Flandrian, a formation or just a name?

The name Flandrian is now used to indicate deposits of the FIandrian transgression or of the Holocene is a whole, particular in Anglo-Saxon literature. As most geological connotations, Flandrian has changed significance and chronostratigraphic age since it was created in 1885 by RUTOT and VAN DEN BROECX. At that time, Flandrian was a pleistocene "assise" which occurred at the end of long series of quaternary and tertiary stages. Therefore, it completed and still completes the geological traditions of the cenozoic sequence. Substages the Flandrian, as Calais and Dunkerque, are generally used, although there only exist type areas of both series instead of type localities. 'Work is going to define the type section in both areas of the Flemish Coastal Plain. It would be useful to re-establish the Flandrian stage on basis of these new investigations, as the last chronostratigraphic member of a continuous series in the cenozoic stratigraphical sequence

La formation d'Herzeele: un nouveau stratotype du pleistocene moyen marin de la mer du Nord

The Herzeele Brickyard (Northern France) offers a permanently well exposed outcrop of continental and marine deposits which are reaching a total thickness of 6 m and are overlying the Ypresian clay of eocene age, occuring at about 8 m N.G.F.Three marine phases represented by tidal flat and brackish sediments may be readily distinguished. The tidal flat sediments have previously been recognized in the area of Izenberge (Belgium) from which locality the name "Izenberge Cardium Sands" has been derived. The marine sediments may be subdivised into units of different lithology: the lower sandy unit, the middle loamy-clayey unit and the upper sandy clayey unit which latter is characterized by the abundance of Cardium edule and Macoma balthica. The marine phases are furthermore separated by continental deposits amongst which peat layers are occurring. The cover sediments are represented by eolian sands and loams interfering with palaeosoils. The series of sediments underlying these cover deposits is named the "Herzeele Formation" which represents a lithostratigraphical unit in the southern North Sea basin. The analysis of the heavy mineral content points to a change in sediment origin occuring after the lower marine sedimentation. The middle and upper marine units contain an increasing content of green hornblende and epidote. Some volcanic minerals were observed at different levels. The clay analyses by means of X-ray diffraction indicate that the different lithostratigraphical units bear polymineralic clay assemblages within which the smectitic fraction is predominant. Greene-Kelly's (1953) Li-test yielded a further detailed analysis of the smectitic components: beidellite, montmorillonite-like. minerals as well as random mixed-layers illite-smectites. The analysis indicates a stratigraphical - mineralogical subdivision of the section which coincides with the lithostratigraphical one.The pollen analytical data show that the whole of the Herzeele Formation most probably belongs to the second half of the Holsteinian interglacial, except for the very base composed of glauconiferous sands. It may readily be seen that the forest evolved from a mesocratic phase, characterized by a Quercetum mixtum with Picea, towards a telocratic phase during which the forest became dominated by Abies. Within the peat which is resting upon the glauconiferous sands, the pollen grains of Taxus, are very abundant in the overlying clay however, this species declines gradually and disappears at the top of the upper marine unit. These evidences are corresponding with the first half of the so-called Abies- zone. Buxus and Vitis, both undergo the same evolution. The only Tertiary relict, Pterocarya, made a short appearance at the top of the upper marine unit, while Azolla filiculoides, was only discovered in the Quercetum zone. The diatom analyses indicate the conditions of brackish and marine sedimentation in a tidal environment. Although the magnetostratigraphical approach of deep-sea and lake sediments has proven to be successful, its application to continental and especially coastal sediments is hampered by the very nature of these sediments (large variation of sedimentation rate, depositional environment, lithology, a.o.) The palaeomagnetical study of the Herzeele Formation reveals a striking difference inmagnetic behaviour between the upper and lower beds separated by the lowermost peat layer. The upper beds are characterized by a strong dispersion of the magnetisation directions and a low intensity. Therefore identification of clear-cut magnetozone(s) is not possible for the moment being. As to the extension of the Herzeele Formation in Belgium, it was only found south of the river Yzer. The comparison with the area of Izenberge itself did not reveal any lithostratigraphical correlation with the Herzeele Formation. The situation of the stratum (former shoreline) at this type-locality gives prove of the importance of the palaeographical evolution since the Lower Pleistocene with the formation of the southern North Sea basin and probably the early opening of the Strait of Dover as well. Therefore this stratum is considered as a landmark and a witness of several interglacial marine transgressions which are attributed to the Holsteinian and to the upper part of the "Cromerian complex"

Risk scoring models for trade credit in small and medium enterprises

Trade credit refers to providing goods and services on a deferred payment basis. Commercial credit management is a matter of great importance for most small and medium enterprises (SMEs), since it represents a significant portion of their assets. Commercial lending involves assuming some credit risk due to exposure to default. Thus, the management of trade credit and payment delays is strongly related to the liquidation and bankruptcy of enterprises. In this paper we study the relationship between trade credit management and the level of risk in SMEs. Despite its relevance for most SMEs, this problem has not been sufficiently analyzed in the existing literature. After a brief review of existing literature, we use a large database of enterprises to analyze data and propose a multivariate decision-tree model which aims at explaining the level of risk as a function of several variables, both of financial and non-financial nature. Decision trees replace the equation in parametric regression models with a set of rules. This feature is an important aid for the decision process of risk experts, as it allows them to reduce time and then the economic cost of their decisions

Travelers With Cutaneous Leishmaniasis Cured Without Systemic Therapy

Guidelines recommend wound care and/or local therapy as first-line treatment for cutaneous leishmaniasis. An analysis of a referral treatment program in 135 travelers showed that this approach was feasible in 62% of patients, with positive outcome in 83% of evaluable patient

A prospective study of postmenopausal hormone use and ovarian cancer risk

The relationship between postmenopausal hormone use (PMH) and ovarian cancer risk is unclear, particularly for specific hormone formulations, but recent studies suggest that there is a positive association. We conducted a prospective observational study with 82 905 postmenopausal women, including 389 ovarian cancers, in the Nurses' Health Study from 1976 to 2002. Compared with never users of PMH, both current and past users of ⩾5 years had a significantly elevated risk of ovarian cancer (RR=1.41, 95% confidence interval (CI) 1.07–1.86 and relative risk (RR)=1.52, 95% CI 1.01–2.27, respectively). Examined by hormone type in continuous years, use of unopposed estrogen was associated with a significant increase in the risk of epithelial ovarian cancer (P for trend <0.001; RR for 5-year increment of use=1.25, 95% CI 1.12–1.38). Use of estrogen plus progestin (RR for 5-year increment of use=1.04, 95% CI 0.82–1.32) was not significantly associated with ovarian cancer risk. Generally, results were similar for serous tumours (RR for 5-year increment of unopposed estrogen use=1.23, 95% CI 1.07–1.40) and slightly stronger for endometrioid tumours (RR for 5-year increment of unopposed estrogen use=1.53, 95% CI 1.20–1.94). Recency of use was not significantly associated with ovarian cancer risk, but statistical power was limited here

An Empirical Analysis on Board Monitoring Role and Loan Portfolio Quality Measurement in Banks

This paper aims to analyze the effectiveness of the board monitoring role on specific loan portfolio quality measures in banks (default rate, recovery rate and provisioning rate). We use a sample comprises a totality of Italian-based banks, listed at Borsa Italiana SpA in 2006-2008 and a number of accounting proxies to express the loan portfolio quality of a bank. The results of the analysis show an overall weakness of the board role (expressed by Independents and Audit Committee on board) in monitoring loan portfolio quality of the bank, with the subsequent damage of the interests of stakeholders. A positive contribution of board monitoring, even if partial, is highlighted in two cases: Independents seems improve recovery rate, while the Audit committee enhances provisioning rate in banks. With reference to default rate, a total negative effect of board monitoring is reported. On the base of these results, some managerial implications are proposed