The impact of equity markets and corporate governance on labour market flexibility

Drawing from various literatures, this article explores links between equity markets and labour market flexibility. Various data sources are used to test relationships for a set of OECD countries, controlling for other likely influences on flexibility such as government and industrial relations institutions. The results are generally supportive as regards employment flexibility: equity market trading activity is associated with shorter job tenure, higher activity rates, and greater employment change over the cycle. However, the relationship between equity markets and pay flexibility is less statistically robust to the addition of controls.

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.