Happy hour followed by hangover: financing the UK brewery industry, 1880-1913

In the last 15 years of the nineteenth century c.300 British brewers incorporated and floated securities on the stock market. Subsequently, in the 1900s, the industry suffered a long-lived hangover. In this paper, we establish the stylised facts of this transformation and estimate the gains enjoyed by brewery investors during the boom as well as the losses suffered by investors during the bust of the 1900s. However, not all brewery equity shares suffered alike. We find that post-1900 performance correlates positively with capital-market discipline and good corporate governance and negatively with family control, but does not correlate with indebtedness.

Isotope Hydrology of the Oldman River basin, southern Alberta, Canada

The partially semi-arid Oldman River basin (OMRB), located in southern Alberta (Canada), has an area of 28 200 km2, is forested in its western headwater part, and is used for agriculture in its eastern part. Hydrometric measurements indicate that flow in the Oldman River has decreased by ~34% between 1913 and 2003, and it is predicted that water withdrawals will increase in the next 20 years. The objective of this study was to determine whether isotope ratio measurements can provide further insight into the water dynamics of the Oldman River and its tributaries. Surface water samples were collected monthly between December 2000 and March 2003. Groundwater samples were taken from 58 wells during one-time sampling trips. Runoff within the OMRB is currently about 70 mm year-1, with a corresponding runoff ratio of 0Ð18. Seasonal flow characteristics are markedly different upstream and downstream of the Oldman River reservoir. Upstream, sharp increases in flow in late spring and early summer are followed by a rapid decrease to base flow levels. Downstream, a prolonged high flow peak is observed due to the storage effect of the Oldman River reservoir. The seasonal variation in the isotopic composition of surface water from upstream sites is small. This suggests that peak runoff is not predominantly generated by melting snow accumulated during the preceding winter, but mainly by relatively well-mixed young groundwater. A significant increase in the d18O and d2H values in the downstream part of the basin was observed. The increase in the isotopic values is partly due to surface water and groundwater influx with progressively higher d18O and d2H values in the eastern part, and partly due to evaporation. Hence, the combination of hydrometric data with isotope measurements yields valuable insights into the water dynamics in the OMRB that may be further refined with more intensive measurement programmes in the future.

Radiocarbon wiggle-match dating of proglacial lake sediments - Implications for the 8.2 ka event

The problem of insufficient age-control limits the utilisation of the 8.2 ka BP event for modelling freshwater forcing in climate change studies. High-resolution radiocarbon dates, magnetic susceptibility and lithostratigraphic evidence from a lake sediment core from Nedre Hervavatnet located at Sygnefjell in western Norway provide a record of the early Holocene. We use the method of radiocarbon wiggle-match dating of the lake sediments using the non-linear relationship between the C-14 calibration curve and the consecutive accumulation order of the sample series in order to build a high-resolution age-model. The timing and duration of Holocene environmental changes is estimated using 38 AMS radiocarbon dates on terrestrial macrofossils, insects and chironomids covering the time period from 9750 to 1180 cal BP. Chironomids, Salix and Betula leaves produce the most consistent results. Sedimentological and physical properties of the core suggest that three meltwater events with high sedimentation rates are superimposed on a long-term trend with glacier retreat between 9750 and 8000 cal BP. The lake sediment sequence of Nedre Hervavatnet demonstrates the following: only a reliable high-resolution geochronology based on carefully selected terrestrial macrofossils allows the reconstruction of a more refined and complex environmental change history before and during the 8.2 ka event. (C) 2009 Elsevier Ltd. All rights reserved.

High precision C-14 dating of Holocene peat deposits: A comparison of Bayesian calibration and wiggle-matching approaches

The chronologies of five northern European ombrotrophic peat bogs subjected to a large ANIS C-14 dating effort (32-44 dates/site) are presented here. The results of Bayesian calibration (BCal) of dates with a prior assumption of chronological ordering were compared with a Bayesian wiggle-match approach (Bpeat) which assumes constant linear accumulation over sections of the peat profile. Interpolation of BCal age estimates of dense sequences of C-14 dates showed variable patterns of peat accumulation with time, with changes in accumulation occurring at intervals ranging from 20 to 50 cm. Within these intervals, peat accumulation appeared to be relatively linear. Close analysis suggests that some of the inferred variations in accumulation rate were related to the plant macrofossil composition of the peat. The wiggle-matched age-depth models had relatively high chronological uncertainty within intervals of closely spaced 14 C dates, suggesting that the premise of constant linear accumulation over large sections of the peat profile is unrealistic. Age models based on the assumption of linear accumulation over large parts of a peat core (and therefore only effective over millennial timescales), are not compatible with studies examining environmental change during the Holocene, where variability often occurs at decadal to centennial time-scales. Ideally, future wiggle-match age models should be constrained, with boundaries between sections based on the plant macrofossil composition of the peat and physical-chemical parameters such as the degree of decomposition. Strategies for the selection of material for dating should be designed so that there should be enough C-14 dates to accurately reconstruct the peat accumulation rate of each homogeneous stratigraphic unit. (c) 2006 Elsevier Ltd. All rights reserved.

Methods and code for 'classical' age-modelling of radiocarbon sequences.

Age–depth models form the backbone of most palaeoenvironmental studies. However, procedures for constructing chronologies vary between studies, they are usually not explained sufficiently, and some are inadequate for handling calibrated radiocarbon dates. An alternative method based on importance sampling through calibrated dates is proposed. Dedicated R code is presented which works with calibrated radiocarbon as well as other dates, and provides a simple, systematic, transparent, documented and customizable alternative. The code automatically produces age–depth models, enabling exploration of the impacts of different assumptions (e.g., model type, hiatuses, age offsets, outliers, and extrapolation).