Cost of Capital: Estimation and Applications
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  • Best Valuation Tool Available
  • For valuation of nonpublic companies - A good read!
  • 101 Fudge Factors For Those Ignorant of Risk Neutral Pricing
Cost of Capital: Estimation and Applications
Shannon P. Pratt
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471224014

Book Description

An authoritative text on cost of capital for both the nonprofessional and the valuation expert -- now revised and expanded

In endeavoring to practice sound corporate finance, there is perhaps nothing so critical, nor slippery, as cost of capital estimation. The second edition of Cost of Capital: Estimation and Applications combines a state-of-the-art treatise on cost of capital estimation with an accessible introduction for the nonprofessional.

This comprehensive yet usable guide begins with an exposition of basic concepts understandable to the lay person and proceeds gradually from simple applications to the more complex procedures commonly found in the marketplace. New features of the revised and expanded Second Edition include chapters on Economic Value Added (EVA) and reconciling cost of capital in the income approach with valuation multiples in the market approach, as well as expanded coverage of cost of capital in the courts and handling discounts for marketability. Cost of Capital remains an incomparable resource for all parties interested in effective business valuation.

Customer Reviews:

5 out of 5 stars Best Valuation Tool Available.......2000-12-19

Pratt took his many years of valuation experience and put it in this one book. The book reviews the theory and practice of how to derive a discount rate for use in a DCF. At present, it's the best book in print for appraisers.

5 out of 5 stars For valuation of nonpublic companies - A good read!.......2000-01-31

The valuation profession has exploded among CPAs, CBAs and others who attend a few seminars and then undertake to do this complicated work. Many end up doing a shabby job, because they do not understand basic concepts of cost of capital. The understanding of aspiring business appraisers will grow from reading this book, as (I believe) mine did.

This book is NOT written by an academician (although I think I recall that Shannon has a PhD in finance). A fair example of an academician's work, reflecting a different approach and serving different needs, is Bradford Cornell's fine work on the equity risk premium.

Pratt has authored several classic books on business valuation. He has valued thousands and testified in US Tax Court, state courts and federal courts across the country. He continues to speak to business appraisers across the country. This book summarizes issues he knows need to be better understood by those of us who consult with closely held businesses.

This is a short book and an easy read, but packed with good information for those who want to better understand the cost of capital in the context of valuing small businesses.

1 out of 5 stars 101 Fudge Factors For Those Ignorant of Risk Neutral Pricing.......1999-05-30

This book should be titled "I do not know how to price all risks when valuing companies so here are 101 fudge factor guesses I use instead". This is the wrong way to value companies and is inconsistent with financial asset pricing theory. Look elsewhere for better resources.
Classifying firms by risk exposure: With application to cost of equity capital estimation
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    Classifying firms by risk exposure: With application to cost of equity capital estimation
    James Donald Baer
    ProductGroup: Book
    Binding: Unknown Binding

    Corporate FinanceCorporate Finance | Finance | Business & Investing | Subjects | Books
    Risk Analysis & ManagementRisk Analysis & Management | Environmental | Civil | Engineering | Professional & Technical | Subjects | Books
    ASIN: B0007BMTNS
    Cost of Capital - Estimation & Applications Cpe Exam 2e
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      Cost of Capital - Estimation & Applications Cpe Exam 2e
      SP Pratt
      Manufacturer: John Wiley & Sons Inc
      ProductGroup: Book
      Binding: Hardcover

      GeneralGeneral | Popular Economics | Business & Investing | Subjects | Books
      ASIN: 0471269956
      Estimation of the cost of capital for major United States industries with application to pollution control investments
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        Estimation of the cost of capital for major United States industries with application to pollution control investments
        Gerald A Pogue
        Manufacturer: Baruch College
        ProductGroup: Book
        Binding: Unknown Binding

        GeneralGeneral | Business & Investing | Subjects | Books
        GeneralGeneral | Pollution | Environmental | Civil | Engineering | Professional & Technical | Subjects | Books
        ASIN: B0006WFI2W

        Pension Fund Capitalism (Oxford Geographical and Environmental Studies)
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          Pension Fund Capitalism (Oxford Geographical and Environmental Studies)
          Gordon L. Clark , and Gordon Clark
          Manufacturer: Oxford University Press
          ProductGroup: Book
          Binding: Paperback

          Public FinancePublic Finance | Economics | Business & Investing | Subjects | Books
          Debt & DeficitsDebt & Deficits | Economics | Business & Investing | Subjects | Books
          GeneralGeneral | Business & Investing | Subjects | Books
          GeneralGeneral | Investing | Business & Investing | Subjects | Books
          ASIN: 0198241313

          Book Description

          The growth of pension funds has been nothing short of astronomical. Pension funds now dominate the world's financial markets, affecting nations' wealth, community development, and industrial well being. Yet little is known about their structure and organization. Pension funds and their agents in the investment industry control enormous sums of money, profoundly affecting the structure and performance of nation-states and the global economy. At the same time, it is also apparent that many western governments are retreating from the provision of 'public good' once thought essential to the fabric of urban life. Clark agues that if we are to understand the long-term future of the western economies (in general) and our communities (in particular), we need also to understand how institutional investors allocate assets, mobilize funds, and make investment decisions. There are few studies of the relationship between pension funds and the financial services industry. Pension Fund Capitalism fills an important gap in the literature as well as the intersection between pension funds and public policy.
          Pension funds and British capitalism: The ownership and control of shareholdings
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            Pension funds and British capitalism: The ownership and control of shareholdings
            Richard Minns
            Manufacturer: Heinemann
            ProductGroup: Book
            Binding: Unknown Binding

            Public FinancePublic Finance | Economics | Business & Investing | Subjects | Books
            ASIN: 0435845101
            Quebec Inc and the Temptation of State Capitalism
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              Quebec Inc and the Temptation of State Capitalism
              Pierre Arbour
              Manufacturer: Robert Davies Pub
              ProductGroup: Book
              Binding: Paperback

              GeneralGeneral | Popular Economics | Business & Investing | Subjects | Books
              Public FinancePublic Finance | Economics | Business & Investing | Subjects | Books
              GeneralGeneral | United States | Americas | History | Subjects | Books
              ASIN: 1895854148
              PENSION FUND CAPITALISM.(Review): An article from: Journal of Economic Issues
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                PENSION FUND CAPITALISM.(Review): An article from: Journal of Economic Issues
                Richard L. Hannah
                Manufacturer: Association for Evolutionary Economics
                ProductGroup: Book
                Binding: Digital
                ASIN: B0008IAUAO
                Release Date: 2005-07-28

                Book Description

                This digital document is an article from Journal of Economic Issues, published by Association for Evolutionary Economics on September 1, 2001. The length of the article is 1646 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

                Citation Details
                Title: PENSION FUND CAPITALISM.(Review)
                Author: Richard L. Hannah
                Publication: Journal of Economic Issues (Refereed)
                Date: September 1, 2001
                Publisher: Association for Evolutionary Economics
                Volume: 35 Issue: 3 Page: 772

                Article Type: Book Review

                Distributed by Thomson Gale
                Pension Fund Capitalism (Oxford Geographical and Environmental Studies)
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                  Pension Fund Capitalism (Oxford Geographical and Environmental Studies)
                  Gordon L. Clark
                  Manufacturer: Oxford University Press(UK)
                  ProductGroup: Book
                  Binding: Paperback
                  ASIN: B000OL11NA

                  British Government and the Constitution: Text, Cases and Materials (Law in Context)
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                    British Government and the Constitution: Text, Cases and Materials (Law in Context)
                    Colin Turpin
                    Manufacturer: Cambridge University Press
                    ProductGroup: Book
                    Binding: Paperback

                    ConstitutionsConstitutions | Government | Nonfiction | Subjects | Books
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                    English LawEnglish Law | Law | Subjects | Books | Business | Citizenship | Civil | Commercial | Courts & Procedures | Criminal | Employment | Financial | General | Landlord & Tenant | Law of Evidence | Reports | Social Security & Welfare | Statutes, Cases & Law Reports | Tort | Transport | Wills & Probate
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                    ASIN: 0521606454

                    Book Description

                    The previous (fourth) edition of this book came out in the midst of a programme of constitutional reform, and further reform projects (for reform of the House of Lords, the electoral system and freedom of information) were getting under way. This fifth edition shows how some of these constitutional changes have become an accepted feature of British life, generating much case law and altering the terms of political debate. The Freedom of Information Act has appeared on the statute book, promising an advance in the public's 'right to know' but problematic in its detail. While reform of the House of Lords has gone hesitantly forward, the argument about the future composition and role of the second chamber is still unresolved. And electoral reform, while presently stalled, has not ceased to stimulate debate. The work is intended for students of both politics and law.
                    British Government and the Constitution: Text, Cases and Materials
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                      British Government and the Constitution: Text, Cases and Materials
                      Colin Turpin
                      Manufacturer: Weidenfeld & Nicolson
                      ProductGroup: Book
                      Binding: Paperback
                      ASIN: B000OS1K2K

                      Soil Biology: Effects on Soil Quality
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                        Soil Biology: Effects on Soil Quality
                        J. L. Hatfield
                        Manufacturer: CRC
                        ProductGroup: Book
                        Binding: Hardcover

                        GeneralGeneral | Biology | Biological Sciences | Science | Subjects | Books
                        MicrobiologyMicrobiology | Biology | Biological Sciences | Science | Subjects | Books
                        Soil ScienceSoil Science | Agricultural Sciences | Science | Subjects | Books
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                        ASIN: 0873719271

                        Book Description

                        Assessing air-drying and rewetting pre-treatment effect on some soil enzyme activities under Mediterranean conditions [An article from: Soil Biology and Biochemistry]
                        Average customer rating: Not rated
                          Assessing air-drying and rewetting pre-treatment effect on some soil enzyme activities under Mediterranean conditions [An article from: Soil Biology and Biochemistry]
                          R. Zornoza , C. Guerrero , J. Mataix-Solera , and Arceneg
                          Manufacturer: Elsevier
                          ProductGroup: Book
                          Binding: Digital

                          ElsevierElsevier | By Publisher | e-Docs | Formats | Books
                          ASIN: B000PAA52I

                          Book Description

                          This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                          Description:
                          Soil enzyme activities are useful indicators of soil quality as they are very sensitive to disturbance. Sample storage or pre-treatments could affect the results in these assays, which are normally determined in fresh samples, kept cold or frozen. The objectives of this study were to (i) evaluate the effect of air-drying or air-drying and rewetting on @b-glucosidase, acid phosphatase and urease activities in soils from different locations, degradation status and sampling seasons, and (ii) assess if air-drying or air-drying and rewetting is an accurate sample storage and pre-treatment procedure for enzyme activities in soil quality evaluations under semiarid Mediterranean conditions. Our results showed that urease, phosphatase and @b-glucosidase activities were hardly affected by air-drying of degraded and non-degraded soils from the two locations studied in all seasons. Short incubations (4, 8 and 12d at 23^oC) of rewetted air-dried soil at 55% of water-holding capacity showed different patterns depending on the enzyme studied. Urease and @b-glucosidase activities were relatively stable during incubation, with several significant (P <0.05) shifts up and down in some soils and samplings. However, acid phosphatase showed an increase in activity with incubation, of between 5% and 50% relative to air-dried samples. These increases followed no pattern and were unrelated to soil characteristics or sampling date. Hence, urease, phosphatase and @b-glucosidase activities determined in air-dried soil samples seem to be representative of those obtained under field-moist conditions. In contrast, short incubations of rewetted soil samples can produce fluctuations in these enzyme activities, mainly of acid phosphatase, and estimations in these conditions are not so representative of field-moist soil values.
                          Assessing the effects of air-drying and rewetting pre-treatment on soil microbial biomass, basal respiration, metabolic quotient and soluble carbon under ... from: European Journal of Soil Biology]
                          Average customer rating: Not rated
                            Assessing the effects of air-drying and rewetting pre-treatment on soil microbial biomass, basal respiration, metabolic quotient and soluble carbon under ... from: European Journal of Soil Biology]
                            R. Zornoza , C. Guerrero , J. Mataix-Solera , and Arceneg
                            Manufacturer: Elsevier
                            ProductGroup: Book
                            Binding: Digital

                            ElsevierElsevier | By Publisher | e-Docs | Formats | Books
                            ASIN: B000PDYNXW

                            Book Description

                            This digital document is a journal article from European Journal of Soil Biology, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                            Description:
                            Soil biochemical properties are useful indicators of soil quality as they are very sensitive to disturbance. Sample storage or pre-treatments could affect the results in these assays, which are normally determined on fresh samples, kept cold or frozen. The objectives of this study were to (i) evaluate the effect of air-drying or incubation of rewetted air-dried soil samples on microbial biomass carbon (MBC), basal soil respiration (BSR), qCO"2 and water soluble carbon (WSC), in soils from different locations, with different degradation status and sampling seasons, and (ii) assess if air-drying or incubation of rewetted air-dried soil samples is an accurate sample storage and pre-treatment procedure for these soil properties in soil quality evaluations under semiarid Mediterranean conditions. Our results showed that air-drying does not have the same effects on MBC, BSR, qCO"2 and WSC depending on the geographical situation and sampling date. It seems that the warmest and driest place and season show less variation when using air-dried soil samples, with values representative of those obtained under field-moist conditions. Short incubations (4, 8 and 12 days at 23^oC) provoked a general decrease in all properties, probably due to labile organic compounds depletion. Hence, air-dried soils can be used as part of soil quality analysis to estimate these biochemical properties in summer time in the semiarid region of South-East Spain, because they have not suffered severe affections. Moreover, MBC could also be determined using air-dried soil in the driest zones during all year. In contrast, estimations with incubated soil samples are not, in any case, representative of field-moist soil values.
                            Effects of tree species and topography on soil chemistry, litter quality, and decomposition in Northeast Turkey [An article from: Soil Biology and Biochemistry]
                            Average customer rating: Not rated
                              Effects of tree species and topography on soil chemistry, litter quality, and decomposition in Northeast Turkey [An article from: Soil Biology and Biochemistry]
                              T. Sariyildiz , J.M. Anderson , and M. Kucuk
                              Manufacturer: Elsevier
                              ProductGroup: Book
                              Binding: Digital

                              ElsevierElsevier | By Publisher | e-Docs | Formats | Books
                              ASIN: B000RR6TFG

                              Book Description

                              This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                              Description:
                              Leaf litters from beech (Fagus orientalis Lipsky.) and oak (Quercus robur L.), and needle litters from fir (Abies nordmanniana Spach.) and pine (Pinus sylvestris L.) trees were collected from north-facing site and south-facing site and at three slope positions (top, middle and bottom) on each aspect that varied in soil chemical characteristics (soil pH, cation exchange capacity and base saturation). The litters were analysed for initial total carbon, nitrogen, acid detergent fibre, lignin and cellulose concentrations. Nitrogen, acid detergent fibre and lignin concentrations and carbon:nitrogen and lignin:nitrogen ratios varied significantly within and between species according to soil chemical characteristics on aspects and slope positions. Litter decomposition was studied in the field using the litterbag technique. The litters were placed on two aspects and at three slopes on each aspect in October 2001, and were sampled every 6-month for 2 years. The main effects of aspect, species and slope position on decomposition rates were all statistically significant. Oak leaf litter showed highest decomposition rates, followed by pine, fir and beech litter, and the litters placed on north-facing site decomposed faster than those on the south-facing site. The litters placed at the top slope position decomposed slower than at those at either the bottom or middle positions. Initial lignin concentrations explained most of the variation in decomposition rates between species, and within species for the aspects and the slope positions, but the explained variance showed differences between aspects and slope positions. This result illustrates the important point that litter quality may define the potential rates of microbial decomposition but these are significantly influenced by the biotic and abiotic environment in which decomposition takes place.
                              Hydrological effects on the diversity of phenolic degrading bacteria in a peatland: implications for carbon cycling [An article from: Soil Biology and Biochemistry]
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                                Hydrological effects on the diversity of phenolic degrading bacteria in a peatland: implications for carbon cycling [An article from: Soil Biology and Biochemistry]
                                N. Fenner , C. Freeman , and B. Reynolds
                                Manufacturer: Elsevier
                                ProductGroup: Book
                                Binding: Digital
                                ASIN: B000RR6T0G

                                Book Description

                                This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                                Description:
                                Northern peatlands store ca. 1/3 of the world's soil organic carbon and this is attributed to low decomposition rates as a result of waterlogged, anaerobic conditions and high levels of phenolic substances. Climate change models predict both an increase in summer droughts and increased rainfall, depending on region, but information on the effect of these changes on the microbial population that mediate phenolic degradation is sparse. Temporal temperature gradient gel electrophoresis (TTGGE) was therefore used to assess the effect of simulated summer drought and increased rainfall on the diversity of phenolic degrading bacteria in a northern peatland using the gene XylE, encoding for the enzyme Catechol 2,3-dioxygenase (C23O), as an indicator. Under simulated drought, a greater diversity (129.4%, P <0.05) and abundance of phenolic catabolising bacterial species was found. Concurrent increased total phenol oxidase activities (83.3%) and @b-glucosidase activities (157.6%, P <0.01) were found with consistently lower concentrations of phenolic compounds, DOC and increased CO"2 fluxes. This increased mineralisation is likely to lower carbon storage capacity and increase climate forcing. Conversely, the increased rainfall simulation suppressed diversity (62.2%, P <0.05), abundance and phenol oxidase activities (103.3%, P <0.001), giving increased phenolic compound (424.8%, P <0.1 only) and DOC concentrations (201.3%, P <0.001), along with increased anaerobic trace gas fluxes. These hugely increased aquatic carbon concentrations available for export are of serious concern due to their deleterious effect on drinking water quality.
                                Long-term effects of metal-containing farmyard manure and sewage sludge on soil organic matter in a fluvisol [An article from: Soil Biology and Biochemistry]
                                Average customer rating: Not rated
                                  Long-term effects of metal-containing farmyard manure and sewage sludge on soil organic matter in a fluvisol [An article from: Soil Biology and Biochemistry]
                                  C. Parat , R. Chaussod , J. Leveque , and F. Andreux
                                  Manufacturer: Elsevier
                                  ProductGroup: Book
                                  Binding: Digital
                                  ASIN: B000RR3CP6

                                  Book Description

                                  This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                                  Description:
                                  Our aim was to establish the long-term effects of repeated applications after 20y of organic amendments (farmyard manure at 10tha^-^1y^-^1, and urban sewage sludge at two different rates, 10tha^-^1y^-^1 and 100tha^-^1 every 2y) on the quality of a sandy and poorly buffered soil (Fluvisol, pH 6). Chemical characteristics and biodegradability of the labile organic matter, which is mainly derived from microbial biomass and biodegradation products of organic residues, were chosen as indicators for soil quality. The organic C content had reached a maximal value (30.6gCkg^-^1 in the 100t sludge-treated soil), i.e. about 2.5 times that in the control. Six years after the last application, the organic C content and the microbial biomass content remained higher in sludge-treated soils than in the control. In contrast, the proportion of labile organic matter was significantly lower in sludge-treated soils than in manure-treated and control soils. The labile organic matter of sludge extracts appeared less humified than that of manure-treated and control soils.
                                  Nitrogen dynamics in co-composted drilling wastes: Effects of compost quality and ^1^5N fertilization [An article from: Soil Biology and Biochemistry]
                                  Average customer rating: Not rated
                                    Nitrogen dynamics in co-composted drilling wastes: Effects of compost quality and ^1^5N fertilization [An article from: Soil Biology and Biochemistry]
                                    W.J. Choi , and S.X. Chang
                                    Manufacturer: Elsevier
                                    ProductGroup: Book
                                    Binding: Digital

                                    Drilling ProceduresDrilling Procedures | Petroleum, Mining & Geological | Engineering | Professional & Technical | Subjects | Books
                                    ASIN: B000RR6TYC

                                    Book Description

                                    This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                                    Description:
                                    A better understanding of N availability in co-composted drilling wastes is required to evaluate the potential use of the composts as growth media. We investigated N dynamics in co-composted drilling wastes by examining the changes in the concentrations and partition of applied ^1^5N in various soil N pools (NH"4^+, NO"3^-, dissolved organic N, microbial biomass N, and non-extractable N) in a 4-month greenhouse incubation experiment using 1-, 2-, 3-, and 4-year-old (referred to below as 1Y, 2Y, 3Y, and 4Y, respectively) composts, representing substrates with different quality. Regardless of compost age, after 4 months of incubation extractable N concentrations decreased (P <0.05), in contrast with the increasing pattern of the non-extractable N, indicating stabilization of the extractable N into the recalcitrant soil organic fraction. Fertilizer N application increased (P <0.05) extractable N concentrations. In the younger composts, a major part of the applied ^1^5N was recovered in the non-extractable N fraction (44.0% for 1Y and 38.5% for 2Y) with little recovered as mineral N. On the other hand, a considerable percentage of the applied ^1^5N (21.8% for 3Y and 18.8% for 4Y) was found in the NO"3^- pool in the older composts with relatively high mineral N but low organic C contents. This study shows that the dynamics of biologically available N and fate of applied N in the composts depend on compost quality such as mineral N and organic C contents, and compost C:N ratio. To use the co-composted drilling waste as growth media, different N management strategies need to be established for those composts with differed substrate quality.
                                    Organic compounds that reach subsoil may threaten groundwater quality; effect of benzotriazole on degradation kinetics and microbial community composition ... article from: Soil Biology and Biochemistry]
                                    Average customer rating: Not rated
                                      Organic compounds that reach subsoil may threaten groundwater quality; effect of benzotriazole on degradation kinetics and microbial community composition ... article from: Soil Biology and Biochemistry]
                                      Y. Jia , L.R. Bakken , G.D. Breedveld , P. Aagaard , and F
                                      Manufacturer: Elsevier
                                      ProductGroup: Book
                                      Binding: Digital
                                      ASIN: B000PAA5FK

                                      Book Description

                                      This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                                      Description:
                                      Toxic compounds in soils threaten groundwater quality in two ways: as potential contaminants themselves, and by retarding the microbial degradation of other organic compounds, thus enhancing their deep penetration. Benzotriazole (BTA) is a chemical with versatile industrial applications, used in large quantities worldwide, and represents a potential threat to the environment due to its apparent toxicity and recalcitrance. When used as an additive in aircraft deicing/antiicing fluid on airports, substantial spills of these mixtures and jet fuel will inevitably reach the soil. We have investigated the subsoil (1-2m depth) microbial degradation and growth on four relevant organic substrates found in airport run-off (acetate, formate, glycol and toluene) in the presence of concentrations of BTA which can be found in airport run-off. Monitoring CO"2 evolution showed growth-dependent degradation rates for all substrates (sigmoid CO"2 accumulation curves), which were significantly affected by BTA. The mineralization of acetate was only moderately retarded and only by the highest BTA concentration used (400mgl^-^1 in soil solution); formate and glycol mineralization was substantially retarded at 200mgl^-^1, and toluene mineralization already at 10mgl^-^1 BTA. Mass balances (fraction of added C recovered as CO"2) suggested that the microbial growth yield (g biomass-C formed per g substrate C) was severely reduced with increasing concentrations of BTA. The analysis of phospholipid fatty acids (PLFA) demonstrated that Gram-negative bacteria were dominating among the organisms growing on all four substrates. The total amount of PLFA increased with approximately 1000pmolPLFAg^-^1 soil in response to a dose of 0.93@mmolglycol-Cg^-^1 soil, but this increase was gradually reduced with increasing BTA concentrations. This was in agreement with C mass balances based on CO"2 measurements, verifying that BTA severely reduced the growth yields. The response of individual PLFA's to BTA and substrates demonstrated that non-growing organisms were largely unaffected (i.e. the PLFA's of which the absolute amounts did not increase in response to substrates were not affected by BTA), whereas those which were growing on the added substrates were uniformly reduced by BTA (all the PLFA's which increased in response to the substrates were negatively affected by BTA). The results suggest that BTA functions as an uncoupler, i.e. a substance that reduces the yield of ATP per mole of substrate used, or that the defence mechanisms represent a large energy burden to all microbial cells.
                                      Short-term effects of olive mill waste water (OMW) on chemical and biochemical properties of a semiarid Mediterranean soil [An article from: Soil Biology and Biochemistry]
                                      Average customer rating: Not rated
                                        Short-term effects of olive mill waste water (OMW) on chemical and biochemical properties of a semiarid Mediterranean soil [An article from: Soil Biology and Biochemistry]
                                        A. Piotrowska , G. Iamarino , M.A. Rao , and L Gianfreda
                                        Manufacturer: Elsevier
                                        ProductGroup: Book
                                        Binding: Digital
                                        ASIN: B000RR6UGY

                                        Book Description

                                        This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                                        Description:
                                        Olive mill waste water (OMW), a by-product of the olive mill industry, is produced in large amounts in Mediterranean countries. Olive mill waste water contains a high organic load, substantial amounts of plant nutrients but also several compounds with recognized toxicity towards living organisms. Moreover, OMW may represent a low cost source of water. Thus, the use of OMW for soil fertigation is a valuable option for its disposal, provided that its impact on soil chemical and biochemical properties is established. Investigations were performed on the short-term influence of OMW on several chemical and biochemical properties of a soil from a continental semi-arid Mediterranean region (Morocco). The soil was amended with 0, 18 and 36ml 100g^-^1 soil of OMW (corresponding to a field rate of 0, 40 and 80m^3ha^-^1, respectively) and changes in various functionally related properties such as microbial biomass, basal respiration, extractable C and N, and soil hydrolases and oxido-reductases activities were measured over time. The variations of the main physical and chemical properties as well as the residual phytotoxicity of OMW amended and non-amended soils as assessed by tomato seed germination tests were also monitored. Temporary and permanent changes in several chemical and biochemical soil properties occurred following OMW application, thus being these properties varied in sensitivity to the applied disturbance. A sudden increase of total organic C, extractable N and C, available P and extractable Mn and Fe contents were measured. Simultaneously, a rapid increase of soil respiration, dehydrogenase and urease activities and microbial biomass (at 14 day incubation) of OMW amended soils occurred. In contrast, the activities of phosphatase, @b-glucosidase, nitrate reductase and diphenol oxidase decreased markedly. The soil became highly phytotoxic after OMW addition (large decline of soil germination capability), mainly at 80m^3ha^-^1 OMW. After 42 days' incubation, however, a complete recovery of the soil germination capability and a residual phytotoxicity of about 30% were observed with 40 and 80m^3ha^-^1 OMW, respectively. These findings indicate that the impact of OMW on soil properties was the result of opposite effects, depending on the relative amounts of beneficial and toxic organic and inorganic compounds present. The toxic compounds contained in OMW most likely counteracted the beneficial effect of organic substrates provided, which promoted the growth and activity of indigenous microorganisms.
                                        Transitory dynamic effects in the soil invertebrate community in a temperate deciduous forest: Effects of resource quality [An article from: Soil Biology and Biochemistry]
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                                          Transitory dynamic effects in the soil invertebrate community in a temperate deciduous forest: Effects of resource quality [An article from: Soil Biology and Biochemistry]
                                          J.A. Salamon , J. Alphei , A. Ruf , M. Schaefer , and Sche
                                          Manufacturer: Elsevier
                                          ProductGroup: Book
                                          Binding: Digital
                                          ASIN: B000RR6U5U

                                          Book Description

                                          This digital document is a journal article from Soil Biology and Biochemistry, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

                                          Description:
                                          The importance and strength of bottom-up forces in terrestrial soil systems are poorly understood. In contrast to aquatic systems, where trophic cascades and top-down forces dominate, it has been postulated that terrestrial systems are regulated mainly by bottom-up forces. We set up a 17 month field experiment to study the effects of addition of resources of different quality (wood, wheat bran, pet food, and glucose+phosphorous+nitrogen) on the soil micro-, meso- and macrofauna as well as on microbial biomass, ergosterol content and abiotic parameters (soil pH, water content, carbon and nitrogen content) in a beech forest (Fagus sylvatica) on sandstone. We hypothesized that bottom-up effects will be strong on lower trophic levels resulting in increased biomass of bacteria and fungi, and that this increase will propagate to higher trophic levels (microbivorous invertebrates, predators) but with decreasing intensity due to dampening of bottom-up forces at higher trophic levels by high connectivity, trophic-level-omnivory and generalist feeding. The results of the study in general did not support these hypotheses. Microbial biomass only moderately increased after resource addition, and while densities of several animal groups increased (lumbricids, nematodes, collembolans, gamasid mites, staphylinid beetles), densities of other groups declined (oribatid mites, prostigmate mites, lithobiids), and a large number of taxa remained unaffected (enchytraeids, diplopods, uropodine mites, pseudoscorpions, spiders). We conclude that (a) bottom-up forces are of limited importance in the soil system of temperate deciduous forests, (b) large primary decomposers, such as earthworms, do not depend on microorganisms as food but consume organic matter directly, (c) the link between microorganisms and microbivores, such as collembolans, is weak since collembolan density increased even though microbial biomass was unaffected, (d) habitat modification by ecosystem engineers, such as earthworms, is more important than resource availability for a number of soil invetebrates including prostigmate mites and centipedes, and (e) the soil food web in general is rather resistant responding little to changes in resource supply. The results also suggest that species which commonly are assigned to single trophic groups, such as collembolans, differently respond to changes of the base of the food web. Increased fungal biomass led to an increase in the density of Folsomia quadrioculata s.l. and Isotomiella minor, whereas the increased bacterial biomass was accompanied by an increase in density of Ceratophysella denticulata and Isotoma notabilis.

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