Center for International Forestry Research
Center for International Forestry Research
News Article | April 17, 2017
CORVALLIS, Ore. - Clear-cutting of tropical mangrove forests to create shrimp ponds and cattle pastures contributes significantly to the greenhouse gas effect, one of the leading causes of global warming, new research suggests. A seven-year study, led by Oregon State University and the Center for International Forestry Research, spanned five countries across the topics from Indonesia to the Dominican Republic. The researchers concluded that mangrove conversion to agricultural uses resulted in a land-use carbon footprint of 1,440 pounds of carbon dioxide released into the atmosphere for the production of every pound of beef; and 1,603 pounds of released carbon dioxide for every pound of shrimp. "On a personal scale, this means a typical steak and shrimp cocktail dinner produced through mangrove conversion would burden the atmosphere with 1,795 pounds of carbon dioxide," said J. Boone Kauffman, an ecologist at Oregon State University who led the study. "This is approximately the same amount of greenhouse gases produced by driving a fuel-efficient automobile from Los Angeles to New York City." The findings are published online today in the journal Frontiers in Ecology and the Environment. The results were derived by the researchers through development of a new measurement - the land-use carbon footprint - by measuring the amount of carbon stored in the intact mangrove forest, the greenhouse gas emissions rising from conversion, and the quantity of the shrimp or beef produced over the life of the land use. Mangroves represent 0.6 percent of all the world's tropical forests but their deforestation accounts for as much as 12 percent of greenhouse gas emissions that come from all tropical deforestation, Kauffman said. "What we found was astounding," said Kauffman, a senior research professor in the College of Agricultural Sciences. "It's a remarkable amount of carbon that is emitted into the atmosphere when you convert these mangrove forests to shrimp ponds or pastures. And the food productivity of these sites is not really very high." Mangroves are a group of trees and shrubs that live in tropical coastal intertidal zones. There are about 80 different species of mangrove trees. All of these trees grow in areas of waterlogged soils, where slow-moving waters allow fine sediments to accumulate. In these environments, mangroves sequester significant quantities of carbon that is stored for centuries. Rates of deforestation of mangroves have been dramatic over the past three decades. They are disappearing at the rate of about 1 percent per year. Conversion to shrimp ponds is the greatest single cause of mangrove degradation and decline in Southeast Asia. The study was conducted on 30 relatively undisturbed mangrove forests and 21 adjacent shrimp ponds or cattle pastures. The sites were in Costa Rica, the Dominican Republic, Honduras, Indonesia and Mexico. Shrimp ponds were sampled in all countries except Mexico, where the predominant land use was conversion to cattle pastures. The decline in carbon storage from mangrove conversion to shrimp ponds or cattle pastures exceeded the research group's previous estimates. "These forests have been absorbing carbon for the last 4,000 or 5,000 years and now through deforestation they have become significant sources of greenhouse gas emissions," Kauffman said. "Because they store so much carbon that is released as greenhouse gases when deforested they are important sites for protection in order to mitigate or slow climate change." Collaborators on the study were researchers at Counterpart International in Arlington, Virginia; Universidade Juarez Autonoma de Tabasco Villhermosa in Mexico; the Tropical Agricultural Research and Higher Education Center in Costa Rica; the Center for Climate Change Studies at the University of Mulawarman in Indonesia; Bogor Agricultural University in Indonesia; and the Center for International Forest Research in Indonesia. Funding for the study was provided by the U.S. Agency for International Development, the Council for Economic Development and Counterpart International.
News Article | July 28, 2017
Randy Kolka hands me a fist-sized clump of brownish-black material pulled up by an auger from a bog. It’s the color and texture of moist chocolate cake. When I look closely I can see filaments of plant material. This hunk of peat, pulled from two meters (7ft) below the surface, is about 8,000 years old. I’m holding plants that lived and died before the Egyptians constructed the pyramids and before humans invented the wheel. In my hand is history. And carbon gold. “That’s the oldest [from this bog] right there,” says Kolka, a soil scientist with the USDA Forest Service Northern Research Station. Two hundred miles north of Minneapolis, I’m visiting the Marcell Experimental Forest, which has conducted research on northern Minnesota peatlands since 1960 and today conducts some of the world’s leading research into how peatlands, and their vast carbon stores, might react to a warming world. These peatlands – the largest in the lower 48 – started forming during the end of the ice age when depressions carved out by great glaciers created pools for sphagnum moss and other water-loving vegetation to take root. Most peatlands today were born as lakes – “sometimes at the bottom … you’ll find shells,” Kolka explains – then became marshes and finally bogs with meters of carbon-rich peat dating back millennia. Peatlands are created when dead vegetation subsides, partially decayed and partially preserved, into waterlogged landscapes or when the water table rises, overtaking the vegetation. The organic material doesn’t fully degrade due to a lack of oxygen in the wetlands. It accumulates and compresses, trapping the carbon the living plants had captured from the air. Over time, peatlands today could become coal deposits tomorrow, essentially storing carbon in perpetuity – unless someone decided to burn it for energy. Peatlands are the superheroes of ecosystems: purifying water, sometimes mitigating flooding and providing a home for rare species. And they beat nearly every system when it comes to carbon storage. Known peatlands only cover about 3% of the world’s land surface, but store at least twice as much carbon as all of Earth’s standing forests. In addition, at least one-third of the world’s organic soil carbon, which plays a vital role in mitigating climate change and stabilizing the carbon cycle, is in peatlands. “From a climate perspective, [peatlands] are the most essential terrestrial ecosystem,” says Tim Christophersen, a senior program officer with Forests and Climate at the United Nations Environment Programme. Unlike rainforests or coral reefs, peatlands have largely been ignored by researchers and policymakers, to the extent that we don’t even know where all of the world’s peatlands are. Scientists used to believe that the vast majority of the world’s peatlands were in boreal and temperate areas, such as Minnesota, but we now know that the tropics are also home to huge areas of peatlands. Early in 2017, scientists announced they had discovered the world’s largest tropical peatland in the Congo. The massive peatland – covering an area larger than New York State – stores as much carbon as is emitted from burning fossil fuels globally in three years, about 30bn metric tonnes. “Many countries still do not know if they have peatlands,” Christophersen says. A study published this year in Global Change Biology estimates that tropical peatlands – the most important in terms of carbon storage – may cover three times more land than previously estimated. But they are difficult to find because not all wetlands contain peat. The only way to know for sure is to send researchers to sample the soil, and that takes money. Greta Dargie, a research fellow at the University of Leeds, helped discover the peatlands in the Congo. She says the best way to uncover the world’s still-hidden peatlands and make sure they aren’t destroyed for agriculture is to start with satellite data and “identify areas which have the potential [for peatlands]”. As researchers look for unknown peatlands, the peatlands we do know about are under threat from a wide variety of human impacts. Historically, they’ve been seen as wastelands that can be conveniently converted into agriculture, since people don’t usually live on them. “Peatlands are facing tremendous pressures due to deforestation, conversions and drainage for agriculture, and infrastructure development,” says Daniel Murdiyarso, a senior scientist with the Indonesia-based Center for International Forestry Research. Sixty percent of the world’s known tropical peatlands are in southeast Asia where destruction is rampant (though a recent Global Change Biology study estimates that South America, not southeast Asia, may in fact hold more peatlands). In Indonesia, vast tracts of peatlands have been drained to make room for palm oil or pulp and paper plantations. Like humans, peatlands need water to survive. When peatlands are drained, the compressed organic matter begins to decay, turning long-submerged carbon into carbon dioxide and adding more greenhouse gases to our already overheated atmosphere. Complicating matters, peatlands and all wetlands are natural sources of methane, a more potent but shorter-lived greenhouse gas. In some cases, draining may actually decrease methane emissions. Drained peatlands also become susceptible to burning – and when they burn, they are almost impossible to put out. In 2015 Indonesia’s peatlands burned en masse after years of draining and deforestation. The fires spread a toxic yellow haze over much of the region. The crisis cost Indonesia over $16bn, according to the World Bank; released more than 800m metric tonnes of CO2; and, according to one study, led to the premature deaths of 100,000 people in Indonesia, Malaysia and Singapore. Murdiyarso says that palm oil, pulp and paper, and other agricultural businesses in Indonesia may be considered “success stories” in terms of profit, “but if the environmental costs are internalized, the story will be different”. Indonesia is not doing this, but since the 2015 fires the country has set a total moratorium on any development in peatlands. However, mixed messages from regional governments, lack of clear land tenure and corruption mean the central government has its work cut out for it. The good news is that if we block drainage canals, peatlands can be partly restored by preventing water levels from declining further. Planting native plants in degraded areas can also help by retaining water. Further damage can be mitigated by such measures, but whether damaged peatlands will ever recover their lost carbon and ecological potential, Kolka says no one knows, and if they can, timescales could be in the thousands of years. One potential way to secure the world’s vulnerable peatlands is through the global carbon market. Indonesian entrepreneur Dharsono Hartono spent nine years working to secure a Verified Carbon Standard (VCS) for his Katingan Project in Borneo. Today it’s the largest land use VCS project on the planet, covering 157,875 hectares (390,000 acres) of peatland containing a gigatonne of carbon, according to Hartono, and is a vital community project promoting less carbon-intensive agriculture. Carbon storage varies by peatland but generally is 30–70kg of carbon per cubic meter (35 cubic feet). “This is a long-term business, you just have to be persistent,” Hartono says, adding that now that his “product” is ready he’s on the look out for buyers. Hartono started the project with a focus on climate change, but he says it has since transformed: “It’s become a story of the people,” he says, who are the “heart and soul” of the project. Thirty-four villages surround Hartono’s concession in a buffer area that is partly peatlands as well. In order to protect the main site from fires, the project also has to change neighboring farms. Hartono and his team have spent the past few years helping communities shift from slash-and-burn farming to what he calls “climate-smart agriculture.” “You have to find a solution, you can’t just tell people not to burn,” he says. They developed a program of using cover crops of legumes to suppress weeds and injecting select bacteria into the soil to decompose organic matter rapidly, which provides extra nutrients to the soil without burning. They are also encouraging farmers to steer away from planting oil palm and instead focus on a diverse set of crops. “We want to build the forest back in the community land,” Hartono explains. With community buy-in, Hartono may not only succeed in protecting one of Indonesia’s largest intact peatlands, but also improve the lives of those who live nearby by better protecting the environment they depend on and allowing them to avoid the social and economic issues – such as price shocks, heavy pesticide use and dealing with large corporations – that come when local farmers depend solely on palm oil. But even finding and protecting peatlands may not be enough in a warming world. Back in Minnesota, Kolka takes me to visit the research center’s newest and most important project: the Spruce and Peatland Responses Under Changing Environments (Spruce). A collaboration between the US Department of Energy and Oak Ridge National Laboratory, Spruce may be the most cutting-edge research on peatlands today. Here, 10 massive open-air chambers sit along three boardwalks. In some of these eight-meter high chambers, researchers are adding heat – both above and below the peat – to mimic a warmer atmosphere. In other chambers, researchers have added higher concentrations of CO2. Some get both treatments. Spruce scientists are trying to answer a potentially world-changing question: How will peatlands react as the world warms and CO2 concentrations rise? Scientists fear that peatlands may go from being a carbon sink to a massive, unstoppable source. If climate change causes peatlands to dry out, it could mean a slow – or possibly sudden – release of tonnes of CO2 into the atmosphere. Further warming, more potential release of CO2: a textbook example of a positive feedback loop. Even more worrying are the bogs, fens and peatlands locked in the permafrost further north: if those melt, researchers fear a sudden influx of massive amounts of both CO2 and methane. The project is in its infancy, but Kolka says so far the good news is highlighted in a 2016 Spruce study that found heating the peat does not result in a loss of carbon or methane below one foot, which means old carbon may stay locked away even in a significantly warmer world. Kolka says Spruce will help inform climate models for the Intergovernmental Panel on Climate Change, the UN group that provides scientific and economic research to the world’s governments on climate change. We hike out deeper along a boardwalk into one of the bogs, where the peat goes eight meters deep. “This is sort of one of my favorite places on the planet out here,” Kolka says. “This is what I consider the ultimate bog.” Although 150 years old, the trees are thin and straggly; the mosquitoes are out and feasting; the land is flat and unstable. I wonder how many people would see the landscape as Kolka does. “It does things that no other ecosystem does from a functional stand point, from processing chemicals to nutrients. It’s one of the harshest environments on the planet,” he says. “And one of the most important.” It’s then that I realize, to save peatlands, we need to see them differently.
News Article | July 19, 2017
The hunting of pangolins, the world's most illegally traded mammal, has increased by 150 percent in Central African forests from 1970s to 2014, according to a new study led by the University of Sussex. The first-ever study of its kind, published in Conservation Letters, shows the true scale of local pangolin exploitation across the continent. The international research team, which includes researchers from academia and conservation organisations, state that up to 2.7 million pangolins are harvested annually from forests in Cameroon, Central African Republic, Equatorial Guinea, Gabon, Democratic Republic of Congo and Republic of Congo. The team used data from 113 sites in 14 African countries to estimate the total annual harvest of pangolins. Worryingly the new study reveals the mammal, which is more sought after than elephant ivory and reproduces slowly, is now making-up an increasing proportion of all animals hunted in Central Africa. The researchers also found that snares are still being used to capture pangolins despite the practice being illegal in most Central African countries. Pangolins are hunted and traded for food and traditional medicine throughout their range in Africa, and recent evidence has also shown an increasing trade of African pangolins to some countries in Asia. The researchers show that the price of pangolins has increased in urban African markets since the 1990s, with a 5.8 times increase in price observed for the sought after giant pangolin despite it being protected. The team are calling on governments across the continent to increase the capacity to enforce international trade bans, embark on education and outreach programmes, and monitor pangolin populations. Daniel Ingram, lead author of the study from the University of Sussex, said: "Our new study shows that African pangolins are at risk. We now have the opportunity to ensure that these species do not follow the severe declines of the Asian pangolins. If we do not act now to better understand and protect these charismatic animals, we may lose them in the future. "Compared to other species, relatively little is known about African pangolins, only gaining international attention in recent years. With hunting increasing, it is crucial we investigate how this links to the illegal wildlife trade. The engagement of governments and local people will be critical to the conservation of African pangolins." Professor Jörn Scharlemann, from the University of Sussex, said: "Overexploitation is one of the main pressures driving wildlife, like the pangolins, closer to extinction, yet data to evaluate the pressures underlying species' declines are scarce. "Collating data from local studies collected by hundreds of researchers allows us to provide vital information on the regional exploitation of African pangolins at a critical time for the survival of these species. Bringing these individual studies together allows us to see the bigger picture that can help inform conservation policy and provide the evidence to governments across the world required to take action to use natural resources more sustainably." The collaborative study, entitled 'Assessing wide-scale pangolin exploitation by scaling local data', has been published in the journal Conservation Letters and can be found here. The international team involved researchers from the Universities of Sussex, Stirling and Cambridge, University of Dschang, Chinhoyi University of Technology, Norwegian University of Science and Technology, Kyoto University, Duke University, University of Copenhagen, Montana Tech, University of Florida, and Georg-August-Universität Göttingen; and from the Center for International Forestry Research (CIFOR), UN Environment World Conservation Monitoring Centre, Institut de Recherches en Ecologie Tropicale (CENAREST), Wildlife Conservation Society, Born Free Foundation, Ministry of Forestry and Wildlife Cameroon, and the National Park Agency Gabon. The University of Sussex's School of Life Sciences is one of the largest academic schools at the University of Sussex. With 96 per cent of its research rated as world leading, internationally excellent or internationally recognised (REF 2014), it is among the leading research hubs for the biological sciences in the UK. The School is home to a number of prestigious research centres including Sussex Neuroscience, the Genome Damage and Stability Centre and the Sussex Drug Discovery Centre, where academics work with industry to translate scientific advances into real-world benefits for patients.
News Article | July 20, 2017
BRIGHTON, 20-Jul-2017 — /EuropaWire/ — The hunting of pangolins, the world’s most illegally traded mammal, has increased by 150 percent in Central African forests from 1970s to 2014, according to a new study led by the University of Sussex. The first-ever study of its kind, published in Conservation Letters, shows the true scale of local pangolin exploitation across the continent. The international research team, which includes researchers from academia and conservation organisations, state that up to 2.7 million pangolins are harvested annually from forests in Cameroon, Central African Republic, Equatorial Guinea, Gabon, Democratic Republic of Congo and Republic of Congo. The team used data from 113 sites in 14 African countries to estimate the total annual harvest of pangolins.Worryingly the new study reveals the mammal, which is more sought after than elephant ivory and reproduces slowly, is now making-up an increasing proportion of all animals hunted in Central Africa. The researchers also found that snares are still being used to capture pangolins despite the practice being illegal in most Central African countries. Pangolins are hunted and traded for food and traditional medicine throughout their range in Africa, and recent evidence has also shown an increasing trade of African pangolins to some countries in Asia. The researchers show that the price of pangolins has increased in urban African markets since the 1990s, with a 5.8 times increase in price observed for the sought after giant pangolin despite it being protected. The team are calling on governments across the continent to increase the capacity to enforce international trade bans, embark on education and outreach programmes, and monitor pangolin populations. Daniel Ingram, lead author of the study from the University of Sussex, said: “Our new study shows that African pangolins are at risk. We now have the opportunity to ensure that these species do not follow the severe declines of the Asian pangolins. If we do not act now to better understand and protect these charismatic animals, we may lose them in the future. “Compared to other species, relatively little is known about African pangolins, only gaining international attention in recent years. With hunting increasing, it is crucial we investigate how this links to the illegal wildlife trade. The engagement of governments and local people will be critical to the conservation of African pangolins.” Professor Jörn Scharlemann, from the University of Sussex, said: “Overexploitation is one of the main pressures driving wildlife, like the pangolins, closer to extinction, yet data to evaluate the pressures underlying species’ declines are scarce. “Collating data from local studies collected by hundreds of researchers allows us to provide vital information on the regional exploitation of African pangolins at a critical time for the survival of these species. Bringing these individual studies together allows us to see the bigger picture that can help inform conservation policy and provide the evidence to governments across the world required to take action to use natural resources more sustainably.” The collaborative study, entitled ‘Assessing wide-scale pangolin exploitation by scaling local data’, has been published in the journal Conservation Letters and can be found here. The international team involved researchers from the Universities of Sussex, Stirling and Cambridge, University of Dschang, Chinhoyi University of Technology, Norwegian University of Science and Technology, Kyoto University, Duke University, University of Copenhagen, Montana Tech, University of Florida, and Georg-August-Universität Göttingen; and from the Center for International Forestry Research (CIFOR), UN Environment World Conservation Monitoring Centre, Institut de Recherches en Ecologie Tropicale (CENAREST), Wildlife Conservation Society, Born Free Foundation, Ministry of Forestry and Wildlife Cameroon, and the National Park Agency Gabon.
Agency: European Commission | Branch: FP7 | Program: CP | Phase: ENV.2012.6.2-1 | Award Amount: 11.46M | Year: 2012
Human use and exploitation of the biosphere is increasing at such a pace and scale that the sustainability of major ecosystems is threatened, and may not be able to continue to function in ways that are vital to the existence of humanity. Re-framing environmental resource use has led to the emergence of the concepts of ecosystem services (ES) and natural capital (NC). This discourse indicates not only a change in our understanding of planetary functions at the ecosystem scale, but also a fundamental shift in how we perceive the relationship between people and the ecosystems on which they depend. OPERAs (OPERATIONAL POTENTIAL OF ECOSYSTEMS RESEARCH APPLICATIONS) aims to improve understanding of how ES/NC contribute to human well-being in different social-ecological systems in inland and coastal zones, in rural and urban areas, related to different ecosystems including forests and fresh water resources. The OPERAs research will establish whether, how and under what conditions the ES/NC concepts can move beyond the academic domain towards practical implementation in support of sustainable ecosystem management. OPERAs will use a meta-analysis (systematic review) of existing ES/NC practice to identify knowledge gaps and requirements for new policy options and instruments. New insights, and improved or novel tools and instruments, will be tested in practice in exemplar case studies in a range of socio-ecological systems across locales, sectors, scales and time. Throughout this iterative process, available resources and tools will be brought together in a Resource Hub, a web-based portal that will be co-developed by scientists and practitioners representing different interests and perspectives on the development, communication and implementation of the ES/NC concepts. The Resource Hub will provide the main interface between OPERAs and a Community of Excellence (CoE) for continued practice that will benefit from OPERAs outcomes.
Agency: European Commission | Branch: FP7 | Program: CP-FP | Phase: ENV.2010.1.1.6-1 | Award Amount: 4.29M | Year: 2011
At COP15 in Copenhagen one outcome was a commitment to develop a mechanism for reducing greenhouse gas emissions from deforestation and forest degradation and enhancing carbon stocks (REDD\). There is, however, only a limited research basis for such a mechanism particularly with regard to the need for understanding and monitoring the impact of REDD\ activities on climate effectiveness, cost efficiency, equity and co-benefits. I-REDD\ will approach these challenges from a truly interdisciplinary perspective. The overall objective will be to obtain an improved understanding of how the implementation of REDD\ mechanisms may 1) reduce emissions of GHG and maintain or enhance existing stocks of carbon in vegetation and soil of various land cover types; 2) impact livelihoods and welfare of local farming communities and differences between communities; 3) impact biodiversity conservation, and 4) provide a realistic framework for monitoring, reporting and verification of REDD\, including the importance of governance and accountability at multiple levels. To complement other research initiatives we propose to work in the uplands of Southeast Asia in the Heart of Borneo, Kalimantan, Indonesia, and in the northern parts of Lao PDR and Vietnam, and Yunnan in Southwest China. Rapid land use transitions from forest and shifting cultivation to other, more intensive land use systems and widespread forest degradation are occurring in these areas, making the potential for REDD\ particularly pronounced. Moreover, REDD\ may considerably impact on local economies, because of the high population densities in the region. The partners in I-REDD\ are leading research institutions in Europe and Southeast Asia, international research organizations, an NGO and an SME. The consortium has a strong emphasis on local dissemination and capacity development in order to ensure that project results influence REDD\ policy development at local, national and global level.
Wunder S.,Center for International Forestry Research
Ecological Economics | Year: 2015
This article revisits the payments for environmental services (PES) concept and reviews existing PES definitions. Based on Weberian philosophy of science, it is argued that an ideal PES type, strongly embedded in PES theory, is needed to understand their logic. Many broader, empiricist definitions fail to distinguish PES from the larger generic family of positive environmental incentives, thus eroding their meaning by excessive vagueness. Arguably, PES definitions should focus on describing a functional tool, rather than normatively integrating desirable PES outcomes. A modified narrow PES definition is proposed, outlining conditionality as the single defining feature, avoiding the buyer-seller terms, and linking PES to offsite externalities. Extensive explanatory guidelines address many valid conceptual concerns raised in the recent PES literature. © 2014 Elsevier B.V..
Wunder S.,Center for International Forestry Research
Conservation Letters | Year: 2013
Using the article by Muradian et al. as entry point, I develop a broader framework for the conditions needed to allow PES to emerge and function. It is argued that PES are designed as instruments with clear goals, and will function without markets, economic valuation, or commoditized services. As a highly adaptive management tool, PES are particularly suited for achieving equitable and flexible conservation outcomes. However, PES do require a payment culture and good organization from service users, a trustful negotiation climate, and well-defined land- or resource-tenure regimes for providers. These demanding preconditions may explain why PES implementation, while promising in many cases, has only spread slowly in low-income countries. © 2013 Wiley Periodicals, Inc.
Larson A.M.,Center for International Forestry Research
Global Environmental Change | Year: 2011
Numerous authors have stressed the importance of guaranteeing and protecting the tenure and human rights of indigenous and other forest-based communities under schemes for reducing emissions from deforestation and forest degradation (REDD, or REDD+); and important international indigenous organizations have spoken out strongly against REDD+. This article examines two specific issues that present risks for local communities: rights to forests and rules for resource use. It draws on the findings of a study conducted by the Center for International Forestry Research (CIFOR) on forest tenure reforms in selected countries in Asia, Africa and Latin America from 2006 to 2008. The study underlines the numerous obstacles faced by communities after rights are won, in moving from statutory rights to their implementation and to access to benefits on the ground. It argues that there is currently little reason to expect better results from national policies under REDD+ without binding agreements to protect local rights. © 2010 Elsevier Ltd.
Schoneveld G.C.,Center for International Forestry Research
Food Policy | Year: 2014
Following the food and energy price crises of the mid 2000s, sub-Saharan Africa has become one of the largest recipients for large-scale farmland investments. While much has been written on the phenomenon, scant reliable empirical evidence is available as to the precise geographic and sectoral patterns and underlying drivers. Employing strict data quality requirements, this paper addresses these knowledge gaps by analyzing 563 farmland projects that have been established between 2005 and 2013 in sub-Saharan Africa. Findings show that the investment intensity and associated risks are not geographically uniform. Moreover, the study highlights a number of popular misconceptions regarding investor origin and their sectoral interests and motives. © 2014 The Author.