Investigating sediments and rock structures beneath a river using underwater ERT

This article presents hydrogeophysical investigations performed in a well-developed, long-term hydrogeological gypsum karst research site where subsurface evaporite dissolution has led to the subsidence of a river dam and an adjacent highway; both constructed on gypsum-containing rock, southeast of Basel, Switzerland. An observation system was set up to improve the protection of surface and subsurface water resources during remedial construction measures of the highway and in order to understand the processes, as well as the temporal evolution, of rock water interaction (flow and dissolution). However, no detailed hydrogeological information beneath the river could be derived from the previous investigations. To supplement the basic knowledge on this area, underwater Electrical Resistivity Tomography (ERT) measurements were conducted in the river bed upstream of the dam. The ERT-data are interpreted together with drill-core information and a conceptual 3D-Model of the area behind the dam and beneath the river. Results help to delineate weathered zones, associated faults and the thickness of sediment deposits behind the dam, as well as to locate voids within the local karst system. The combination of the ERT and modeling allows the optimization of future site-specific remedial construction measures

The role of payout ratio in the relationship between stock returns and dividend yield

The paper examines the relationship between returns and dividend yield in the UK stock market, and introduces earnings-related data to the asset pricing model in the form of payout ratio. The latter has a considerable effect upon the inferences which would otherwise be drawn from a study of the dividend yield-returns relationship in the absence of such earnings information. Payout ratio conveys additional signalling information and is an important adjunct to dividend yield in explaining returns.<br/