Geophysical Studies of the Serpent Mound Structure, Adams County, Ohio, U.S.A

Integrated geophysical study of the Serpent Mound Structure provides significant new findings and confirms the previously reported findings. These findings are based on newly processed and interpreted seismic reflection data, gravity, magnetic, palaeomagnetic, the availability of deep continuous cores and well data. The purpose of this investigation is to resolve the controversy regarding the origin of the Serpent Mound Structure and its age. The reprocessing of seismic data shows a significant improvement when compared to earlier processing carried out by industry. The processed seismic data indicate a highly faulted, structurally complex depression extending downward to about 700 feet into the Precambrian basement beneath the central uplift area of the structure. These findings are supported by the analysis of two deep cores. The seismic data as well as the core data indicate a decrease in structural complexity and intensity with depth, and away from the central uplift area of the structure. The relative degree of structure complexity is related to the structural zone within the disturbance, ranging from the most complex in the central uplift to least complex in the ring graben. Seismic data also indicate a ring anticline associated with the ring graben of the structure and the presence of an anomalous lens-shaped volume of chaotic reflections occurs within the depression beneath the central uplift. The microgravity survey of the Serpent Mound Structure reveals a residual negative gravity anomaly associated with the central uplift area of the structure. The gravity anomaly reflects the lower density, fractured and brecciated target rocks at the centre of the structure. The modelling of the structure indicates a central uplift composed of brecciated and fractured lens surrounded by less deformed country rock. The brecciated lens extends to the top of the Gull River, about 2000 feet (610 m) below surface and has a density contrast of -0.06 gm/cc. The position and the diameter of the low-density region mimic the depression seen on the seismic section. The ground magnetic survey of the Serpent Mound Structure shows a well- defined magnetic anomaly indicated by its trend, width, and high amplitude. Our magnetic survey shows a significant revision of the previous map of the area. The Serpent Mound Structure is located near a north-south regional anomaly trend. The modelling of the magnetic data shows it is possible that a volume of rocks beneath the structure was magnetised by the passage of shock waves caused by the impact. Palaeomagnetic analysis of some oriented samples collected from deep cores within and outside the structure revealed a secondary magnetisation in both cores. The analysis shows the magnetisation was probably acquired during Late Permian (250+/-15 my). Better data based on radiometric methods are unlikely, this represents the best constraint of the upper age of the Serpent Mound Structure to date. Core DGS3274 drilled in the central uplift area of the structure shows abundant macroscopic evidence for shock metamorphism in the form of intense deformation, brecciation, and shatter cones. Microscopic evidence for shock is found as a set of planar deformation features (PDFs) in quartz grains. Based on the findings of geophysical studies including seismic, gravity, magnetic, and palaeomagnetic and petrographic and geochemical studies of the cores, the interpretation of the origin of the Serpent Mound Structure is of an impact which occurred during the Late Palaeozoic

Can gold be used as a hedge against the risks of Sharia-compliant securities? Application for Islamic portfolio management

In this paper, we investigate whether gold hedges Sharia-compliant stocks and Sukuk during the period from September 2005 to October 2017. The inference is taken by using both the DCC-GARCH model and the wavelet coherence analysis. On the whole, our finding suggests that gold is not effective in hedging the fluctuations of Sharia-compliant securities. However, we find that combining gold with stocks (and Sukuk) is useful in diversification and portfolio optimization. These results imply that, while gold is an excellent hedge for plain vanilla securities, it is not for Islamic exposures. This is important in light of the increasing amount of assets that are managed according to Islamic screening

Capital structure of Islamic banks: a critical review of theoretical and empirical research

Purpose: This paper aims to critically evaluate theoretical and empirical research into capital structure practices in Islamic banks (IBs) from four perspectives, namely, theoretical aspect and its nature, determinants of capital structure in IBs, links between capital structure and risk management and nexus between capital structure and performance of IBs. Design/methodology/approach: The authors will review and examine past studies on IBs’ capital structure from both theoretical and empirical research. Findings: The paper concludes that most of the literature on IB capital structure is largely theoretical than empirical. The existing studies on IB capital structure have various limitations, which suggest a need for detailed empirical work. Detailed empirical research in the field of capital structure will support bank managers and policymakers in making decisions about improving capital structure. Originality/value: This research will make several noteworthy contributions to address literature gaps for IB capital structure. Furthermore, this paper will identify areas for future research into capital structure practices and IB financing decisions. Lastly, this paper will equip regulators with guidelines for establishing sound capital requirements for IB