Palaeoenvironmental and diagenetic reconstruction of a closed-lacustrine carbonate system - the challenging marginal setting of the Miocene Ries Crater Lake (Germany)

Chemostratigraphic studies on lacustrine sedimentary sequences provide essential insights on past cyclic climatic events, on their repetition and prediction through time. Diagenetic overprint of primary features often hinders the use of such studies for palaeoenvironmental reconstruction. Here the potential of integrated geochemical and petrographic methods is evaluated to record freshwater to saline oscillations within the ancient marginal lacustrine carbonates of the Miocene Ries Crater Lake (Germany). This area is critical because it represents the transition from shoreline to proximal domains of a hydrologically closed system, affected by recurrent emergent events, representing the boundaries of successive sedimentary cycles. Chemostratigraphy targets shifts related to subaerial exposure and/or climatic fluctuations. Methods combine facies changes with δ13C–δ18O chemostratigraphy from matrix carbonates across five closely spaced, temporally equivalent stratigraphic sections. Isotope composition of ostracod shells, gastropods and cements is provided for comparison. Cathodoluminescence and back‐scatter electron microscopy were performed to discriminate primary (syn‐)depositional, from secondary diagenetic features. Meteoric diagenesis is expressed by substantial early dissolution and dark blue luminescent sparry cements carrying negative δ13C and δ18O. Sedimentary cycles are not correlated by isotope chemostratigraphy. Both matrix δ13C and δ18O range from ca −7·5 to +4·0‰ and show clear positive covariance (R = 0·97) whose nature differs from that of previous basin‐oriented studies on the lake: negative values are here unconnected to original freshwater lacustrine conditions but reflect extensive meteoric diagenesis, while positive values probably represent primary saline lake water chemistry. Noisy geochemical curves relate to heterogeneities in (primary) porosity, resulting in selective carbonate diagenesis. This study exemplifies that ancient lacustrine carbonates, despite extensive meteoric weathering, are able to retain key information for both palaeoenvironmental reconstruction and the understanding of diagenetic processes in relation to those primary conditions. Also, it emphasizes the limitation of chemostratigraphy in fossil carbonates, and specifically in settings that are sensitive for the preservation of primary environmental signals, such as lake margins prone to meteoric diagenesis

Impact of volcanism on the sedimentary record of the Neuquén rift basin, Argentina: towards a cause and effect model

The analysis of volcano-sedimentary infill in sedimentary basins constitutes a challenge for basin analysis and hydrocarbon exploration worldwide. In order to understand the contribution of volcanism to the sedimentary record in rift basins, we study the Jurassic effusive-explosive volcanic infill of an inverted extensional depocentre at the Neuquén Basin, Argentina. A cause and effect model that evaluates the relationship between volcanism and sedimentation was devised to develop a conceptual model for the tectono-stratigraphic evolution of this volcanic rift basin. We show how the variations in the volcanism, coupled with the activity of extensional faults, determined the types of volcanic edifices (i.e., composite volcanoes, graben-calderas, and lava fields). Volcanic edifices controlled the stacking patterns of the volcanic units as well as sedimentary systems. The landform of the volcanic edifices, as well as the styles and scales of the eruptions governed the sedimentary input to the basin, setting the main variables of the sedimentary systems, such as provenance, grain size, transport and deposition and geometry. As a result, the contrasting volcaniclastic input, from higher volcaniclastic input to lower volcaniclastic input, associated with different subsidence patterns, determined the high-resolution syn-rift infill patterns of the extensional depocentre. The cause and effect model presented in this study isolates the variables of the volcanic environments that control the sedimentary scenarios. We suggest that, by adjusting the first order input parameters of the model, these cause and effect scenarios could be adapted to similar rift basins, in order to establish predictive facies models with stratigraphic controls, and the impact of volcanism on their stratigraphic records.Fil: D'Elia, Leandro. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Centro de Investigaciones Geológicas. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. Centro de Investigaciones Geológicas; ArgentinaFil: Martí, Joan. Consejo Superior de Investigaciones Científicas. Instituto de Ciencias de la Tierra Jaume Almera; EspañaFil: Muravchik, Martin. University Of Bergen; Noruega. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Bilmes, Andrés. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto Patagónico de Geología y Paleontología.; ArgentinaFil: Franzese, Juan Rafael. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Centro de Investigaciones Geológicas. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. Centro de Investigaciones Geológicas; Argentin

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Business angels and informal investors: on the size and structure of the informal market for risk capital

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Business angels and love money investors: Segments of the informal market for risk capital

This empirical study reports that returns on informal investments made by business angels are significantly higher than those made by non-angels. However, rates of return on informal investments made by friends and family members of business founders are, on average, dismal. This finding reinforces warnings that it may be counterproductive for public policy to encourage 'amateur' informal investors, yet stimulation of value-adding business angel investment seems well advised. The relative sizes, in terms of the annual flow of investment funds, in the main segments comprising the informal market were estimated. Love money accounts for more than three times as much annual investment as business angels, who in turn invest more than twice as much annually - and in many more firms - as institutional venture capitalists

Immigrants, Financial Knowledge, and Financial Behavior

This research seeks to identify gaps in financial knowledge and behaviors between immigrants to Canada and individuals who are born in Canada. The research aims to evaluate to what extent immigrants involve themselves in financial planning and avoid harmful financial behaviors. Employing the Canadian Financial Capability Survey (2009), the findings of the study suggest that immigrants are less likely to show high levels of financial knowledge compared to born citizens. The knowledge gap between immigrants and born citizens narrows as an individual resides longer in Canada. In addition, immigrants are less likely to prepare themselves financially for their retirement or to have long-term investments. The findings provide a basis for addressing the implications of weak financial knowledge