Pleistocene climate and environment reconstruction by the paleomagnetic study of a loess-paleosol sequence (Cérna Valley, Vértesacsa, Hungary)

Abstract Four paleosol layers indicating wet and moderate periods and five loess layers indicating dry and cold climate were separated by different methods. The following climate cycle model, based on the development of the sediment sequence created by the influence of climatic, geologic and geomorphologic phenomena, was established by detailed paleomagnetic studies (e.g. anisotropy of magnetic susceptibility (AMS), isothermal remanent magnetization (IRM), frequency dependence of magnetic susceptibility (κFD), etc.): –A well-foliated magnetic fabric predominantly built up by multi-domain ferromagnetic minerals (magnetite, maghemite) was developed during the semi-arid (350–400 mm/y) and cold loessification period of the Pleistocene. The magnetic fabric can reflect the direction of dust deposition and/or the paleoslope. –The accumulation period of dust was followed by the more humid (650 mm/y) pedogenic period indicated by the enrichment of superparamagnetic minerals and by the disturbed or inverse magnetic fabric developed during pedogenesis by different processes (e.g. leaching and/or bioturbation). –The third period following the pedogenic period is the humid erosional phase indicated by the finely layered reworked loess. The magnetic fabric built up by multi-domain ferro- and superparamagnetic minerals is characterized by better-aligned directions of principal susceptibilities than in the wind blown material. Sheet wash and other waterlogged surface processes appeared in the fabric of these layers. This process is possibly connected to sudden, rare yet significant events with high precipitation and absence of vegetation. –The cycle was closed by the beginning of the next dust accumulation period

A gazdasági várakozások hatása a tőzsdei momentumstratégiára

A momentumstratégia az egyik legelterjedtebb és leggyakrabban vizsgált tőzsdei stratégia. A nemzetközi és a magyar piacokon elvégzett kutatások eredményei megmutatták, hogy a momentum – azaz a részvények múltbeli teljesítménye – szignifikánsan képes előre jelezni a következő időszak várható hozamát. Számos lehetséges magyarázat között a momentumstratégia jövedelmezőségének egyik jelentős magyarázata a viselkedési tudományokra épít. A tanulmány célja a részvények hozamának előrejelzésére használt momentumstratégia vizsgálata a magyar tőkepiacon a gazdasági várakozások alakulásának függvényében. Ha a momentumstratégia jövedelmezősége valóban az emberi viselkedés miatt van jelen, akkor a túlzottan pozitív gazdasági várakozások esetén erősebb hatás várható a stratégiától

Media Attention to Environmental Issues and ESG Investing

We analyse how ESG scores affect future returns when environmental issues receive higher media coverage. Investors might take environmental aspects into account if they are confronted with the issue of global warming more frequently in the press. We assess the prevalence of environmental issues in the media with a machine learning-based Structural Topic Modelling (STM) methodology, using a news archive published in the USA. Running Fama-MacBeth regressions, we find that in periods when the media actively report on environmental issues, ESG scores have a significant negative impact on future returns, whereas, in months when fewer such articles are published, investors do not take sustainability measures into account, and ESG scores have no explanatory power

Tectonic and climatic control on terrace formation: Coupling in situ produced 10Be depth profiles and luminescence approach, Danube River, Hungary, Central Europe

International audience\textcopyright 2015 Elsevier Ltd.The terrace sequence of the Hungarian part of the Danube valley preserves a record of varying tectonic uplift rates along the river course and throughout several climate stages. To establish the chronology of formation of these terraces, two different dating methods were used on alluvial terraces: exposure age dating using in situ produced cosmogenic 10Be and luminescence dating. Using Monte Carlo approach to model the denudation rate-corrected exposure ages, in situ produced cosmogenic 10Be samples originated from vertical depth profiles enabled the determination of both the exposure time and the denudation rate. Post-IR IRSL measurements were carried out on K-feldspar samples to obtain the ages of sedimentation.The highest terrace horizon remnants of the study area provided a best estimate erosion-corrected minimum 10Be exposure age of \textgreater700 ka. We propose that the abandonment of the highest terrace of the Hungarian Danube valley was triggered by the combined effect of the beginning tectonic uplift and the onset of major continental glaciations of Quaternary age (around MIS 22). For the lower terraces it was possible to reveal close correlation with MIS stages using IRSL ages. The new chronology enabled the distinction of tIIb (~90 ka; MIS 5b-c) and tIIIa (~140 ka; MIS 6) in the study area. Surface denudation rates were well constrained by the cosmogenic 10Be depth profiles between 5.8 m/Ma and 10.0 m/Ma for all terraces. The calculated maximum incision rates of the Danube relevant for the above determined \textgreater700 ka time span were increasing from west (\textless0.06 mm/a) to east (\textless0.13 mm/a), toward the more elevated Transdanubian Range. Late Pleistocene incision rates derived from the age of the low terraces (~0.13-0.15 mm/a) may suggest a slight acceleration of uplift towards present