THE DYNAMIC GEOMORPHIC SETTING OF THE LATE PLEISTOCENE HARTLEY MAMMOTH SITE: BURIAL AND SKELETAL PRESERVATION IN A SLUMP-BLOCK DEPRESSION NEAR ABIQUIU, NEW MEXICO

Near Abiquiu in northern New Mexico, the skeletal remains of two mammoths were discovered in the summer of 2014 in the near-surface deposits of a very small alluvial channel. The channel occupies a depression on the backtilted top of a Toreva slump block, a highly unusual setting for a mammoth burial. Geomorphological investigation of the site has provided insight into processes leading to burial and preservation of the remains, as well as local environmental change. Field mapping of sediment sources and LiDAR scans of the contributing slope basin and slump bench provided a map of geomorphic features and surficial geologic deposits. To better understand the geomorphic context of the mammoth remains, termed the ‘Hartley Mammoth,’ six soil pits from the mapped surficial geologic deposits were described in the field. Bedrock and soil samples were analyzed using x-ray fluorescence (XRF), loss on ignition (LOI), x-ray diffraction (XRD) and particle size analysis. Bone collagen from a limb fragment returned a calibrated 14C age for one mammoth of about 33 ka. On the mammoth site slump bench, discontinuous bouldery footslope colluvial deposits show clay films and stage l to l+ carbonate, and were likely deposited shortly following slumping due to failure of oversteepened slump scarps. The deposit surrounding the mammoth remains consists of cobbles and small boulders of sandstone supported by a muddy matrix; this texture strongly suggests that the remains were buried by a debris flow. The debris-flow deposit created a high point in the channel, so that subsequent flow was diverted off the downslope edge of the slump block, protecting the mammoth remains from later erosion. Ped-face carbonate coatings (stage I+) in the debris-flow deposit indicate a greater age than the relatively well-sorted and stratified alluvial deposits in the channel above the debris flow. Following mammoth burial, incremental deposition of finer footslope colluvium continued to the present. Overall, field observations, XRF and XRD analyses indicate that despite the ~33 ka age of the mammoth, very little chemical weathering and limited soil development has occurred in the debris flow and other surficial deposits of apparent late Pleistocene age in this dynamic environment

Non-voting shares in France : an empirical analysis of the voting premium

It is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the stock exchange during the entire period from 1986 to 1996, or for some time during this interval. The average value of the voting premium is 51,35%. The paper analyzes the reasons for this surprisingly high value by testing different hypotheses based on dividend differences, the revival) of the voting right, capitalization, shareholder structure, and the share of non-voting capital in total equity capital. The regressions show that the shareholder structure strongly influences the value of the voting premium. A case study of the attempted takeover of Casino by Promodes shows that investors attach a much higher value to the voting right during relevant situations than at other tomes. Both companies involved had, at the time, two types of shares outstanding and listed. Furthermore the paper shows that non-voting shares have never played an important role in equity finance in France since the companies have different alternatives. In an international cumparison, France is found to have the second highest voting premium, exceeded only by that of Italy. A probable reason is the low quality of the national accounting standards and the low level of minority shareholder protection.Le but de ce cahier de recherche est l'evaluation du droit de vote en France par une comparaison des actiuns avec et sans droit de vote. L 'analyse est basee sur 25 societes ayant introduit ces deux types d'actions en bourse pendant une partie ou fa totalite des annees 1986-1996, Nous determinons pour cette echantillon l'existence d'une prime moyenne de 51,35% sur les actions sails droit de vote. A travers le test de differentes hypotheses (difference de dividende, reprise du droit de vote, capitalisation, actionnarial et pourcentage du capital sans droil de vote), nous essayons ensuite d'expliquer l'importallce de cette prime. Les regressiuns indiquent que la structure de I 'actionnariat influence jortement la prime. Le cas pratique de l'OPA Promodes sur Casino -ces deux societes ayant introduit deux classes d 'actions en bourse- montre investisseurs donnenl une valeur plus importante au droit de vote pendant des situations critiques. L 'histoire du financement des entreprises montre que les actions sans droit de vote n 'ont jamais joue un role important parce qu'il existe d'autres alternatives moins cheres. Au niveau international, la France presente la 2eme prime fa plus elevee apres l'Italie. L'explication du niveau de ces differents primes est a chercher dans les normes comptables et dans la protection des actionnaires minoritaires

The risk function approach to profit maximizing estimation in direct mailing

When the parameters of the model describing consumers' reaction to a mailing are known, addresses for a future mailing can be selected in a profit-maximizing way. Usually, these parameters are unknown and are to be estimated. Standard estimation are based on a quadratic loss function. In the present context an alternative loss function is suggested by the mailing company's profit function. This leads to different estimators and higher expected profit.