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Working paper
A Factor Model for Option Returns
In: Journal of Financial Economics (JFE), Forthcoming
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Working paper
Bond Risk Premia with Machine Learning
In: WBS Finance Group Research Paper No. 252
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Working paper
Predictability of Order Imbalance, Market Quality and Equity Cost of Capital
In: WBS Finance Group Research Paper No. 262
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Working paper
What Matters When? Time-Varying Sparsity in Expected Returns
In: WBS Finance Group Research Paper
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Working paper
Global ensemble projections reveal trophic amplification of ocean biomass declines with climate change
6 pages, 5 figures, supporting information https://doi.org/10.1073/pnas.1900194116.-- All data reported in this paper are archived and publicly available at http://dataservices.gfz-potsdam.de/pik/showshort.php?id=escidoc:2956913. ; While the physical dimensions of climate change are now routinely assessed through multimodel intercomparisons, projected impacts on the global ocean ecosystem generally rely on individual models with a specific set of assumptions. To address these single-model limitations, we present standardized ensemble projections from six global marine ecosystem models forced with two Earth system models and four emission scenarios with and without fishing. We derive average biomass trends and associated uncertainties across the marine food web. Without fishing, mean global animal biomass decreased by 5% (±4% SD) under low emissions and 17% (±11% SD) under high emissions by 2100, with an average 5% decline for every 1 °C of warming. Projected biomass declines were primarily driven by increasing temperature and decreasing primary production, and were more pronounced at higher trophic levels, a process known as trophic amplification. Fishing did not substantially alter the effects of climate change. Considerable regional variation featured strong biomass increases at high latitudes and decreases at middle to low latitudes, with good model agreement on the direction of change but variable magnitude. Uncertainties due to variations in marine ecosystem and Earth system models were similar. Ensemble projections performed well compared with empirical data, emphasizing the benefits of multimodel inference to project future outcomes. Our results indicate that global ocean animal biomass consistently declines with climate change, and that these impacts are amplified at higher trophic levels. Next steps for model development include dynamic scenarios of fishing, cumulative human impacts, and the effects of management measures on future ocean biomass trends ; Financial support was provided by the German Federal Ministry of Education and Research through ISI-MIP (Grant01LS1201A1), the European Union's Horizon 2020 Research and Innovation Program (Grant 678193), and the Ocean Frontier Institute (Module G). We acknowledge additional financial support as follows: to H.K.L., W.W.L.C., and B.W. from the Natural Sciences and Engineering Research Council (NSERC) of Canada; to D.P.T. from the Kanne Rasmussen Foundation Denmark; to A.B.-B. from the NSERC Transatlantic Ocean Science and Technology Program; to W.W.L.C. and T.D.E. from the Nippon Foundation-Nereus Program; to E.D.G., M.C. and J. Steenbeek from the European Union's Horizon 2020 Re-search and Innovation Program (Grants 682602 and 689518); to E.A.F., J.L.B., andT.R. from Commonwealth Scientific and Industrial Research Organization and the Australian Research Council; to N.B., L.B., and O.M. from the French Agence Nationale de la Recherche and Pôle de Calcul et de Données pour la Mer; and to S.J. from the UK Department of Environment, Food and Rural Affairs ; Peer Reviewed
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Next-generation ensemble projections reveal higher climate risks for marine ecosystems
22 pages, 5 figures, 1 table, supplementary information https://doi.org/10.1038/s41558-021-01173-9.-- Data availabilityAll standardized forcing variables from the ESMs are available at https://doi.org/10.48364/ISIMIP.575744.1; all outputs from the MEMs are available via ISIMIP (https://www.isimip.org/gettingstarted/data-access/).-- Code availabilityAll code used to analyse simulations is available at https://github.com/Fish-MIP/CMIP5vsCMIP6 ; Projections of climate change impacts on marine ecosystems have revealed long-term declines in global marine animal biomass and unevenly distributed impacts on fisheries. Here we apply an enhanced suite of global marine ecosystem models from the Fisheries and Marine Ecosystem Model Intercomparison Project (Fish-MIP), forced by new-generation Earth system model outputs from Phase 6 of the Coupled Model Intercomparison Project (CMIP6), to provide insights into how projected climate change will affect future ocean ecosystems. Compared with the previous generation CMIP5-forced Fish-MIP ensemble, the new ensemble ecosystem simulations show a greater decline in mean global ocean animal biomass under both strong-mitigation and high-emissions scenarios due to elevated warming, despite greater uncertainty in net primary production in the high-emissions scenario. Regional shifts in the direction of biomass changes highlight the continued and urgent need to reduce uncertainty in the projected responses of marine ecosystems to climate change to help support adaptation planning ; This work was supported by the Jarislowsky Foundation (D.P.T.), the Natural Sciences and Engineering Research Council of Canada Discovery Grant programme (D.P.T., H.K.L., T.D.E., W.W.L.C., J.P.-A. and V.C.); Australian Research Council (ARC) Discovery Projects DP170104240 (J.L.B. and C.N.), DP190102293 (J.L.B., C.N., A.J.R., J.D.E. and D.P.T.) and DP150102656 (J.D.E.); the European Union's Horizon 2020 research and innovation programme under grant agreements 817578 (TRIATLAS) (M.C., J.S., L.S., O.M., L.B., Y.-J.S., N.B. and J.R.), 869300 (FutureMARES) (J.A.F.-S.,Y.-J.S. and M.C.) and 862428 (MISSION ATLANTIC (J.A.F.-S, Y.-J.S. and M.C.); the Spanish National Project ProOceans (PID2020-118097RB-I00) (M.C. and J.S.); the Open Philanthropy Project (C.S.H.); the United Kingdom Research and Innovation (UKRI) Global Challenges Research Fund (GCRF) One Ocean Hub (NE/S008950/1) (K.O.-C. and L.S.); the Simons Foundation (nos. 54993, 645921) (G.L.B.); the Belmont Forum and BiodivERsA under the BiodivScen ERA-Net COFUND programme (SOMBEE project, ANR-18-EBI4-0003-01) (Y.-J.S. and N.B.); the MEOPAR Postdoctoral Fellowship Award 2020–2021 and the Ocean Frontier Institute (Module G) (A.B.-B.); the French ANR project CIGOEF (grant ANR-17-CE32-0008-01) (O.M., L.B. and J.R.); the California Ocean Protection Council Grant C0100400, the Alfred P. Sloan Foundation and the Extreme Science and Engineering Discovery Environment (XSEDE) allocation TG-OCE170017 (D.B. and J.G.); the National Oceanographic and Atmospheric Association (NA20OAR4310441, NA20OAR4310442) (C.M.P.). M.C. acknowledges the Severo Ochoa Centre of Excellence accreditation (CEX2019-000928-S) to the Institute of Marine Science (ICM-CSIC) ; Peer reviewed
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