Price cointegration in spatial markets: An application to milkfish markets in Taiwan

Abstract

The objectives of this study are to analyze the interdependent behavior of lead‐lag milkfish price adjustments between vertically‐related markets (from production to consumption) as well as between five major horizontally‐related wholesale markets. Empirical results show that there is a two‐way lead‐lag cointegrating price relationship between milkfish wholesale and retail markets. Since the fish wholesale market cannot completely and quickly assimilate the retail market information, the speed of response of wholesale prices to retail price changes is relatively slow, inducing low pricing efficiency. The Taipei wholesale market appears to cause the greatest leadership impact on the milkfish price formation compared to other wholesale markets in both the long‐run and short‐run. The results also reveal that there is a high degree of integration relationship between the horizontally integrated wholesale markets (Chiayi, Changhwa and Taichung) for milkfish in the southwestern region within a short distance.     

Recovery policy for chub mackerel stock using recruitment-per-spawning

The stock abundance of chub mackerel ( Scomber japonicus ) in the Pacific Ocean off Japan declined in the 1980s and remained at low levels through the 1990s. There were recruitment successes in 1992 and 1996. However, the cohorts born in these years were heavily fished before the age of maturity and chub mackerel has not begun to recover. To investigate the effects of conserving immature fish, we created four recovery policies: (i) policy 0, actual fishing mortality during the 1990s; (ii) policy 1, conserve strong year classes; (iii) policy 2, apply the average fishing mortality in the 1970s–1980s after 1992; and (iv) policy 3, a 55% reduction of the mortality adopted by policy 2. Policy 3 was considered to be the best in terms of final stock abundance and total catch from 1992 to 1999. We also calculate the future projection of stock and catch under these three policies as well as using average fishing mortality from 1993 to 1999. Using average fishing mortality from 1993 to 1999, the stock will not be recovered within the next 20 years. Even under the best policy, the risk that the final stock is not recovered to 3 million tons within the next 10 years is 40%.     

Are farmed European seabass (Dicentrarchus labrax) prices in European Union markets affected by Turkish exports of farmed European seabass?

Abstract

Often, increases in farmed seabass and seabream production surpluses from Turkey and Greece have been blamed to lead to price declines and aquaculture sector crises. In this study, we investigate whether Turkish exports of farmed European seabass affect prices of European Union (EU) farmed European seabass. This is done by examining the existence of market integration between the prices of Turkish exports of farmed European seabass into the EU and the prices of farmed European seabass commercialized in wholesale markets in Barcelona, Madrid and Paris. Market integration and competition studies in fisheries and aquaculture products have generally focused on analyzing substitutability between species and between wild and farmed conspecifics. Few studies have focused on analyzing market integration between different geographic areas. Market integration analyses between different geographic areas have proven useful in anti-dumping investigations. Results show the lack of market integration between EU imports of Turkish farmed European seabass and main EU wholesale markets; in other words, farmed European seabass prices in EU markets do not seem to be affected by export prices of Turkish farmed seabass.     

Quality Changes and Shelf Life of Cultured and Wild Hot-Smoked Mediterranean Horse Mackerel (Trachurus mediterraneus) at Refrigerated (4 ± 1°C) Conditions

ABSTRACT

Mariculturing of horse mackerel is not known in the world. Additionally, limited studies exist on quality changes of smoked horse mackerel at refrigerated temperatures. Therefore, in this study, between 1+ and 2-year-old wild and cultured horse mackerels were hot smoked and stored at refrigerated conditions. Chemical, microbiological, and sensory analyses were performed weekly to investigate quality changes and to determine the shelf stability of the products. The results of thiobarbituric acid, trimethylamine, and total bacteria counts were obtained within the acceptable levels. Although the counts of histamine-forming bacteria increased significantly (p < 0.05) during storage, histamine values were well below the permitted limits set by Food and Drug Administration and European Union (EU). Sensory results showed that both storage groups had 3 weeks of shelf life. Total volatile basic nitrogen values supported sensory results. Therefore, the results indicate that culturing of horse mackerel did not alter the quality during storage at 4 ± 1°C.     

Comparison of Proximate Composition and Fatty Acid Profile of On-Growing and Wild Mediterranean Horse Mackerel (Trachurus mediterraneus)

ABSTRACT

On-growing of horse mackerel is not known in the world. Recently, we have initiated on-growing of the Mediterranean horse mackerel in the Black Sea. Therefore, we aim to compare proximate composition and fatty acid profile of on-growing and wild horse mackerels to evaluate the effect on their nutritional value. Captured horse mackerels less than 13 cm were kept on-growing in sea cages and fed sea bass feed for a year in the southern Turkish Black Sea. Results showed seasonal variations in the proximate contents and fatty acid profile of both on-growing and wild fish groups (p < 0.05). Protein contents of the wild horse mackerel group were significantly higher than the on-growing mackerel group, while the opposite situation was observed for lipid contents (p < 0.05). Despite higher eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) levels (as fatty acid methyl esters %) of wild horse mackerel in comparison with on-growing group, much higher EPA + DHA contents were accounted for in on-growing fish in the edible portion resulting from higher lipid contents of these samples. The results suggest that lower amounts of fish meat, 50–90 g, from on-growing mackerel would cover the daily suggested value of EPA + DHA; this level is calculated as 51–150 g for wild fish meat.     

Egg and larval distributions of seven fish species in north-east Atlantic waters

The distribution of egg and larvae of mackerel, horse mackerel, sardine, hake, megrim, blue whiting and anchovy along the European Atlantic waters (south Portugal to Scotland) during 1998 is described. Time of the year, sea surface temperature and bottom depth are used to define the spawning habitat of the different species. Mackerel, horse mackerel, and sardine eggs and larvae presented the widest distribution, whereas megrim and anchovy showed a limited distribution, restricted to the Celtic Sea and the Bay of Biscay respectively. Correspondingly mackerel, horse mackerel and sardine showed the highest aggregation indices. Blue whiting larvae were found at the lowest temperatures, whereas anchovy eggs and larvae were found in the warmest waters. The analysis is a basis for evaluation of ongoing changes in the pelagic ecosystem of the north‐east Atlantic.     

Seasonal variation in docosahexaenoic acid content in horse mackerel caught in the East China Sea

ABSTRACT:   The fatty acid composition in horse mackerel caught off Nagasaki, off Tsushima Island, and in the middle of the East China Sea was investigated. The ratios of monoenoic and polyenoic acids to the total fatty acids in the Nagasaki and bull trawl catch specimens had a negative correlation. The docosahexaenoic acid (DHA; 22:6n-3) ratios of total fatty acids in summer-caught specimens were lower than those in winter-caught specimens, and this tendency was significantly clearer in smaller-sized fish, while DHA levels in tissues varied little throughout the year. Consistently high levels of DHA were found in various fishing areas, which suggests that horse mackerel offers a stable source of DHA.     

Behaviour of price transmissions in vertically coordinated markets: The case of frozen black tiger shrimp (Penaeus monodon)*

Abstract

This study analyses the behaviour of the price transmission process for the leading cultured shrimp species, black tiger shrimp (Penaeus monodon), in both forward and backward directions between Thai and Indonesian shrimp packer markets and the Japan Tokyo wholesale market. The bivariate cointegration approach using the Engle‐Granger two‐stage estimation procedure is applied in this study. The results show that Tokyo wholesale prices appear to have stronger backward influences on the formation of overseas contract prices used by Japanese shrimp importers in the Thai and Indonesian shrimp packer markets. In addition, there is a tendency for the speed of price transmissions in the long term to increase with increasing size class (from 26 to 30–21–25 and 16–20 counts per pound) of black tiger shrimp, regardless of estimation specification in the direction of price transmissions and the shrimp country of origin.     

Spatial integration of freshwater fish markets in the Northern Baltic Sea area

Freshwater fish species and Baltic salmon (Salmo salar) are important to small-scale fisheries in Finland and Sweden. The formerly local markets for these species have expanded as trade has been opened up to international competition. In this study we use cointegration analysis to test the spatial integration of freshwater fish markets in Finland and between Finland and Sweden. The analysed fish species are salmon, perch (Perca fluviatilis), pikeperch (Sander lucioperca), European whitefish (Goregonus lavaretus) and pike (Exos lucius), and the data covers ex-vessel prices from 1993 or 1995 to 2004. We found that the regional prices in Finland were cointegrated. This indicates that the prices are determined on a single market in Finland. Moreover, the study suggests that Finnish and Swedish markets in Baltic salmon, whitefish, pikeperch and perch were partially integrated, while integration of pike markets could not be found. The political implication is that an essential part of the local small-scale fisheries’ operational environment is determined outside the national borders.     

Availability of horse mackerel (Trachurus trachurus) in the north-eastern North Sea, predicted by the transport of Atlantic water

One of the clearest relationships between a single marine climate variable and fisheries yield is found between the transport of Atlantic water into the North Sea in the winter and catches of horse mackerel (Trachurus trachurus L.) in the northern North Sea 6 months later. A three‐dimensional numerical model, the NORWegian ECOlogical Model system (NORWECOM), has estimated this inflow during the winter from 1976 to 2000, which is strongly correlated with the Norwegian fleet's catch of horse mackerel (r² = 0.70) in the following autumn. It is hypothesized that a large influx of this relatively warm and nutrient rich water during the winter may support an early spawning of zooplankton and high biological production during the spring and summer. This might be the biological reason for a large fraction of the horse mackerel stock migrating into the North Sea during strong inflows.     

Seasonal and interannual variations of oceanographic conditions off Mangalore coast (Karnataka, India) in the Malabar upwelling system during 1995–2004 and their influences on the pelagic fishery

Mangalore coast is well known for its multi‐species and multi‐gear fisheries and the fishery and oceanographic features of this region is a true representation of the Malabar upwelling system. Ten years of study (1995–2004) of oceanographic parameters has been carried out from the inshore waters off Mangalore to understand their seasonal and interannual variations and influences on the pelagic fishery of the region. Attempt has been also made to understand the influence of local and global environmental conditions on the alternating patterns of abundance between the Indian mackerel and oil sardine from the area. Field‐ and satellite‐derived oceanographic data have shown that coastal upwelling occurs during July–September with a peak in August resulting in high nutrient concentrations and biological productivity along the coast. Nearly 70% of the pelagic fish catch, dominated by oil sardine and mackerel, was obtained during September–December, during or immediately after the upwelling season. Catches of scombroid fishes were significantly related to cold Sea Surface Temperature, while such relationships were not observed for sardines and anchovies. Significant positive correlations were observed between the ENSO events (MEI) and seawater temperature from the study area. The extreme oceanographic events associated with the cold La Niña, which preceded the exceptional 1997–98 El Niño event, were responsible for the collapse of the pelagic fishery, especially the mackerel fishery along the southwest coast of India (Malabar upwelling system). Coinciding with the collapse of the mackerel fishery, oil sardine populations revived during 1999–2000 all along the southwest coast of India. Tolerance of oil sardine to El Niño / La Niña events and the low predatory pressure experienced by their eggs and larvae due to the collapse of mackerel population might have resulted in its population revival.     

TESTING FOR MARKET INTEGRATION AND THE LAW OF ONE PRICE IN WORLD SHRIMP MARKETS

Using import price data from Japan, United States, and the European Union, shrimp price movements in these markets were evaluated to test if it denotes an integrated world market for shrimp. Cointegration techniques were utilized to investigate if prices in these markets share a common stochastic trend and if the law of one price holds. Results indicated a strong link amongst Japanese, American, and European markets. The results on the aggregated shrimp markets were checked against the results at a more disaggregated level. Data from wholesale markets in Tokyo, New York, and Europe for specific shrimp products confirm the integrated nature of shrimp markets. Evidence also supports the law of one price in shrimp markets.     

东南太平洋智利竹(竹夹)鱼渔业生物学的初步调查研究

根据在东南太平洋的探捕调查 ,对所渔获的智利竹鱼 (Trachurus murphyi)群体的构成、叉长与体重的关系 ,年龄与生长的关系和性腺发育等基本生物学特征进行了初步探讨。结果显示 ,渔获智利竹鱼的叉长范围为 1 45～ 61 0 mm,体重范围为 42～ 1 95 0 g,年龄组成为 2～ 1 3龄 ,3～ 4龄鱼为优势群体 ,初次性成熟年龄为 3龄 ,不同年龄个体性腺成熟的节律差异明显     

Modeling and forecasting pelagic fish production using univariate and multivariate ARIMA models

ABSTRACT:   Univariate and multivariate autoregressive integrated moving average (ARIMA) models were used to model and forecast the monthly pelagic production of fish species in the Mediterranean Sea during 1990–2005. Autocorrelation (AC) and partial autocorrelation (PAC) functions were estimated, which led to the identification and construction of seasonal ARIMA models, suitable in explaining the time series and forecasting the future catch per unit of effort (CPUE) values. Univariate and multivariate ARIMA models satisfactorily predicted the total pelagic fish production and the production of anchovy, sardine, and horse mackerel. The univariate ARIMA models demonstrated a good performance in terms of explained variability and predicting power. The current findings revealed a strong autoregressive character providing relatively high R ² and satisfactory forecasts that were close to the recorded CPUE values. The present results also indicated that the multivariate ARIMA outperformed the univariate ARIMA models in terms of fitting accuracy. The opposite was evidenced when testing the forecasting accuracy of the two methods, where the univariate ARIMA models overall performed better than the multivariate models. The observed seasonal pattern in the monthly production series was attributed to the intrinsic nature of the pelagic fishery. As anchovy, sardine, and horse mackerel represent main target species in the Mediterranean pelagic fishery, the findings of the present study provided direct support for the potential use of accurate forecasts in decision making and fisheries management in the Mediterranean Sea.     

Quality improvement of the thermal gel of horse mackerel by sodium citrate and its inhibition of the insoluble metalloproteinase

Modori-inducing proteinases (MIPs) in horse mackerel and the effect of sodium citrate on the modori phenomenon were investigated. Cysteine protease caused the modori phenomenon only at 60 ℃, while metalloproteinase caused it at both 60 ℃ and 70 ℃. Moreover, the autolysis of myofibrillar proteins was mainly inhibited by ethylene diamine tetra-acetic acid (EDTA), verifying the existence of insoluble metalloproteinase. From the results comparing thermal gel properties and protease activities, we confirmed that increased activity of insoluble metalloproteinase corresponded to the weakening of the thermal gel. Thus, insoluble metalloproteinase was the major MIP in horse mackerel. Moreover, sodium citrate could markedly inhibit insoluble metalloproteinase activity at 60 ℃. The addition of sodium citrate significantly improved the breaking force of the thermal gel at 60 ℃ and 70 ℃, suggesting that sodium citrate could suppress the modori phenomenon by inhibiting insoluble metalloproteinase. Therefore, it is desirable to use sodium citrate in horse mackerel surimi-based products to prevent the modori phenomenon.

     

Which are the best environmental conditions for catching the beach‐seine target species? A Portuguese case study

The beach‐seine fishery is a commercial fishing activity on the Portuguese coast, with reports dating as far back as the early 15th century. The main target species of this fishery are small pelagic fish such as Atlantic chub mackerel, Atlantic horse mackerel and sardine. To identify the best conditions for fishing the target species, catches of beach seine (2007–2017) were used and generalized linear models were applied, using a binomial and gamma distributions. The logistic model explained between 36.3% and 45.7% of the catches variability; the gamma model explained 9.1% and 46.9% of the catches variability, being month and wind direction the best covariates for the occurrence and/or abundance of the three small pelagic fishes in analysis. If the effort is directed to the days that meet the conditions found for each species (sardine: between May and October, wind NW, daytime; Atlantic horse mackerel: May, NW/NE wind, 800 m from the coastline; Atlantic chub mackerel: from July to August, NW moderate wind), a reduction in bycatch and discards can be achieved. This approach can have a positive economic and social impact, since it provides information for turning fisheries more efficient.     

An analysis of price formation in the Dutch mussel industry

This paper presents the findings of a study aimed at identifying the determinants of price formation in the mussel industry in the Netherlands. The Netherlands is one of the major producers of mussels in Europe and the largest exporter. As such it is expected to have an important influence on price formation in Europe. The investigation of price formation attempted to identify the most important determinants of price at the wholesale market level and to test any interactions between the Dutch market and other markets in Europe. Estimation was by means of an econometric demand analysis using monthly data from the single auction market at Yerseke. The Dutch market was found to be highly competitive, with price highly responsive to supply, quality and seasonality. This short-term price elasticity is paired with price-inelastic short-term supply. Therefore there is potential for shifting the demand curve without inducing a shift in supply. The implications of these results are discussed and suggestions for marketing put forward.     

Technological Effect and Nutritional Value of Dietary Antioxidant Fucus Fiber Added to Fish Mince

The technological effect of antioxidant dietary fiber (AODF) from Fucus vesiculosus added to minced horse mackerel (Trachurus trachurus) during frozen storage was tested. Fish mince (FM) samples supplemented with 1 and 2% AODF were compared to AODF-free control. Dietary analysis, antioxidant capacity, total polyphenols content, ferric-reducing antioxidant power (FRAP assay), and free radical scavenging activity (by ABTS assay), water binding capacity, water holding ability, cooking yield, and sensory analyses were carried out just after freezing and during frozen storage. Samples with 1 and 2% of AODF added had lower lipid oxidation than those without AODF, and the total drip (thaw + cooking) was reduced after 3 months of frozen storage. Fish samples supplemented with 1% AODF did not have a different flavor from the control. Samples supplemented with 2% AODF had a different flavor from the control, but this did not impair palatability.     

Prevention of surface death of horse mackerel (Trachurus mediterraneus) larvae by the addition of egg white and camphor grain to rearing water

To prevent surface tension‐related deaths in horse mackerel larvae, Trachurus mediterraneus, camphor grain (CG; 26 and 52 mg L^?1 with and without ethanol) and chicken egg white (EW; 40 and 80 μL L^?1) were added to rearing water. Compared with the control groups, supplementation of EW (40–80 μL) and CG (52 mg L^?1, dissolved in ethanol) significantly improved the survivals of horse mackerel larvae (P<0.05). At the end of the 10 days after hatching, the survival rates of EW‐40 and EW‐80 were 64% and 72% respectively. No clear correlation was found between surface tension and survival rate.     

Seasonal size distribution,condition status and muscle yield of Mediterranean horse mackerel <Emphasis Type="Italic">Trachurus mediterraneus</Emphasis> from the North Aegean Sea,Greece

ABSTRACT:   The seasonal intrinsic variability of the North Aegean Sea Mediterranean horse mackerel Trachurus mediterraneus population has been studied from monthly samples taken from the Greek purse-seine fishery over a 4-year period (2001–2005). The length and weight frequency distributions differed significantly by season, the highest mean lengths and weights attained in spring and the lowest in autumn. Length-weight relationships were determined on a monthly and annual basis, and monthly variations on the allometry coefficient were found. The differences between the coefficient obtained for annual data and the coefficients for each month were not significant in 50% of the cases. The b -values obtained both in this study and some of the previously reported in the Mediterranean Sea and other Greek waters were compared, showing basic similarities and minor spatial variation. The seasonal cycle in Mediterranean horse mackerel condition appears to be related to the reproductive cycle of the fish. Values of muscle yield ranged between 23.33% and 33.07% (mean value 28.48 ± 2.49%), but variations within seasons were not significant.