59 Works

Downside Variance Risk Premium

Bruno Feunou, Mohammad R. Jahan-Parvar & Cédric Okou
We decompose the variance risk premium into upside and downside variance risk premia. These components reflect market compensation for changes in good and bad uncertainties. Their difference is a measure of the skewness risk premium (SRP), which captures asymmetric views on favorable versus undesirable risks. Empirically, we establish that the downside variance risk premium (DVRP) is the main component of the variance risk premium. We find a positive and significant link between the DVRP and...

Data from: Forest productivity mitigates human disturbance effects on late-seral prey exposed to apparent competitors and predators

Daniel Fortin, Florian Barnier, Pierre Drapeau, Thierry Duchesne, Claude Dussault, Sandra Heppell, Marie-Caroline Prima, Martin-Hugues St-Laurent & Guillaume Szor
Primary production can determine the outcome of management actions on ecosystem properties, thereby defining sustainable management. Yet human agencies commonly overlook spatio-temporal variations in productivity by recommending fixed resource extraction thresholds. We studied the influence of forest productivity on habitat disturbance levels that boreal caribou – a threatened, late-seral ungulate under top-down control – should be able to withstand. Based on 10 years of boreal caribou monitoring, we found that adult survival and recruitment to...

Data from: A quantitative framework to estimate the relative importance of environment, spatial variation and patch connectivity in driving community composition

Viviane F. Monteiro, Paulo C. Paiva & Pedro R. Peres-Neto
Perhaps the most widely used quantitative approach in metacommunity ecology is the estimation of the importance of local environment vs. spatial structuring using the variation partitioning framework. Contrary to metapopulation models, however, current empirical studies of metacommunity structure using variation partitioning assume a space-for-dispersal substitution due to the lack of analytical frameworks that incorporate patch connectivity predictors of dispersal dynamics. Here, a method is presented that allows estimating the relative importance of environment, spatial variation...

Data from: Global macroevolution and macroecology of passerine song

William David Pearse, Ignacio Morales-Castilla, Logan S. James, Maxwell Farrell, Frédéric Boivin & T. Jonathan Davies
Studying the macroevolution of the songs of Passeriformes (perching birds) has proved challenging. The complexity of the task stems not just from the macroevolutionary and macroecological challenge of modelling so many species, but also from the difficulty in collecting and quantifying birdsong itself. Using machine learning techniques, we extracted songs from a large citizen science dataset, and then analysed the evolution, and biotic and abiotic predictors of variation in birdsong across 578 passerine species. Contrary...

Data from: Environmental conditions affect spatial genetic structures and dispersal patterns in a solitary rodent

Gabrielle Dubuc Messier, Dany Garant, Patrick Bergeron & Denis Réale
The study of the spatial distribution of relatives in a population under contrasted environmental conditions provides critical insights into the flexibility of dispersal behaviour and the role of environmental conditions in shaping population relatedness and social structure. Yet few studies have evaluated the effects of fluctuating environmental conditions on relatedness structure of solitary species in the wild. The aim of this study was to determine the impact of interannual variations in environmental conditions on the...

Trophic structure and mercury transfer in the subarctic fish community of Great Slave Lake, Northwest Territories, Canada

John Chételat, Jillian Rohonczy, Peter A. Cott, Amanda Benwell, Mark R. Forbes, Stacey A. Robinson, Maikel R. Rosabal & Marc Amyot
In recent decades, mercury concentrations have increased in fish of Great Slave Lake (GSL), a subarctic great lake in northern Canada with important recreational, subsistence, and commercial fisheries. This study characterized habitat use and trophic position of common fish species in GSL near the City of Yellowknife (Northwest Territories, Canada), measured mercury concentrations in water and in taxa from lower trophic levels of the food web, and examined trophic and biological influences on mercury concentrations...

Data From: Evaluating the correlation between genome-wide diversity and the release of plastic phenotypic variation in experimental translocations to novel natural environments

Matthew Yates & Dylan Fraser
Phenotypic reaction norms are often shaped and constrained by selection and are important for allowing organisms to respond to environmental change. However, selection cannot constrain reaction norms for environmental conditions that populations have not experienced. This may allow cryptic neutral genetic variation for the reaction norm to accumulate such that a release of phenotypic variation occurs when it is exposed to novel conditions. Most genomic diversity behaves as if functionally neutral. Genome-wide diversity metrics may...

Exotics are more complementary over time in tree biodiversity-ecosystem functioning experiments

Michael Belluau, Alain Paquette, Dominique Gravel, Peter Reich, Artur Stefanski & Christian Messier
Background and aims The Biodiversity – Ecosystem Functioning (BEF) literature proposes that ecosystem functioning increases with biodiversity because of complementarity in resource use among species, associated with functional diversity. In this study, we challenge the trait-based ecology framework by comparing congeneric exotic (European) and native (North American) tree species showing similar resource-use functional trait values. The trait-based framework suggests that two functionally equivalent species should play similar roles in a community, resulting in similar interactions...

Good Volatility, Bad Volatility and Option Pricing

Bruno Feunou & Cédric Okou
Advances in variance analysis permit the splitting of the total quadratic variation of a jump diffusion process into upside and downside components. Recent studies establish that this decomposition enhances volatility predictions, and highlight the upside/downside variance spread as a driver of the asymmetry in stock price distributions. To appraise the economic gain of this decomposition, we design a new and flexible option pricing model in which the underlying asset price exhibits distinct upside and downside...

Data from: Many places called home: the adaptive value of seasonal adjustments in range fidelity

Alexandre Lafontaine, Pierre Drapeau, Daniel Fortin & Martin-Hugues St-Laurent
1. The vast majority of animal species display range fidelity, a space-use behaviour enhancing familiarity with local habitat features. While the fitness benefits of this behaviour have been demonstrated in a variety of taxa, some species or populations rather display infidelity, displacing their home range over time. Others, such as many ungulate species, show seasonal adjustments in their range fidelity to accommodate changes in the dominance of limiting factors or in the distribution of resources....

Data from: Habitat-based polymorphism is common in stream fishes

Caroline Senay, Daniel Boisclair & Pedro R. Peres-Neto
1. Morphological differences (size and shape) across habitats are common in lake fish where differences relate to two dominant contrasting habitats: the pelagic and littoral habitat. Repeated occurrence of littoral and pelagic morphs across multiple populations of several lake fish species has been considered as important evidence that polymorphism is adaptive in these systems. It has been suggested that these habitat-based polymorphic differences are due to the temporal stability of the differences between littoral and...

Data from: Near infrared spectroscopy (NIRS) predicts non-structural carbohydrate concentrations in different tissue types of a broad range of tree species

Jorge A. Ramirez, Juan M. Posada, I. Tanya Handa, Günter Hoch, Michael Vohland, Christian Messier & Björn Reu
1. The allocation of non-structural carbohydrates (NSCs) to reserves constitutes an important physiological mechanism associated with tree growth and survival. However, procedures for measuring NSC in plant tissue are expensive and time-consuming. Near-infrared spectroscopy (NIRS) is a high-throughput technology that has the potential to infer the concentration of organic constituents for a large number of samples in a rapid and inexpensive way based on empirical calibrations with chemical analysis. 2. The main objectives of this...

Data from: Exploration profiles drive activity patterns and temporal niche specialization in a wild rodent

Elouana Gharnit, Patrick Bergeron, Dany Garant & Denis Réale
Individual niche specialization can have important consequences for competition, fitness, and ultimately population dynamics and ecological speciation. The temporal window and the level of daily activity are niche components that may vary with sex, breeding season, food supply, population density, and predator’s circadian rhythm. More recently, ecologists emphasized that traits such as dispersal and space use could depend on personality differences. Boldness and exploration have been shown to correlate with variation in foraging patterns, habitat...

Data from: Enhanced light interception and light use efficiency explain overyielding in young tree communities

Laura Williams, Ethan Butler, Jeannine Cavender-Bares, Artur Stefanski, Karen Rice, Christian Messier, Alain Paquette & Peter Reich
Diverse plant communities are often more productive than mono-specific ones. Several possible mechanisms underlie this phenomenon but their relative importance is unknown. Here we investigated whether light interception alone or in combination with light use efficiency (LUE) of dominant and subordinate species explained greater productivity of mixtures relative to monocultures (i.e. overyielding) in 108 young experimental tree communities. We found mixed-species communities that intercepted more light than their corresponding monocultures had 84% probability of overyielding....

Data from: Small population size and low genomic diversity have no effect on fitness in experimental translocations of a wild fish

Matthew Yates, Ella Bowles & Dylan Fraser
Little empirical work in nature has quantified how wild populations with varying effective population sizes and genetic diversity perform when exposed to a gradient of ecologically important environmental conditions. To achieve this, juvenile brook trout from 12 isolated populations or closed metapopulations that differ substantially in population size and genetic diversity were transplanted to previously fishless ponds spanning a wide gradient of ecologically important variables. We evaluated the effect of genome-wide variation, effective population size...

Risk-Neutral Moment-Based Estimation of Affine Option Pricing Models

Bruno Feunou & Cédric Okou
This paper provides a novel methodology for estimating option pricing models based on risk-neutral moments. We synthesize the distribution extracted from a panel of option prices and exploit linear relationships between risk-neutral cumulants and latent factors within the continuous time affine stochastic volatility framework. We find that fitting the Andersen, Fusari, and Todorov (2015b) option valuation model to risk-neutral moments captures the bulk of the information in option prices. Our estimation strategy is effective, easy...

Evaluating the Quarterly Projection Model: A Preliminary Investigation

Robert Amano, Kim McPhail, Hope Pioro & Andrew Rennison
This paper summarizes the results of recent research evaluating the Bank of Canada's Quarterly Projection Model (QPM). Because QPM consists of a steady-state model and a dynamic model, our evaluation work consists of two parts. The first part assesses the calibration of QPM's core steady-state using a variant of Canova's (1994, 1995) Monte Carlo approach. Using parameter values drawn from prior distributions, we assess QPM's sensitivity to various plausible parameter values. Our approach differs somewhat...

Data from: Do temperate tree species diversity and identity influence soil microbial community function and composition?

Rim Khlifa, Alain Paquette, Christian Messier, Peter Reich, Alison Munson, Peter B. Reich & Alison D. Munson
Studies of biodiversity-ecosystem function in treed ecosystems have generally focused on aboveground functions. The present study investigates inter-trophic links between tree diversity and soil microbial community function and composition.We examined how microbial communities in surface mineral soil responded to experimental gradients of tree species richness (SR), functional diversity (FD), community-weighted mean trait value (CWM) and tree identity. The site was a 4-yr-old common garden experiment near Montreal, Canada, consisting of deciduous and evergreen tree species...

Data from: Low heritabilities, but genetic and maternal correlations between red squirrel behaviours.

Ryan W. Taylor, Adrienne K. Boon, Ben Dantzer, Denis Réale, Murray M. Humphries, Stan Boutin, Jamieson C. Gorrell, David W. Coltman & Andrew G. McAdam
Consistent individual differences in behaviour, and behavioural correlations within and across contexts, are referred to as animal personalities. These patterns of variation have been identified in many animal taxa and are likely to have important ecological and evolutionary consequences. Despite their importance, genetic and environmental sources of variation in personalities have rarely been characterized in wild populations. We used a Bayesian animal model approach to estimate genetic parameters for aggression, activity and docility in North...

Data from: Social selection acts on behavior and body mass but does not contribute to the total selection differential in Eastern chipmunks

Francesca Santostefano, Dany Garant, Patrick Bergeron, Pierre-Olivier Montiglio & Denis Réale
Through social interactions, phenotypes of conspecifics can affect an individual’s fitness, resulting in social selection. Social selection is assumed to represent a strong and dynamic evolutionary force that can act with or in opposition to natural selection. Few studies, however, have estimated social selection and its contribution to total selection in the wild. We estimated natural and social selection gradients on exploration, docility, and body mass, and their contribution to selection differentials, in a wild...

Data from: Allometric scaling of eDNA production in stream-dwelling brook trout (Salvelinus fontinalis) inferred from population size structure

Matthew Yates, Taylor Wilcox, Kevin McKelvey, Michael Young, Michael Schwartz & Alison Derry
Environmental DNA (eDNA) concentration exhibits a positive correlation with organism abundance in nature, but modelling this relationship could be substantially improved by incorporating the biology of eDNA production. A recent model (Yates et al. 2020) extended models of physiological allometric scaling to eDNA production, hypothesizing that brook trout eDNA production scales non-linearly with mass as a power-function with scaling coefficients < 1 in lakes. To validate this hypothesis, we re-analysed data from Wilcox et al....

Foraging behavior and extended phenotype independently affect foraging success in spiders

Nicholas DiRienzo, Hannes Schraft, Pierre-Olivier Montiglio, Charles Bradley & Anna Dornhaus
Multiple phenotypic traits often interact with each other to determine an individual’s fitness. Behavioral and extended phenotypic traits, such as architectural constructions, can contribute to fitness in an integrated way. The goal of this study was to understand how the interaction between behavioral and extended phenotypic traits can affect foraging success. We tested this question using black widow spiders, where spiders that are aggressive in a foraging context tend to build more gumfooted silk lines...

Shade-growing practices lessen the impact of coffee plantations on multiple dimensions of ant diversity

Javier Ibarra-Isassi, Tanya Handa, Anderson Arenas-Clavijo, Selene Escobar-Ramirez, Inge Armbrecht & Jean-Philippe Lessard
1. Land use management influence changes in biodiversity beyond the targeted species. Management practices in coffee plantations have shifted from coffee growing below accompanying (shade) trees, to intensified monocultures in which coffee grows fully exposed to the sun. Anthropogenic disturbance causes changes in species composition relative to adjacent natural patches and reduces their biotic heterogeneity. Here, we assessed the impact of coffee plantation management practices on the taxonomical, phylogenetic, and functional composition of ant communities,...

Data from: Phenotype-dependent selection underlies patterns of sorting across habitats: the case of stream-fishes

Bailey Jacobson, Fréderique Dubois & Pedro R. Peres-Neto
Spatial and temporal heterogeneity within landscapes influences the distribution and phenotypic diversity of individuals both within and across populations. Phenotype-habitat correlations arise either through phenotypes within an environment altering through the process of natural selection or plasticity, or phenotypes remaining constant but individuals altering their distribution across environments. The mechanisms of non-random movement and phenotype-dependent habitat choice may account for associations within highly heterogeneous systems, such as streams, where local adaptation may be negated, plasticity...

Data from: Edge influence on vegetation at natural and anthropogenic edges of boreal forests in Canada and Fennoscandia

Karen A. Harper, S. Ellen Macdonald, Michael S. Mayerhofer, Shekhar R. Biswas, Per-Anders Esseen, Kristoffer Hylander, Katherine J. Stewart, Azim U. Mallik, Pierre Drapeau, Bengt-Gunnar Jonsson, Daniel Lesieur, Jari Kouki & Yves Bergeron
1. Although anthropogenic edges are an important consequence of timber harvesting, edges due to natural disturbances or landscape heterogeneity are also common. Forest edges have been well-studied in temperate and tropical forests, but less so in less productive, disturbance-adapted boreal forests. 2. We synthesized data on forest vegetation at edges of boreal forests and compared edge influence among edge types (fire, cut, lake/wetland; old vs. young), forest types (broadleaf vs. coniferous) and geographic regions. Our...

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