The Upper Oligocene of Montgat (Catalan Coastal Ranges, Spain): new age constraints to the western Mediterranean Basin opening

The Oligocene deposits of Montgat are integrated in a small outcrop made up of Cenozoic and Mesozoic rocks located in the Garraf-Montnegre horst, close to the major Barcelona fault. The Oligocene of Montgat consists of detrital sediments of continental origin mainly deposited in alluvial fan environments; these deposits are folded and affected by thrusts and strike-slip faults. They can be divided in two lithostratigraphic units separated by a minor southwest-directed thrust: (i) the Turó de Montgat Unit composed of litharenites and lithorudites with high contents of quartz, feldspar, plutonic and limestone rock fragments; and (ii) the Pla de la Concòrdia Unit composed of calcilitharenites and calcilithorudites with high contents of dolosparite and dolomicrite rock fragments. The petrological composition of both units indicates that sediments were derived from the erosion of Triassic (Buntsandstein, Muschelkalk and Keuper facies), Jurassic and Lower Cretaceous rocks (Barremian to Aptian in age). Stratigraphic and petrological data suggest that these units correspond to two coalescent alluvial fans with a source area located northwestwards in the adjoining Collserola and Montnegre inner areas. Micromammal fossils (Archaeomys sp.) found in a mudstone layer of the Pla de la Concòrdia Unit assign a Chattian age (Late Oligocene) to the studied materials. Thus, the Montgat deposits are the youngest dated deposits affected by the contractional deformation that led to the development of the Catalan Intraplate Chain. Taking into account that the oldest syn-rift deposits in the Catalan Coastal Ranges are Aquitanian in age, this allows to precise that the change from a compressive to an extensional regime in this area took place during latest Oligocene-earliest Aquitanian times. This age indicates that the onset of crustal extension related to the opening of the western Mediterranean Basin started in southern France during latest Eocene-early Oligocene and propagated southwestward, affecting the Catalan Coastal Ranges and the northeastern part of the Valencia trough during the latest Chattian-earliest Aquitanian times.

New, low estimate for carbon stock in global forest vegetation based on inventory data

Abstract

Siluro-Devonian graptolite stratigraphy of the Catalonian Coastal Ranges

Two facies characterize the Silurian and lower Devonian of the Catalonian Coastal Ranges, namely euxinic and pelagic carbonate facies. The first, is represented by black shales in which the atavus, acinaces, cyphus, triangulatus, convolutus, ?sedgwickii, ellesae and tumescens zones have been recognized. The graptolite succesion is far from complete on present evidence, but this is probably due to unfavorable environmental (taphonomic) conditions. This facies is similar to that prevailing throughout the Iberian massif and most of western Europe. The pelagic carbonate facies is peculiar to the Pridoli and lower Devonian and corresponds to the facies type prevailing in the Western Mediterranean Area. It is characterized by the nodular texture of limestones and marls, with all gradations between nodular limestones, marls and slates. Massive nodular limestone, occur in the lower part of the sequence (La Creu Formation) while the alternation of limestones, marls and slates charaterizes the upper part (Olorda Formation). Orthoconic cephalopds, crinoids, conodonts and tentaculites are the most common fossils present; graptolites occur in some shale horizons in the lower part of the Olorda Formation. These graptolites give strong indications of the uniformis and hercynicus zones (Lochkovian). The uppermost part of the sequence has not provided any graptolite fauna, but according their dacrioconarid fauna it corresponds probably to the Pragian.

Paleozoic stratigraphy of the Central and Northern part of the Catalonian Coastal Ranges (NE Spain)

The Paleozoic stratigraphic succession in the Catalonian Coastal Ranges spans the interval from Cambrian(?) to Carboniferous, with only one break, separating the pre-Carboniferous part of the sequence from the Carboniferous. The oldest rocks exposed form a sequence of schists, fine grained sandstones, gneisses (laminar pre-Hercynian intrusions), marbles, orto- and para-amphibolites and calcsilicate rocks. comparison with other localities iuggests an Early Cambrian age (or perhaps in part older). Upwards the sequence becomes more monotonous andconsists only of schists (or slates where themetamorphic grade is lower) and thin fine-grained sandstone layers (Cambrian-Ordovician). Still higher in the sequence, an altemation of greywackes and slates is found, with interlayered mud-supported conglomerates at its lower part and acid volcanic rocks which occur throughout the whole sequence. This part of the sequence has provided the oldest faunas known in the Catalonian Coastal Ranges, which indicate the Caradoc. Finally, in its uppermost part, the Ordovician sequence contains some thin limestone layers that contain Ashgill faunas. The Silurian, from Llandovery to Lower Ludlow, consists of black graptolitic shales with dolerite sills, whilst the upper Ludlow, Pridolian and Devonian consist of nodular limestones and marls withpelagic and hemipelagic faunas. The youngest Devonian faunas found correspond in general to the Emsian. The existence of a gap at this point of the sequence suggests the possibility that part of the Devonian could have been eroded. The Carboniferous is characterized by a thick culm sequence (Visean to Westphalian?), resting on thin chert and limestone layers (Tournaisian and Visean). A comparison with neighbouring areas shows a similarity regarding succession and facies with other Paleozoic massifs around the Western Mediterranean.

The Hercynian structure of the Catalonian Coastal Ranges (NE Spain)

In the Catalonian Coastal Ranges, Paleozoic sedimentary and meta-sedimentary rocks crop out in severa1 areas, intruded by late tectonic Hercynian granitoids and separated by Mesozoic and Tertiary cover sediments. Large structures are often difficult to recognize, although a general east-west trend can be observed on the geological map. Deformation was accompanied by the development of cleavages and regional metamorphism. Green-schist facies rocks are prominent throughout the Ranges, while amphibolite facies are restricted to small areas. In low-grade areas, the main deformation phase generated south-facing folds with an axial plane cleavage (slaty cleavage in metapelitic rocks). The intersection lineation (Ss/Sl) and the axes of minor folds trend cast-west, as do all mapable structures. Late deformations generated coarse crenulations, small chevrons and kink-bands, all intersecting the slaty cleavage at high angles. In medium- to high-grade areas no major folds have been observed. In these areas, the main foliation is a schistosity and is often folded, giving centimetric to decimetric, nearly isoclinal intrafolial folds. In schists, these folds aremuchmore common than inother lithologies, and can be associated with a crenulation cleavage. All these planar structures in high-grade rocks are roughly parallel. The late Hercynian deformational events, which gave rise to the crenulations and small chevrons, also produced large (often kilometric) open folds which fold the slaty cleavage and schistosity. As aconsequence, alternating belts with opposite dip (north and south) of the main foliation were formed. With respect to the Hercynian orogenic belt, the Paleozoic outcrops of the Catalonian Coastal Ranges are located within the northern branch of the Ibero-Armorican arc, and have a relatively frontal position within the belt. The Carboniferous of the Priorat-Prades area, together with other outcrops in the Castellón Province, the Montalbán massif (Iberian Chain) and the Cantabrian zone (specially the Pisuerga-Carrión Province) probably form part of a wide area of foreland Carboniferous deposition placed at the core of the arc.

The effects of monetary policy on stock market bubbles: Some evidence

We estimate the response of stock prices to exogenous monetary policy shocks usinga vector-autoregressive model with time-varying parameters. Our evidence points toprotracted episodes in which, after a a short-run decline, stock prices increase persistently in response to an exogenous tightening of monetary policy. That responseis clearly at odds with the "conventional" view on the effects of monetary policy onbubbles, as well as with the predictions of bubbleless models. We also argue that it isunlikely that such evidence be accounted for by an endogenous response of the equitypremium to the monetary policy shocks.

Time consumption and damage to the remaining stock in mechanised and motor manual pre-commercial thinning

Abstract

IFRS and Asymmetrical Information: Empirical Evidence from the Finnish Stock Markets

Tutkimuksen tavoitteena on selvittää kansainvälisiin tilinpäätösstandardeihin siirtymisen vaikutuksia epäsymmetriseen informaatioon Suomen osake-markkinoilla. Suomalaisten tilinpäätöskäytäntöjen ja kansainvälisten standardien eroja on selvitetty ensin laadullisin menetelmin,jonka jälkeen on tehty asymmetrisen informaation markkinapohjaisiin mittareihinperustuva kvantitatiivinen tutkimus. Yleisiin eroavaisuuksiin liittyvän selvityksen lisäksi on tutkittu erikseen erityisesti standardimuutoksen vaikutusta älylliseen pääomaan liittyvään informaation asymmetriaan. Empiirisessä osiossa älyllisen pääoman epäsuoraksi mitaksi on valittu kehitys- ja tutkimusmenojen suhde taseen loppusummaan. Kuten oletus oli, sekä laadullisen että empiirisen osion tulokset viittaavat siihen, että IFRS:n myötä informaatioympäristö on parantunut. Uudet standardit vaativat laajempaa ja tarkempaa informaation julkaisua liittyen älylliseen pääomaan, mikä ei ole kuitenkaan havaittavissa valituissa mittareissa

Developing and exploiting a consignment stock concept

Tämän työn tavoitteena on kehittää kaksi vaihtoehtoista kaupintavarastomallia erään yrityksen käyttöön ja selvittää, millaisilla toiminta- ja kustannusparametreilla kyseiset mallit tulisivatyrityksen tapauksessa toimimaan. Työn tavoitteena on myös tutkia, millaisia kokonaiskustannusten muutoksia kaupintavarastomallit toisivat yrityksen nykytilanteeseen. Selvitys tehtiin tutkimalla yrityksen varasto-ohjautuvia tuotteita ja valitsemalla niistä kymmenen tuotetta kaupintavarastointikäyttöön. Tuotteiden perustietojen sekä varastointitietojen pohjalta rakennettiin kaksi ohjausmallia, ja ohjausmalleista saatuja kustannustietoja käytettiin sitten yrityksen nykytilanteen kustannusten sekä kaupintavarastotilanteen vertailuun. Saatujen tulosten pohjalta laadittiin arviointi siitä, mitä toiminnallisia hyötyjä kaupintavarastomallit toisivat nykytilanteeseen nähden ja millä kustannuksilla siirtyminen kaupintavarastointiin voitaisiin mahdollisesti aloittaa. Lopuksi suunniteltiin jatkotoimenpiteitä, joiden avulla voidaan vielä tarkemmin tutkia kaupintavarastoinnin kannattavuutta ja selvittää, kannattaako kaupintavarastointi yrityksessä mahdollisesti aloittaa.

Cross-scale analysis of the region effect on vascular plant species diversity in southern and northern European mountain ranges.

Background: The divergent glacial histories of southern and northern Europe affect present-day species diversity at coarse-grained scales in these two regions, but do these effects also penetrate to the more fine-grained scales of local communities?Methodology/Principal Findings: We carried out a cross-scale analysis to address this question for vascular plants in two mountain regions, the Alps in southern Europe and the Scandes in northern Europe, using environmentally paired vegetation plots in the two regions (n = 403 in each region) to quantify four diversity components: (i) total number of species occurring in a region (total gamma-diversity), (ii) number of species that could occur in a target plot after environmental filtering (habitat-specific gamma-diversity), (iii) pair-wise species compositional turnover between plots (plot-to-plot beta-diversity) and (iv) number of species present per plot (plot gamma-diversity). We found strong region effects on total gamma-diversity, habitat-specific gamma-diversity and plot-to-plot beta-diversity, with a greater diversity in the Alps even towards distances smaller than 50 m between plots. In contrast, there was a slightly greater plot alpha-diversity in the Scandes, but with a tendency towards contrasting region effects on high and low soil-acidity plots.Conclusions/Significance: We conclude that there are strong regional differences between coarse-grained (landscape- to regional-scale) diversity components of the flora in the Alps and the Scandes mountain ranges,but that these differences do not necessarily penetrate to the finest-grained (plot-scale) diversity component, at least not on acidic soils. Because different processes can lead to a similar pattern, we discuss the consistency of our results with Quaternary history and other divergent features between the two regions such as habitat connectivity, selection for vagility and environmental differences not accounted for in our analyses