%, from 70–77%. Of plants that survived, reducing herbivory increased plant area in the first year and plant height, the length of the reproductive spike, and seed set during the second year. Reducing herbivory also had a marked effect on plant fitness, increasing seed set by 50%, from about 48,000 seeds per plant under ambient herbivory to about 98,000 per plant under reduced herbivory. Our findings also highlight that the relationship between herbivory and performance is complex. Among plants exposed to ambient herbivory, we observed a positive relationship between damage and performance, suggesting that, as predicted by the plant vigor hypothesis, insect herbivores choose the largest plants for feeding when their choice is not restricted by insecticide treatment. In contrast to the strong effects of experimentally reduced herbivory, we found that cover of other plants surrounding our focal plants explained relatively little variation in performance outcomes. Overall, we found that herbivore-induced impacts on individual plant performance and seed set are substantial, and thus may help prevent this naturalized species from becoming dominant in undisturbed recipient communities.
Vegetationskundliche und populationsbiologische Untersuchungen im Hohendeicher See in Hamburg
(1997)
Die Zusammensetzung des Arteninventars, die Vergesellschaftung der Arten im See und die erheblichen Veränderungen im Lauf von mehr als fünfzehn Jahren werden beschrieben. Durch Erkundungen phänologischer Stadien, der Lebensgeschichte der Arten und der verschiedenen Wachstumsphasen einzelner Makrophyten im Jahresverlauf wurde versucht, Zusammenhänge zwischen der Entwicklung von Plankton, Epiphyton und Epipelon, der Detritusbildung, der Herbivorie und den beobachteten Veränderungen bei der Makrophytenvegetation zu finden.
Dog-strangling vine (Vincetoxicum rossicum) is an exotic plant originating from Central and Eastern Europe that is becoming increasingly invasive in southern Ontario, Canada. Once established, it successfully displaces local native plant species but mechanisms behind this plant’s high competitive ability are not fully understood. It is unknown whether cooler temperatures will limit the range expansion of V. rossicum, which has demonstrated high tolerance for other environmental variables such as light and soil moisture. Furthermore, if V. rossicum can establish outside its current climatic limit it is unknown whether competition with native species can significantly contribute to reduce fitness and slow down invasion. We conducted an experiment to test the potential of V. rossicum to spread into northern areas of Ontario using a set of growth chambers to simulate southern and northern Ontario climatic temperature regimes. We also tested plant-plant competition by growing V. rossicum in pots with a highly abundant native species, Solidago canadensis, and comparing growth responses to plants grown alone. We found that the fitness of V. rossicum was not affected by the cooler climate despite a delay in reproductive phenology. Growing V. rossicum with S. canadensis caused a significant reduction in seedpod biomass of V. rossicum. However, we did not detect a temperature x competition interaction in spite of evidence for adaptation of S. canadensis to cooler temperature conditions. We conclude that the spread of V. rossicum north within the tested range is unlikely to be limited by climatic temperature but competition with an abundant native species may contribute to slow it down.
We develop a simple theoretical model to motivate testable hypotheses about how peer-to-peer (P2P) platforms compete with banks for loans. The model predicts that (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs; (ii) P2P loans are riskier than bank loans; and (iii) the risk-adjusted interest rates on P2P loans are lower than those on bank loans. We confront these predictions with data on P2P lending and the consumer bank credit market in Germany and find empirical support. Overall, our analysis indicates the P2P lenders are bottom fishing when regulatory shocks create a competitive disadvantage for some banks.
Market fragmentation and technological advances increasing the speed of trading altered the functioning and stability of global equity limit order markets. Taking market resiliency as an indicator of market quality, we investigate how resilient are trading venues in a high-frequency environment with cross-venue fragmented order flow. Employing a Hawkes process methodology on high-frequency data for FTSE 100 stocks on LSE, a traditional exchange, and on Chi-X, an alternative venue, we find that when liquidity becomes scarce Chi-X is a less resilient venue than LSE with variations existing across stocks and time. In comparison with LSE, Chi-X has more, longer, and severer liquidity shocks. Whereas the vast majority of liquidity droughts on both venues disappear within less than one minute, the recovery is not lasting, as liquidity shocks spiral over the time dimension. Over half of the shocks on both venues are caused by spiralling. Liquidity shocks tend to spiral more on Chi-X than on LSE for large stocks suggesting that the liquidity supply on Chi-X is thinner than on LSE. Finally, a significant amount of liquidity shocks spill over cross-venue providing supporting evidence for the competition for order flow between LSE and Chi-X.
How do changes in market structure affect the US business cycle? We estimate a monetary DSGE model with endogenous
rm/product entry and a translog expenditure function by Bayesian methods. The dynamics of net business formation allow us to identify the 'competition effect', by which desired price markups and inflation decrease when entry rises. We
find that a 1 percent increase in the number of competitors lowers desired markups by 0.18 percent. Most of the cyclical variability in inflation is driven by markup fluctuations due to sticky prices or exogenous shocks rather than endogenous changes in desired markups.
How do changes in market structure affect the US business cycle? We estimate a monetary DSGE model with endogenous
rm/product entry and a translog expenditure function by Bayesian methods. The dynamics of net business formation allow us to identify the 'competition effect', by which desired price markups and inflation decrease when entry rises. We
find that a 1 percent increase in the number of competitors lowers desired markups by 0.18 percent. Most of the cyclical variability in inflation is driven by markup fluctuations due to sticky prices or exogenous shocks rather than endogenous changes in desired markups.
Das schmalblättrige Weideröschen, Epilobium angustifolium, zählt in Mitteleuropa zu den charakteristischen Pionierpflanzen auf Kahlschlagflächen und Waldrändern. Durch seine lange Blütezeit (Juni bis September) ist es für viele Blütenbesucher eine wichtige Pollen- und Nektarressource im ansonsten blütenarmen Spätsommer (MAURITZIO & SCHÄFER 1994). Zu seinen häufigsten Blütenbesuchern zählt die solitär lebende oligolektische Blattschneiderbiene Megachile lapponica. Sie sammelt Pollen nur an Pflanzen der Gattung Epilobium und bevorzugt dabei das schmalblättrige Weidenröschen (WESTRICH 1989). Aber auch Honigbienen, Apis mellifera, sind oft in großer Menge an diesen Blüten anzutreffen. Sie nutzen E. angustifolium vorwiegend als Nektarquelle (MAURITZIO & SCHÄFER 1994), sammeln aber auch Pollen auf den Blüten. Bei starkem Beflug durch die Honigbienen könnte es daher zu einer Verknappung der Ressource Pollen kommen. Dies könnte dazu führen, dass die Wildbienenweibchen für ihre Sammelflüge mehr Zeit und Energie aufwenden müssen. Im kritischen Fall einer Konkurrenz sollte auch die Aufzuchtrate und somit die Fitness von M. lapponica betroffen sein, deren Larven fast ausschließlich mit Epilobium-Pollen verpflegt werden. Auf einer Kahlschlagfläche im Kottenforst (Bonn) sollte untersucht werden, welche Insekten an den Blüten des schmalblättrigen Weidenröschens Pollen und/oder Nektar sammeln und welche Blütenbesucher gleichzeitig auch Blütenbestäuber sind. Vor allem aber sollte die Frage geklärt werden, ob es durch die Honigbiene zur Konkurrenz um den Pollen kommt.
We analyze the performance of marketplace lending using loan cash flow data from the largest platform, Lending Club. We find substantial risk-adjusted performance of about 40 basis points per month for the entire loan portfolio. Other loan portfolios grouped by risk category have similar risk-adjusted performance. We show that characteristics of the local bank sector for each loan, such as concentration of deposits and the presence of national banks, are related to the performance of loans. Thus, marketplace lending has the potential to finance a growing share of the consumer credit market in the absence of a competitive response from the traditional incumbents.