Groundwater elevation, soil moisture, and precipitation were monitored to evaluate the components of water loss from two greasewood-cheatgrass (Sarcobatus vermiculatus-Bromus tectorum) communities in south central Washington. Annual evapotranspiration was 21-25 cm, 18-31% of which was the transpiration of groundwater. The greatest loss from the system was the evapotranspiration of stored soil moisture, but this moisture was unavailable to greasewood. This study confirms that water use rates are a function of depth to water up to 2.3 meters, but indicates a more complicated mechanism at depths of up to 13 meters. Shrub height, canopy coverage, and total leaf surface area are inversely related to depth to water, and the rate of water use is in turn directly related to these plant-associated features.Semiarid lands of the Pacific Northwest are characterized by low annual precipitation that
As a measure of systematic risk, the lower partial moment measure requires fewer restrictive assumptions than does the variance measure. However, the latter enjoys far wider usage than the former, perhaps because of its familiarity and the fact that two measures of systematic risk are equivalent when return distributions are normal. This paper shows analytically that there are systematic differences in the two risk measures when return distributions are lognormal. Results of empirical tests show that there are indeed systematic differences in measured values of the two risk measures for securities with above average and with below average systematic risk.
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