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Where do climate change deniers get their science?

I’m not sure where climate change deniers get their science. I seriously doubt their is much legitimate science which claims the climate doesn’t change.But if you are really asking where do skeptics of the theory of catastrophic anthropogenic CO2 global warming get their science, read on.There are thousands of papers, articles and book chapters written by CAGW skeptic climate scientists. Many are published in peer-reviewed journals. Many are published in online science publications such as Cornell University Library, “the world's premier e-print repository in physics, math, computer science and related disciplines enabling scientists worldwide to share and access research before it is formally published” (arXiv.org e-Print archive). Others are published on climate change blogs. While many of the latter are not formally peer-reviewed, it is common knowledge that the peer-review process in climate science has been corrupted by ideology and politics. It is now essentially “pal-review” where alarmists have other alarmists review their papers and skeptics have other skeptics review theirs.There are numerous books and book chapters written by skeptic scientists. Here are a few:Why Scientists Disagree About Global Warming: The NIPCC Report on Scientific Consensus Paperback – December 31, 2016 by Craig D. IdsoInconvenient Facts: The science that Al Gore doesn't want you to know 2017 by Gregory WrightstoneClimate Change: The Facts Paperback – April 21, 2015 by J.AbbotA DISGRACE TO THE PROFESSION: The World’s Scientists – in their own words – on Michael E Mann, his Hockey Stick and their Damage to Science, compiled and edited by Mark Steyn, Volume I,Alexander RB, 2009. Global Warming False Alarm: The Bad Science Behind the United Nations’ Assertion that Man-made CO2 Causes Global Warming. Canterbury Publishing: Royal Oak, MI.Carter RM, 2010. Climate: The Counter-Consensus. Stacey International: London, United Kingdom.Idso CD, Carter RM, Singer SF, 2015. Why Scientists Disagree About Global Warming: The NIPCC Report on Scientific ConsensusInhofe J, 2011. The Greatest Hoax: How the Global Warming Conspiracy Threatens Your FutureClimate Change Reconsidered II: Physical Science https://www.heartland.org/_template-assets/documents/CCR/CCR-II/CCR-II-Full.pdfClimate Change Reconsidered II- Fossil Fuels 2018and Climate Change Reconsidered II- Biological Impacts at Home 2014Marohasy J (ed.), 2017. Climate Change: The Facts 2017. Institute of Public Affaris: Melbourne, Australia.Michaels PJ (ed.), 2005. Shattered Consensus: The True State of Global Warming. Rowman & Littlefield Publishers Inc.: Lanham, MD.Climate of Extremes: Global Warming Science They Don't Want You to Know 2009byPatrickMichaelsEvidence-Based Climate Science Data Opposing CO2 Emissions as the Primary Source of Global Warming 2nd Edition Edited by: Don J. Easterbrook 2016Lukewarming: The New Climate Science that Changes Everything by Patrick MichaelsMichaels PJ, 2011. Climate Coup: Global Warmings Invasion of Our Government and Our Lives. Cato Institute: Washington,DCTHE MYTHOLOGY OF GLOBAL WARMING: Climate Change Fiction vs. Scientific Facts by Bruce Bunker, PhDPlimer I, 2009. Heaven and Earth: Global Warming the Missing Science. Rowman & Littlefield Publishing Group Inc.: Lanham, MDSpencer RW, 2008. Climate Confusion: How Global Warming Hysteria Leads to Bad Science, Pandering Politicians, and Misguided Policies that Hurt the Poor. Encounter Books: New YorkSpencer RW, 2010. The Bad Science and Bad Policy of Obama’s Global Warming Agenda. Encounter Books: New York, NY.Spencer RW, 2010. The Great Global Warming Blunder: How Mother Nature Fooled the World’s Top Climate Scientists. Encounter Books: New York, NY.Sussman B, 2016. Climategate: A Veteran Meteorologist Exposes the Global Warming Scam. WorldNetDaily (WND) Books: Washington, DCGlobal Warming-Alarmists, Skeptics and Deniers: A Geoscientist Looks at the Science of Climate Change 2012 by G Dedrick RobinsonHere are some books authored by other scientists or those with extensive knowledge of climate science:Nova, J The Skeptic’s Handbook: https://jonova.s3.amazonaws.com/sh1/the_skeptics_handbook_2-3_lq.pdfThe Neglected Sun: Why the Sun Precludes Climate Catastrophe Fritz VahrenholtFray C, 2016. Climate Change Reality Check: Basic Facts that Quickly Prove the Global Warming Crusade is Wrong and DangerousHorner CC, 2008. Red Hot Lies: How Global Warming Alarmists Use Threats, Fraud, and Deception to Keep You MisinformedJones A, 2016. Climate Change, The Climate Change Agenda: World Government, Carbon Taxes & Population Control.Lomborg B, 2007. Cool It: The Skeptical Environmentalist’s Guide to Global Warming. Marshall Cavendish Limited: London, United Kingdom.Montford AW, 2010. The Hockey Stick Illusion: Climategate and the Corruption of Science. Stacey International: London, United Kingdom.Moore TG, 1995. Global Warming: A Boon to Humans and Other Animals. Essays in Public Policy No. 61. Hoover Institution on War, Revolution, and Peace: Stanford University, CA.Rupert Darwall, The Age of Global Warming: A History (Quartet Books Ltd, 2013)Morano M, 2018. The Politically Incorrect Guide to Climate Change. Regnery Publishing: Washington, DC.Climate Basics: Nothing to Fear by Rod MartinWishart I, 2009. Air Con: The Seriously Inconvenient Truth about Global Warming. Howling at the Moon Publishing: Kaukapakapa, New ZealandThere are also hundreds of articles in various media reporting on the findings of skeptic scientists and exposing the mendacity of many alarmists (e.g., plenty published about Climategate easily found online).Climate change: this is the worst scientific scandal of our generationhttp://www.populartechnology.net/2009/10/peer-reviewed-papers-supporting.html (Over 1350 papers skeptical of CAGW)http://www.scmsa.eu/archives/SCM... (A 2015 White Paper written by French Mathematicians and Modelers providing a brilliant summary of the inconsistencies, discrepancies and other severe problems with the theory of CAGW, including an astute analysis of the often distorted mathematical manipulations performed by NOAA et al.On the Validity of NOAA, NASA and Hadley CRU Global Average Surface Temperature Data & The Validity of EPA's CO 2 Endangerment Finding Abridged Research Reporthttps://www.thegwpf.org/content/uploads/2018/02/Groupthink.pdf (2018 report about how group-think is behind the theory of CAGW)itsnotco2https://thsresearch.files.wordpress.com › chap3-published-in-elsevier (very comprehensive, explaining just how manipulated and unreliable the NOAA, NASA and CRU temperature data are. It will make you ponder if there has really been much global warming at all, or, at least, how we could know if and how much warming from such manipulated data.)This study, just published in June 2019, by climatologists from Finland found no significant evidence for man-made CO2 climate change: https://arxiv.org/pdf/1907.00165.pdfHere is a list of some skeptic articles and skeptic websites: John Walker's answer to Can you give me some articles on climate change skepticism? This anthology is also quoted at: Extensive Anthology by Experts That Refutes Man-Made Global Warming | Europe ReloadedCO2: The Greatest Scientific Scandal of Our Time (Zbigniew Jaworowski) Poland - Environmentalists For Nuclear USA - very informative essay about how the scam came about and why it violates known science. 200717 New Scientific Papers Dispute CO2 Greenhouse Effect As Primary Explanation For Climate Change 2017Climategate 2.0: New E-Mails Rock The Global Warming DebateThe U.N.'s Global Warming War On Capitalism: An Important History Lesson 20133 Chemists Conclude CO2 Greenhouse Effect Is ‘Unreal’, Violates Laws Of Physics, Thermodynamics 2017https://climateofsophistry.files.wordpress.com/2017/01/there-is-no-radiative-greenhouse-effect-presentation.pdf 2017CO2 Sciencehttp://carbon-sense.com/wp-content/uploads/2010/12/carbon-dioxide-feeds-the-world.pdf -In the Cold Light of Day: Flat Earth in Modern Physics by J Postma, M.Sc. AstrophysicsAbout the IPCCThe IPCC WGI Fifth Assessment Report-comment by Dr Vincent Gray 2013Global warming: second thoughts of an environmentalist 2012The Dark Story Behind Global Warming aka Climate Change 2018Friends of Science | (Numerous articles about climate change and AGW fraud)On the gargantuan lie of climate change scienceWatts Up With That? -world’s most viewed climate website,Anthony Watts, meteorologistWhy It's Not Carbon DioxideThe Global Warming Policy Forum (GWPF) - Common Sense on Climate ChangeJoNova - author of The Skeptic's Handbook, AustraliaSkeptics Handbook free download of The Skeptics’ Handbook and other bookletsClimate Change Archives -Technocracy Newsclimate science - from the UKGlobal Climate ScamClimate Depot-Marc Morano, author The Politically Incorrect Guide to Climate ChangeThe Politically Incorrect Guide to Climate Change’ By Marc MoranoClimate Etc. -Dr. Judith Curry, ClimatologistWelcome -weather actionThe Deplorable Climate Science Blog (real climate science .com) Tony Hellernotrickszone.com -Pierre Gosselin, GermanyClimate Change News & AnalysisGREENIE WATCH (a website hosted by Dr. John Ray, an Australian blogger skeptical of CAGW)Thongchai Thailand (A website hosted by Dr. Chaam Jamal, Chemical Engineer, posting numerous articles refuting much of the hypotheses of CAGW)What You Never Hear About Global Warming -- Sott.net - This is an excellent article discussing some of the damning information about CAGW which most of the public never hears. It explains part of the reason the author became a skeptic.Countering The Fallacy Of Global WarmingThe Dark Story Behind Global Warming aka Climate ChangeCO2: The Greatest Scientific Scandal of Our Time (Zbigniew Jaworowski) Poland - Environmentalists For Nuclear USANational Association of Scholars - The Father of Global Warming Skepticism: An Interview with S Fred Singer by Ashley ThorneAnd this is just a small sample.Update 12/20/19Since someone asked for some links to pubished journal articles used by skeptics of the unproven theory of CAGW to debunk that theory (no doubt because they fallaciously believed there were none), I provide just a few below. By the way the last 80 or so prove there was a consensus among climate scientists in the 1970s that the earth was entering a period of global cooling. Many of the scientitsts are the same ones who now think we are in a period of catastrophic human CO2-induced gobal warming. So much for consensus science! Enjoy:(I may add more once my writing hand recovers.)A 2000-year global temperature reconstruction based on non-treering proxies (http://www.freesundayschoollessons.org/pdfs/climate-history.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 1049-1058, December 2007)**– Craig Loehle*– Reply To: Comments on Loehle, “correction To: A 2000-Year Global Temperature Reconstruction Based on Non-Tree Ring Proxies” (http://www.ingentaconnect.com/content/mscp/ene/2008/00000019/00000005/art00014)*(Energy & Environment, Volume 19, Number 5, pp. 775-776, September 2008)**– Craig Loehle*A Climate of Doubt about Global Warming (http://www3.interscience.wiley.com/journal/120100252/abstract)*(Environmental Geosciences, Volume 7 Issue 4, pp. 213, December 2000)**– Robert C. Balling Jr.*A comparison of tropical temperature trends with model predictions (http://www.pas.rochester.edu/%7Edouglass/papers/Published%20JOC1651.pdf) (PDF)*(International Journal of Climatology, Volume 28, Issue 13, pp. 1693-1701, December 2007)**– David H. Douglass, John R. Christy, Benjamin D. Pearson, S. Fred Singer*A critical review of the hypothesis that climate change is caused by carbon dioxide (http://www.ingentaconnect.com/content/mscp/ene/2000/00000011/00000006/art00003)*(Energy & Environment, Volume 11, Number 6, pp. 631-638, November 2000)**– Heinz Hug*A new dynamical mechanism for major climate shifts (http://www.nosams.whoi.edu/PDFs/papers/tsonis-grl_newtheoryforclimateshifts.pdf) (PDF)*(Geophysical Research Letters, Volume 34, Issue 13, July 2007)**– Anastasios A. Tsonis, Kyle Swanson, Sergey Kravtsov*A scientific agenda for climate policy? (http://nome.colorado.edu/HARC/Readings/Boehmer.pdf) (PDF)*(Nature, Volume 372, Issue 6505, pp. 400-402, December 1994)**– Sonja Boehmer-Christiansen*A test of corrections for extraneous signals in gridded surface temperature data (http://www.int-res.com/articles/cr2004/26/c026p159.pdf) (PDF)*(Climate Research, Volume 26, Number 2, pp. 159-173, May 2004)**– Ross McKitrick, Patrick J. Michaels*– Are temperature trends affected by economic activity? Reply to Benestad (2004) (http://www.int-res.com/articles/cr2004/27/c027p175.pdf) (PDF)*(Climate Research, Volume 27, Number 2, pp. 175–176, October 2004)**– Ross McKitrick, Patrick J. Michaels*– A test of corrections for extraneous signals in gridded surface temperature data: Erratum (http://www.uoguelph.ca/%7Ermckitri/research/Erratum_McKitrick.pdf) (PDF)*(Climate Research, Volume 27, Number 3, pp. 265-268, December 2004)**– Ross McKitrick, Patrick J. Michaels*Altitude dependence of atmospheric temperature trends: Climate models versus observation (http://www.pas.rochester.edu/%7Edouglass/papers/2004GL020103_altitude.pdf) (PDF)*(Geophysical Research Letters, Volume 31, Issue 13, July 2004)**– David H. Douglass, Benjamin D. Pearson, S. Fred Singer** An Alternative Explanation for Differential Temperature Trends at the Surface and in the Lower Troposphere (http://www.climatesci.org/publications/pdf/R-345.pdf) (PDF)*(Submitted to the Journal of Geophysical Research, February 2009)**– Philip J. Klotzbach, Roger A. Pielke Sr., Roger A. Pielke Jr., John R. Christy, Richard T. McNider*An assessment of validation experiments conducted on computer models of global climate using the general circulation model of the UK’s Hadley Centre (http://www.ingentaconnect.com/content/mscp/ene/1999/00000010/00000005/art00005)*(Energy & Environment, Volume 10, Number 5, pp. 491-502, September 1999)**– Richard S. Courtney*Analysis of trends in the variability of daily and monthly historical temperature measurements (http://www.int-res.com/articles/cr/10/c010p027.pdf) (PDF)*(Climate Research, Volume 10, Number 1, pp. 27-33, April 1998)**– Patrick J. Michaels, Robert C. Balling Jr, Russell S. Vose, Paul C. Knappenberger*Ancient atmosphere- Validity of ice records (http://www.springerlink.com/content/284n23943h8g687p/)*(Environmental Science and Pollution Research, Volume 1, Number 3, September 1994)**– Zbigniew Jaworowski*Are Climate Model Projections Reliable Enough For Climate Policy? (http://www.ingentaconnect.com/content/mscp/ene/2004/00000015/00000003/art00013)*(Energy & Environment, Volume 15, Number 3, pp. 521-525, July 2004)**– Madhav L. Khandekar*Are observed changes in the concentration of carbon dioxide in the atmosphere really dangerous? (http://www.friendsofscience.org/assets/documents/deFreitas.pdf) (PDF)*(Bulletin of Canadian Petroleum Geology, Volume 50, Number 2, pp. 297-327, June 2002)**– C. R. de Freitas*Are there connections between the Earth’s magnetic field and climate? (http://sciences.blogs.liberation.fr/home/files/Courtillot07EPSL.pdf) (PDF)*(Earth and Planetary Science Letters, Volume 253, Issues 3-4, pp. 328-339, January 2007)**– Vincent Courtillot, Yves Gallet, Jean-Louis Le Mouël, Frédéric Fluteau, Agnès Genevey*– Response to comment on “Are there connections between Earth’s magnetic field and climate?, Earth Planet. Sci. Lett., 253, 328–339, 2007” by Bard, E., and Delaygue, M., Earth Planet. Sci. Lett., in press, 2007 (http://sciences.blogs.liberation.fr/home/files/CourtillotEPSL08final.pdf) (PDF)*(Earth and Planetary Science Letters, Volume 265, Issues 1-2, pp. 308-311, January 2008)**– Vincent Courtillot, Yves Gallet, Jean-Louis Le Mouël, Frédéric Fluteau, Agnès Genevey*Atmospheric CO2 and global warming: a critical review (http://www.co2web.info/np-m-119.pdf) (PDF)*(Norwegian Polar Institute Letters, Volume 119, May 1992)**– Zbigniew Jaworowski, Tom V. Segalstad, V. Hisdal*Can increasing carbon dioxide cause climate change? (http://eaps.mit.edu/faculty/lindzen/181_PNAS97.pdf) (PDF)*(Proceedings of the National Academy of Sciences, Volume 94, pp. 8335-8342, August 1997)**– Richard S. Lindzen*Carbon dioxide forcing alone insufficient to explain Palaeocene–Eocene Thermal Maximum warming (Carbon dioxide forcing alone insufficient to explain Palaeocene–Eocene Thermal Maximum warming)*(Nature Geoscience, Volume 2, 576-580, July 2009)**– Richard E. Zeebe, James C. Zachos, Gerald R. Dickens*Climate as a Result of the Earth Heat Reflection (http://versita.metapress.com/content/0568267087g45882/fulltext.pdf) (PDF)*(Latvian Journal of Physics and Technical Sciences, Volume 46, Number 2, pp. 29-40, May 2009)**– J. Barkāns, D. Žalostība*Climate Change – A Natural Hazard (http://www.ingentaconnect.com/content/mscp/ene/2003/00000014/F0020002/art00006)*(Energy & Environment, Volume 14, Numbers 2-3, pp. 215-232, May 2003)**– William Kininmonth*Climate Change and the Earth’s Magnetic Poles, A Possible Connection (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/F0020001/art00005)*(Energy & Environment, Volume 20, Numbers 1-2, pp. 75-83, January 2009)**– Adrian K. Kerton*Climate change: Conflict of observational science, theory, and politics (http://cat.inist.fr/?aModele=afficheN&cpsidt=16098488)*(AAPG Bulletin, Volume 88, Number 9, pp. 1211-1220, September 2004)**– Lee C. Gerhard*– Climate change: Conflict of observational science, theory, and politics: Reply (AAPG Bulletin | GeoScienceWorld)*(AAPG Bulletin, Volume 90, Number 3, pp. 409-412, March 2006)**– Lee C. Gerhard*Climate Change: Dangers of a Singular Approach and Consideration of a Sensible Strategy (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/F0020001/art00014)*(Energy & Environment, Volume 20, Numbers 1-2 , pp. 201-205, January 2009)**– Tim F. Ball*Climate change: detection and attribution of trends from long-term geologic data (Redirecting)*(Ecological Modelling, Volume 171, Issue 4, pp. 433-450, February 2004)**– Craig Loehle*Climate change in the Arctic and its empirical diagnostics (http://www.ingentaconnect.com/content/mscp/ene/1999/00000010/00000005/art00003)*(Energy & Environment, Volume 10, Number 5, pp. 469-482, September 1999)**– V.V. Adamenko, K.Y. Kondratyev, C.A. Varotsos*Climate Change is Nothing New! (http://www.ilovemycarbondioxide.com/pdf/EndersbeeReprint.pdf) (PDF)*(New Concepts In Global Tectonics, Number 42, March 2007)**– Lance Endersbee*Climate change projections lack reality check (http://www3.interscience.wiley.com/journal/113507556/abstract)*(Weather, Volume 61, Issue 7, pp. 212, December 2006)**– Madhav L. Khandekar*Climate Change Re-examined (http://suesam.files.wordpress.com/2008/01/climate-change-re-examined.pdf) (PDF)*(Journal of Scientific Exploration, Volume 21, Number 4, pp. 723–749, 2007)**– Joel M. Kauffman*Climate Chaotic Instability: Statistical Determination and Theoretical Background (http://www3.interscience.wiley.com/journal/15771/abstract)*(Environmetrics, Volume 8, Issue 5, pp. 517-532, December 1998)**– Raymond Sneyers*Climate Dynamics and Global Change (Climate Dynamics and Global Change)*(Annual Review of Fluid Mechanics, Volume 26, pg 353-378, January 1994)**– Richard S. Lindzen*Climate outlook to 2030 (http://climatepolice.com/Climate_Outlook_2030.pdf) (PDF)*(Energy & Environment, Volume 18, Number 5, pp. 615-619, September 2007)**– David C. Archibald*Climate Prediction as an Initial Value Problem (http://www.climatesci.org/publications/pdf/R-210.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 79, Number 12, pp. 2743-2746, December 1998)**– Roger A. Pielke Sr.*Climate projections: Past performance no guarantee of future skill? (http://www.leif.org/EOS/2009GL038082.pdf) (PDF)*(Geophysical Research Letters, Volume 36, Issue 13, July 2009)**– Catherine Reifen, Ralf Toumi*Climate science and the phlogiston theory: weighing the evidence (http://www.ilovemycarbondioxide.com/pdf/09_Rorsch.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 3-4, pp. 441-447, July 2007)**– Arthur Rörsch*Climate stability: an inconvenient proof (http://www.atypon-link.com/telf/doi/abs/10.1680/cien.2007.160.2.66)*(Civil Engineering, Volume 160, Issue 2, pp. 66-72, May 2007)**– David Bellamy, Jack Barrett*Climate Variations and the Enhanced Greenhouse Effect (Climate Variations and the Enhanced Greenhouse Effect)*(Ambio, Volume 27, Number 4, pp. 270-274, June 1998)**– Wibjörn Karlén*CO2 as a primary driver of Phanerozoic climate: Comment (http://www.geosociety.org/gsatoday/comment-reply/pdf/i1052-5173-14-3-e4.pdf) (PDF)*(GSA Today, Volume 14, Issue 7, pp. 18–18, July 2004)**– Nir Shaviv, Jan Veizer*CO2-induced global warming: a skeptic’s view of potential climate change (http://www.int-res.com/articles/cr/10//c010p069.pdf) (PDF)*(Climate Research, Volume 10, Number 1, pp. 69–82, April 1998)**– Sherwood B. Idso*Cooling of Atmosphere Due to CO2 Emission (Home | Taylor & Francis Group)*(Energy Sources, Part A: Recovery, Utilization, and Environmental Effects, Volume 30, Issue 1, pp. 1-9, January 2008)**– G. V. Chilingar, L. F. Khilyuk, O. G. Sorokhtin*Comment on “Examining the Scientific Consensus on Climate Change” (http://www.heartland.org/custom/semod_policybot/pdf/25725.pdf) (PDF)*(Eos, Transactions, American Geophysical Union, Volume 90, Number 27, July 2009)**– Roland Granqvist*Conflicting Signals of Climatic Change in the Upper Indus Basin (http://www.staff.ncl.ac.uk/h.j.fowler/fowler&archer_JC2006.pdf) (PDF)*(Journal of Climate, Volume 19, Issue 17, pp. 4276–4293, September 2006)**– H. J. Fowler, D. R. Archer*Cooling of the Global Ocean Since 2003 (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/F0020001/art00008)*(Energy & Environment, Volume 20, Numbers 1-2, pp. 101-104, January 2009)**– Craig Loehle*Dangerous global warming remains unproven (http://www.ingentaconnect.com/content/mscp/ene/2007/00000018/00000001/art00011)*(Energy & Environment, Volume 18, Number 1, pp. 167-169, January 2007)**– Robert M. Carter*Differential trends in tropical sea surface and atmospheric temperatures since 1979 (Publish with AGU)*(Geophysical Research Letters, Volume 28, Number 1, pp. 183–186, January 2001)**– John R. Christy, D.E. Parker, S.J. Brown, I. Macadam, M. Stendel, W.B. Norris*Disparity of tropospheric and surface temperature trends: New evidence (http://www.pas.rochester.edu/%7Edouglass/papers/2004GL020212_disparity.pdf) (PDF)*(Geophysical Research Letters, Volume 31, Issue 13, July 2004)**– David H. Douglass, Benjamin D. Pearson, S. Fred Singer, Paul C. Knappenberger, Patrick J. Michaels*Do deep ocean temperature records verify models? (http://www-eaps.mit.edu/faculty/lindzen/204_2001GL014360.pdf) (PDF)*(Geophysical Research Letters, Volume 29, Issue 8, pp. 95-1, April 2002)**– Richard S. Lindzen*Do Facts Matter Anymore? (http://www.ingentaconnect.com/content/mscp/ene/2003/00000014/F0020002/art00009)*(Energy & Environment, Volume 14, Numbers 2-3, pp. 323-326, May 2003)**– Patrick J. Michaels*Do glaciers tell a true atmospheric CO2 story? (http://www.co2web.info/stoten92.pdf) (PDF)*(Science of the Total Environment, Volume 114, pp. 227-284, August 1992)**– Zbigniew Jaworowski, Tom V. Segalstad, N. Ono*Documentation of uncertainties and biases associated with surface temperature measurement sites for climate change assessment (http://ccc.atmos.colostate.edu/pdfs/Pielke-etal_BAMS_Jun07.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 88, Number 6, pp. 913-928, June 2007)**– Roger A. Pielke Sr. et al.*Does a Global Temperature Exist? (http://www.uoguelph.ca/%7Ermckitri/research/globaltemp/GlobTemp.JNET.pdf) (PDF)*(Journal of Non-Equilibrium Thermodynamics, Volume 32, Issue 1, pp. 1–27, February 2007)**– Christopher Essex, Ross McKitrick, Bjarne Andresen*Does CO2 really drive global warming? (Does CO2 really drive global warming?)*(Chemical Innovation, Volume 31, Number 5, pp 44-46, May 2001)**– Robert H. Essenhigh*Earth’s rising atmospheric CO2 concentration: Impacts on the biosphere (http://www.ingentaconnect.com/content/mscp/ene/2001/00000012/00000004/art00004)*(Energy & Environment, Volume 12, Number 4, pp. 287-310, July 2001)**– Craig D. Idso*Environmental Effects of Increased Atmospheric Carbon Dioxide (http://www.oism.org/pproject/GWReview_OISM600.pdf) (PDF)*(Journal of American Physicians and Surgeons, Volume 12, Number 3, pp. 79-90, Fall 2007)**– Arthur B. Robinson, Noah E. Robinson, Willie H. Soon*Environmental Effects of Increased Atmospheric Carbon Dioxide (http://www.cfa.harvard.edu/%7Ewsoon/myownPapers-d/CR99paper.pdf) (PDF)*(Climate Research, Volume 13, Number 2, pp. 149–164, October 1999)**– Arthur B. Robinson, Zachary W. Robinson, Willie H. Soon, Sallie L. Baliunas*Estimation and representation of long-term (>40 year) trends of Northern-Hemisphere-gridded surface temperature: A note of caution (http://www.cfa.harvard.edu/%7Ewsoon/myownPapers-d/SLB-GRL04-NHtempTrend.pdf) (PDF)*(Geophysical Research Letters, Volume 31, Number 3, February 2004)**– Willie H. Soon, David R. Legates, Sallie L. Baliunas*Evidence Delimiting Past Global Climate Changes (http://www3.interscience.wiley.com/journal/122579621/abstract)*(Environmental Geosciences, Volume 6, Issue 3, pp. 151, September 1999)**– John P. Bluemle, Joseph M. Sabel, Wibjörn Karlén*Evidence for decoupling of atmospheric CO2 and global climate during the Phanerozoic eon (Evidence for decoupling of atmospheric CO2 and global climate during the Phanerozoic eon)*(Nature, Volume 408, Issue 6813, pp. 698-701, December 2000)**– Ján Veizer, Yves Godderis, Louis M. François*Evidence for “publication Bias” Concerning Global Warming in Science and Nature (http://www.ingentaconnect.com/content/mscp/ene/2008/00000019/00000002/art00007)*(Energy & Environment, Volume 19, Number 2, pp. 287-301, March 2008)**– Patrick J. Michaels*Falsification Of The Atmospheric CO2 Greenhouse Effects Within The Frame Of Physics (http://xxx.lanl.gov/PS_cache/arxiv/pdf/0707/0707.1161v4.pdf) (PDF)*(International Journal of Modern Physics B, Volume 23, Issue 03, pp. 275-364, January 2009)**– Gerhard Gerlich, Ralf D. 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Stooksbury*Global warming and long-term climatic changes: a progress report (http://www.springerlink.com/content/f5uhmcp0qx4l81dj/)*(Environmental Geology, Volume 46, Numbers 6-7, pp. 970-979, October 2004)**– L. F. Khilyuk, G. V. Chilingar*Global Warming and the Accumulation of Carbon Dioxide in the Atmosphere (http://www.ingentaconnect.com/content/mscp/ene/2005/00000016/00000001/art00006)*(Energy & Environment, Volume 16, Number 1, pp. 101-126, January 2005)**– Arthur Rörsch, Richard S. Courtney, Dick Thoenes*Global warming and the mining of oceanic methane hydrate (http://www.ingentaconnect.com/content/klu/toca/2005/00000032/F0020003/00002879)*(Topics in Catalysis, Volume 32, Numbers 3-4, pp. 95-99, March 2005)**– Chung-Chieng Lai, David Dietrich, Malcolm Bowman*Global Warming: Correcting the Data (http://www.cato.org/pubs/regulation/regv31n3/v31n3-2.pdf) (PDF)*(Regulation, Volume 31, Number 3, pp.46-52, 2008)**– Patrick J. Michaels*Global Warming: Forecasts by Scientists Versus Scientific Forecasts (http://www.aei.org/docLib/20080204_armstrong.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 997-1021, December 2007)**– Keston C. Green, J. Scott Armstrong*Global Warming: Is Sanity Returning? (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/00000005/art00002)*(Energy & Environment, Volume 20, Number 5, pp. 721-731, September 2009)**– Nigel Lawson*Global Warming: Myth or Reality? The Actual Evolution of the Weather Dynamics (http://www.ingentaconnect.com/content/mscp/ene/2003/00000014/F0020002/art00008)*(Energy & Environment, Volume 14, Numbers 2-3, pp. 297-322, May 2003)**– Marcel Leroux*Global Warming: The Origin and Nature of the Alleged Scientific Consensus (http://www.cato.org/pubs/regulation/regv15n2/v15n2-9.pdf) (PDF)*(Regulation, Volume 15, Number 2, pp. 87-98, 1992)**– Richard S. Lindzen*Greenhouse effect in semi-transparent planetary atmospheres (http://www.met.hu/doc/idojaras/vol111001_01.pdf) (PDF)*(Quarterly Journal of the Hungarian Meteorological Service, Volume 111, Number 1, pp. 1-40, 2007)**– Ferenc M. Miskolczi*Greenhouse gases and greenhouse effect (http://www.springerlink.com/content/c47m4x8222886n12/)*(Environmental Geology, Volume 58, Issue 6, pp.1207-1213, September 2009)**– G. V. Chilingar, O. G. Sorokhtin, L. Khilyuk, M. V. Gorfunkel*Greenhouse molecules, their spectra and function in the atmosphere (http://www.warwickhughes.com/papers/barrett_ee05.pdf) (PDF)*(Energy & Environment, Volume 16, Number 6, pp. 1037-1045, November 2005)**– Jack Barrett*How Dry is the Tropical Free Troposphere? Implications for Global Warming Theory (http://ams.allenpress.com/archive/1520-0477/78/6/pdf/i1520-0477-78-6-1097.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 78, Issue 6, pp. 1097–1106, June 1997)**– Roy W. Spencer, William D. 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Soon*In defense of Milankovitch (http://earthweb.ess.washington.edu/roe/Publications/MilanDefense_GRL.pdf) (PDF)*(Geophysical Research Letters, Volume 33, Number 24, December 2006)**– Gerard Roe*Industrial CO2 emissions as a proxy for anthropogenic influence on lower tropospheric temperature trends (http://www.knmi.nl/%7Elaatdej/2003GL019024.pdf) (PDF)*(Geophysical Research Letters, Volume 31, Issue 5, March 2004)**– A. T. J. de Laat, A. N. Maurellis*Influence of the Southern Oscillation on tropospheric temperature (Publish with AGU)*(Journal of Geophysical Research, Volume 114, Issue D14, July 2009)**– John D. McLean, Chris de Freitas, Robert M. Carter*Irreproducible Results in Thompson et al., “Abrupt Tropical Climate Change: Past and Present” (PNAS 2006) (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/00000003/art00007)*(Energy & Environment, Volume 20, Number 3, pp. 367-373, July 2009)**– J. Huston McCulloch*Is the enhancement of global warming important? 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Gallo*Microclimate Exposures of Surface-Based Weather Stations: Implications For The Assessment of Long-Term Temperature Trends (http://ams.allenpress.com/archive/1520-0477/86/4/pdf/i1520-0477-86-4-497.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 86, Issue 4, April 2005)**– Christopher A. Davey, Roger A. Pielke Sr.*Modeling climatic effects of anthropogenic carbon dioxide emissions: unknowns and uncertainties (http://cfa-www.harvard.edu/%7Ewsoon/myownPapers-d/Soonetal01CR.pdf) (PDF)*(Climate Research, Volume 18, Number 3, pp. 259–275, November 2001)**– Willie H. Soon, Sallie L. Baliunas, Sherwood B. Idso, Kirill Ya. Kondratyev, Eric S. Posmentier*– Modeling climatic effects of anthropogenic carbon dioxide emissions: unknowns and uncertainties. Reply to Risbey (2002) (http://www.int-res.com/articles/cr2002/22/c022p187.pdf) (PDF)*(Climate Research, Volume 22, Number 2, pp. 187–188, September 2002)**– Willie H. Soon, Sallie L. Baliunas, Sherwood B. Idso, Kirill Ya. 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Davis*Natural signals in the MSU lower tropospheric temperature record (Publish with AGU)*(Geophysical Research Letters, Volume 27, Number 18, pp. 2905–2908, September 2000)**– Patrick J. Michaels, Paul C. Knappenberger*New Little Ice Age Instead of Global Warming? (http://www.ingentaconnect.com/content/mscp/ene/2003/00000014/F0020002/art00010)*(Energy & Environment, Volume 14, Numbers 2-3, pp. 327-350, May 2003)**– Landscheidt T.*Observed warming in cold anticyclones (http://www.int-res.com/articles/cr/14/c014p001.pdf) (PDF)*(Climate Research, Volume 14, Number 1, pp. 1–6, January 2000)**– Patrick J. Michaels, Paul C. Knappenberger, Robert C. Balling Jr, Robert E. Davis*Ocean heat content and Earth’s radiation imbalance (Redirecting)*(Physics Letters A, Volume 373, Issue 36, pp. 3296-3300, August 2009)**– David H. Douglassa, Robert S. 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Chilingar*On nonstationarity and antipersistency in global temperature series (http://www.aai.ee/%7Eolavi/2001JD002024u.pdf) (PDF)*(Journal of Geophysical Research, Volume 107, Issue D20, October 2002)**– Olavi Kamer*On the credibility of climate predictions (http://www.itia.ntua.gr/getfile/864/2/documents/2008HSJClimPredictions.pdf) (PDF)*(Hydrological Sciences Journal, Volume 53, Number 4, pp. 671-684, August 2008)**– D. Koutsoyiannis, A. Efstratiadis, N. Mamassis, and A. Christofides*On the determination of climate feedbacks from ERBE data (http://www.leif.org/EOS/2009GL039628-pip.pdf) (PDF)*(Geophysical Research Letters, Volume 36, Issue 16, August 2009)**– Richard S. 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Braswell*Potential Consequences of Increasing Atmospheric CO2 Concentration Compared to Other Environmental Problems (http://goklany.org/library/Goklany%202000%20Technology.pdf) (PDF)*(Technology, Volume 7S, pp. 189-213, 2000)**– Indur M. Goklany*Potential Dependence of Global Warming on the Residence Time (RT) in the Atmosphere of Anthropogenically Sourced Carbon Dioxide (Potential Dependence of Global Warming on the Residence Time (RT) in the Atmosphere of Anthropogenically Sourced Carbon Dioxide)*(Energy Fuels, Volume 23, Number 5, pp 2773–2784, April 2009)**– Robert H. Essenhigh*Problems in evaluating regional and local trends in temperature: an example from eastern Colorado, USA (http://www.climatesci.org/publications/pdf/R-234.pdf) (PDF)*(International Journal of Climatology, Volume 22, Issue 4, pp. 421-434, April 2002)**– Roger A. Pielke Sr. et al.*– Response to W. Aeschbach-Hertig rebuttal of “On global forces of nature driving the Earth’s climate. Are humans involved?” by L. F. Khilyuk and G. V. Chilingar (http://www.springerlink.com/content/vl7536426072q7j7/)*(Environmental Geology, Volume 54, Number 7, June 2008)**– L. F. Khilyuk, G. V. Chilingar*Phanerozoic Climatic Zones and Paleogeography with a Consideration of Atmospheric CO2 Levels (http://www.maik.ru/abstract/paleng/4/paleng2_4p115abs.htm)*(Paleontological Journal, Volume 2, pp. 3-11, February 2003)**– A. J. Boucot, Chen Xu, C. R. Scotese*Proxy climatic and environmental changes of the past 1000 years (http://www.cfa.harvard.edu/%7Ewsoon/1000yrclimatehistory-d/Jan30-ClimateResearchpaper.pdf) (PDF)*(Climate Research, Volume 23, Number 2, pp. 89–110, January 2003)**– Willie H. Soon, Sallie L. Baliunas*Quantifying the influence of anthropogenic surface processes and inhomogeneities on gridded global climate data (http://www.klimatosoof.nl/klimafiles/images/McKitrickMichaels.pdf) (PDF)*(Journal of Geophysical Research, Volume 112, Issue D24, December 2007)**– Ross R. McKitrick, Patrick J. 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Davis*Science, Equity, and the War against Carbon (Science, Equity, and the War against Carbon - Sonja Boehmer-Christiansen, 2003)*(Science, Technology & Human Values, Volume 28, Number 1, pp. 69-92, 2003)**– Sonja Boehmer-Christiansen*Scientific Consensus on Climate Change? (http://goodneighborlaw.com/GlobalWarming/2008GlobalWarming/3-19SchulteEnergyEnviron.pdf) (PDF)*(Energy & Environment, Volume 19, Number 2, pp. 281-286, March 2008)**– Klaus-Martin Schulte*Seductive Simulations? Uncertainty Distribution Around Climate Models (http://sciencepolicy.colorado.edu/admin/publication_files/resource-1891-2005.49.pdf) (PDF)*(Social Studies of Science, Volume 35, Number 6, pp. 895-922, December 2005)**– Myanna Lahsen*Some Coolness Concerning Global Warming (http://ams.allenpress.com/archive/1520-0477/71/3/pdf/i1520-0477-71-3-288.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 71, Issue 3, pp. 288–299, March 1990)**– Richard S. Lindzen*Some examples of negative feedback in the Earth climate system (http://www.aai.ee/%7Eolavi/cejpokfin.pdf) (PDF)*(Central European Journal of Physics, Volume 3, Number 2, June 2005)**– Olavi Kärner*Sources and Sinks of Carbon Dioxide (http://icecap.us/images/uploads/TomQuirkSourcesandSinksofCO2_FINAL.pdf) (PDF)*(Energy & Environment, Volume 20, Numbers 1-2 , pp. 105-121, January 2009)**– Tom Quirk*Statistical analysis does not support a human influence on climate (http://www.ingentaconnect.com/content/mscp/ene/2002/00000013/00000003/art00004)*(Energy & Environment, Volume 13, Number 3, pp. 329-331, July 2002)**– S. Fred Singer*Surface Temperature Variations in East Africa and Possible Causes (http://ams.allenpress.com/perlserv/?request=get-abstract&doi=10.1175%2F2008JCLI2726.1)*(Journal of Climate, Volume 22, Issue 12, pp. 3342–335, June 2009)**– John R. Christy, William B. Norris, Richard T. McNider*Taking GreenHouse Warming Seriously (http://www-eaps.mit.edu/faculty/lindzen/230_TakingGr.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 937-950, December 2007)**– Richard S. Lindzen*Temperature trends in the lower atmosphere (http://www.heartland.org/custom/semod_policybot/pdf/19215.pdf)*(Energy & Environment, Volume 17, Number 5, pp. 707-714, September 2006)**– Vincent Gray*Temporal Variability in Local Air Temperature Series Shows Negative Feedback (http://www.aai.ee/%7Eolavi/EE2007-ok.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 1059-1072, December 2007)**– Olavi Kärner*Test for harmful collinearity among predictor variables used in modeling global temperature (http://www.int-res.com/articles/cr2003/24/c024p015.pdf) (PDF)*(Climate Research, Volume 24, Number 1, pp. 15-18, June 2003)**– David H. Douglass, B. David Clader, John R. Christy, Patrick J. Michaels, David A. Belsley*The carbon dioxide thermometer and the cause of global warming (http://www.ingentaconnect.com/content/mscp/ene/1999/00000010/00000001/art00002)*(Energy & Environment, Volume 10, Number 1, pp. 1-18, January 1999)**– N. Calder*The cause of global warming (http://www.fcpp.org/pdf/The_Cause_of_Global_Warming_Policy_Series_7.pdf) (PDF)*(Energy & Environment, Volume 11, Number 6, pp. 613-629, November 2000)**– Vincent Gray*The continuing search for an anthropogenic climate change signal: Limitations of correlation-based approaches (http://www.agu.org/pubs/crossref/1997/97GL02207.shtml)*(Geophysical Research Letters, Volume 24, Number 18, pp. 2319–2322, 1997)**– David R. Legates, Robert E. Davis*The Double Standard in Environmental Science (http://www.cato.org/pubs/regulation/regv30n2/v30n2-1.pdf) (PDF)*(Regulation, Volume 30, Number 2, pp.16-22, 2007)**– Stanley W. Trimble*The Fraud Allegation Against Some Climatic Research of Wei-Chyung Wang (http://www.informath.org/pubs/EnE07a.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 985-995, December 2007)**– Douglas J. Keenan*The Global Warming Debate: A Review of the State of Science (http://www.friendsofscience.org/assets/files/documents/debate.pdf) (PDF)*(Pure and Applied Geophysics, Volume 162, Issue 8-9, pp. 1557-1586, August 2005)**Madhav L. Khandekar, TS Murty, P Chittibabu*The greenhouse effect and global change: review and reappraisal (http://www.informaworld.com/smpp/content%7Edb=all%7Econtent=a770566736)*(International Journal of Environmental Studies, Volume 36, Numbers 1-2, pp. 55-71, July 1990)**– Patrick J. Michaels*The “Greenhouse Effect” as a Function of Atmospheric Mass (http://www.ingentaconnect.com/content/mscp/ene/2003/00000014/F0020002/art00011)*(Energy & Environment, Volume 14, Numbers 2-3, pp. 351-356, May 2003)**– Hans Jelbring*The Interaction of Climate Change and the Carbon Dioxide Cycle (http://www.ingentaconnect.com/content/mscp/ene/2005/00000016/00000002/art00002)*(Energy & Environment, Volume 16, Number 2, pp. 217-238, March 2005)**– Arthur Rörsch, Richard S. Courtney, Dick Thoenes*The Letter Science Magazine Rejected (http://www.ingentaconnect.com/content/mscp/ene/2005/00000016/F0020003/art00023)*(Energy & Environment, Volume 16, Numbers 3-4, pp. 685-688, July 2005)**– Benny Peiser*The roles of carbon dioxide and water vapour in warming and cooling the earth’s troposphere (http://dx.doi.org/10.1016/0584-8539%2894%29E0110-V)*(Spectrochimica Acta Part A: Molecular and Biomolecular Spectroscopy, Volume 51, Issue 3, Pages 415-417, March 1995)**– Jack Barrett*The value of climate forecasting (http://www.springerlink.com/content/u3r868424m7145l2/)*(Surveys in Geophysics, Volume 7, Number 3, June 1985)**– Garth W. Paltridge*The Way of Warming (http://www.cato.org/pubs/regulation/regv23n3/michaels.pdf) (PDF)*(Regulation, Volume 23, Number 3, 2000)**– Patrick J. Michaels*“The Wernerian syndrome”; aspects of global climate change; an analysis of assumptions, data, and conclusions (http://eg.geoscienceworld.org/cgi/content/abstract/3/4/204)*(Environmental Geosciences, Volume 3, Number 4, pp. 204-210, December 1996)**– Lee C. Gerhard*Trend Analysis of RSS and UAH MSU Global Temperature Data (http://icecap.us/images/uploads/05-loehleNEW.pdf) (PDF)*(Energy & Environment, Volume 20, Number 7, pp. 1087-1098, October 2009)**– Craig Loehle*Trends in middle- and upper-level tropospheric humidity from NCEP reanalysis data (http://www.theclimatescam.se/wp-content/uploads/2009/03/paltridgearkingpook.pdf) (PDF)*(Theoretical and Applied Climatology, Volume 98, Numbers 3-4, pp. 351-359, February 2009)**– Garth Paltridge, Albert Arking, Michael Pook*Tropospheric temperature change since 1979 from tropical radiosonde and satellite measurements (http://www.agu.org/pubs/crossref/2007/2005JD006881.shtml)*(Journal of Geophysical Research, Volume 112, Issue D6, March 2007)**– John R. Christy, William B. Norris, Roy W. Spencer, Justin J. Hnilo*Uncertainties in assessing global warming during the 20th century: disagreement between key data sources (http://www.ingentaconnect.com/content/mscp/ene/2006/00000017/00000005/art00002)*(Energy & Environment, Volume 17, Number 5, pp. 685-706, September 2006)**– Maxim Ogurtsov, Markus Lindholm*Unresolved issues with the assessment of multidecadal global land surface temperature trends (http://www.climatesci.org/publications/pdf/R-321.pdf) (PDF)*(Journal of Geophysical Research, Volume 112, Issue D24, December 2007)**– Roger A. Pielke Sr. et al.*– Reply to comment by David E. Parker et al. on “Unresolved issues with the assessment of multidecadal global land surface temperature trends” (http://www.climatesci.org/publications/pdf/R-321a.pdf) (PDF)*(Journal of Geophysical Research, Volume 114, Issue D5, March 2009)**– Roger A. Pielke Sr. et al.*Useless Arithmetic: Ten Points to Ponder When Using Mathematical Models in Environmental Decision Making (http://www.aspanet.org/scriptcontent/custom/staticcontent/t2pdownloads/PilkeyArticle.pdf) (PDF)*(Public Administration Review, Volume 68, Issue 3, pp. 470-479, March 2008)**– Linda Pilkey-Jarvis, Orrin H. Pilkey*Validity of climate change forecasting for public policy decision making (http://kestencgreen.com/gas-2009-validity.pdf) (PDF)*(International Journal of Forecasting, doi:10.1016, May 2009)**– Kesten C. Green, J. Scott Armstrong, Willie Soon*What may we conclude about global tropospheric temperature trends? (http://www.agu.org/pubs/crossref/2004/2003GL019361.shtml)*(Geophysical Research Letters, Volume 31, Issue 6, March 2004)**– John R. Christy, William B. Norris*When Was The Hottest Summer? A State Climatologist Struggles for an Answer (http://ams.allenpress.com/perlserv/?request=get-abstract&doi=10.1175%2F1520-0477%282002%29083%3C0723%3AWWTHS%3E2.3.CO%3B2)*(Bulletin of the American Meteorological Society, Volume 83, Issue 5, pp. 723-734, May 2002)**– John R. Christy***An Inconvenient Truth:**An Inconvenient Truth : a focus on its portrayal of the hydrologic cycle (http://www.springerlink.com/content/183521n688t7817g/)*(GeoJournal, Volume 70, Number 1, pp. 15-19, September 2007)**– David R. Legates*An Inconvenient Truth : blurring the lines between science and science fiction (http://www.springerlink.com/content/y4116185812q1653/)*(GeoJournal, Volume 70, Number 1, pp. 11-14, September 2007)**– Roy W. Spencer***Antarctica:**A doubling in snow accumulation in the western Antarctic Peninsula since 1850 (http://www.agu.org/pubs/crossref/2008/2007GL032529.shtml)*(Geophysical Research Letters, Volume 35, Issue 1, January 2008)**– Elizabeth R. Thomas, Gareth J. Marshall, Joseph R. McConnell*Active volcanism beneath the West Antarctic ice sheet and implications for ice-sheet stability (http://www.nature.com/nature/journal/v361/n6412/abs/361526a0.html)*(Nature, Volume 361, Number 6412, p. 526-529, February 1993)**– Donald D. Blankenship et al.*An updated Antarctic melt record through 2009 and its linkages to high-latitude and tropical climate variability (http://www.agu.org/pubs/crossref/2009/2009GL039186.shtml)*(Geophysical Research Letters, Volume 36, Issue 18, September 2009)**– Marco Tedesco, Andrew J. Monaghan*Antarctic climate cooling and terrestrial ecosystem response (http://www.nature.com/nature/journal/v415/n6871/abs/nature710.html)*(Nature, Volume 415, Number 6871, pp. 517-520, January 2002)**– Peter T. Doran et al.*First survey of Antarctic sub–ice shelf sediments reveals mid-Holocene ice shelf retreat (http://geology.geoscienceworld.org/cgi/content/abstract/29/9/787)*(Geology, Volume 29, Number 9, pp. 787-790, September 2001)**– Carol J. Pudsey, Jeffrey Evans*Orbitally induced oscillations in the East Antarctic ice sheet at the Oligocene/Miocene boundary (http://www.nature.com/nature/journal/v413/n6857/abs/413719a0.html)*(Nature, Volume 413, Number 6857, pp. 719-723 , October 2001)**– Tim R. Naish et al.*Past and Future Grounding-Line Retreat of the West Antarctic Ice Sheet (http://www.sciencemag.org/cgi/content/abstract/286/5438/280)*(Science, Volume 286. Number 5438, pp. 280-283, October 1999)**– H. Conway, B. L. Hall, G. H. Denton, A. M. Gades, E. D. Waddington*Snowfall-Driven Growth in East Antarctic Ice Sheet Mitigates Recent Sea-Level Rise (http://www.sciencemag.org/cgi/content/abstract/308/5730/1898)*(Science, Volume 308, Number 5730, pp. 1898-1901, June 2005)**– Curt H. Davis, Yonghong Li, Joseph R. McConnell, Markus M. Frey, Edward Hanna***Arctic:**Actual and insolation-weighted Northern Hemisphere snow cover and sea-ice between 1973–2002 (http://www.springerlink.com/content/vny8qdb8e4ve2aj7/)*(Climate Dynamics, Volume 22, Issue 6-7, pp. 591-595, June 2004)**– Roger A. Pielke Sr., G. Liston, W. Chapman, D. Robinson*Accounts from 19th-century Canadian Arctic Explorers’ Logs Reflect Present Climate Conditions (http://www.agu.org/pubs/crossref/2003/2003EO400003.shtml)*(Eos, Transactions, American Geophysical Union, Volume 84, Issue 40, pp. 410-412, 2003)**– James E. Overland, Kevin Wood*Arctic sea ice thickness remained constant during the 1990s (http://www.agu.org/pubs/crossref/2001/2000GL012308.shtml)*(Geophysical Research Letters, Volume 28, Issue 6, pp. 1039-1042, March 2001)**– P. Winsor*Has Arctic Sea Ice Rapidly Thinned? (http://ams.allenpress.com/archive/1520-0442/15/13/pdf/i1520-0442-15-13-1691.pdf) (PDF)*(Journal of Climate, Volume 15, Issue 13, pp.1691-1701, July 2002)**– Greg Holloway,Tessa Sou*Historical variability of sea ice edge position in the Nordic Seas (http://www.agu.org/pubs/crossref/2006.../2004JC002851.shtml)*(Journal of Geophysical Research, Volume 111, Issue C1, January 2006)**– Dmitry V. Divine, Chad Dick*Holocene fluctuations in Arctic sea-ice cover: dinocyst-based reconstructions for the eastern Chukchi Sea (http://www.ingentaconnect.com/content/nrc/cjes/2008/00000045/00000011/art00015)*(Canadian Journal of Earth Sciences, Volume 45, Number 11, pp. 1377-1397, November 2008)**– J.L. McKay et al.*Sea-ice decline due to more than warming alone (http://www.nature.com/nature/journal/v450/n7166/full/450027a.html)*(Nature, Volume 450, Issue 7166, pp. 27, November 2007)**– Julia Slingo, Rowan Sutton*Solar Arctic-Mediated Climate Variation on Multidecadal to Centennial Timescales: Empirical Evidence, Mechanistic Explanation, and Testable Consequences (http://www.cfa.harvard.edu/%7Ewsoon/SunClimate09-d/Soon09-June4-PGEO_30n02_144-184-Soon.pdf) (PDF)*(Physical Geography, Volume 30, Number 2, March-April 2009)**– Willie H. Soon*Variable solar irradiance as a plausible agent for multidecadal variations in the Arctic-wide surface air temperature record of the past 130 years (http://www.cfa.harvard.edu/%7Ewsoon/myownPapers-d/Soon05-SolarArcticTempGRLfinal.pdf) (PDF)*(Geophysical Research Letters, Volume 32, Issue 16, August 2005)**– Willie H. Soon*Variations in the age of Arctic sea-ice and summer sea-ice extent (http://www.agu.org/pubs/crossref/2004/2004GL019492.shtml)*(Geophyscial Research Letters, Volume 31, Issue 9, May 2004)**– Ignatius G. Rigor, John M. Wallace***Clouds:**Cloud and radiation budget changes associated with tropical intraseasonal oscillations (http://www.agu.org/pubs/crossref/2007.../2007GL029698.shtml)*(Geophysical Research Letters, Volume 34, Issue 15, August 2007)**– Roy W. Spencer, William D. Braswell, John R. Christy, Justin Hnilo*Does the Earth Have an Adaptive Infrared Iris? (http://www-eaps.mit.edu/faculty/lindzen/adinfriris.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 82, Issue 3, pp. 417-432, March 2001)**– Richard S. Lindzen, Ming-Dah Chou, Arthur Y. Hou*– Comment on “No Evidence for Iris” (http://ams.allenpress.com/archive/1520-0477/83/9/pdf/i1520-0477-83-9-1345.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 83, Issue 9, pp. 1345–1349, September 2002)**– Richard S. Lindzen, Ming-Dah Chou, Arthur Y. Hou*– Reply to: “Tropical cirrus and water vapor: an effective Earth infrared iris feedback?” (http://www-eaps.mit.edu/faculty/lindzen/208_Re_to_Fu_etal.pdf) (PDF)*(Atmospheric Chemistry and Physics, Volume 2, Issue 2, pp. 99-101, May 2002)**– Ming-Dah Chou, Richard S. Lindzen, Arthur Y. Hou*– Comments on “The Iris Hypothesis: A Negative or Positive Cloud Feedback?” (http://www-eaps.mit.edu/faculty/lindzen/comirishyp.pdf) (PDF)*(Journal of Climate, Volume 15, Issue 18, September 2002)**– Ming-Dah Chou, Richard S. Lindzen, Arthur Y. Hou*– Reply to Comment on “Does the Earth Have an Adaptive Infrared Iris?” (http://climate.gsfc.nasa.gov/publications/fulltext/Bell_et_al_BAMS_2002.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 83, Issue 4, pp. 598-600, April, 2002)**– Richard S. Lindzen, Ming-Dah Chou, Arthur Y. Hou*Radiative effect of cirrus with different optical properties over the tropics in MODIS and CERES observations (http://www.mit.edu/%7Eysc/index.files/Choi2006GRL.pdf) (PDF)*(Geophysical Research Letters, Volume 33, Issue 21, November 2006)**– Yong-Sang Choi, Chang-Hoi Ho*Validation of the cloud property retrievals from the MTSAT-1R imagery using MODIS observations (http://www.mit.edu/%7Eysc/index.files/Choi2009IJRS.pdf) (PDF)*(International Journal of Remote Sensing, 2009)**– Yong-Sang Choi, Chang-Hoi Ho***CO2 lags Temperature changes:**Atmospheric Carbon Dioxide Concentration Across the Mid-Pleistocene Transition (http://www.sciencemag.org/cgi/content/abstract/324/5934/1551)*(Science, Volume 324, Number 5934, pp. 1551-1554, June 2009)**– Bärbel Hönisch, N. Gary Hemming, David Archer, Mark Siddall, Jerry F. McManus*>**“The lack of a gradual decrease in interglacial PCO2 does not support the suggestion that a long-term drawdown of atmospheric CO2 was the main cause of the climate transition.”**Atmospheric CO2 Concentration from 60 to 20 kyr BP from the Taylor Dome ice core, Antarctica (http://www.ncdc.noaa.gov/paleo/taylor/indermuehle00grl.pdf) (PDF)*(Geophysical Research Letters, Volume 27, Issue 5, March 2000)**– Andreas Inderm¨uhle, Eric Monnin, Bernhard Stauer, Thomas F. Stocker*>**“The lag was calculated for which the correlation coefficient of the CO2 record and the corresponding temperatures values reached a maximum. The simulation yields a lag of (1200 ± 700) yr.”**Atmospheric CO2 Concentrations over the Last Glacial Termination (http://www.sciencemag.org/cgi/content/abstract/291/5501/112)*(Science, Volume 291. Number 5501, January 2001)**– Eric Monnin, Andreas Indermühle, André Dällenbach, Jacqueline Flückiger, Bernhard Stauffer, Thomas F. Stocker, Dominique Raynaud, Jean-Marc Barnola*>**“The start of the CO2 increase thus lagged the start of the [temperature] increase by 800 ± 600 years.”**Ice core records of atmospheric CO2 around the last three glacial terminations (http://www.sciencemag.org/cgi/content/abstract/283/5408/1712)*(Science, Volume 283, Number 5408, pp. 1712-1714, March 1999)**– Hubertus Fischer, Martin Wahlen, Jesse Smith, Derek Mastroianni, Bruce Deck*>**“High-resolution records from Antarctic ice cores show that carbon dioxide concentrations increased by 80 to 100 parts per million by volume 600 ± 400 years after the warming of the last three deglaciations.”**Southern Hemisphere and Deep-Sea Warming Led Deglacial Atmospheric CO2 Rise and Tropical Warming (http://www.sciencemag.org/cgi/content/abstract/1143791v1)*(Science, Volume 318, Issue 5849, September 2007)**– Lowell Stott, Axel Timmermann, Robert Thunell*>**“Deep sea temperatures warmed by ~2C between 19 and 17 ka B.P. (thousand years before present), leading the rise in atmospheric CO2 and tropical surface ocean warming by ~1000 years.”**The phase relations among atmospheric CO2 content, temperature and global ice volume over the past 420 ka (http://www.manfredmudelsee.com/publ/pdf/%20The_phase_relations_among_atmospheric_CO2_content_temperature_and_global_ice_volume_over_the_past_42%3Cbr%20/%3E0_ka.pdf) (PDF)*(Quaternary Science Reviews, Volume 20, Issue 4, pp. 583-589, February 2001)**– Manfred Mudelsee*>**“Over the full 420 ka of the Vostok record, CO2 variations lag behind atmospheric temperature changes in the Southern Hemisphere by 1.3±1.0 ka”**Timing of Atmospheric CO2 and Antarctic Temperature Changes Across Termination III (http://www.sciencemag.org/cgi/content/abstract/299/5613/1728)*(Science, Volume 299, Number 5613, March 2003)**– Nicolas Caillon, Jeffrey P. Severinghaus, Jean Jouzel, Jean-Marc Barnola, Jiancheng Kang, Volodya Y. Lipenkov*>**“The sequence of events during Termination III suggests that the CO2 increase lagged Antarctic deglacial warming by 800 ± 200 years and preceded the Northern Hemisphere deglaciation.”****Coral Reefs:**A critique of a method to determine long-term decline of coral reef ecosystems (http://jennifermarohasy.com/data/Ridd_Energy%20n%20Environment.pdf) (PDF)*(Energy & Environment, Volume 18, Number 6, pp. 783-796, November 2007)**– Peter V. Ridd*Bikini Atoll coral biodiversity resilience five decades after nuclear testing (http://www.bikiniatoll.com/BIKINICORALS.pdf) (PDF)*(Marine Pollution Bulletin, Volume 56, Issue 3, pp. 503-515, March 2008)**– Zoe T. Richardsa, Maria Begerd, Silvia Pincae, Carden C. Wallace*Coral reef calcification and climate change: The effect of ocean warming (http://web.maths.unsw.edu.au/%7Ebmcneil/publications/McNeil%20et%20al,%202004.pdf) (PDF)*(Geophysical Research Letters, Volume 31, Number 22, November 2004)**– Ben I. McNeil, Richard J. Matear, David J. Barnes*Reef corals bleach to survive change (http://www.nature.com/nature/journal/v411/n6839/abs/411765a0.html)*(Nature, Volume 411, Issue 6839, pp. 765-766, June 2001)**– Andrew C. Baker***Deaths:**Changing Heat-Related Mortality in the United States (http://www.pubmedcentral.nih.gov/picrender.fcgi?artid=1241712&blobtype=pdf) (PDF)*(Environmental Health Perspectives, Volume 111, Number 14, pp. 1712-1718, November 2003)**– Robert E. Davis, Paul C. Knappenberger, Patrick J. Michaels, Wendy M. Novicoff*Cold—an underrated risk factor for health (http://www.ncbi.nlm.nih.gov/pubmed/12706750)*(Environmental Research, Volume 92, Issue 1, pp. 8-13, May 2003)**– James B. Mercer*Decadal changes in heat-related human mortality in the eastern United States (http://www.int-res.com/articles/cr2002/22/c022p175.pdf) (PDF)*(Climate Research, Volume 22, Number 2, pp. 175-184. September 2002)**– Robert E. Davis, Paul C. Knappenberger, Wendy M. Novicoff, Patrick J. Michaels*Global Health Threats: Global Warming in Perspective (http://www.jpands.org/vol14no3/goklany.pdf) (PDF)*(Journal of American Physicians and Surgeons, Volume 14, Number 3, pp. 69-75, 2009)**– Indur M. Goklany*Heat related mortality in warm and cold regions of Europe: observational study (http://www.bmj.com/cgi/content/abstract/321/7262/670)*(British Medical Journal, Volume 321, Number 7262, pp. 670-673, September 2000)**– W. R. Keatinge et al.*Seasonality of climate–human mortality relationships in US cities and impacts of climate change (http://www.int-res.com/articles/cr2004/26/c026p061.pdf) (PDF)*(Climate Research, Volume 26, Number 1, pp. 61-76, April 2004)**– Robert E. Davis, Paul C. Knappenberger, Patrick J. Michaels,**Wendy M. Novicoff*Temperature-related mortality in France, a comparison between regions with different climates from the perspective of global warming (http://www.springerlink.com/content/wn66066l958g6530/)*(International Journal of Biometeorology, Volume 51, Number 2, November 2006)**– Mohamed Laaidi, Karine Laaidi, Jean-Pierre Besancenot*U.S. Trends in Crude Death Rates Due to Extreme Heat and Cold Ascribed to Weather, 1979-97 (http://www.cognizantcommunication.com/filecabinet/Technology/tech7sabs.htm)*(Technology, Volume 7S, pp. 165-173, 2000)**– Indur M. Goklany, Sorin R. Straja*Was the 2003 European summer heat wave unusual in a global context? (http://www.climatesci.org/publications/pdf/R-310.pdf) (PDF)*(Geophysical Research Letters, Volume 33, Issue 23, December 2006)**– Thomas N. Chase, Klaus Wolter, Roger A. Pielke Sr., Ichtiaque Rasool***Floods:**Claim of Largest Flood on Record Proves False (http://www.agu.org/pubs/crossref/2003/2003EO120002.shtml)*(Eos, Transactions, American Geophysical Union, Volume 84, Number 12, pp. 109-109, 2003)**– N. A. Sheffer et al.*Floods, droughts and climate change (http://md1.csa.com/partners/viewrecord.php?requester=gs&collection=TRD&recid=200133000975CE&q=&uid=791398326&setcookie=yes)*(South African Journal of Science, Volume 91, Number 8, pp. 403-408, August 1995)**– W.J.R. Alexander*Human Factors Explain the Increased Losses from Weather and Climate Extremes (http://ams.allenpress.com/archive/1520-0477/81/3/pdf/i1520-0477-81-3-437.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 81, Issue 3, pp.437-442, March 2000)**– Stanley A. Changnon, Roger A. Pielke Jr., David Changnon, Richard T. Sylves, Roger Pulwarty*Nine Fallacies of Floods (http://sciencepolicy.colorado.edu/admin/publication_files/resource-78-1999.15.pdf) (PDF)*(Climatic Change, Volume 42, Number 2, June 1999)**– Roger A. Pielke Jr.*No upward trends in the occurrence of extreme floods in central Europe (http://www.nature.com/nature/journal/v425/n6954/full/nature01928.html)*(Nature, Volume 425, Issue 6954, pp. 166-169, September 2003)**– Manfred Mudelsee, Michael Börngen, Gerd Tetzlaff, Uwe Grünewald*Palaeoclimatic and archaeological evidence for a 200-yr recurrence of floods and droughts linking California, Mesoamerica and South America over the past 2000 years (http://hol.sagepub.com/cgi/content/abstract/13/5/763)*(Holocene, Volume 13, Number 5, pp. 763-778, 2003)**– Amdt Schimmelmann, Carina B. Lange, Betty J. Meggers***Glaciers:**Kilimanjaro Glaciers: Recent areal extent from satellite data and new interpretation of observed 20th century retreat rates (http://www.geo.umass.edu/climate/tanzania/pubs/cullen_etal_2006grl.pdf) (PDF)*(Geophysical Research Letters, Volume 33, Issue 16, August 2006)**– Nicolas J. Cullen et al.*Modern Glacier Retreat on Kilimanjaro as Evidence of Climate Change: Observations and Fact (http://ff.org/centers/csspp/library/co2weekly/20060914/20060914_06.pdf) (PDF)*(International journal of climatology, Volume 24, Number 3, pp. 329-339, March 2004)**– Georg Kaser et al.*Recent glacier advances in Norway and New Zealand: A comparison of their glaciological and meteorological causes (http://www3.interscience.wiley.com/journal/118656034/abstract)*(Geografiska Annaler: Series A, Physical Geography, Volume 87, Issue 1, pp. 141-157, March 2005)**– T. Chinn et al.*The Shrinking Glaciers of Kilimanjaro: Can Global Warming Be Blamed? (http://www.americanscientist.org/issues/id.3752,y.2007,no.4,content.true,page.6,css.print/issue.aspx)*(American Scientist, Volume 95, Number 4, pp. 318-325, July 2007)**– PW Mote, G Kaser*Very high-elevation Mont Blanc glaciated areas not affected by the 20th century climate change (http://www.agu.org/pubs/crossref/2007/2006JD007407.shtml)*(Journal of Geophysical Research, Volume 112, Issue D9, May 2007)**– C. Vincent, E. Le Meur, D. Six, M. Funk, M. Hoelzle, S. Preunkert***Greenland:**Global Warming and the Greenland Ice Sheet (http://www.cs.aue.auc.dk/%7Esp/MET-ClimCh/lectures/ClimChange2004.pdf) (PDF)*(Climatic Change, Volume 63, Numbers 1-2, pp. 201-221, March 2004)**– Petr Chylek, Jason E. Box, Glen Lesins*Greenland warming of 1920–1930 and 1995–2005 (http://www.agu.org/pubs/crossref/2006/2006GL026510.shtml)*(Geophysical Research Letters, Volume 33, Issue 11, June 2006)**– Petr Chylek, M. K. Dubey, G. Lesins*Rapid Changes in Ice Discharge from Greenland Outlet Glaciers (http://www.sciencemag.org/cgi/content/abstract/315/5818/1559)*(Science, Volume 315, Number 5818, pp. 1559-1561, March 2007)**– Ian M. Howat, Ian Joughin, Ted A. Scambos*Recent cooling in coastal southern Greenland and relation with the North Atlantic Oscillation (http://www.agu.org/pubs/crossref/2003/2002GL015797.shtml)*(Geophysical Research Letters, Volume 30, Issue 3, pp. 32-1, February 2003)**– Edward Hanna, John Cappelen*Recent Ice-Sheet Growth in the Interior of Greenland (http://www.sciencemag.org/cgi/content/abstract/310/5750/1013?maxtoshow=&HITS=10&hits=10&RESULTFORMAT=&fulltext=Greenland+snow&searchid=1140685763702_1408&FIRSTINDEX=20&)*(Science, Volume 310, Number 5750, pp. 1013-1016, November 2005)**– Ola M. Johannessen, Kirill Khvorostovsky, Martin W. Miles, Leonid P. Bobylev***Gulf Stream:**Gulf Stream safe if wind blows and Earth turns (http://www.nature.com/nature/journal/v428/n6983/full/428601c.html)*(Nature, Volume 428, Issue 6983, April 2004)**– Carl Wunsch***Hockey Stick:** (MBH98)Corrections to the Mann et al (1998) Proxy Data Base and Northern Hemisphere Average Temperature Series (http://www.uoguelph.ca/%7Ermckitri/research/MM03.pdf) (PDF)*(Energy & Environment, Volume 14, Number 6, pp. 751-771, November 2003)**– Stephen McIntyre, Ross McKitrick*The M&M Critique of the MBH98 Northern Hemisphere Climate Index: Update and Implications (http://www.climateaudit.org/pdf/mcintyre.ee.2005.pdf) (PDF)*(Energy & Environment, Volume 16, Number 1, pp. 69-100, January 2005)**– Stephen McIntyre, Ross McKitrick*Hockey sticks, principal components, and spurious significance (http://www.climateaudit.org/pdf/mcintyre.grl.2005.pdf) (PDF)*(Geophysical Research Letters, Volume 32, Issue 3, February 2005)**– Stephen McIntyre, Ross McKitrick*>**“Their method, when tested on persistent red noise, nearly always produces a hockey stick shape”**– Reply to comment by Huybers on “Hockey sticks, principal components, and spurious significance” (http://www.climateaudit.org/pdf/mcintyre.huybersreply.pdf) (PDF)*(Geophysical Research Letters, Volume 32, October 2005)**– Stephen McIntyre, Ross McKitrick*– Reply to comment by von Storch and Zorita on “Hockey sticks, principal components, and spurious significance” (http://www.climateaudit.org/pdf/mcintyre.vz.reply.pdf) (PDF)*(Geophysical Research Letters, Volume 32, October 2005)**– Stephen McIntyre, Ross McKitrick*Highly variable Northern Hemisphere temperatures reconstructed from low- and high-resolution proxy data (http://hhttp//coast.gkss.de/staff/storch/pdf/moberg.nature.0502.pdf) (PDF)*(Nature, Volume 433, Issue 7026, pp. 613-617, February 2005)**– Anders Moberg, Dmitry M. Sonechkin, Karin Holmgren, Nina M. Datsenko and Wibjörn Karlén*Comment on “The Spatial Extent of 20th-Century Warmth in the Context of the Past 1200 Years” (http://www.sciencemag.org/cgi/content/full/316/5833/1844a)*(Science, Volume 316, Number 5833, pp. 1844, June 2007)**– Gerd Bürger*Bias and Concealment in the IPCC Process: The “Hockey-Stick” Affair and Its Implications (http://www.ingentaconnect.com/content/mscp/ene/2007/00000018/F0020007/art00007)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 951-983, December 2007)**– David Holland*A mathematical analysis of the divergence problem in dendroclimatology (http://icecap.us/images/uploads/Loehle_Divergence_CC.pdf) (PDF)*(Climatic Change, Volume 94, Numbers 3-4, pp. 233-245, June 2008)**– C. Loehle*Proxy inconsistency and other problems in millennial paleoclimate reconstructions (http://landshape.org/enm/wp-content/uploads/2009/04/pnas-2009-mcintyre-0812509106.pdf) (PDF)*(Proceedings of the National Academy of Sciences, Volume 106, Number 6, February 2009)**– Stephen McIntyre, Ross McKitrick***Hurricanes:**Are there trends in hurricane destruction? (http://ff.org/centers/csspp/library/co2weekly/20051229/20051229_01.pdf) (PDF)*(Nature, Volume 438, Number 7071, pp. E11, December 2005)**– Roger A. Pielke Jr.*Can We Detect Trends in Extreme Tropical Cyclones? (http://www.aoml.noaa.gov/hrd/Landsea/landseaetal-science06.pdf) (PDF)*(Science, Volume 313, Number 5786, pp. 452-454, July 2006)**– Christopher W. Landsea, Bruce A. Harper, Karl Hoarau, John A. Knaff*Causes of the Unusually Destructive 2004 Atlantic Basin Hurricane Season (http://tropical.atmos.colostate.edu/Includes/Documents/Publications/klotzgray2006.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 87, Issue 10, October 2006)**– Philip J. Klotzbach, William M. Gray*Comments on “Impacts of CO2-Induced Warming on Simulated Hurricane Intensity and Precipitation: Sensitivity to the Choice of Climate Model and Convective Scheme” (http://ams.allenpress.com/perlserv/?request=get-abstract&doi=10.1175%2FJCLI3592.1)*(Journal of Climate, Volume 18, Issue 23, December 2005)**– Patrick J. Michaels, Paul C. Knappenberger, Christopher Landsea*Counting Atlantic Tropical Cyclones Back to 1900 (http://www.aoml.noaa.gov/hrd/Landsea/landsea-eos-may012007.pdf) (PDF)*(Eos, Transactions, American Geophysical Union, Volume 88, Number 18, pp. 197, May 2007)**– Christopher W. Landsea*Hurricanes and Global Warming (http://sciencepolicy.colorado.edu/admin/publication_files/resource-1766-2005.36.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 86, Issue 11, November 2005)**– Roger A. Pielke Jr., Christopher W. Landsea, M. Mayfield, J. Laver, R. Pasch*– Reply to “Hurricanes and Global Warming—Potential Linkages and Consequences” (http://sciencepolicy.colorado.edu/admin/publication_files/resource-2458-2006.06.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 87, Issue 5, May 2006)**– Roger A. Pielke Jr., Christopher W. Landsea, M. Mayfield, J. Laver, R. Pasch*Hurricanes and Global Warming (http://ff.org/centers/csspp/library/co2weekly/20051229/20051229_01.pdf) (PDF)*(Nature, Volume 438, Number 7071, pp. E11-E12, December 2005)**– Christopher W. Landsea*Landscape and Regional Impacts of Hurricanes in New England (http://www.esajournals.org/doi/abs/10.1890/0012-9615%282001%29071%5B0027:LARIOH%5D2.0.CO%3B2)*(Ecological Monographs, Volume 71, Number 1, pp. 27-48, February 2001)**– Emery R. Boose, Kristen E. Chamberlin, David R. Foster*Normalized Hurricane Damages in the United States: 1925–95 (http://sciencepolicy.colorado.edu/admin/publication_files/resource-168-1998.11.pdf) (PDF)*(Weather and Forecasting, Volume 13, Issue 3, September 1998)**– Roger A. Pielke Jr., Christopher W. Landsea*Normalized Hurricane Damage in the United States: 1900–2005 (http://sciencepolicy.colorado.edu/admin/publication_files/resource-2476-2008.02.pdf) (PDF)*(Natural Hazards, Volume 9, Issue 1, pp. 29-42, February 2008)**– Roger A. Pielke Jr., Joel Gratz, Christopher W. Landsea, Douglas Collins, Mark A. Saunders, Rade Musulin6*Sea-surface temperatures and tropical cyclones in the Atlantic basin (http://www.agu.org/pubs/crossref/2006/2006GL025757.shtml)*(Geophysical Research Letters, Volume 33, Issue 9, May 2006)**– Patrick J. Michaels, Paul C. Knappenberger, Robert E. Davis*Simulated reduction in Atlantic hurricane frequency under twenty-first-century warming conditions (http://www.nature.com/ngeo/journal/v1/n6/abs/ngeo202.html)*(Nature Geoscience, Volume 1, Number 6, pp. 359-364, June 2008)**– Thomas R. Knutson et al.*Trends in global tropical cyclone activity over the past twenty years (1986–2005) (http://typhoon.atmos.colostate.edu/Includes/Documents/Publications/klotzbach2006.pdf) (PDF)*(Geophysical Research Letters, Volume 33, Issue 11, May 2006)**– Philip J. Klotzbach*Tropical Cyclones and Global Climate Change: A Post-IPCC Assessment (http://ams.allenpress.com/archive/1520-0477/79/1/pdf/i1520-0477-79-1-19.pdf) (PDF)*(Bulletin of the American Meteorological Society, Volume 79, Issue 1, January 1998)**– A. Henderson-Sellers, H. Zhang, G. Berz, K. Emanuel, W. Gray, C. Landsea, G. Holland, J. Lighthill, S.-L. Shieh, P. Webster, K. McGuffie***Malaria:**Climate Change and Mosquito-Borne Disease (http://www.pubmedcentral.nih.gov/picrender.fcgi?artid=1240549&blobtype=pdf) (PDF)*(Environmental Health Perspectives, Volume 109, Supplement 1, March 2001)**– Paul Reiter*From Shakespeare to Defoe: Malaria in England in the Little Ice Age (http://ff.org/centers/csspp/pdf/shakespeare.pdf) (PDF)*(Emerging Infectious Diseases, Volume 6, Number 1, January–February 2000)**– Paul Reiter*Global warming and malaria: a call for accuracy (http://eprints.soton.ac.uk/15452/)*(Lancet Infectious Diseases, Volume 4, Issue 6, pp. 323-324, June 2004)**– Paul Reiter, C. Thomas, P. Atkinson, S. Hay, S. Randolph, D. Rogers, G. Shanks, R. Snow, A. Spielman*Global warming and malaria: knowing the horse before hitching the cart (http://www.malariajournal.com/content/7/S1/S3/.%20HTTP://.%20HTTP://WWW.MARA.ORG.ZA/abstract/.%20http://www.mara.org.za)*(Malaria Journal, Volume 7, Supplement 1, December 2008)**– Paul Reiter*Malaria and Global Warming in Perspective? (http://www.cdc.gov/ncidod/EID/vol6no4/pdf/reiter.pdf) (PDF)*(Emerging Infectious Diseases, Volume 6, Number 4, pp. 438-9. July-August 2000)**– Paul Reiter***Medieval Warming Period – Little Ice Age:**A 700 year record of Southern Hemisphere extratropical climate variability (http://www.ingentaconnect.com/content/igsoc/agl/2004/00000039/00000001/art00020)*(Annals of Glaciology, Volume 39, Number 1, pp.127-132, June 2004)**– P.A Mayewski et al.*Caribbean sea surface temperatures: Two‐to‐three degrees cooler than present during the Little Ice Age (http://www.agu.org/pubs/crossref/2000/2000GL011426.shtml)*(Geophysical Research Letters, Volume 27, Issue 20, pp. 3365-3368, Octonber 2000)**– Amos Winter, Hiroshi Ishioroshi, Tsuyoshi Watanabe, Tadamichi Oba, John R. Christy*Coherent High- and Low-Latitude Climate Variability During the Holocene Warm Period (http://www.sciencemag.org/cgi/content/abstract/288/5474/2198)*(Science, Volume 288, Number 5474, pp. 2198-2202, June 2000)**– Peter deMenocal, Joseph Ortiz, Tom Guilderson, Michael Sarnthein*Evidence for a ‘Medieval Warm Period’ in a 1,100 year tree-ring reconstruction of past austral summer temperatures in New Zealand (http://md1.csa.com/partners/viewrecord.php?requester=gs&collection=TRD&recid=A0312770AH&q=&uid=791398326&setcookie=yes)*(Geophysical Research Letters, Volume 29, Number 14, pp. 1-4, July 2002)**– E. R. Cook, J. G. Palmer, R. D’Arrigo*Evidence for a warmer period during the 12th and 13th centuries AD from chironomid assemblages in Southampton Island, Nunavut, Canada (http://cat.inist.fr/?aModele=afficheN&cpsidt=21655305)*(Quaternary Research, Volume 72, Issue 1, pp. 27-37, July 2009)**– Nicolas Rolland et al.*Evidence for the existence of the medieval warm period in China (http://www.springerlink.com/content/gh98230822m7g01l/)*(Climatic Change, Volume 26, Numbers 2-3, pp. 289-297, March 1994)**– De’Er Zhang*Glacial geological evidence for the medieval warm period (http://www.springerlink.com/content/g15qv13t1v12np00/)*(Climatic Change, Volume 26, Numbers 2-3, pp. 143-169, March 1994)**– Jean M. Grove, Roy Switsur*Late Holocene surface ocean conditions of the Norwegian Sea (Vøring Plateau) (http://www.agu.org/pubs/crossref/2003/2001PA000654.shtml)*(Paleoceanography, Volume 18, Number 2, June 2003)**– Carin Andersson, Bjørg Risebrobakken, Eystein Jansen, Svein Olaf Dahl*Low-Frequency Signals in Long Tree-Ring Chronologies for Reconstructing Past Temperature Variability (http://www.sciencemag.org/cgi/content/abstract/295/5563/2250)*(Science, Volume 295, Number 5563, pp. 2250-2253, March 2002)**– Jan Esper, Edward R. Cook, Fritz H. Schweingruber*Medieval climate warming and aridity as indicated by multiproxy evidence from the Kola Peninsula, Russia (http://linkinghub.elsevier.com/retrieve/pii/S0031018204001105)*(Palaeogeography, Palaeoclimatology, Palaeoecology, Volume 209, Issues 1-4, pp. 113-125, July 2004)**– K. V. Kremenetski, T. Boettger, G. M. MacDonald, T. Vaschalova, L. Sulerzhitsky, A. Hiller*Medieval Warm Period, Little Ice Age and 20th century temperature variability from Chesapeake Bay (http://linkinghub.elsevier.com/retrieve/pii/S0921818102001613)*(Global and Planetary Change, Volume 36, Issues 1-2, pp. 17-29, March 2003)**– T. M. Cronin, G. S. Dwyer, T. Kamiya, S. Schwede, D. A. Willard*Reconstructing Climatic and Environmental Changes of the Past 1000 Years: A Reappraisal (http://www.marshall.org/pdf/materials/132.pdf) (PDF)*(Energy & Environment, Volume 14, Numbers 2-3, pp. 233-296, May 2003)**– Willie H. Soon, Sallie L. Baliunas, Sherwood B. Idso, Craig Idso, David R. Legates*>**“Many records reveal that the 20th century is likely not the warmest nor a uniquely extreme climatic period of the last millennium.”**The Little Ice Age and Medieval Warm Period in the Sargasso Sea (http://www.sciencemag.org/cgi/content/abstract/274/5292/1503)*(Science, Volume 274, Number 5292, pp. 1503-1508, November 29, 1996)**– Lloyd D. Keigwin*The Little Ice Age and Medieval Warming in South Africa (http://www-user.uni-bremen.de/%7Egheiss/Personal/Abstracts/SAJS2000_Abstr.html)*(South African Journal of Science, Volume 96, Number 3, pp. 121-126, 2000)**– P. D. Tyson, W. Karlén, K. Holmgren and G. A. Heiss*The Little Ice Age as Recorded in the Stratigraphy of the Tropical Quelccaya Ice Cap (http://www.sciencemag.org/cgi/content/abstract/234/4774/361)*(Science, Volume 234, Number 4774, pp. 361-364, October 1986)**– L.G. Thompson, E. Mosley-Thompson, W. Dansgaard, P.M. Grootes*The ‘Mediaeval Warm Period’ drought recorded in Lake Huguangyan, tropical South China (http://hol.sagepub.com/cgi/content/abstract/12/5/511)*(Holocene, Volume 12, Number 5, pp. 511-516, 2002)**– Guoqiang Chu, Jiaqi Liu, Qing Sun, Houyuan Lu, Zhaoyan Gu, Wenyuan Wang, Tungsheng Liu*The Medieval Warm Period in the Daihai Area (http://md1.csa.com/partners/viewrecord.php?requester=gs&collection=ENV&recid=5602285&q=%22medieval+warm+period%22&uid=791398326&setcookie=yes)*(Journal of Lake Sciences, Volume 14, Number 3, pp. 209-216, September 2002)**– Z. Jin, J. Shen, S. Wang, E. Zhang*Time scales and trends in the central England temperature data (1659–1990): A wavelet analysis (http://www.agu.org/pubs/crossref/1997/97GL01184.shtml)*(Geophysical Research Letters, Volume 24, Issue 11, pp. 1351-1354, June 1997)**– Sallie Baliunas, Peter Frick, Dmitry Sokoloff, Willie Soon*Torneträsk tree-ring width and density ad 500–2004: a test of climatic sensitivity and a new 1500-year reconstruction of north Fennoscandian summers (http://www.springerlink.com/content/8j71453650116753/?p=fcd6adbe04ff4cc29b7131b5184282eb%CF%80=0)*(Climate Dynamics, Volume 31, Numbers 7-8, December 2008)**– Håkan Grudd*Tree-ring and glacial evidence for the medieval warm epoch and the little ice age in southern South America (http://www.springerlink.com/content/x0214563n1n44731/)*(Climatic Change, Volume 26, Numbers 2-3, March 1994)**– Ricardo Villalba*Was the Medieval Warm Period Global? (http://mensch.org/5223_2007/archive/Science2001Broecker.pdf) (PDF)*(Science, Volume 291, Number 5508, pp. 1497-1499, February 2001)**– Wallace S. Broecker*>“The Little Ice Age and the subsequent warming were global in extent. Several Holocene fluctuations in snowline, comparable in magnitude to that of the post-Little Ice Age warming, occurred in the Swiss Alps. Borehole records both in polar ice and in wells from all continents suggest the existence of a Medieval Warm Period. Finally, two multidecade-duration droughts plagued the western United States during the latter part of the Medieval Warm Period. I consider this evidence sufficiently convincing to merit an intensification of studies aimed at elucidating Holocene climate fluctuations, upon which the warming due to greenhouse gases is superimposed.”**Ocean Acidification:**Elevated water temperature and carbon dioxide concentration increase the growth of a keystone echinoderm (http://www.pnas.org/content/106/23/9316.abstract)*(Proceedings of the National Academy of Sciences, Volume 106, Issue 23, pp. 9316-9321, June 2009)**– Rebecca A. Gooding, Christopher D. G. Harley, Emily Tang*Modern-age buildup of CO2 and its effects on seawater acidity and salinity (http://www.agu.org/pubs/crossref/2006.../2006GL026305.shtml)*(Geophysical Research Letters, Volume 33, Number 10, May 2006)**– Hugo A. Loáiciga*>“This paper’s results concerning average seawater salinity and acidity show that, on a global scale and over the time scales considered (hundreds of years), there would not be accentuated changes in either seawater salinity or acidity from the observed or hypothesized rises in atmospheric CO2 concentrations.”Phytoplankton Calcification in a High-CO2 World (http://www.sciencemag.org/cgi/content/abstract/sci;320/5874/336)*(Science, Volume 320, Number 5874, pp. 336-340, April 2008)**– M. Debora Iglesias-Rodriguez et al.***Permafrost:**Ancient Permafrost and a Future, Warmer Arctic (http://www.sciencemag.org/cgi/content/abstract/321/5896/1648)*(Science, Volume 321, Number 5896, pp. 1648, September 2008)**– Duane G. Froese, John A. Westgate, Alberto V. Reyes, Randolph J. Enkin, Shari J. Preece*>“We report the presence of relict ground ice in subarctic Canada that is greater than 700,000 years old, with the implication that ground ice in this area has survived past interglaciations that were warmer and of longer duration than the present interglaciation.”Near-surface permafrost degradation: How severe during the 21st century? (http://www.agu.org/pubs/crossref/2007/2007GL029323.shtml)*(Geophysical Research Letters, Volume 34, Issue 9, May 2007)**– G. Delisle*>“Based on paleoclimatic data and in consequence of this study, it is suggested that scenarios calling for massive release of methane in the near future from degrading permafrost are questionable.”**Polar Bears:**Polar bears of western Hudson Bay and climate change: Are warming spring air temperatures the “ultimate” survival control factor? (http://www.cfa.harvard.edu/%7Ewsoon/myownPapers-d/DyckSoonetal07-PBpaper.pdf) (PDF)*(Ecological Complexity, Volume 4, Issue 3, pp. 73-84, September 2007)**– M.G. Dyck, W. Soon, R.K. Baydack, D.R. Legates, S. Baliunas, T.F. Ball, L.O. Hancock*– Reply to response to Dyck et al. (2007) on polar bears and climate change in western Hudson Bay by Stirling et al. (2008) (http://linkinghub.elsevier.com/retrieve/pii/S1476945X08000032)*(Ecological Complexity, Volume 5, Issue 4, pp. 289-302, December 2008)**– M.G. Dyck, W. Soon, R.K. Baydack, D.R. Legates, S. Baliunas, T.F. Ball, L.O. Hancock*Polar Bear Population Forecasts: A Public-Policy Forecasting Audit (http://www.forecastingprinciples.com/Public_Policy/PolBears.pdf) (PDF)*(Interfaces, Volume 75, April 2008)**– J. Scott Armstrong, Kesten C. Green, Willie H. Soon***Sea Level:**Estimating future sea level changes from past records (http://www.junkscience.com/jan04/nils-morner_1.pdf) (PDF)*(Global and Planetary Change, Volume 40, Issues 1-2, pp. 49-54, January 2004)**– Nils-Axel Mörner*– Comment on comment by Nerem et al. (2007) on “Estimating future sea level changes from past records” by Nils-Axel Mörner (2004) (http://linkinghub.elsevier.com/retrieve/pii/S0921818108000313)*(Global and Planetary Change, Volume 62, Issues 3-4, Pages 219-220, June 2008)**– Nils-Axel Mörner*Geocentric sea-level trend estimates from GPS analyses at relevant tide gauges world-wide (http://ff.org/centers/csspp/library/co2weekly/20070809/20070809_06.pdf) (PDF)*(Global and Planetary Change, Volume 57, Issues 3-4, pp. 396-406, June 2007)**– G. Wöppelmann, B. Martin Miguez, M.-N. Bouin, Z. Altamimi*Global Warming and Sea Level Rise (http://icecap.us/images/uploads/MLK2.pdf) (PDF)*(Energy & Environment, Volume 20, Number 7, pp. 1067-1074, 2009)**– Madhav L. Khandekar*New perspectives for the future of the Maldives (http://stephenschneider.stanford.edu/Publications/PDF_Papers/MornerEtAl2004.pdf) (PDF)*(Global and Planetary Change, Volume 40, Issue 1-2, pp. 177-182, January 2004)**– Nils-Axel Mörner, Michael Tooley, Goran Possnert*– Reply to the comment of P.S. Kench et al. on “New perspectives for the future of the Maldives” by N.A. Morner et al. (http://linkinghub.elsevier.com/retrieve/pii/S0921818104002127)*(Global and Planetary Change, Volume 47, Issue 1, pp. 70-71, February 2005)**– Nils-Axel Mörner, Michael Tooley*Snowfall-Driven Growth in East Antarctic Ice Sheet Mitigates Recent Sea-Level Rise (http://www.sciencemag.org/cgi/content/abstract/308/5730/1898)*(Science, Volume 308, Number 5730, pp. 1898-1901, June 2005)**– Curt H. Davis, Yonghong Li, Joseph R. McConnell, Markus M. Frey, Edward Hanna*)Sea Level Changes and Tsunamis, Environmental Stress and Migration Overseas: The Case of the Maldives and Sri Lanka (http://www.sasnet.lu.se/mornertext.pdf) (PDF)*(International Quarterly for Asian Studies, Volume 38, Number 3–4, pp. 353–374, November 2007)**– Nils-Axel Mörner*The Maldives project: a future free from sea-level flooding (http://www.ingentaconnect.com/content/routledg/ccsa/2004/00000013/00000002/art00004)*(Contemporary South Asia, Volume 13, Number 2, pp. 149-155, June 2004)**– Nils-Axel Mörner***Species Extinctions:**Dangers of crying wolf over risk of extinctions (http://www.nature.com/nature/journal/v428/n6985/full/428799b.html)*(Nature, Volume 428, Issue 6985, pp. 799, April 2004)**– Richard J. Ladle, Paul Jepson, Miguel B. Araújo & Robert J. Whittaker*Riding the Wave: Reconciling the Roles of Disease and Climate Change in Amphibian Declines (http://biology.plosjournals.org/perlserv/?request=get-document&doi=10.1371/journal.pbio.0060072&ct=1&SESSID=b064f564d42022f4362a199492605bf6)*(PLoS Biology, Volume 6, Number 3, pp. 441-454, March 2008)**– Karen R. Lips, Jay Diffendorfer, Joseph R. Mendelson III, Michael W. Sears***Storms:**Changes in Global Monsoon Circulations Since 1950 (http://www.springerlink.com/content/h210232251475317/)*(Natural Hazards, Volume 29, Number 2, pp. 229-254, June 2003)**– T. N. Chase, J. A. Knaff, R. A. Pielke Sr., E. Kalnay*Changing storminess? An analysis of long-term sea level data sets (http://www.int-res.com/articles/cr/11/c011p161.pdf) (PDF)*(Climate Research, Volume 11, Number 2, pp. 161-172, March 1999)**– W. Bijl, R. Flather, J. G. de Ronde, T. Schmith*Characteristics of long-duration precipitation events across the United States (http://www.agu.org/pubs/crossref/2007.../2007GL031808.shtml)*(Geophysical Research Letters, Volume 34, Issue 22, November 2007)**– David M. Brommer, Randall S. Cerveny, Robert C. Balling Jr.*Climate change and extratropical storminess in the United States: An assessment (http://www3.interscience.wiley.com/journal/119085770/abstract)?*(Journal of the American Water Resources Association, Volume 35, Number 6, pp. 1387-1398, December 1999)**– Bruce P. Hayden*Comment on WMO Statement on Extreme Weather Events (http://www.agu.org/pubs/crossref/2003/2003EO410006.shtml)*(Eos, Transactions American Geophysical Union, Volume 84, Issue 41, pp. 428-428 , February 2003)**– Madhav L. Khandekar*Compilation and Discussion of Trends in Severe Storms in the United States: Popular Perception v. Climate Reality (http://www.springerlink.com/content/n581139q2221p027/)*(Natural Hazards, Volume 29, Number 2, pp. 103-112, June 2003)**– Robert C. Balling Jr., Randall S. Cerveny*Extreme Weather Trends Vs. Dangerous Climate Change: A Need for Critical Reassessment (http://www.ingentaconnect.com/content/mscp/ene/2005/00000016/00000002/art00009)*(Energy & Environment, Volume 16, Number 2, pp. 327-332, March 2005)**– Madhav L. Khandekar*Indian Monsoon Variability in a Global Warming Scenario (http://www.springerlink.com/content/m21981w004708114/)*(Natural Hazards, Volume 29, Number 2, pp. 189-206, June 2003)**– R. H. Kripalani, Ashwini Kulkarni, S. S. Sabade, M. L Khandekar*North American Trends in Extreme Precipitation (http://www.springerlink.com/content/q61133121t61775m/)*(Natural Hazards, Volume 29, Number 2, pp. 291-305, June, 2003)**– Kenneth E. Kunkel*Scandinavian storminess since about 1800 (http://www.agu.org/pubs/crossref/2004/2004GL020441.shtml)*(Geophysical Research Letters, Volume 31, Issue 20, October 2004)**– Lars Bärring, Hans von Storch*Seasonal, interannual, and decadal variability of storm surges at Tauranga, New Zealand (http://www.royalsociety.org.nz/site/publish/journals/nzjmfr/2000/34.aspx)*(New Zealand Journal of Marine and Freshwater Research, Volume 34, Number 3, pp. 419-434, September 2000)**– W. P. De Lange, J. G. Gibb*Surges, atmospheric pressure and wind change and flooding probability on the Atlantic coast of France (http://www.csa.com/partners/viewrecord.php?requester=gs&collection=ENV&recid=4827288)*(Oceanologica Acta, Volume 23, Number 6, pp. 643-661, November 2000)**– P.A. Pirazzoli*Trends in precipitation on the wettest days of the year across the contiguous USA (http://www3.interscience.wiley.com/journal/109801366/abstract)?*(International Journal of Climatology, Volume 24, Number 15, pp. 1873-1882, December 2004)**– Patrick J. Michaels, Paul C. Knappenberger, Oliver W. Frauenfeld, Robert E. Davis*Twentieth-Century Storm Activity along the U.S. East Coast (http://ams.allenpress.com/archive/1520-0442/13/10/pdf/i1520-0442-13-10-1748.pdf) (PDF)*(Journal of Climate, Volume 13, Issue 10, pp. 1748-1761, May 2000)**– Keqi Zhang, Bruce C. Douglas, Stephen P. Leatherman***Tornadoes:**Normalized Damage from Major Tornadoes in the United States: 1890–1999 (http://ams.allenpress.com/archive/1520-0434/16/1/pdf/i1520-0434-16-1-168.pdf) (PDF)*(Weather and Forecasting, Volume 16, Issue 1, pp. 168-176, February 2001)**– Harold E. Brooks, Charles A. Doswell III***1,500-Year Climate Cycle:**A Pervasive Millennial-Scale Cycle in North Atlantic Holocene and Glacial Climates (http://www.sciencemag.org/cgi/content/abstract/278/5341/1257)*(Science, Volume 278, Number 5341, pp. 1257-1266, November 1997)**– Gerard Bond et al.*A Variable Sun Paces Millennial Climate (http://www.sciencemag.org/cgi/content/summary/294/5546/1431b)*(Science, Volume 294, Number 5546, pp. 1431-1433, November 2001)**– Richard A. Kerr*Cyclic Variation and Solar Forcing of Holocene Climate in the Alaskan Subarctic (http://www.sciencemag.org/cgi/content/abstract/301/5641/1890)*(Science, Volume 301, Number 5641, pp. 1890-1893, September 2003)**– Feng Sheng Hu et al.*Decadal to millennial cyclicity in varves and turbidites from the Arabian Sea: hypothesis of tidal origin (http://www.ingentaconnect.com/content/els/09218181/2002/00000034/00000003/art00122)*(Global and Planetary Change, Volume 34, Issues 3-4, pp. 313-325, November 2002)**– W. H. Bergera, U. von Rad*Late Holocene approximately 1500 yr climatic periodicities and their implications (http://geology.geoscienceworld.org/cgi/content/abstract/26/5/471)*(Geology, Volume 26, Number 5, pp. 471-473, May 1998)**– Ian D. Campbell et al.*Possible solar origin of the 1,470-year glacial climate cycle demonstrated in a coupled model (http://www.nature.com/nature/journal/v438/n7065/abs/nature04121.html)*(Nature, Volume 438, Issue 70695, pp. 208-211, November 2005)**– Holger Braun et al.*The 1,800-year oceanic tidal cycle: A possible cause of rapid climate change (http://www.pnas.org/cgi/content/abstract/97/8/3814)*(Proceedings of the National Academy of Sciences, Volume 97, Number 8, pp. 3814-3819, April 2000)**– Charles D. Keeling, Timothy P. Whorf*The origin of the 1500-year climate cycles in Holocene North-Atlantic records (http://www.clim-past.net/3/569/2007/cp-3-569-2007.pdf) (PDF)*(Climate of the Past, Volume 3, Issue 2, pp.679-692, 2007)**– M. Debret et al.*Timing of abrupt climate change: A precise clock (http://www.agu.org/pubs/crossref/2003/2003GL017115.shtml)*(Geophysical Research Letters, Volume 30, Issue 10, pp. 17-1, May 2003)**– Stefan Rahmstorf*Timing of Millennial-Scale Climate Change in Antarctica and Greenland During the Last Glacial Period (http://www.sciencemag.org/cgi/content/abstract/sci;291/5501/109)*(Science, Volume 291, Issue 5501, pp. 109-112, January 2001)**– Thomas Blunier, Edward J. Brook*Widespread evidence of 1500 yr climate variability in North America during the past 14 000 yr (http://geology.geoscienceworld.org/cgi/content/abstract/30/5/455)*(Geology, Volume 30, Issue 5, pp. 455-458, May 2002)**– André E. Viau et al.***Cosmic Rays:**Solar variability influences on weather and climate: Possible connections through cosmic ray fluxes and storm intensification (http://adsabs.harvard.edu/abs/1989JGR....9414783T)*(Journal of Geophysical Research, Volume 94, Number D12, pp. 14783-14792, October 1989)**– Brian A, Tinsley, Geoffrey M. Brown, Philip H. Scherrer*Hale-cycle effects in cosmic-ray intensity during the last four cycles (http://www.springerlink.com/content/k324m30433473764/)*(Astrophysics and Space Science, Volume 246, Number 1, March 1996)**– H. Mavromichalaki, A. Belehaki, X. Rafios, I. 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Kniveton and Martin C. Todd*Altitude variations of cosmic ray induced production of aerosols: Implications for global cloudiness and climate (http://www.agu.org/pubs/crossref/2002/2001JA000248.shtml)*(Journal of Geophysical Research, Volume 107, Issue A7, pp. SIA 8-1, July 2002)**– Fangqun Yu*Cosmic Ray Diffusion from the Galactic Spiral Arms, Iron Meteorites, and a Possible Climatic Connection (http://arxiv.org/PS_cache/astro-ph/pdf/0207/0207637v1.pdf) (PDF)*(Physical Review Letters, Volume 89, Number 5, July 2002)**– Nir J. Shaviv*The Spiral Structure of the Milky Way, Cosmic Rays, and Ice Age Epochs on Earth (http://arxiv.org/abs/astro-ph/0209252)*(New Astronomy, Volume 8, Issue 1, pp. 39-77, January 2003)**– Nir J. Shaviv*Galactic cosmic ray and El Niño–Southern Oscillation trends in International Satellite Cloud Climatology Project D2 low-cloud properties (http://www.agu.org/pubs/crossref/2003/2001JD001264.shtml)*(Journal of Geophysical Research, Volume 108, Number D6, pp. AAC 6-1, March 2003)**– Nigel Marsh, Henrik Svensmark*Solar Influence on Earth’s Climate (http://www.springerlink.com/content/q0x72u303vv6713x/)*(Space Science Reviews, Volume 107, Numbers 1-2, pp. 317-325, April 2003)**– Nigel Marsh, Henrik Svensmark*Toward a solution to the early faint Sun paradox: A lower cosmic ray flux from a stronger solar wind (http://arxiv.org/PS_cache/astro-ph/pdf/0306/0306477v2.pdf) (PDF)*(Journal of Geophysical Research, Volume 108, Number A12, pp. SSH 3-1, December 2003)**– Nir J. Shaviv*Latitudinal dependence of low cloud amount on cosmic ray induced ionization (http://www.agu.org/pubs/crossref/2004/2004GL019507.shtml)*(Geophysical Research Letters, Volume 31, Issue 16, August 2004)**– I.G. 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Ogurtsov*Cosmic rays and climate of the Earth: possible connection (http://linkinghub.elsevier.com/retrieve/pii/S1631071307003082)*(Comptes Rendus Geosciences, Volume 340, Issue 7, pp. 441-450, July 2008)**– Ilya G. Usoskina, Gennady A. Kovaltsovb*Cosmic Rays and Climate (http://www.springerlink.com/content/f226g6036453m385/)*(Surveys in Geophysics, Volume 28, Numbers 5-6, November 2007)**– Jasper Kirkby*Coal and fuel burning effects on the atmosphere as mediated by the atmospheric electric field and galactic cosmic rays flux (http://www.ingentaconnect.com/content/ind/ijgw/2009/00000001/F0020001/art00004)*(International Journal of Global Warming, Volume 1, Numbers 1-2, pp. 57-65, July 2009)**– Reis, A. 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Camp, Ka Kit Tung*The 60-year solar modulation of global air temperature: the Earth’s rotation and atmospheric circulation connection (http://www.springerlink.com/content/vq13t597u2712x12/)*(Theoretical and Applied Climatology, Volume 88, Numbers 3-4, March 2007)**– Adriano Mazzarella*The influence of the 11 yr solar cycle on the interannual–centennial climate variability (http://dx.doi.org/10.1016/j.jastp.2005.02.002)*(Journal of Atmospheric and Solar-Terrestrial Physics, Volume 67, Issues 8-9, pp. 793-805 ,May-June 2005)**– Hengyi Weng*The Influence of the Solar Cycle and QBO on the Late-Winter Stratospheric Polar Vortex (http://ams.allenpress.com/perlserv/?request=get-abstract&doi=10.1175%2FJAS3883.1&ct=1)*(Journal of the Atmospheric Sciences, Volume 64, Issue 4, pp. 1267–1283, April 2007)**– Charles D. Camp, Ka-Kit Tung*The link between the solar dynamo and climate – The evidence from a long mean air temperature series from Northern Ireland (http://adsabs.harvard.edu/abs/1994IrAJ...21..251B)*(Irish Astronomical Journal, Volume 21, Number 3-4, pp. 251-254, September 1994)**– C.J. Butler, D.J. Johnston*The signal of the 11-year sunspot cycle in the upper troposphere-lower stratosphere (http://www.springerlink.com/content/u703647534qq8747/)*(Space Science Reviews, Volume 80, Numbers 3-4, pp. 393-410, May 1997)**– K. Labitzke, H. van Loon*The Sun–Earth Connection in Time Scales from Years to Decades and Centuries (http://www.springerlink.com/content/h6287231175q2643/)*(Space Science Reviews, Volume 95, Numbers 1-2, pp. 625-637, January 2001)**– T.I. Pulkkinen, H. Nevanlinna, P.J. Pulkkinen, M. Lockwood*The Sun’s Role in Regulating the Earth’s Climate Dynamics (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/F0020001/art00004)*(Energy & Environment, Volume 20, Numbers 1-2, pp. 25-73, January 2009)**– Richard Mackey*Understanding Solar Behaviour and its Influence on Climate (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/F0020001/art00012)*(Energy & Environment, Volume 20, Numbers 1-2, pp. 145-159, January 2009)**– Timo Niroma*Using the oceans as a calorimeter to quantify the solar radiative forcing (http://www.agu.org/pubs/crossref/2008/2007JA012989.shtml)*(Journal of Geophysical Research, Volume 113, Issue A11, November 2008)**– Nir J. Shaviv*Variations of solar coronal hole area and terrestrial lower tropospheric air temperature from 1979 to mid-1998: astronomical forcings of change in earth’s climate? 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Shackleton*What do we really know about the Sun-climate connection? (http://www-ssc.igpp.ucla.edu/IASTP/43/)*(Advances in Space Research, Volume 20, Issue 4-5, pp. 913-921, September 1997)**– Eigil Friis-Christensen, Henrik Svensmark*Will We Face Global Warming in the Nearest Future? (http://www.maik.ru/abstract/geomag/3/geomag1_3p124abs.htm)*(Geomagnetism and Aeronomy, Volume 43, pp. 124-127, 2003)**– V. S. Bashkirtsev, G. P. Mashnich***IPCC:**Biased Policy Advice from The Intergovernmental Panel on Climate Change (http://www.mi.uni-hamburg.de/fileadmin/fnu-files/publication/tol/RM7422.pdf) (PDF)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 929-936, December 2007)**– Richard S.J. Tol*Crystal balls, virtual realities and ‘storylines’ (http://www.ingentaconnect.com/content/mscp/ene/2001/00000012/00000004/art00008)*(Energy & Environment, Volume 12, Number 4, pp. 343-349, July 2001)**– Richard S. Courtney*Has the IPCC exaggerated adverse impact of Global Warming on human societies? 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Alexander*The UN IPCC’s Artful Bias: Summary of Findings: Glaring Omissions, False Confidence and Misleading Statistics in the Summary for Policymakers (http://www.ingentaconnect.com/content/mscp/ene/2002/00000013/00000003/art00003)*(Energy & Environment, Volume 13, Number 3, pp. 311-328, July 2002)**– Wojick D. E.***Kyoto Protocol:**A 2004 View of the Kyoto Protocol (http://www.ingentaconnect.com/content/mscp/ene/2004/00000015/00000003/art00010)*(Energy & Environment, Volume 15, Number 3, pp. 505-511, July 2004)**– S. Fred Singer*After Kyoto: A Global Scramble for Advantage (http://www.independent.org/pdf/tir/tir_04_1_yandle.pdf) (PDF)*(The Independent Review, Volume 4, Number 1, pp. 19-40, 1999)**– Bruce Yandle*Climate Change: Beyond Kyoto (http://www.ingentaconnect.com/content/mscp/ene/2005/00000016/00000005/art00006)*(Energy & Environment, Volume 16, Number 5, pp. 763-766, September 2005)**– Anne, Lauvergeon*Climate policy and uncertainty (http://www.ingentaconnect.com/content/mscp/ene/2001/00000012/F0020005/art00007)*(Energy & Environment, Volume 12, Numbers 5-6, pp. 415-423, November 2001)**– Catrinus J. Jepma*Clouds Over Kyoto (http://www.cato.org/pubs/regulation/regv21n1/21-1f6.pdf) (PDF)*(Regulation, Volume 21, Number 1, pp. 57-63, 1998)**– Jerry Taylor*The Role of the IPCC is To Assess Climate Change Not Advocate Kyoto (http://www.ingentaconnect.com/content/mscp/ene/2004/00000015/00000003/art00004)*(Energy & Environment, Volume 15, Number 3, pp. 369-373, July 2004)**– Ian Castles*Time to ditch Kyoto (http://www.nature.com/nature/journal/v449/n7165/full/449973a.html)*(Nature, Volume 449, Issue 7165, pp. 973-975, October 2007)**– Gwyn Prins, Steve Rayner***Socio-Economic:**Best practices in prediction for decision-making: Lessons from the atmospheric and earth sciences (http://sciencepolicy.colorado.edu/admin/publication_files/2003.22.pdf) (PDF)*(Ecology, Volume 84, Number 6, pp. 1351-1358, June 2003)**– Roger A. Pielke Jr., Richard T. Conant*Calling the Carbon Bluff: Why Not Tie Carbon Taxes to Actual Levels of Warming? Both Skeptics and Alarmists Should Expect Their Wishes to Be Answered (http://ross.mckitrick.googlepages.com/T3Tax.EE.online.pdf) (PDF)*(Energy & Environment, Volume 19, Number 5, pp. 707-711, September 2008)**– Ross McKitrick*Climate Change 2007: Lifting the taboo on adaptation (http://www.nature.com/nature/journal/v445/n7128/full/445597a.html)*(Nature, Volume 445, Issue 7128, pp. 597-598, February 2007)**– Roger A. Pielke Jr, Gwyn Prins, Steve Rayner, Daniel Sarewitz*Climate change and the world bank: Opportunity for global governance? (http://www.ingentaconnect.com/content/mscp/ene/1999/00000010/00000001/art00004)*(Energy & Environment, Volume 10, Number 1, pp. 27-50, January 1999)**– Sonja Boehmer-Christiansen*Climate Policy : Quo Vadis? (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/F0020001/art00018)*(Energy & Environment, Volume 20, Numbers 1-2, pp. 207-213, January 2009)**– Hans Labohm*Climate Vulnerability and the Indispensable Value of Industrial Capitalism (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/00000005/art00003)*(Energy & Environment, Volume 20, Number 5, pp. 733-745, September 2009)**– Keith H. Lockitch*Discounting the Future (http://www.cato.org/pubs/regulation/regv32n1/v32n1-5.pdf) (PDF)*(Regulation, Volume 32, Number 1, pp. 36-40, 2009)**– Indur M. Goklany*Environmentalism in the light of Menger and Mises (http://mises.org/journals/qjae/pdf/qjae5_2_1.pdf) (PDF)*(Quarterly Journal of Austrian Economics, Volume 5, Number 2, pp. 3-15, June 2002)**– George Reisman*Free speech about climate change (http://www.springerlink.com/content/k77xr06628851331/)*(Society, Volume 44, Number 4, May 2007)**– Christopher Monckton*Global Warming and Its Dangers (http://www.independent.org/pdf/tir/tir_08_4_clark.pdf) (PDF)*(The Independent Review, Volume 8, Number 4, 2004)**– Jeffrey R. Clark, Dwight R. Lee*Global Warming, the Politicization of Science, and Michael Crichton’s State of Fear (http://www.scientificexploration.org/journal/jse_19_2_deming.pdf) (PDF)*(Journal of Scientific Exploration, Volume 19, Number 2, pp. 247-256, 2005)**– David Deming*Global Warming: The Social Construction of A Quasi-Reality? (http://www.ingentaconnect.com/content/mscp/ene/2007/00000018/00000006/art00009)*(Energy & Environment, Volume 18, Number 6, pp. 805-813, November 2007)**– Dennis Ambler*Governments and Climate Change Issues: The case for a new approach (http://www.ingentaconnect.com/content/mscp/ene/2006/00000017/00000004/art00009)*(Energy & Environment, Volume 17, Number 4, pp. 619-632, July 2006)**– David R. Henderson*Governments and Climate Change Issues: The case for rethinking (http://www.world-economics-journal.com/Contents/ArticleOverview.aspx?ID=291)*(World Economics Journal, Volume 8, Issue 2, April 2007)**– David R. Henderson*How Serious is the Global Warming Threat? (http://www.springerlink.com/content/264305gp9476628x/)*(Society, Volume 44, Number 5, pp. 45-50, September 2007)**– Roy W. Spencer*Integrated strategies to reduce vulnerability and advance adaptation, mitigation, and sustainable development (http://goklany.org/library/Goklany-IAM2007.pdf) (PDF)*(Mitigation and Adaptation Strategies for Global Change, Volume 12, Number 5, pp. 755-786, June 2007)**– Indur M. Goklany*Is a Richer-but-warmer World Better than Poorer-but-cooler Worlds? (http://www.ingentaconnect.com/content/mscp/ene/2007/00000018/F0020007/art00010)*(Energy & Environment, Volume 18, Numbers 7-8, pp. 1023-1048, December 2007)**– Indur M. Goklany*Is Climate Change the “Defining Challenge of Our Age”? (http://goklany.org/library/Goklany%202009%20EE%2020-3_1.pdf) (PDF)*(Energy & Environment, Volume 20, Number 3, pp. 279-302, July 2009)**– Indur M. Goklany*Managing Planet Earth; Adaptation and Cosmology (http://www.cato.org/pubs/journal/cj19n1/cj19n1-6.pdf) (PDF)*(The Cato Journal, Volume 19 Number 1, pp. 69-83, 1999 )**– Curtis A. Pendergraft*Mitigation versus compensation in global warming policy (http://economicsbulletin.vanderbilt.edu/2001/volume17/EB-01Q20002A.pdf) (PDF)*(Economics Bulletin, Volume 17, pp. 1-6, December 2001)**– Ross McKitrick*Relative Contributions of Global Warming to Various Climate Sensitive Risks, and their Implications for Adaptation and Mitigation (http://goklany.org/library/E&E%20final%20from%20Goklany%20RV%20preprint.pdf) (PDF)*(Energy & Environment, Volume 14, Number 6, pp. 797-822, November 2003)**– Indur M. Goklany*Rolling the DICE: William Nordhaus’s Dubious Case for a Carbon Tax (http://www.independent.org/pdf/tir/tir_14_02_03_murphy.pdf) (PDF)*(The Independent Review, Volume 14, Number 2, 2009)**– Robert P. Murphy*Science and Environmental Policy-Making: Bias-Proofing the Assessment Process (http://www.uoguelph.ca/%7Ermckitri/research/McKitrick.CJAE05.pdf) (PDF)*(Canadian Journal of Agricultural Economics, Volume 53, Number 4, pp. 275-290, December 2005)**– Ross McKitrick*Scientific Shortcomings in the EPA’s Endangerment Finding from Greenhouse Gases (http://www.cato.org/pubs/journal/cj29n3/cj29n3-8.pdf) (PDF)*(The Cato Journal, Volume 29 Number 3, pp. 497-521, 2009)**– Patrick J. Michaels, Paul C. Knappenberger*Should We Have Acted Thirty Years Ago to Prevent Climate Change? (http://www.independent.org/pdf/tir/tir_11_02_08_holcombe.pdf) (PDF)*(The Independent Review, Volume 11, Number 2, 2006)**– Randall G. Holcombe*Strategies to Enhance Adaptability: Technological Change, Economic Growth and Free Trade (http://goklany.org/library/Goklany%201995%20Climatic%20Change.pdf) (PDF)*(Climatic Change, Volume 30, pp. 427-449, 1995)**– Indur M. Goklany*The Eco-Industrial Complex in USA – Global Warming and Rent-Seeking Coalitions (http://www.ingentaconnect.com/content/mscp/ene/2008/00000019/00000007/art00002)*(Energy & Environment, Volume 19, Number 7, pp. 941-958, December 2008)**– Ivan Jankovic*The evolution of an energy contrarian (http://arjournals.annualreviews.org/doi/abs/10.1146/annurev.energy.21.1.31)*(Annual Review of Energy and the Environment, Volume 211, pp. 31-67, November 1996)**– Henry R. Linden*The Government Grant System: Inhibitor of Truth and Innovation? (http://www.donaldmiller.com/The_Government_Grant_System.pdf) (PDF)*(Journal of Information Ethics, Volume 16, Number 1, Spring 2007)**– Donald W. Miller*The Politicised Science of Greenhouse Climate Change (http://www.ingentaconnect.com/content/mscp/ene/2004/00000015/00000005/art00008)*(Energy & Environment, Volume 15, Number 5, pp. 853-860, September 2004)**– Garth Paltridge*The Real Climate Change Morality Crisis: Climate change initiatives perpetuate poverty, disease and premature death (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/00000005/art00005)*(Energy & Environment, Volume 20, Number 5, pp. 763-777, September 2009)**– Paul Driessen*Turning the big knob: An evaluation of the use of energy policy to modulate future climate impacts (http://www.ingentaconnect.com/content/mscp/ene/2000/00000011/00000003/art00004)*(Energy & Environment, Volume 11, Number 3, pp. 255-275, May 2000)**– Roger A. Pielke Jr., R. Klein, D. Sarewitz*)When scientists politicize science: making sense of controversy over The Skeptical Environmentalist (http://sciencepolicy.colorado.edu/admin/publication_files/resource-1621-2004.18.pdf) (PDF)*(Environmental Science & Policy, Volume 7, Issue 5, pp. 405-417, October 2004)**– Roger A. Pielke Jr.*Climate Science and the Stern Review (http://goklany.org/library/World%20Economics%202007a%20CS%20&%20SR.pdf) (PDF)*(World Economics, Volume 8, Number 2, April–June 2007)**– Robert M. Carter, C. R. de Freitas, Indur M. Goklany, David Holland, Richard S. Lindzen*The Stern Review: A Dual Critique (http://goklany.org/library/World_Economics_2006%20on%20Stern%20Review.pdf) (PDF)*(World Economics, Volume 7, Number 4, pp. 165-232, October–December 2006)**– Robert M. Carter, C. R. de Freitas, Indur M. Goklany, David Holland, Richard S. Lindzen, Ian Byatt, Ian Castles, Indur M. Goklany, David Henderson, Nigel Lawson, Ross McKitrick, Julian Morris, Alan Peacock, Colin Robinson, Robert Skidelsky*– Response to Simmonds and Steffen (http://goklany.org/library/World%20Economics%202007%20Response%20to%20S&S.pdf) (PDF)*(World Economics, Volume 8, Number 2, April–June 2007)**– David Holland, Robert M. Carter, C. R. de Freitas, Indur M. Goklany, Richard S. Lindzen*Is Stern Review on climate change alarmist? (http://www.ingentaconnect.com/content/mscp/ene/2007/00000018/00000005/art00002)*(Energy & Environment, Volume 18, Number 5, pp. 521-532, September 2007)**– S. Niggol Seo*The Stern Review on Climate Change: Inconvenient Sensitivities (http://www.ingentaconnect.com/content/mscp/ene/2009/00000020/00000005/art00006)*(Energy & Environment, Volume 20, Number 5, pp. 779-798, September 2009)**– Sergey Mityakov, Christof Rühl*Kramm, G. and Dlugi, R. 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What was the Enron scandal?

This video explains in layman’s language what exactly happened:Enron Scandal: The Fall of a Wall Street DarlingThe era's regulatory environment also allowed Enron to flourish. At the end of the 1990s, the dot-com bubble was in full swing, and the Nasdaq hit 5,000. Revolutionary internet stocks were being valued at preposterous levels and consequently, most investors and regulators simply accepted spiking share prices as the new normal.Enron participated by creating Enron Online (EOL), an electronic trading website that focused on commodities in Oct. 1999. Enron was the counterparty to every transaction on EOL; it was either the buyer or the seller. To entice participants and trading partners, Enron offered up its reputation, credit, and expertise in the energy sector. Enron was praised for its expansions and ambitious projects and named "America's Most Innovative Company" by Fortune for six consecutive years between 1996 and 2001.By mid-2000, EOL was executing nearly $350 billion in trades. At the outset of the bursting of the dot-com bubble, Enron decided to build high-speed broadband telecom networks. Hundreds of millions of dollars were spent on this project, but the company ended up realizing almost no return.When the recession began to hit in 2000, Enron had significant exposure to the most volatile parts of the market. As a result, many trusting investors and creditors found themselves on the losing end of a vanishing market cap.The Collapse of a Wall Street DarlingBy the fall of 2000, Enron was starting to crumble under its own weight. CEO Jeffrey Skilling had a way of hiding the financial losses of the trading business and other operations of the company; it was called mark-to-market accounting. This is a technique used when trading securities where you measure the value of a security based on its current market value, instead of its book value. This can work well for securities, but it can be disastrous for other businesses.In Enron's case, the company would build an asset, such as a power plant, and immediately claim the projected profit on its books, even though it hadn't made one dime from it. If the revenue from the power plant were less than the projected amount, instead of taking the loss, the company would then transfer these assets to an off-the-books corporation, where the loss would go unreported. This type of accounting enabled Enron to write off losses without hurting the company's bottom line.The mark-to-market practice led to schemes that were designed to hide the losses and make the company appear to be more profitable than it really was. To cope with the mounting losses, Andrew Fastow, a rising star who was promoted to CFO in 1998, came up with a devious plan to make the company appear to be in great shape, despite the fact that many of its subsidiaries were losing money.How Did Enron Use SPVs to Hide its Debt?Fastow and others at Enron orchestrated a scheme to use off-balance-sheet special purpose vehicles(SPVs), also know as special purposes entities (SPEs) to hide mountains of debt and toxic assets from investors and creditors. The primary aim of these SPVs was to hide accounting realities, rather than operating results.The standard Enron-to-SPV transaction occurred when Enron transferred some of its rapidly rising stock to the SPV in exchange for cash or a note. The SPV would subsequently use the stock to hedgean asset listed on Enron's balance sheet. In turn, Enron would guarantee the SPV's value to reduce apparent counterparty risk.Enron believed that its stock price would keep appreciating — a belief similar to that embodied by Long-Term Capital Management before its collapse. Eventually, Enron's stock declined. The values of the SPVs also fell, forcing Enron's guarantees to take effect. One major difference between Enron's use of SPVs and standard debt securitization is that its SPVs were capitalized entirely with Enron stock. This directly compromised the ability of the SPVs to hedge if Enron's share prices fell. Just as dangerous and culpable was the second significant difference: Enron's failure to disclose conflicts of interest. Enron disclosed the SPVs to the investing public—although it's certainly likely that few understood even that much — but it failed to adequately disclose the non-arm's length deals between the company and the SPVs.Arthur Andersen and Enron: Risky BusinessIn addition to Andrew Fastow, a major player in the Enron scandal was Enron's accounting firm Arthur Andersen LLP and its partner David B. Duncan, who oversaw Enron's accounts. As one of the five largest accounting firms in the United States at the time, it had a reputation for high standards and quality risk management.However, despite Enron's poor practices, Arthur Andersen offered its stamp of approval, which was enough for investors and regulators alike, for a while. This game couldn't go on forever, however, and by April 2001, many analysts started to question the transparency of Enron's earnings, and Andersen and Eron were ultimately prosecuted for their reckless behavior.The Shock Felt Around Wall StreetBy the summer of 2001, Enron was in a free fall. CEO Ken Lay had retired in February, turning over the position to Skilling, and that August, Jeff Skilling resigned as CEO for "personal reasons." Around the same time, analysts began to downgrade their rating for Enron's stock, and the stock descended to a 52-week low of $39.95. By Oct.16, the company reported its first quarterly loss and closed its "Raptor" SPE, so that it would not have to distribute 58 million shares of stock, which would further reduce earnings. This action caught the attention of the SEC.A few days later, Enron changed pension plan administrators, essentially forbidding employees from selling their shares, for at least 30 days. Shortly after, the SEC announced it was investigating Enron and the SPVs created by Fastow. Fastow was fired from the company that day. Also, the company restated earnings going back to 1997. Enron had losses of $591 million and had $628 million in debt by the end of 2000. The final blow was dealt when Dynegy a company that had previously announced would merge with the Enron, backed out of its offer on Nov. 28. By Dec. 2, 2001, Enron had filed for bankruptcy.Enron Gets a New NameOnce Enron's Plan of Reorganization was approved by the U.S. Bankruptcy Court, the new board of directors changed Enron's name to Enron Creditors Recovery Corp. (ECRC). The company's new sole mission was "to reorganize and liquidate certain of the operations and assets of the 'pre-bankruptcy' Enron for the benefit of creditors." The company paid its creditors more than 21.7 billion from 2004-2011. Its last payout was in May 2011.Enron Execs and Accountants ProsecutedOnce the fraud was discovered, two of the preeminent institutions in U.S. business, Arthur Andersen LLP, and Enron Corp. found themselves facing federal prosecution. Arthur Andersen was one of the first casualties of Enron's prolific demise. In June 2002, the firm was found guilty of obstructing justice for shredding Enron's financial documents to conceal them from the SEC. The conviction was overturned later, on appeal; however, despite the appeal, like Enron, the firm was deeply disgraced by the scandal.Several of Enron's execs were charged with a slew of charges, including conspiracy, insider trading, and securities fraud. Enron's founder and former CEO Kenneth Lay was convicted of six counts of fraud and conspiracy and four counts of bank fraud. Prior to sentencing, though, he died of a heart attack in Colorado.Enron's former star CFO Andrew Fastow plead guilty to two counts of wire fraud and securities fraud for facilitating Enron's corrupt business practices. He ultimately cut a deal for cooperating with federal authorities and served a four-year sentence, which ended in 2011.Ultimately, though, former Enron CEO Jeffrey Skilling received the harshest sentence of anyone involved in the Enron scandal. In 2006, Skilling was convicted of conspiracy, fraud, and insider trading. Skilling originally received a 24-year sentence, but in 2013 his sentence was reduced by ten years. As a part of the new deal, Skilling was required to give $42 million to the victims of the Enron fraud and to cease challenging his conviction. Skilling remains in prison and is scheduled for release on Feb. 21, 2028.New Regulations As a Result of the Enron ScandalEnron's collapse and the financial havoc it wreaked on its shareholders and employees led to new regulations and legislation to promote the accuracy of financial reporting for publicly-held companies. In July of 2002, then-President George W. Bush signed into law the Sarbanes-Oxley Act. The Act heightened the consequences for destroying, altering or fabricating financial records, and for trying to defraud shareholders. (For more on the 2002 Act, read: How The Sarbanes-Oxley Act Era Affected IPOs.)The Enron scandal resulted in other new compliance measures. Additionally, the Financial Accounting Standards Board (FASB) substantially raised its levels of ethical conduct. Moreover, company's boards of directors became more independent, monitoring the audit companies and quickly replacing bad managers. These new measures are important mechanisms to spot and close the loopholes that companies have used, as a way to avoid accountability.The Bottom LineAt the time, Enron's collapse was the biggest corporate bankruptcy to ever hit the financial world. Since then, WorldCom, Lehman Brothers, and Washington Mutual have surpassed Enron as the largest corporate bankruptcies. The Enron scandal drew attention to accounting and corporate fraud, as its shareholders lost $74 billion in the four years leading up to its bankruptcy, and its employees lost billions in pension benefits. As one researcher states, the Sarbanes-Oxley Act is a "mirror image of Enron: the company's perceived corporate governance failings are matched virtually point for point in the principal provisions of the Act." (Deakin and Konzelmann, 2003). Increased regulation and oversight have been enacted to help prevent corporate scandals of Enron's magnitude. However, some companies are still reeling from the damage caused by Enron. Most recently, in March 2017, a Toronto-based investment firm was granted the okay by a judge to sue former Enron CEO Jeffery Skilling, Credit Suisse Group AG, Deutsche Bank AG, Bank of America's Merrill Lynch unit over losses incurred by purchasing Enron shares.Source: Enron Scandal: The Fall of a Wall Street Darling

Why do limited partners (LPs) continue to invest in venture funds, if the returns for venture capital in the last decade have been terrible?

As I dug around and did some research, it looks like my previous notion that few venture funds outperform the S&P 500 was incorrect.It appears based on recent research (linked below) that studies the most accurate, actual LP cash flow data to date (provided by Burgiss, which provides record-keeping and performance monitoring services for LPs/institutional investors), "previous VC funds...below the median for their vintage year subsequently tend to be below median and have returns below those of the public markets (S&P 500). Partnerships in the top two VC quartiles tend to stay above the median and their returns exceed those of the public markets. that GPs with previous performance in the top or second quartile, outperform the S&P 500."It seems that for LPs, investing in venture funds is like gambling on which NBA team is going to win the championship next year.4 teams account for 65% of all NBA titles. See below from NBA Championships: Summary of Winners:Just like there are "dynasties" that win over and over again in the NBA, recent research that shows venture funds show the same type of dynastic persistence, as well. In a February 2014 paper by Harris et al., "Has Persistence Persisted in Private Equity? Evidence From Buyout and Venture Capital Funds" (link: Page on unc.edu), the researchers arrive to the following conclusions:"We find that performance remains statistically and economically persistent throughout the sample period. Partnerships whose previous VC funds are below the median for their vintage year subsequently tend to be below median and have returns below those of the public markets (S&P 500). Partnerships in the top two VC quartiles tend to stay above the median and their returns exceed those of the public markets. We also fail to find a negative relation between performance and fund size. These results imply much greater stability in the venture capital industry over time. Many of the same forces that operated in the 1980s and 1990s appear to still be in effect.Our results on VC funds have two implications. First, the persistence of persistence in VC suggests that the industry rule of thumb to invest with GPs that have previously performed well and to avoid those that have not remains consistent with our results. The stronger performance persistence for VC as compared to buyout suggests that GP skills and networks for successful VC investing are harder to replicate than is true in buyout. At the same time however, VC funds with previous performance in both the top and second quartiles outperform the S&P 500. This is not consistent with the view that only very few VC funds outperform. In fact, previous funds that are above median appear to do so." Supporting data from the paper below:There seems to be this dynamic where the capital allocator is thinking, "Okay this is going to be a small portion of my entire portfolio, I am okay with losing money on it for the potential that I could really get outsized gains."But the problem is the same one that a gambler in Vegas faces: By the time I want to bet on a dynastic NBA team that is more likely to win an NBA championship for a given year, the odds will already have priced that in and my payoff won't be as big. So, I am forced to find other opportunities by betting on a team that has never won a championship, with extremely high payoffs if they do win. The efficiency of the market has priced me out, making the bet on the Boston Celtics or the San Antonio Spurs in a given year (roughly speaking) not as attractive from an asymmetric risk-reward standpoint. Isn't that what the gambler is looking for with this stash of discretionary capital that's likely a small % of his net worth?In the same vein, the analogy for an LP investor would be that for this tiny % of the portfolio, the LP investor would like to receive some exposure to massively skewed upside optionality. That's what the investor wants. However, just like the gambler that's priced out of betting on the Boston Celtics or the San Antonio Spurs for a given year due to risk capital that beat him to the punch by pricing in the actual odds, other pockets of capital have likely already flowed to the coffers of the dynastic GPs of the VC world, closing their funds off to the majority of LP investors. So most LPs go and look for other opportunities, no matter how unattractive their odds may be. For that's the purpose of that capital - it's speculative for most.That's the end of my post.....But, for the data nerds, who would like to see a summary re: the Burgiss data from LPs, and overall VC returns as a whole, please see the below.I summarize and cite the findings of a research paper titled, "Private Equity Performance: What Do We Know?" which is the first research paper of its kind to use research-quality, ACTUAL cash flow data of LPs, provided by Burgiss, a company that provides record-keeping and performance monitoring services for institutional investors, LPs.The paper states: "Since 2000, the average VC fund has underperformed public markets by about 5% over the life of the fund. Although disappointing, this under-performance is less dramatic than the more commonly quoted absolute return measures."Please read the primary source and make your own interpretations, as these are my own cursory summaries and selected citations."Private Equity Performance: What Do We Know?" by Robert S. Harris, Tim Jenkinson and Steven N. Kaplan (July 2013)Link: Page on chicagobooth.edu(Note: The above paper also mentions an interesting piece from the Kaufmann Foundation in 2012: Page on kauffman.org)"Private Equity Performance: What Do We Know?" by Robert S. Harris, Tim Jenkinson and Steven N. Kaplan (July 2013)Working backwards, I start with a summary of the conclusion:Conclusion:A: "Our research highlights the importance of high quality data for understanding private equity and the returns it provides to investors. Some of the existing papers in the academic literature have relied upon data whose reliability has recently been questioned. Most previously published papers also have focused on funds raised up until the mid- or late-1990s. The enormous growth in investor allocations to private equity funds since the late 1990s has created a need for a re-evaluation of private equity performance. This paper is the first to take advantage of a new research-quality cash flow data set from Burgiss, using data as of March 2011. We believe the results in our paper have several implications...."B: "VC funds outperformed public markets substantially until the late 1990s, but have underperformed since. Extant research focused on the earlier vintage years and inevitably obtained more positive results. Since 2000, the average VC fund has underperformed public markets by about 5% over the life of the fund. Although disappointing, this under-performance is less dramatic than the more commonly quoted absolute return measures. Again, the qualitative conclusions do not appear sensitive to assumptions about systematic risk."C: "...[V]intage year performance for buyout and VC funds decreases with the amount of aggregate capital committed to the relevant asset class, particularly for absolute performance, but also for performance relative to public markets. This suggests that a contrarian investment strategy would have been successful in the past in these asset classes. The magnitudes of these relations have been greater for VC funds. Why these patterns have persisted is something of a puzzle and an interesting topic for future research."D: "[W]ithin a given vintage year, PMEs [public market equivalent, i.e. how much a PE/VC fund investor actually earned net of fees to what the investor would have earned in an equivalent investment in the public market] are reliably related to the more generally available absolute performance measures – IRRs and investment multiples. For both buyout and VC funds, IRRs and investment multiples explain at least 90% of the variation of PMEs in most vintage years, with investment multiples explaining substantially more of the variation than do IRRs. As a result, researchers and practitioners can use our models to estimate PMEs without having the underlying fund cash flows.E: "...[T]he Burgiss, CA and Preqin datasets yield qualitatively and quantitatively similar performance results. There is little reason to believe that the Burgiss and Preqin datasets, in particular, suffer from performance selection biases in the same direction. Accordingly, we think this suggests that the three datasets are unbiased and, therefore, suitable for academic research and practitioner use. At the same time, consistent with Stucke (2011), we find that performance, particularly for buyout funds, is markedly lower in the VE data. This confirms that academic research and practitioners should be cautious in relying on VE data."F: "Finally, although it is natural to benchmark private equity returns against public markets, investing in a portfolio of private equity funds across vintage years inevitably involves uncertainties and potential costs related to the long-term commitment of capital, uncertainty of cash flows and the liquidity of holdings that differ from those in public markets. While the average out-performance of private equity we find is large, further research is required to calibrate the extent of the premia investors require to bear these risks."Summary of the paper from beginning to end:"We study the performance of nearly 1400 U.S. buyout and venture capital funds using a new dataset from Burgiss. We find better buyout fund performance than has previously been documented – performance consistently has exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund’s life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Thomson Venture Economics.""...[T]he historical performance of private equity (PE) remains uncertain, if not controversial. The uncertainty has been driven by the uneven disclosure of private equity returns and questions about the quality of data available for research. While several commercial enterprises collect performance data, they do not obtain information for all funds; they often do not disclose, or even collect, fund cash flows; and the source of the data is sometimes obscure, resulting in concerns about biases in the samples. Furthermore, some data are only periodically made available to academic researchers."This paper is perhaps the first to "use a new research-quality data set of private equity fund-level cash flows from Burgiss. We refer to private equity as the asset class that includes buyout funds and venture capital (VC) funds. We analyze the two types of funds separately. The data set has a number of attractive features that we describe in detail later. A key attribute is that the data are derived entirely from institutional investors (the limited partners or LPs) for whom Burgiss’ systems provide record-keeping and performance monitoring services. This feature results in detailed, verified and cross-checked investment histories for nearly 1400 private equity funds derived from the holdings of over 200 institutional investors.""...Burgiss’ detailed data for nearly 1400 U.S. funds. Table I reports the distribution of our sample by vintage year, and compares our coverage with that of other commercial and proprietary databases.8 We distinguish between buyout funds and venture capital funds, and focus on funds formed between 1984 (the first year with meaningful numbers of funds in the datasets) and 2008. Our sample is comprised of 598 buyout funds and 775 VC funds."Data "...comes from over 200 investment programs that represent over $1 trillion in committed capital. The LPs comprise a wide array of institutions; over two-thirds have private equity commitments in excess of $100 million. Of these, about 60% are pension funds (a mix of public and corporate) and over 20% are endowments or foundations." Other research at that time had not been based on this broad of a range of investors."Average venture capital fund returns in the U.S., on the other hand, outperformed public equities in the 1990s, but have underperformed public equities in the most recent decade.""We also examine whether fund performance is linked to capital – both the aggregate amount of capital flowing into private equity and to the capital committed to a particular fund. We find that both absolute performance and performance relative to public markets are negatively related to aggregate capital commitments for both buyout and VC funds." People are chasing!"For VC funds, we find that funds in the bottom quartile of fund size underperform. Controlling for vintage year, top size quartile funds have the best performance although they do not differ significantly from funds in the 2nd and 3rd size quartiles."775 VC funds:"The proportion of invested capital that has been realized in the Burgiss data is presented in Table II for the median fund in each vintage year. For buyout funds unrealized investments never exceed 3% of invested capital for the median fund in pre-1999 vintages and are only 10% of invested capital for the median 1999 fund. The pre-2000 vintages, therefore, represent largely realized funds. The proportion of realized investments naturally falls for the later vintages, to less than 20% for vintages after 2003. Similar patterns apply to the VC funds. The residual value (NAV) assumptions, therefore, become increasingly important for more recent vintages.""...[W]e benefit from two differences not available to the authors of the earlier papers. First, the Burgiss figures for both distributions and NAVs are up-to-date because the data are sourced directly from LPs, subject to extensive cross-checking, and part of the Burgiss systems that are used for the LPs’ monitoring and record-keeping. Second, since the end of 2008, the Financial Accounting Standards Board (FASB) has required private equity firms to value their assets at fair value every quarter, rather than permitting them to value the assets at cost until an explicit valuation change. This likely has had the effect of making estimated unrealized values closer to true market values than in the past, particularly for buyout funds...Furthermore, recent evidence from Brown et al. (2013) and Jenkinson et al. (2013) finds that, on average, residual values have historically been conservative estimates of the ultimate cash returned to investors. The estimates in this paper for funds that are not fully realized, therefore, may be conservative.""Table II shows the average IRRs and investment multiples derived from the Burgiss data, separately for buyout funds and venture capital funds. The mean, median and the weighted average (where the weights are capital commitments) figures are shown for each vintage year, as well as averages for the 1980s, 1990s and 2000s. There is considerable variation in average performance across vintage years, with cycles that appear to lead economic booms and busts. This is due to the convention of classifying funds by vintage year, the year of the fund’s first investment in a company. Most funds have a 5 or 6 year investment period, and so deploy most of their capital in the few years after their designated vintage year......For VC funds, the pattern of performance over time is more variable. IRRs and investment multiples were extremely high for vintage years in the mid-1990s. For instance, the (weighted average) IRR for 1996 vintage funds was around 76%, and the investment multiple was over 6. However, post-1998 and after the demise of the dot-com boom, the fortunes of VC investors reversed. The vintages with the largest amounts of VC fundraising, 1999 and 2000, have returned negative IRRs and investment multiples well below 1. The generally lower average returns from VC have persisted in the 2000s."Table II:"Comparisons with public markets can be performed in various ways. We focus on the public market equivalent from Kaplan and Schoar (2005), which compares an investment in a private equity fund to an equivalently timed investment in the relevant public market. The PME calculation discounts (or invests) all cash distributions and residual value to the fund at the publicmarket total return and divides the resulting value by the value of all cash contributions discounted (or invested) at the public market total return. The PME can be viewed as a market-adjusted multiple of invested capital (net of fees). A PME of 1.20, for example, implies that at the end of the fund’s life, investors ended up with 20% more than they would have if they had invested in the public markets." S&P 500 is used to proxy the public market."The performance of venture capital contrasts considerably with that of buyouts. Panel B of Table III shows that the PMEs for early venture capital vintages were less than 1.0, but then increased sharply after 1986. Weighted average PMEs exceed 1.0 for the 1987 to 1998 vintage years, with the 1996 vintage having a weighted-average PME above 4.0. From 1999 to 2008, the pattern reverses. Except for 2005, none of those vintages have a weighted average or simple average PME greater than 1.0. The 1999 to 2002 vintages are particularly low with all PMEs at, or below, 0.90. Overall, then, the results suggest that VC PMEs exceeded 1.0 for most of the 1990s by a fairly wide margin. Since 1999, they have been less than 1.0, being particularly low for 1999 to 2002 vintages. Compared to earlier research, the more negative findings for VC returns largely reflect the fact that our data includes more recent funds. As can be seen from Figure 1, the returns obtained from the Burgiss data have a similartrend to those found by Kaplan and Schoar (2005), although the PMEs are somewhat higher. However, the inclusion of more recent vintages reverses the previous finding that VC generally out-performed public markets: this was true up to 1998, but afterwards the performance has notkept pace. Our results are consistent with the findings of the Kaufmann Foundation for their investments in VC (see Kauffman Foundation (2012))."I have posted a link to the Kaufmann Foundation 2012 research here: Page on kauffman.orgTable III:"For venture funds (Panel B of Table IV), the patterns identified using the S&P 500 persist across the different indices. Although average vintage-year PMEs exceed 1.0 across all indices, they are below 1.0 in the 2000s and well above 1.0 in the 1990s. Sample average PMEs are similar for the different indices with the lowest using the Nasdaq (1.12) and the highest using the Russell 2000 Growth index (1.25). Similarly, the average vintage year PMEs and sample average PMEs using the four Fama-French size deciles are qualitatively identical to those using the Russell 2000...While the overall sample average performance of VC funds is greater than 1.0, the sample median is below 1.0. For VC funds, it is less clear whether the median or mean is the appropriate measure for the typical VC limited partner. Harris et al. (2013) find that VC fund persistence is equally strong pre- and post-2000, suggesting that it is possible to predict which funds will outperform based on previous fund performance and that the typical VC limited partner may not be able to access the average fund. Alternatively, Sensoy et al. (2013) do not find that any particular type of limited partner (including endowments) is able to access or choose better performing venture capital funds post-1998, suggesting that the mean is a more appropriate measure of fund performance....Overall, then, Table IV shows that average PMEs across our sample are robust to a range of public market benchmarks. Size (smaller) and value benchmarks reduce the outperformance of buyout funds somewhat, but do not eliminate it. This reinforces our conclusions about private equity performance from the prior section. In keeping with prior research and the Sorensen and Jagannathan (2013) asset pricing interpretation, we rely on PMEs using the S&P 500 for the remainder of our analysis."Table IV:Regarding the above Table IV: "For venture capital funds, we find that the average fund has a PME of 1.21, 1.10, and 1.07, respectively, assuming public market returns of 1.0, 1.5, and 2.0 times the S&P 500. The medians are closer at 0.90, 0.87 and 0.85. At the vintage year level, the results vary little in the 2000s, but average PMEs vary somewhat more – between 1.40 and 1.77 – for the 1990s vintages depending on the assumed systematic risk. Our basic conclusions are unchanged regardless ofour assumption about beta – VC funds outperformed in the 1990s and underperformed in the 2000s."Regarding fund flows: "Table V also shows a negative relation between capital commitments and performance for VC funds. The regression coefficients imply that when capital flows move from the bottom to top quartile, IRRs decline by 9% per year, multiples decline by 0.75 and PMEs decline by 0.33. These results are broadly consistent with Kaplan and Stromberg (2009) and Robinson and Sensoy (2011a) and add support to the finding that an influx of capital into VC funds is associated with lower subsequent performance." Table V:Regarding fund size: "Over time, fund sizes have, on average, increased for both buyout and VC funds. This is apparent in panel Aof Table VI where we classify funds into size quartiles by decade Buyout fund sizes have 23 increased from an average size of $390 million in the 1980s to $782 million in the 1990s to $1.4billion in the 2000s. VC fund sizes also increased from an average of $77 million to $191 million to $358 million. Similar increases have occurred over time for each fund size quartile....Although not controlling for any vintage year effects, these average returns by size quartile do not demonstrate strong correlation between fund size and performance. The only noticeable relationship is that the smallest quartile of both buyout and VC funds tend to have lower performance...When controlling for vintage years...[f]or VC funds, however, we find a strong positive relation between size and performance. Funds in the smallest two size quartiles significantly underperform funds in the 3rd and 4th size quartiles once we control for vintage year effects...Our conclusions about the effects of fund size are not sensitive to our size classifications. We find (but do not report in the table) qualitatively similar results when we classify funds by their size quartile in a particular vintage year." Table VI:Regarding relationship of PMEs (as dependent variable) with IRRs and multiples: "Columns 4 to 6 repeat the regressions for VC funds with similar findings...We also ran the regressions by vintage year, to allow the regression relationship to change over time, and find that there is not a single vintage year in which IRRs and multiples explain less than 86% of the variation in PMEs. In all but three of the thirty-two vintage year cohorts, IRRs and multiples explain at least 93% of the variation in PMEs. As with the combined regressions in Table VII, multiples typically provide greater explanatory power for PMEs than do IRRs. These results are presented in the Internet Appendix, Table IA.V...These results have two implications for understanding performance. First, the consistent findings for both buyout and VC funds suggest that multiples are more robust indicators of fund performance relative to public markets than are IRRs (controlling for vintage year). Second, each 0.10 increase in a multiple (equal to 10% of invested capital) is associated with an increase in PME of 0.071 for buyout and 0.056 for VC funds. If the funds have an effective duration of about five years and we use the estimated impact on PME, a 0.10 increase in multiple translates to roughly an additional 110 to 140 basis points per year relative to public markets." Table VII:Regarding other commercial datasets: "Panel B of Table VIII repeats our analysis for venture capital funds. The results are consistent across all four commercial datasets. VC funds outperformed public markets substantially until the late 1990s. The performance is stronger in the Burgiss data than in the others and lowest in VE. In contrast to the strong VC performance in earlier vintages, from the 1999 vintage year onwards VC funds have generally underperformed public markets in all four commercial datasets. The average vintage year PMEs are similar across all four commercial datasets." Table VIII:Conclusion:A: "Our research highlights the importance of high quality data for understanding private equity and the returns it provides to investors. Some of the existing papers in the academic literature have relied upon data whose reliability has recently been questioned. Most previously published papers also have focused on funds raised up until the mid- or late-1990s. The enormous growth in investor allocations to private equity funds since the late 1990s has created a need for a re-evaluation of private equity performance. This paper is the first to take advantage of a new research-quality cash flow data set from Burgiss, using data as of March 2011. We believe the results in our paper have several implications...."B: "VC funds outperformed public markets substantially until the late 1990s, but have underperformed since. Extant research focused on the earlier vintage years and inevitably obtained more positive results. Since 2000, the average VC fund has underperformed public markets by about 5% over the life of the fund. Although disappointing, this under-performance is less dramatic than the more commonly quoted absolute return measures. Again, the qualitative conclusions do not appear sensitive to assumptions about systematic risk."C: "...[V]intage year performance for buyout and VC funds decreases with the amount of aggregate capital committed to the relevant asset class, particularly for absolute performance, but also for performance relative to public markets. This suggests that a contrarian investment strategy would have been successful in the past in these asset classes. The magnitudes of these relations have been greater for VC funds. Why these patterns have persisted is something of a puzzle and an interesting topic for future research."D: "[W]ithin a given vintage year, PMEs are reliably related to the more generally available absolute performance measures – IRRs and investment multiples. For both buyout and VC funds, IRRs and investment multiples explain at least 90% of the variation of PMEs in most vintage years, with investment multiples explaining substantially more of the variation than do IRRs. As a result, researchers and practitioners can use our models to estimate PMEs without having the underlying fund cash flows.E: "...[T]he Burgiss, CA and Preqin datasets yield qualitatively and quantitatively similar performance results. There is little reason to believe that the Burgiss and Preqin datasets, in particular, suffer from performance selection biases in the same direction. Accordingly, we think this suggests that the three datasets are unbiased and, therefore, suitable for academic research and practitioner use. At the same time, consistent with Stucke (2011), we find that performance, particularly for buyout funds, is markedly lower in the VE data. This confirms that academic research and practitioners should be cautious in relying on VE data."F: "Finally, although it is natural to benchmark private equity returns against public markets, investing in a portfolio of private equity funds across vintage years inevitably involves uncertainties and potential costs related to the long-term commitment of capital, uncertainty of cash flows and the liquidity of holdings that differ from those in public markets. While the average out-performance of private equity we find is large, further research is required to calibrate the extent of the premia investors require to bear these risks."Please see References on page 30: Page on chicagobooth.eduSupplementary Diagrams:

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