WorldWideScience

Sample records for patience pays dividends

  1. Patience.

    Science.gov (United States)

    Akhtar, Salman

    2015-02-01

    Patience is a multifaceted phenomenon consisting of acceptance of inner and outer reality, absence of resentment, retention of hope, and capacity to wait for better times without restlessness and haste. It originates in the childhood advance from pleasure principle to reality principle, though the attainment of secure attachment, object constancy, and frustration tolerance also contribute to it. Psychopathology involving patience generally manifests as endless waiting or chronic hurrying. Both the normative and morbid trajectories of patience have implications for psychoanalytic technique, which are illustrated here with the help of clinical vignettes.

  2. 3.5 TeV: Patience pays dividends

    CERN Multimedia

    Rolf Heuer

    2010-01-01

    In my message this week, I’d like to congratulate the LHC team on accelerating two beams to 3.5 TeV in the early hours of this morning. The timing could not have been better. Coming during a week of CERN Council meetings, it allowed us to show delegates the great progress we’re making. The occasion also gave us the opportunity to set out again the prudent step-by-step approach that we’re taking to get the LHC up and running, and it was refreshing to hear one member of the Scientific Policy Committee declare on Monday that we should never forget that the LHC is not a turnkey machine.With the progress the LHC is making, that simple fact would be easy to overlook. The figures coming back from this first run are already quite remarkable. In Week 10, the LHC’s availability for the operators was over 65%: it usually takes a new accelerator years to reach that level. And over the last few weeks, operation of the LHC at 450 GeV has become routinely reproducible, which i...

  3. Searching for Determinants of Pay or Not to Pay Cash Dividend in Indonesia

    Directory of Open Access Journals (Sweden)

    Triasesiarta Nur

    2014-01-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} A dividend decision of a firm is an outcome of various considerations. These considerations differ across time and industry. Based on asymetric information – agency theory thougtht, this study re-examined various variables that have a bearing on the dividend decision of a firm. In addition to examining the impact of corporate fundamentals on  dividend policy, the study also analyzed the effect of expropriation trigger variables (family ownership, cash funds, the level of diversification and Related Party Transaction/RPT on a dividend policy. The results of panel logistic regression indicated that Cash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinants of the dividend policy for Indonesian listed public companies, observed during 2002 to 2010.   Keywords: dividend policy-pay and not pay cash dividend, expropriation, asymmetry information, agency theory,  family ownership, cash funds, level of diversification, related party transaction, panel data analysis.

  4. Optimal dynamic premium control in non-life insurance. Maximizing dividend pay-outs

    DEFF Research Database (Denmark)

    Højgaard, Bjarne

    2002-01-01

    In this paper we consider the problem of finding optimal dynamic premium policies in non-life insurance. The reserve of a company is modeled using the classical Cramér-Lundberg model with premium rates calculated via the expected value principle. The company controls dynamically the relative safety...... loading with the possibility of gaining or loosing customers. It distributes dividends according to a 'barrier strategy' and the objective of the company is to find an optimal premium policy and dividend barrier maximizing the expected total, discounted pay-out of dividends. In the case of exponential...

  5. The Compound Binomial Risk Model with Randomly Charging Premiums and Paying Dividends to Shareholders

    Directory of Open Access Journals (Sweden)

    Xiong Wang

    2013-01-01

    Full Text Available Based on characteristics of the nonlife joint-stock insurance company, this paper presents a compound binomial risk model that randomizes the premium income on unit time and sets the threshold for paying dividends to shareholders. In this model, the insurance company obtains the insurance policy in unit time with probability and pays dividends to shareholders with probability when the surplus is no less than . We then derive the recursive formulas of the expected discounted penalty function and the asymptotic estimate for it. And we will derive the recursive formulas and asymptotic estimates for the ruin probability and the distribution function of the deficit at ruin. The numerical examples have been shown to illustrate the accuracy of the asymptotic estimations.

  6. DIVIDEND POLICY IN AUSTRALIA

    OpenAIRE

    Lukas Setia Atmaja

    2017-01-01

    This study examined the determinants of dividends in an environment where taxwas supposedly a main reason for paying dividends. The imputation tax system in Australiahad led to the expectation that firms should pay the maximum possible franked dividends.Using panel data from January 1994 to December 2004, I found strong evidence that dividendpayout ratio and likelihood of paying dividends were positively related to ownershipconcentration, profitability, firm size, the presence of dividend rei...

  7. 12 CFR 917.9 - Dividends.

    Science.gov (United States)

    2010-01-01

    ... directors may declare and pay a dividend only from previously retained earnings or current net earnings and... directors may not declare or pay a dividend based on projected or anticipated earnings and may not declare...

  8. Do Annual Stock Price Effects of Extreme Cash Dividend Pay-Out Events Differ from Their Short Term Effects?

    NARCIS (Netherlands)

    von Eije, Johan; Muckley, Cal

    2015-01-01

    In this paper, we assess the long-term stock price impact of 1327 cash dividend payment initiations and 1156 cash dividend payment omissions of firms listed on the NYSE and the NASDAQ, from 1972 to 2012. In particular we compare the annual returns of dividend initiating and omitting firms and firms

  9. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper...... provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality...... by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends...

  10. Dividend Policy: A Survey of Malaysian Public Listed Companies and Security Analysts

    OpenAIRE

    Chong, David Voon Chee

    2003-01-01

    This dissertation revisits the dividend puzzle and attempts to answer the fundamental question of “why do companies pay dividends?” by using a simple regression model incorporating the major theories on dividend relevance. In addition, this research investigates if the opinions of companies (both dividend and non-dividend paying) and security analysts differ with respect to the various explanations for paying dividends. Finally, this research also explores the views and opinions of corporate ...

  11. Intellectual capital disclosure and dividend policy

    DEFF Research Database (Denmark)

    Nielsen, Christian; Farooq, Omar

    2015-01-01

    The purpose of this article is to document the relationship between intellectual capital disclosure and dividend policies of biotechnology firms listed on the Copenhagen Stock Exchange during the period between 2001 and 2010. The firms’ intellectual capital disclosures were computed from the annual...... financial reports, while data on dividend policies was retrieved from Worldscope. This paper defines dividend policies by three variables: (1) Dividend payout ratio, (2) Decision to pay dividend, and (3) Increase in dividend payout. The results show that firms with higher intellectual capital disclosures...... not only have high payout ratios, but also have a greater likelihood of increasing and paying dividends. Our findings are consistent with our hypothesis that lower information asymmetries of firms with high intellectual capital disclosure lead to more favourable dividend policies. In opposition...

  12. DIVIDEND POLICY OF PUBLIC COMPANIES IN BOSNIA AND HERZEGOVINA

    Directory of Open Access Journals (Sweden)

    Ante Dzidic

    2014-06-01

    Full Text Available This paper provides insight in dividend policy of publicly listed companies in Bosnia and Herzegovina and investigates appearance of dividend smoothing behavior. The results show increase in portion of dividend paying companies over time while dividend smoothing phenomenon is virtually non-existent. On the other hand, when companies decide to pay dividends they, on average, distribute high portion of profit to shareholders. The paper also provides discussion about capital market development, investor protection and ownership concentration as potential factors affecting importance of dividend payouts. Research results indicate that insufficiently developed capital market characterized with low investor protection and concentrated ownership structure undermine the importance of dividend smoothing practices.

  13. Dividend announcements reconsidered: Dividend changes versus dividend surprises

    OpenAIRE

    Andres, Christian; Betzer, André; van den Bongard, Inga; Haesner, Christian; Theissen, Erik

    2012-01-01

    This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend surprise. Using data from Germany, we find significant share price reactions after dividend announcements. Once we control for analys...

  14. Media independence and dividend policy

    DEFF Research Database (Denmark)

    Farooq, Omar; Dandoune, Salma

    2012-01-01

    independence and dividend policies in emerging markets. Using a dataset from twenty three emerging markets, we show a significantly negative relationship between dividend policies (payout ratio and decision to pay dividend) and media independence. We argue that independent media reduces information asymmetries...... for stock market participants. Consequently, stock market participants in emerging markets with more independent media do not demand as high and as much dividends as their counterparts in emerging markets with less independent media. We also show that press independence is more important in defining......Can media pressurize managers to disgorge excess cash to shareholders? Do firms in countries with more independent media follow different dividend policies than firms with less independent media? This paper seeks to answer these questions and aims to document the relationship between media...

  15. Digging Deep for the Heritage Fund: Why the Right Fund for Alberta Pays Dividends Long After Oil Is Gone

    Directory of Open Access Journals (Sweden)

    Ton van den Bremer

    2014-10-01

    Full Text Available Albertans have long been aware that while their provincial government has shown a lack of consistent discipline in investing oil royalty revenues in the Alberta Heritage Savings Trust Fund, the Norwegians have been showing oil-rich jurisdictions just how effectively saving can be done. While Alberta’s fund was established in the mid-1970s, more than a decade before Norway began its national savings program, the Norwegian fund was worth more than $900 billion as of the beginning of 2014; Alberta’s is worth roughly $15 billion today, revealing the province’s inability to stick with firm, routine contribution commitments, and its occasional habit of using the fund’s earnings to cover spending priorities. But while many economists, politicians and pundits from both the left and right have long pointed to Norway as the model for Alberta to follow, it would in fact be wrong for Alberta to mimic Norway’s strategy. Indeed, the right plan for Alberta can set the province up in better shape for the future than even Norway will be. The Norway approach will inevitably prove unsustainable. As it is, Norway deposits all resource revenue into its fund, which then distributes a dividend to the government every year worth four per cent of the fund’s wealth. As the fund grows, so to does the size of the dividend. Yet, as wealth is converted from belowground assets (oil to aboveground assets (cash and investments, the belowground wealth becomes gradually but inevitably depleted. At some point, all of Norway’s oil wealth will have been converted into aboveground assets, and the dividend will eventually have to be adjusted downward. A more sustainable approach, and one that Alberta should pursue, is one where the dividend is a falling proportion of fund assets. In other words, the province will want to calculate an appropriate dividend that is a fraction not just of the size of the financial fund (aboveground, but a constant fraction of total wealth

  16. The correlation between dividend policy measures and share price volatility on OMX Helsinki

    OpenAIRE

    Lindeman, Tuomas

    2016-01-01

    Dividend policy refers to the decision whether a firm decides to distribute some of its earnings as dividends to shareholders or not. Two significant variables are related to it: dividend yield and payout ratio. The former indicates how much a firm pays out in dividends each year relative to its share price, whereas the latter refers to the percentage of earnings paid to shareholders in dividends. Dividend policy is seen as one indicator of share price volatility, which measures the dispersio...

  17. Dividends and share repurchases in the European Union

    NARCIS (Netherlands)

    von Eije, Henk; Megginson, William L.

    We examine cash dividends and share repurchases from 1989 to 2005 in the 15 nations that were members of the European Union before May 2004. As ill the United States, the fraction of European firms paying dividends declines, while total real dividends paid increase and share repurchases surge. We

  18. 12 CFR 931.4 - Dividends.

    Science.gov (United States)

    2010-01-01

    ... Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.4 Dividends. (a) In general. A Bank may pay dividends on Class A or Class B stock, including any subclasses of such stock, only out of previously retained earnings or...

  19. Does the Order Between Dividend Payment and New Stock Issuance Matter to Stock Price? — Evidence from Taiwan

    OpenAIRE

    Mia Twu

    2010-01-01

    I argue that paying dividends before issuing new stock can increase the stock price in the case when firms announce dividend payments and new stock issuance contemporaneously. It enables issuing firms to disentangle the agency problem of paying dividends by newly-raised funds from dividend information for new stock issuances. I employ the seasoned offerings of Taiwan listed firms as the sample, because of their practice of paying dividends once a year. The conditional event study strongly sup...

  20. DIVIDEND PAYMENT BEHAVIOUR OF COMPANIES DUE TO CHANGE OF DIVIDEND TAX RATE IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Stela JAKOVA

    2017-06-01

    Full Text Available This paper examines Romanian companies’ behaviour (listed on the Bucharest Stock Exchange to a change of dividend tax rate. Even if the number of companies which had paid dividends in 2016, for 2015 decreased to 32, compared with 34 companies from previous year, the total value of paid dividends increased with 53% comparatively with dividends paid for 2014. This can be explained through the new tax rate which has been reduced from 16% to 5%. We found that the shareholders obtain profit from two sources: due to increase of gross dividend and due to decrease of the tax rate. Moreover, the paper found also: for the companies who paid higher dividend for 2015 compared with 2014 the dividend paid for 2015 is statistically significant different than the dividend paid for 2014; for the companies who paid smallest dividend for 2015, we were not able to find any statistical difference. This means that the companies which increased the dividend for 2015, took into consideration the new legislation and they are motivated to pay more to the shareholders; companies which decreased the dividend value for 2015 is due to some internal factors.

  1. Patience and Mental Health in Iranian Students.

    Science.gov (United States)

    Aghababaei, Naser; Tabik, Mohammad Taghi

    2015-09-01

    While the role of some personality traits has been comprehensively explored, scientific study of others, such as patience has been neglected. Psychologists have paid scant attention to patience as a personality trait, character strength or virtue. The current study examined the relationship between patience and life satisfaction, mental health, and personality. A sample of 252 Iranian college students (129 females and 123 males) completed the 3-factor patience scale, satisfaction with life scale, general health questionnaire, anxiety and depression scales and mini international personality item pool-big five. The three types of patience (interpersonal, life hardship, and daily hassles) were associated with higher levels of life satisfaction and lower levels of depression, anxiety and psychological dysfunction. Patience also showed moderate relationship with the Big-Five factors of personality. After controlling the personality factors, patience managed to explain additional unique variance in life satisfaction and mental health indicators. Patience is a unique predictor of mental well-being. It is suggested that long-term patience is more important for depression and general health, whereas short-term patience is more beneficial for hedonic well-being.

  2. Partnership approach can pay dividends.

    Science.gov (United States)

    2013-08-01

    While healthcare estates and facilities teams NHS-wide are acutely aware of the need to reduce their facilities' carbon footprint, obtaining the necessary funding to undertake the substantial improvements to buildings, plant, and equipment, that may, in many cases, be essential to achieving this goal, will remain a challenge for many Trusts for some time to come. Nevertheless, the Government has underlined its intention to support the NHS's carbon reduction efforts, having in late January announced a 50 million pounds capital fund for 2013-2014 'to fund new and innovative projects to improve energy efficiency and reduce the carbon footprint of the NHS'. HEJ reports on this, and a number of other potential funding streams available, to help NHS organisations contribute to the wider carbon-cutting agenda, and examines how bodies such as the Carbon and Energy Fund, and the Carbon Trust, can help both with funding, and via advice and technical support.

  3. Determinants of Dividend Policy: evidence from Portugal

    Directory of Open Access Journals (Sweden)

    Luís António Gomes Almeida

    2015-08-01

    Full Text Available Objective – The objective of this article is to identify the determinants of non-financial companies' dividend policy of the Portuguese capital market and contribute to resolve the divergence of determinants of the dividend policy existent in previous studies. Design/methodology/approach – To solve the problematic under study were tested several financial determinants, through the application of the method of multiple linear regressions to the non-financial listed companies on the Euronext Lisbon, between 1997 and 2011. Findings – The results suggest as main indicators for the Portuguese dividend policy the stability, the value of the market, the previous pay-out and the business dimension; which influence positively the amount of dividends distribute through the company. Therefore, the opportunities of growing and investment influence negatively the distribution of dividends. Practical implications –Identify the principal determinants of the dividend policy of the non-financial companies listed on the Portuguese capital markets - Euronext Lisbon and allow sustaining and improving the corporations and investors’ decisions. Originality/value – This study opens up an opportunity to contribute to the understanding of the determinants of dividend policy of the listed corporations in the Lisbon Stock Exchange, aiming permeates greater scientific knowledge in the context of understanding the determinants of dividend puzzle policy and the existing divergences of several previous empirical studies.

  4. Prediction Model of Dividend Payment of Czech Joint Stock Companies

    Directory of Open Access Journals (Sweden)

    Sejkora František

    2016-12-01

    Full Text Available The dividend payment is the very important part of investment decision for many stockholders. Results of this text identify finance factors that influence the management in dividend policy within the examined branch “Production and distribution of electric energy, gas and water”. Seven regressive models were created and they identify and define the effect of individual factors on the dividend payment among individual owner’s types. The retained earnings, the rate of return of invested assets in total and the size of company have the positive effect on the dividend payment. For the purpose of better interpretation the individual factors were quantified in form of the chance that the company will pay the dividend when compared to the fact that the company is not going to pay any dividend. The resulting regressive model was subsequently validated using the classification table and the receiver operating characteristic curve.

  5. Firms and financial markets: empirical studies on the information value of dividends, governance and financial reporting

    NARCIS (Netherlands)

    van Beusichem, Herman Clasinus

    2016-01-01

    This dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of dividend-paying firms has

  6. Regularity of the exercise boundary for American put options on assets with discrete dividends

    NARCIS (Netherlands)

    Jourdain, B.; Vellekoop, M.

    2009-01-01

    We analyze the regularity of the optimal exercise boundary for the American Put option when the underlying asset pays a discrete dividend at a known time td during the lifetime of the option. The ex-dividend asset price process is assumed to follow Black-Scholes dynamics and the dividend amount is a

  7. Impact of Dividend Taxation Changing on Dividend Policy of Romanian Companies Listed on Stock Market

    Directory of Open Access Journals (Sweden)

    Stela JAKOVA

    2017-09-01

    Full Text Available The aim of this paper is to analyze factors (with an influence on value of transactions on stock exchange which induce companies listed on Bucharest Stock Exchange to pay dividends for period 2008 – 2015. First we will estimate five regression models, taking into account some financial and macroeconomics variables. Second we will rebuild these five regression models including a dummy variable which indicates the change of dividend tax rate. Our analyses emphasized the fact that net income, liquidity index, BET return and total assets have a significant effect on dividend payment policy which keeps their significance also after introducing the dummy variable, except the BET rate which decreased its significance. Also only the change of dividend tax rate and net income have a positively significant impact over dividend payment policy of Romanian ‘companies. The findings from this study are useful to be taken in account by the board of managers of companies when they decide the dividend policy for the company. In the same time our study extends the existing literature on this topic, by analyzing the impact of the most recent change in dividend tax rate from 2015, and also by extending the factors which affect the dividend policy of the companies listed on stock exchange.

  8. Measuring Sirius: An Exercise in Patience

    Science.gov (United States)

    Kohler, Susanna

    2017-05-01

    Sometimes important astronomical advances require the newest and fanciest observatories and technologies but sometimes they just require decades of work and a lot of patience. Patience is finally paying off for a team of scientists who have been observing the Sirius star system for nearly 20 years.Historical (black, blue and green) and Hubble (red) observations of the relative orbit of Sirius B around Sirius A. [Adapted from Bond et al. 2017]Bright NeighborsLocated a mere 8.5 light-years away, the Sirius system consists of the main-sequence star Sirius A and its white-dwarf companion Sirius B. Sirius A is the brightest star in our sky, and Sirius B is the brightest and nearest white dwarf weve observed. The unusual proximity and brightness of these stars make them excellent targets for learning about stellar and white-dwarf astrophysics.In order to interpret our observations, however, we first need to pin down the basic information about these stars. In particular, we want to measure the precise masses and orbital elements for the system but because the stars orbit each other only once every 50 years, these properties take time to measure well!Toward this end, a team of scientists began an observing campaign in 2001 to regularly image the Sirius system using the Hubble Space Telescope. Now, 16 years later, they have enough data to make precise statements about the system.Precision Measurements at LastIn a recent publication led by Howard Bond (Pennsylvania State University and Space Telescope Science Institute), the team details nearly two decades of precise photometric and astrometric measurements using Hubble. In addition, they supplemented these data by dredging through 150 years worth of historical observations of Sirius and critically analyzing 2,300 of these as well.Comparisons of white-dwarf theory with the observed parameters of Sirius B, both on the H-R diagram (top) and in a mass-radius plot of cooling white dwarfs (bottom). Sirius Bs measured parameters

  9. CORPORATE DIVIDEND POLICY AND SHARE PRICE VOLATILITY:A STUDY OF THE BOMBAY STOCK EXCHANGE

    OpenAIRE

    Vijayakumar, Arvind

    2012-01-01

    Purpose: The research paper aims to identify the empirical relationship between Corporate Dividend policy in India and share price volatility. Design/Methodology/Approach: A sample of 197 dividend paying companies listed on the Bombay stock exchange (BSE 500) was examined from 2006 to 2010.A panel data approach was applied to identify the relationship between price volatility against dividend yield and dividend payout ratio. Findings: The findings observe a significant relationship be...

  10. The Dividend Policy of German Firms

    NARCIS (Netherlands)

    Andres, C.; Betzer, A.; Goergen, M.; Renneboog, L.D.R.

    2008-01-01

    Abstract: German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published

  11. The Dividend Policy of German Firms

    NARCIS (Netherlands)

    Andres, C.; Betzer, A.; Goergen, M.; Renneboog, L.D.R.

    2008-01-01

    German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published earnings as

  12. The Impact of Family Control on Dividend Policy: Evidence from Indonesia

    Directory of Open Access Journals (Sweden)

    Lukas Setia Atmaja

    2016-12-01

    Full Text Available This paper examines the relationship between family control and dividend policy in Indonesia. There are three possible explanations for the relationship. The expropriation hypothesis predicts that family control has a negative impact on dividend payouts. Meanwhile the reputation hypothesis and the family income hypothesis predict that family control has a positive impact on dividend payouts. Using a panel data of Indonesian publicly listed firms in the period of 2003-2009, the results shows that family control has a significant negative impact on dividend payouts, dividend yields and likelyhood to pay dividends. The results control for other variables that may potentially affect dividend payments such as growth opportunity, debt, profitability, firm size and firm age. From agency theory perspective, the finding is consistent with the argument that family controlling shareholders prefer lower dividends, in order to preserve cash flows that they can potentially expropriate (the expropriation hypothesis.

  13. OWNERSHIP STRUCTURE AND THE CORPORATE GOVERNANCE ROLE OF DIVIDENDS

    Directory of Open Access Journals (Sweden)

    Lukas Setia Atmaja

    2017-03-01

    Full Text Available This paper reviewed the theoretical and empirical literature on the relationshipbetween ownership structure and dividends. Agency theory suggested that dividend was servedto reduce agency problems between owners (or large controlling shareholders and managers(or minority shareholders by reducing the amount of free cash flow and increasing monitoringby external parties. It also proposed that ownership concentration and composition mightmitigate or exacerbate agency problems. We might expect substitutability or complementaryrelationship existed between dividend and ownership concentration/composition. Empiricalevidence showed that the relationship between dividend and managerial or large shareholdingscould be negative (i.e., consistent with substitute argument, positive (i.e., consistent withcomplementary argument or non-linear (i.e., consistent with entrenchment hypothesis. Inaddition, the literature suggested that family controlled firms might expropriate minorityshareholders by paying lower dividends or mitigate moral hazard conflicts by distributingmore cash. Empirical research on this issue, however, provided mixed findings.

  14. This time it's dividend

    NARCIS (Netherlands)

    Kragt, Jac

    2018-01-01

    This thesis investigates the value of dividend expectations and their interaction with stock returns. The first part models the shape of the value of expectations of dividends paid by stocks in indices as they are projected into the future. This term structure is then used to derive and test a

  15. The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market

    Directory of Open Access Journals (Sweden)

    Kevin C.K. Lam

    2012-09-01

    Full Text Available In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow or may be used to extract cash from firms (tunneling effect – which could be predominant in emerging markets. We expect firms with foreign ownership and those that are listed in overseas markets to have different dividend policies and practices than those that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy (China, we examine whether these effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to raise capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public (individual ownership. Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for researchers, investors, policy makers and regulators in emerging markets.

  16. Is the demographic dividend an education dividend?

    Science.gov (United States)

    Crespo Cuaresma, Jesús; Lutz, Wolfgang; Sanderson, Warren

    2014-02-01

    The effect of changes in age structure on economic growth has been widely studied in the demography and population economics literature. The beneficial effect of changes in age structure after a decrease in fertility has become known as the "demographic dividend." In this article, we reassess the empirical evidence on the associations among economic growth, changes in age structure, labor force participation, and educational attainment. Using a global panel of countries, we find that after the effect of human capital dynamics is controlled for, no evidence exists that changes in age structure affect labor productivity. Our results imply that improvements in educational attainment are the key to explaining productivity and income growth and that a substantial portion of the demographic dividend is an education dividend.

  17. Dividend Taxation and the Cost of New Share Issues

    OpenAIRE

    Lindhe, Tobias; Södersten, Jan

    2014-01-01

    This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the literature on this, and we compare two different tax regimes, one where it is impossible for the firm to pay cash to its shareholders that is not taxed as dividends, the other where the shareholders are allowed a tax-free return of th...

  18. Dividend Predictability Around the World

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Schmeling, Maik; Schrimpf, Andreas

    2014-01-01

    We show that dividend-growth predictability by the dividend yield is the rule rather than the exception in global equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more, the typical firm is large, and volatility is lower. Our f...

  19. Dividend Predictability Around the World

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Schmeling, Maik; Schrimpf, Andreas

    We show that dividend growth predictability by the dividend yield is the rule rather than the exception in global equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more, the typical firm is large, and volatility is lower. Our f...

  20. Stock Price Volatility and Role of Dividend Policy: Empirical Evidence from Pakistan

    OpenAIRE

    Shah, Syed Akif; Noreen, Umara

    2016-01-01

    Despite years of empirical research, the linkage between dividend policy and stock price volatility remains controversial among the researchers and scholars. This research endeavors to figure out the relationship between stock price volatility and dividend policy of listed companies in Pakistan. A sample of fifty firms, based upon consistent dividend paying behavior, listed on Karachi Stock Exchange has been selected from non-financial sectors, for the period of 2005 to 2012. Multiple regress...

  1. Dividend Predictability Around the World

    DEFF Research Database (Denmark)

    Rangvid, Jesper; Schrimpf, Andreas

    The common perception in the literature, mainly based on U.S. data, is that current dividend yields are uninformative about future dividends. We show that this nding changes substantially when looking at a broad international panel of countries, as aggregate dividend growth rates are found...... that in countries where the quality of institutions is high, dividend predictability is weaker. These ndings indicate that the apparent lack of dividend predictability in the U.S. does not, in general, extend to other countries. Rather, dividend predictability is driven by cross-country dierences in rm...

  2. Family control, institutional environment and cash dividend policy: Evidence from China

    Directory of Open Access Journals (Sweden)

    Zhihua Wei

    2011-06-01

    Full Text Available Using a sample of 1486 Chinese A-share listed companies for the period 2004–2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1 family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2 a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3 the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner–manager conflict rather than Agency Problem II (the controlling shareholder–minority shareholder conflict, and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.

  3. Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jabłoński Bartłomiej

    2015-06-01

    Full Text Available Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

  4. 1995 Edward teller lecture. Patience and optimism

    International Nuclear Information System (INIS)

    Miley, G.H.

    1996-01-01

    Remarks made in the author close-quote s acceptance lecture for the 1995 Edward Teller Medal are presented and expanded. Topics covered include research on nuclear-pumped lasers, the first direct e-beam-pumped laser, direct energy conversion and advanced fuel fusion, plus recent work on inertial electrostatic confinement. open-quote open-quote Patience close-quote close-quote and open-quote open-quote optimism close-quote close-quote are viewed as essential elements needed by scientists following the open-quote open-quote zig-zag close-quote close-quote path to fusion energy production. copyright 1996 American Institute of Physics

  5. Efficient Pricing of Derivatives on Assets with Discrete Dividends

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    2006-01-01

    It is argued that due to inconsistencies in existing methods to approximate the prices of equity options on assets which pay out fixed cash dividends at future dates, a new approach to this problem may be useful. Logically consistent methods which are guaranteed to exclude arbitrage exist, but they

  6. Determinant Factors of Dividend Payments in Brazil

    Directory of Open Access Journals (Sweden)

    Cristiano Augusto Borges Forti

    2015-08-01

    Full Text Available This study identifies factors that shaped cash disbursement distribution policies employed by Brazilian public companies listed on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA from 1995 to 2011. Relationships between Dividends/Total Assets and potential determinants discussed in the literature, including firm size, corporate governance, profitability, leverage, market to book, liquidity, investment, risk, profit growth, information asymmetry and agency conflict, are examined. The following econometric methods are employed: (1 Tobit, given the nature of the dividend data, and (2 the Generalized Method of Moments (GMM to control for endogenous regressors. Significant positive variables found include size, return on assets (ROA, market to book, liquidity and profit growth. It can thus be inferred that larger firm size, profitability, market value, liquidity and profit growth correlate with greater firm pro pensity to distribute money to shareholders, thus supporting the theory of corporate finance. Significant negative variables found include leverage, liquidity squared, capex, beta and tag along 100%. It is thus inferred that more significantly leveraged companies that invest more heavily in fixed assets and that exhibit high liquidity, higher risk and less conflict between controlling and minority shareholders will be less likely to pay dividends to shareholders.

  7. Relationship among Patience, Gratitude and Wisdom according to Maturidi

    Directory of Open Access Journals (Sweden)

    Osman ORAL

    2015-12-01

    Full Text Available Patience is in the face of hardships and troubles experienced, and showing steadiness by turning negative situations into positive ones; gratitude is shown for the blessings and goodness coming from God or man and is expressed in words and phrases. One of ahl al-Sunnah scholars, Abu Mansur al-Maturidite (ö. 333 / 944 also used gratitude and patience concepts close to each other although there is a nuance. And patience is used for accepting the calamities and scourges, gratitude is used for accepting the blessings from God. Not only God tested Adam whether he will approach the forbidden tree, but also He is testing Adam‘s sons in every state and situation with patience and gratitude. This trial takes place with the servant‘s patience towards calamities and scourges and his/her gratitude for the blessings. Whatever the servant is exposed to is the necessity of wisdom and a secret reason. Thus, Maturidite influenced the subsequent scholars with his wisdom view on patience and gratitude. This study will evaluate the views of Maturidi on patience and gratitude.

  8. DIVIDEND POLICY IN SAUDI ARABIA

    OpenAIRE

    Dialdin Osman; Elsaudi Mohammed

    2010-01-01

    We examine dividend policy in a unique environment in Saudi Arabia, where (1) firms distribute almost 100% of their profits in dividends, (2) firms are highly levered mainly through bank loans, and (3) there are no income or capital gains taxes. Some common factors that affect dividend policy of both financial and non-financial firms, we found some factors that affect only non-financial firms. In particular, the common factors are profitability, size, and business risk. Government ownership, ...

  9. Pengaruh Likuiditas, Profitabilitas, Leverage, dan Market Ratio terhadap Dividend Payout Ratio pada Perusahaan Manufaktur

    Directory of Open Access Journals (Sweden)

    Erna Puspita

    2017-04-01

    Full Text Available Dividend policy is concerned with financial policies regarding what amount cash dividend paid to shareholders and re-invested as retained earnings. The recent research aimed to test empirically various factors is considered to affect dividend policy. The independent variables in his research included Current Ratio (CR, Return on Equity (ROE, Debt to Equity Ratio (DER, and Earning Per Share (EPS. Meanwhile, the dependent variable was Dividend Payout Ratio (DPR. Quantitative research was used as the research design and the data was secondary data. Furthermore, purposive sampling was selected to get the sample. The result was 14 companies that pay dividend continuously during this research conducted on 2012 - 2014 were selected as the sample of this research. Multiple linier regression was used to analyze the data. The results showed that ROE and EPS has a contribution to the DPR, and then CR and DER has no contribution to the DPR.

  10. Determinants of Dividend Payout Policy: A Case of Pakistan Engineering Sector

    Directory of Open Access Journals (Sweden)

    Kashif Imran

    2011-09-01

    Full Text Available The return on investment can be divided in capital gain and dividend payouts. It is a difficult task for management to allocate a sufficient amount in both segments, especially to prevent from agency problems. The firms pay dividends only when enough amounts have after meeting their requirements and short term needs. The purpose of the present study is to empirically investigate the factors determine the dividend payout decisions in the case of Pakistan’s engineeringsector by using the data of thirty-six firms listed on Karachi Stock Exchange from the period 1996 to 2008. By employing various panel data techniques like fixed and random effects, the results suggest that the previous dividend per share, earnings per share, profitability, cash flow, sales growth, and size of the firm are the most critical factors determining dividend policy in the engineering sector of Pakistan.

  11. Dividend Performance in the United Arab Emirates Banking Sector

    Directory of Open Access Journals (Sweden)

    Mukdad Ibrahim

    2016-10-01

    Full Text Available The purpose of this study was to analyze the dividend performance of eight UAE based banks between the years 2001 and 2005. The analysis was undertaken by examining three sets of financial ratios that are routinely used to measure bank dividend performance. The main ratios that were employed put a particular focus on the banks’ ability to pay dividends in relation to market value of its share, earnings and ability to cover the payments. Descriptive statistical analysis was used to rank the performance, measuring the dispersion and the stability-variability of the indicators. Conclusions were then drawn from the computation of the descriptive analysis of ratios that allowed the author to make an effective comparison of said banks. This type of analysis was used to summarize the performance of each bank based on three criteria, mean, standard deviation and coefficient of variation of each banks performance. The findings showed that eight banks performed reasonably well during the period studied, but have different strategies in paying their dividends across the years under study. The analysis reveals that these banks have been affected by both internal and external factors.

  12. Capturing the Daylight Dividend

    Energy Technology Data Exchange (ETDEWEB)

    Peter Boyce; Claudia Hunter; Owen Howlett

    2006-04-30

    Capturing the Daylight Dividend conducted activities to build market demand for daylight as a means of improving indoor environmental quality, overcoming technological barriers to effective daylighting, and informing and assisting state and regional market transformation and resource acquisition program implementation efforts. The program clarified the benefits of daylight by examining whole building systems energy interactions between windows, lighting, heating, and air conditioning in daylit buildings, and daylighting's effect on the human circadian system and productivity. The project undertook work to advance photosensors, dimming systems, and ballasts, and provided technical training in specifying and operating daylighting controls in buildings. Future daylighting work is recommended in metric development, technology development, testing, training, education, and outreach.

  13. Does corporate governance affect dividend policy: Evidence from ASEAN emerging market

    Directory of Open Access Journals (Sweden)

    Gatot Nazir Ahmad

    2015-04-01

    Full Text Available This research-work uses a survey which comes from three different countries in ASEAN region i.e Indonesian, Thiland and Malaysian. This work integrate whole data from above all countries to examine whether firms that do corporate governance practising will pay higher dividends. This study has two issues: how regulation of stock exchange affects good corporate governance and how corporate governance affects value of the firm. Using OLS regression, our finding shows that good corporate governance practices has positive sign to dividend pay out. Our finding may contribute to corporate governance literature.First, result finding support Jensen’s (1986 that states free csah flow not reduce dividends pay out. Second, integrating emprical model from three different countires in ASEAN region.

  14. Stakeholder conflicts and dividend policy

    OpenAIRE

    Bøhren, Øyvind; Josefsen, Morten G.; Steen, Pål E.

    2012-01-01

    This is the authors’ final, accepted and refereed manuscript to the article This paper compares the dividend policy of owner-controlled firms with that of firms where the owners are a minority relative to non-owner employees, customers, and community citizens. We find that regardless of whether owners or non-owners control the firm, the strong stakeholder uses the dividend payout decision to mitigate rather than to intensify the conflict of interest with the weak stakeholder. H...

  15. Dividend policy as a signaling mechanism under different market conditions: Evidence from the Casablanca Stock Exchange

    DEFF Research Database (Denmark)

    Farooq, Omar; Saoud, Siham; Agnaou, Samir

    2012-01-01

    Does the signaling value of dividend policy depend on market conditions? Do investors respond to dividend policy differently in different periods? This study answers these questions by using a sample of firms from the Casablanca Stock Exchange during the period between 2003 and 2007. We find a si...... growth period. One of the reasons for our results may be that investors pay lesser attention to the signaling value of dividends during the periods when they are earning higher returns on their investments.......Does the signaling value of dividend policy depend on market conditions? Do investors respond to dividend policy differently in different periods? This study answers these questions by using a sample of firms from the Casablanca Stock Exchange during the period between 2003 and 2007. We find...... a significantly negative relationship between dividend payout ratio and stock price volatility during the stable growth period. We also show a significantly positive relationship between dividend payout ratio and stock returns during the same period. However, this relationship turns insignificant during the high...

  16. Life cycle theory and dividend payout policy: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Hassani

    2013-10-01

    Full Text Available This paper investigates the role and the effect of the life cycle theory on explanation of dividend payout policy in Tehran Stock exchange listed companies over the period 2006-2011. For measuring the firm’s life cycle, two criteria namely retained earnings to equity ratio and retained earnings to assets ratio have been used as proxies of firm’s life cycle. The findings of this research show that only retained earnings to assets ratio has a meaningful and positive effect on dividend payout policy; In the companies that are growing, retained earnings to assets ratio is low; Whereas this ratio is high in the more mature companies and these firms have abundant retained earnings, hence they are good candidates to pay dividends. However, there was no meaningful relationship between another life cycle criteria namely retained earnings to equity ratio and dividend payout policy.

  17. Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms

    OpenAIRE

    Stephen Bond; Michael Devereux; Alexander Klemm

    2005-01-01

    We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of investment. These findings are consistent with a version of the 'new view' of dividend taxation. We also identify a group of firms whose dividend choices are difficult to reconcile with (stock market) value ma...

  18. Do Investor Preferences Drive Corporate Dividend Policy?

    Directory of Open Access Journals (Sweden)

    Konieczka Przemysław

    2014-10-01

    Full Text Available This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering.

  19. Ruin Analysis of a Discrete-Time Dependent Sparre Andersen Model with External Financial Activities and Randomized Dividends

    Directory of Open Access Journals (Sweden)

    Sung Soo Kim

    2016-02-01

    Full Text Available We consider a discrete-time dependent Sparre Andersen risk model which incorporates multiple threshold levels characterizing an insurer’s minimal capital requirement, dividend paying situations, and external financial activities. We focus on the development of a recursive computational procedure to calculate the finite-time ruin probabilities and expected total discounted dividends paid prior to ruin associated with this model. We investigate several numerical examples and make some observations concerning the impact our threshold levels have on the finite-time ruin probabilities and expected total discounted dividends paid prior to ruin.

  20. Search predicts and changes patience in intertemporal choice

    Science.gov (United States)

    Johnson, Eric J.

    2017-01-01

    Intertemporal choice impacts many important outcomes, such as decisions about health, education, wealth, and the environment. However, the psychological processes underlying decisions involving outcomes at different points in time remain unclear, limiting opportunities to intervene and improve people’s patience. This research examines information-search strategies used during intertemporal choice and their impact on decisions. In experiment 1, we demonstrate that search strategies vary substantially across individuals. We subsequently identify two distinct search strategies across individuals. Comparative searchers, who compare features across options, discount future options less and are more susceptible to acceleration versus delay framing than integrative searchers, who integrate the features of an option. Experiment 2 manipulates search using an unobtrusive method to establish a causal relationship between strategy and choice, randomly assigning participants to conditions promoting either comparative or integrative search. Again, comparative search promotes greater patience than integrative search. Additionally, when participants adopt a comparative search strategy, they also exhibit greater effects of acceleration versus delay framing. Although most participants reported that the manipulation did not change their behavior, promoting comparative search decreased discounting of future rewards substantially and speeded patient choices. These findings highlight the central role that heterogeneity in psychological processes plays in shaping intertemporal choice. Importantly, these results indicate that theories that ignore variability in search strategies may be inadvertently aggregating over different subpopulations that use very different processes. The findings also inform interventions in choice architecture to increase patience and improve consumer welfare. PMID:29078303

  1. Search predicts and changes patience in intertemporal choice.

    Science.gov (United States)

    Reeck, Crystal; Wall, Daniel; Johnson, Eric J

    2017-11-07

    Intertemporal choice impacts many important outcomes, such as decisions about health, education, wealth, and the environment. However, the psychological processes underlying decisions involving outcomes at different points in time remain unclear, limiting opportunities to intervene and improve people's patience. This research examines information-search strategies used during intertemporal choice and their impact on decisions. In experiment 1, we demonstrate that search strategies vary substantially across individuals. We subsequently identify two distinct search strategies across individuals. Comparative searchers, who compare features across options, discount future options less and are more susceptible to acceleration versus delay framing than integrative searchers, who integrate the features of an option. Experiment 2 manipulates search using an unobtrusive method to establish a causal relationship between strategy and choice, randomly assigning participants to conditions promoting either comparative or integrative search. Again, comparative search promotes greater patience than integrative search. Additionally, when participants adopt a comparative search strategy, they also exhibit greater effects of acceleration versus delay framing. Although most participants reported that the manipulation did not change their behavior, promoting comparative search decreased discounting of future rewards substantially and speeded patient choices. These findings highlight the central role that heterogeneity in psychological processes plays in shaping intertemporal choice. Importantly, these results indicate that theories that ignore variability in search strategies may be inadvertently aggregating over different subpopulations that use very different processes. The findings also inform interventions in choice architecture to increase patience and improve consumer welfare. Copyright © 2017 the Author(s). Published by PNAS.

  2. Dividend policies of shariah-compliant and non-shariah-compliant firms

    DEFF Research Database (Denmark)

    Farooq, Omar; Tbeur, Oumkeltoum

    2013-01-01

    Do shariah-compliant firms pay higher dividends than other firms? Using data from the MENA (Morocco, Egypt, Saudi Arabia, United Arab Emirates, Jordan, Kuwait, and Bahrain) region, this paper shows that shariah-compliant firms not only have higher payout ratios but also have higher likelihood...

  3. Determinants of corporate dividend policy in Indonesia

    Science.gov (United States)

    Lestari, H. S.

    2018-01-01

    This study aims to investigate the determinants factors that effect the dividend policy. The sample used in this research is manufacture companies listed in Indonesia Stock Exchange (IDX) and the period 2011 - 2015. There are independent variables such as earning, cash flow, free cash flow, debt, growth opportunities, investment opportunities, firm size, largest shareholder, firm risk, lagged dividend and dividend policy used as dependent variable. The study examines a total of 32 manufacture companies. After analyzing the data using the program software Eviews 9.0 by multiples regression analysis reveal that earning, cash flow, free cash flow, firm size, and lagged dividend have significant effect on dividend policy, whereas debt, growth opportunities, investment opportunities, largest shareholder, and firm risk have no significant effect on dividend policy. The results of this study are expected to be implemented by the financial managers in improving corporate profits and basic information as return on investment decisions.

  4. Corporate liquidity and dividend policy under uncertainty

    OpenAIRE

    Koussis, Nicos; Martzoukos, Spiros H.; Trigeorgis, Lenos

    2016-01-01

    We examine optimal liquidity (retained earnings) and dividend choice incorporating debt financing with risk of default and bankruptcy costs as well as growth options under revenue uncertainty. We revisit the conditions for dividend policy irrelevancy and the broader role of retained earnings and dividends. Retained earnings have a net positive impact on firm value in the presence of growth options, high external financing costs and low default risk. High levels of retained earnings enhance de...

  5. L’impact de la participation bancaire dans le capital des entreprises sur la politique de distribution des dividendes

    Directory of Open Access Journals (Sweden)

    Naoel Mezgani

    2013-11-01

    Full Text Available L’objectif de ce papier est de tester l’incidence de la participation bancaire dans le capital des entreprises non financières sur la politique de distribution des dividendes. En utilisant des données de panel des trente entreprises tunisiennes durant la période de 1999 à 2004, nous vérifions si en détenant le capital et la dette, la banque a la possibilité de contraindre la distribution des dividendes pour garantir le remboursement de ses fonds prêtés. Les résultats empiriques obtenus ne confirment pas l’impact significatif des banques actionnaires majoritaires et principaux créditeurs sur la distribution des dividendes dans les entreprises tunisiennes. Ces dernières soutiennent surtout la stabilité du niveau des dividendes payés d’une année à une autre.

  6. Mutual fund performance: dividends do matter

    OpenAIRE

    De Mingo López, Diego Víctor; Matallín Sáez, Juan Carlos

    2015-01-01

    This article studies the bias in mutual fund performance when a nondividend-reinvesting benchmark is used. Our empirical findings show how performance worsens when using a benchmark that includes reinvestment dividends. We also find that inferences about managers’ ability related to economic states are biased by the effect of omitting dividends when selecting a benchmark.

  7. Dividend Policy In Indonesia State Owned Enterprises

    Directory of Open Access Journals (Sweden)

    Sulaeman Rahman Nidar

    2015-08-01

    Full Text Available This study is an explanatory study to determine the effect of independent variables on the dependent variable. As the dependent variable is the dividend payout ratio. Meanwhile the independent variable is the variable that is measured by the growth of the companys capital expenditure ratio proxy state ownership firm size profitability cash flow and the ratio of dividends last year as a control variable. The study uses panel data with a sample of 46 state-owned companies in the form of a limited liability company engaged non-financial sector with the financial period 2005-2009. The sample selection was purposive sampling that samples deposited SOE dividends during the study period. Hypothesis testing using a fixed-effect regression analysis models. As for overcoming heteroskedasticity and autocorrelation using the method of generalized least squares GLS. The results found that the companys growth variables and firm characteristics variables simultaneously significant effect on dividend policy. To model the dividend policy partial variable capital expenditures capital structure firm size and cash-flow negative and significant to dividend payout ratio while profitability and state ownership variables having an positive and significant to dividend payout ratio. The study also found that non-listed state-owned companies have an average dividend payout ratio lower than the listed SOEs.

  8. When do German Firms Change their Dividends?

    NARCIS (Netherlands)

    Correia Da Silva, L.; Goergen, M.; Renneboog, L.D.R.

    2002-01-01

    Anecdotal evidence suggests that the dividend policy of German firms is more flexible than the one of their Anglo-American counterparts.This paper analyses the decision to change the dividend for a panel of 221 German firms from 1984 to 1994.The choice of the period of study is motivated by the fact

  9. The Pre-IPO Dividend Puzzle

    NARCIS (Netherlands)

    Martin, J.; Zeckhauser, R.

    2011-01-01

    We investigate dividend payments of companies prior to their IPOs. U.S. companies conducting an IPO between 1990 through 2006 comprise our sample. Pre-IPO dividend payments are significant both in number and size in the quarter leading up to the IPO. We find support for the hypothesis that pre-IPO

  10. Dividend and Share Changes: Is There a Financing Hierarchy?

    OpenAIRE

    Robert L. McDonald; Naomi Soderstrom

    1986-01-01

    The most widely accepted empirical dividend model is that proposed by Lintner, who argued that firms smooth dividends over time. Many theoretical dividend models, however, either predict that dividends should be highly variable, or at least offer no support for the smoothing hypothesis. We use a switching regression model to test the Lintner model against an alternative which allows dividend behavior to differ depending upon whether or not firms are issuing shares. We reject the Lintner model...

  11. Dividend policy and share price volatility: UK evidence

    OpenAIRE

    Hussainey, Khaled; Mgbame, Chijoke Oscar; Chijoke Mgbame, Aruoriwo M.

    2011-01-01

    Purpose – The purpose of this paper is to examine the relation between dividend policy and share price changes in the UK stock market. Design/methodology/approach – Multiple regression analyses are used to explore the association between share price changes and both dividend yield and dividend payout ratio. Findings – A positive relation is found between dividend yield and stock price changes, and a negative relation between dividend payout ratio and stock price changes. In a...

  12. Dividends Provisions in Croatian Double Taxation Agreements

    Directory of Open Access Journals (Sweden)

    Marjeta Tomulić Vehovec

    2007-03-01

    Full Text Available This paper analyzes the provisions concerning dividends in the double taxation avoidance agreements concluded by the Republic of Croatia. Since the base for taxation is necessarily laid down in domestic law, Croatian legislation is examined as well. The author primarily discusses dividends provisions in four agreements signed with Germany, Austria, Switzerland and Slovenia, in addition to analyzing the differences from and similarities with the OECD Model Convention. Second, the paper briefly explains the methods for eliminating double taxation on income from dividends. Finally, it addresses the changes necessary for accession to the European Union.

  13. Improving water quality in China: Environmental investment pays dividends.

    Science.gov (United States)

    Zhou, Yongqiang; Ma, Jianrong; Zhang, Yunlin; Qin, Boqiang; Jeppesen, Erik; Shi, Kun; Brookes, Justin D; Spencer, Robert G M; Zhu, Guangwei; Gao, Guang

    2017-07-01

    This study highlights how Chinese economic development detrimentally impacted water quality in recent decades and how this has been improved by enormous investment in environmental remediation funded by the Chinese government. To our knowledge, this study is the first to describe the variability of surface water quality in inland waters in China, the affecting drivers behind the changes, and how the government-financed conservation actions have impacted water quality. Water quality was found to be poorest in the North and the Northeast China Plain where there is greater coverage of developed land (cities + cropland), a higher gross domestic product (GDP), and higher population density. There are significant positive relationships between the concentration of the annual mean chemical oxygen demand (COD) and the percentage of developed land use (cities + cropland), GDP, and population density in the individual watersheds (p investments in environmental restoration and reforestation, the water quality of Chinese inland waters has improved markedly, which is particularly evident from the significant and exponentially decreasing GDP-normalized COD and ammonium (NH 4 + -N) concentrations. It is evident that the increasing GDP in China over the past decade did not occur at the continued expense of its inland water ecosystems. This offers hope for the future, also for other industrializing countries, that with appropriate environmental investments a high GDP can be reached and maintained, while simultaneously preserving inland aquatic ecosystems, particularly through management of sewage discharge. Copyright © 2017 Elsevier Ltd. All rights reserved.

  14. Canadian R and M restructuring to pay dividends

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports on massive rationalization under way in Canada's refining/marketing sector that will yield increased utilization rates, improved efficiencies, and a boost in profits. At the same time, independent marketers in Canada will bear the brunt of a shrinking market, which is occurring at a time when sharply higher environmental spending will further squeeze them. Those are the main points of an analysis by Wood Gundy Inc., Toronto. Canada's refining/marketing sector has begun a major restructuring that after about 18 months will result in a significantly smaller industry, Wood Gundy the. All major integrated companies in the country have disclosed restructuring plans that will result in closure of perhaps three or more refineries and more than 2,700 service stations. Underlying the restructuring is industry's recognition that an 11% decline in produce demand during 1990-91, stemming from restructuring of the Canadian economy and progress in energy conservation, is permanent

  15. Pengaruh Dividend Initiations dan Dividend Cut/Omissions terhadap Return Saham di Bursa Efek Jakarta

    Directory of Open Access Journals (Sweden)

    Sri Dwi Ari Ambarwati

    2009-08-01

    Full Text Available This research investigates market reactions to initiations and cut/omissions of cash dividend payment. Consistent with prior literature, the result of this research tend to support the propositions that shareholders make considerable use of the information implicit in dividend announcement. Shareholders react positively significant to the dividend initiations announcement and negatively significant to the dividend cut/omissions announcement. A multiple regression model is formulated to identify the factors that contribute significantly to the capital gain (loss suffered by shareholders when firm decide to initiate (cut/omit dividend. Result indicate that, in conformity with the information content hypothesis, the shareholders’s respond to dividend initiations significantly depends on  the firm size and the cumulative return movement (CARM in the preceding period. Whereas, the shareholders’s re¬spond to dividend cut/omissions significantly depends on the cumulative return movement (CARM in the preced¬ing period and risk/corrected beta of the firm at alpha 1% and 5%.Keywords: Signaling hypothesis, Dividend initiations, dividend cut/omissions

  16. The Dividend Puzzle: A Laboratory Investigation

    NARCIS (Netherlands)

    Füllbrunn, S.C.; Haruvy, E.; Collins, S.M.; Isaac, R.M.; Norton, D.A.

    2013-01-01

    - Purpose - We investigate the implications of the misalignment between manager and shareholder interests and the effects of initial ownership stakes and reinvestment of unpaid dividends on managerial self-dealing. - Methodology - We collect and analyze data from controlled laboratory experiments

  17. Mapping out Patience: Cartography, Cinema and W.G. Sebald

    Directory of Open Access Journals (Sweden)

    Taien Ng-Chan

    2015-10-01

    Full Text Available Cinematic cartography can be an especially powerful tool for deep mapping, as it can convey the narratives, emotions, memories and histories, as well as the locations and geography that are associated with a place. This is evident in the documentary film Patience (After Sebald by Grant Gee, which follows in the footsteps of W.G. Sebald and his walking tour of Suffolk, England, as described in his book The Rings of Saturn. A variety of strategies in cinematic cartography are used quite consciously in Gee’s exploration of space, place and story. Using Teresa Castro’s three cartographic shapes of cinema, I structure an analysis of the film’s opening scene through a discussion of cinematic cartography, or the plotting of geospatial data onto a map, as well as what I will differentiate as cartographic cinema, or the mapping of space through the cinematographic image. I argue that both are necessary not only to have a deep understanding of the world and our place in it, but also in how to transmit that knowledge to others.

  18. Asymptotic inference for waiting times and patiences in queues with abandonment

    DEFF Research Database (Denmark)

    Gorst-Rasmussen, Anders; Hansen, Martin Bøgsted

    Motivated by applications in call center management, we propose a framework based on empirical process techniques for inference about the waiting time and patience distribution in multiserver queues with abandonment. The framework rigorises heuristics based on survival analysis of independent...

  19. Asymptotic inference for waiting times and patiences in queues with abandonment

    DEFF Research Database (Denmark)

    Gorst-Rasmussen, Anders; Hansen, Martin Bøgsted

    2009-01-01

    Motivated by applications in call center management, we propose a framework based on empirical process techniques for inference about waiting time and patience distributions in multiserver queues with abandonment. The framework rigorises heuristics based on survival analysis of independent...

  20. Identification and Evaluation of Factors of Dividend Policy

    Directory of Open Access Journals (Sweden)

    Sead Omerhodžić

    2014-06-01

    Full Text Available Dividend policy determines the ratio between the earnings distributed to shareholders and the earnings retained in the company. Even though retained earnings are one of the most important funding sources used for financing corporate growth, the accrued dividends represent stakeholders' cash flows. Should the cash be reinvested in business operations or should it be paid out to investors in equity? The decision might seem simple, but it provokes a surprising number of controversies. Despite thorough theoretical and empirical analyses aimed to explain their omnipresence, dividends remain one of the biggest puzzles in corporate finances. This paper starts by determining the term of dividend and stating the types of dividends. This is followed by a discussion on dividend policy and optimal dividend policy and an analysis of factors that managers should have in mind when forming dividend policy. Considerable attention is given to the leading dividend theories which try to answer the question about the role of dividends in maximizing the value of a corporation, as well as to practical instructions offered to managers in an attempt to achieve this goal. Other related issues are also discussed, such as dividend reinvestment plans, stockdividends, and share repurchase. Finally, two surveys are presented. The aim of conducting the surveys was to determine the attitudes of managers on dividend policy and to identify factors which the managers viewed as decisive when establishing a concrete dividend policy.

  1. Two facets of patience in young children: Waiting with and without an explicit reward.

    Science.gov (United States)

    Barragan-Jason, Gladys; Atance, Cristina; Kopp, Leia; Hopfensitz, Astrid

    2018-07-01

    Patience, or the ability to tolerate delay, is typically studied using delay of gratification (DoG) tasks. However, among other factors (e.g., type of reward), the use of a reward to test patience is affected by an individual's motivation to obtain the reward (e.g., degree of preference for the small vs. large reward). In addition, DoG tasks do not assess the extent to which an individual can wait in the absence of an explicit reward-or what we term "patience as a virtue." Accordingly, the current study used a new measure of patience-the "pure waiting paradigm"-in which 3- to 5-year-old children waited 3 min with nothing to do and with no explicit reward. We then examined the relation between performance on this task (as assessed by children's spontaneous patient behaviors) and performance on two DoG tasks (candy and video rewards). Significant correlations were found between DoG performance and patient behaviors in the pure waiting paradigm, especially when controlling for motivation. These results and methodology show for the first time a direct link between patience as a virtue and DoG performance and also provide new insights about the study of patience in children. Copyright © 2018 Elsevier Inc. All rights reserved.

  2. IMPACT OF CORPORATE GOVERNANCE AND FIRM-LEVEL CONTROL VARIABLES ON DIVIDEND POLICY OF SERVICE TRADE SECTOR OF MALAYSIA

    Directory of Open Access Journals (Sweden)

    Agha Jahanzeb

    2016-09-01

    Full Text Available This paper empirically investigates the impact of corporate governance factors (i.e. board size, board independence and CEO ownership and firm-level control variables (i.e. firm size, firm growth and firm profitability on the dividend payout policy among the service sector companies of Malaysia that are listed on Bursa Malaysia. Ordinary least square model was used to estimate the results. Sample consisted of 113 service sector firms from the period of 2009 to 2013. The results show that the profitable companies with large boards and less growth tend to pay higher dividends. Findings can be interpreted as that the profitable companies are sharing their profits with their shareholders in terms of dividends to give positive message to the market.

  3. Dividend taxation in an infinite-horizon general equilibrium model

    OpenAIRE

    Pham, Ngoc-Sang

    2017-01-01

    We consider an infinite-horizon general equilibrium model with heterogeneous agents and financial market imperfections. We investigate the role of dividend taxation on economic growth and asset price. The optimal dividend taxation is also studied.

  4. The Dividend Payment Policies of Selected Listed Companies in ...

    African Journals Online (AJOL)

    The Dividend Payment Policies of Selected Listed Companies in Botswana. ... an optimal dividend policy is important because of the effect of its information on outsiders ... on the firm's capital structure, investment opportunities and stock price.

  5. Dividend Is Relevant: A Restatement | Amadasu | African Research ...

    African Journals Online (AJOL)

    The major recommendation is that dividend, priceearningsratio, retained earnings, return on capital employed andautonomous part assumed to be government, external, internal, andeconomic environment, should be coordinated through policy instruments forcorporate governance for dividend to have relevance.

  6. Generalized semi-Markovian dividend discount model: risk and return

    OpenAIRE

    D'Amico, Guglielmo

    2016-01-01

    The article presents a general discrete time dividend valuation model when the dividend growth rate is a general continuous variable. The main assumption is that the dividend growth rate follows a discrete time semi-Markov chain with measurable space. The paper furnishes sufficient conditions that assure finiteness of fundamental prices and risks and new equations that describe the first and second order price-dividend ratios. Approximation methods to solve equations are provided and some new...

  7. Interpreting Ex-Dividend Evidence: The Citizens Utilities Case Reconsidered

    OpenAIRE

    James M. Poterba

    1983-01-01

    Numerous empirical studies have attempted to measure the effect of changes in dividend policy on corporate equity values. One of the most popular study methodologies has been an examination of share price changes around ex-dividend days. Comparing the movement in a stock's price with its nominal dividend payment leads to estimates of the stock market's relative valuation of dividends and capital gains. Ex-day price studies are often interpreted as showing that investors recognize their tax li...

  8. 46 CFR 283.3 - Dividend policy criteria.

    Science.gov (United States)

    2010-10-01

    ... amount up to 100 percent of retained earnings, unless there is an operating loss in the fiscal year to... proposed dividend, it may declare a dividend of up to 40 percent of prior years' earnings, less any... of the years included in the prior years' earnings calculation dividends were paid under the 100...

  9. 'Paper profits': Fair value accounting, dividends, and corporate governance

    NARCIS (Netherlands)

    Goncharov, I.; van Triest, S.

    2009-01-01

    We examine the impact of upward fair value adjustments on dividend policies in Russia, where corporate governance is weak. We discuss the case of the utility company Unified Energy System (UES), which abolished its dividends (including mandatory preferred dividends) after reporting a record profit

  10. Do dividend shocks affect excess returns? An experimental study

    Directory of Open Access Journals (Sweden)

    Draganac Dragana

    2017-01-01

    Full Text Available The dividend announcement of a company is an informational event that can cause underreaction, momentum, overreaction, post-dividend announcement drift, and mean reversion. It is the uncertainty surrounding dividend announcements that leads to such behavioural phenomena. Most authors consider that underreaction occurs after dividend shocks because new information about the dividend is being slowly and gradually built into the stock price. The effect of dividend shocks is often reflected in excess returns, which can last up to one year after the shock. The experiment described in this paper tests whether statistically significant excess returns are realized after a shock dividend announcement. Participants trade with the stocks of two companies, which only differ by dividend-generating stochastic process. The dividend process of Company 2 is a Merton-style jump-diffusion process (consisting of two parts: Brownian motion and Poisson jump, while the dividend process of Company 1 contains only the Brownian motion component. Statistically significant excess returns are expected when trading with Company 2 stocks. An autoregressive model is applied in order to test this hypothesis. The conclusion is that a dividend shock is followed by statistically significant excess returns in 20 of the 22 experiments, which implies that markets are inefficient after sudden and large changes in dividends. Underreaction and discount rate effects are identified.

  11. Claiming damages where dividends remain unpaid: A contribution ...

    African Journals Online (AJOL)

    Besides a contractual right, this article also investigates the Oxford Legal Group case in establishing at least an implied right (based on the doctrine of proper purpose) to claim an undeclared dividend or unauthorised dividend that is contrary to the board of directors discretion not to authorise any dividends. Both these cases ...

  12. Harnessing the Gender Dividend to Boost Economic Growth in ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Taking advantage of the gender dividend to accelerate economic growth in ECOWAS. This project aims to analyze the gender dividend in West Africa. The gender dividend is the increase in national production per head attributable to more equality between women and men in the labour market. Declining birth rates can ...

  13. On optimal dividends: From reflection to refraction

    Science.gov (United States)

    Gerber, Hans U.; Shiu, Elias S. W.

    2006-02-01

    The problem goes back to a paper that Bruno de Finetti presented to the International Congress of Actuaries in New York (1957). In a stock company that is involved in risky business, what is the optimal dividend strategy, that is, what is the strategy that maximizes the expectation of the discounted dividends (until possible ruin) to the shareholders? Jeanblanc-Picque and Shiryaev [Russian Math. Surveys 20 (1995) 257-277] and Asmussen and Taksar [Insurance: Math. Econom. 20 (1997) 1-15] solved the problem by modeling the income process of the company by a Wiener process and imposing the condition of a bounded dividend rate. Here, we present some down-to-earth calculations in this context.

  14. Dividend Policy of German Firms

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.; Correia Da Silva, L.

    2004-01-01

    German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target

  15. Impact on Sensex of Scrapping Double Taxation of Dividends

    OpenAIRE

    Ragunathan V; Varma, Jayanth R.

    1997-01-01

    The taxation of dividends has generated an active debate in recent months in the media. While the industry representatives have been critical of the double taxation of dividends, the Government seems to be questioning the very premise that dividends are double taxed in India. The argument that scrapping the double taxation of dividends will give the Sensex a much needed boost seems to have tilted the scales. What will be the impact of scrapping of dividend tax on Sensex? One finds that the st...

  16. Dissociable Contributions of Imagination and Willpower to the Malleability of Human Patience.

    Science.gov (United States)

    Jenkins, Adrianna C; Hsu, Ming

    2017-07-01

    The ability to exercise patience is important for human functioning. Although it is known that patience can be promoted by using top-down control, or willpower, to override impatient impulses, patience is also malleable-in particular, susceptible to framing effects-in ways that are difficult to explain using willpower alone. So far, the mechanisms underlying framing effects on patience have been elusive. We investigated the role of imagination in these effects. In a behavioral experiment (Experiment 1), a classic framing manipulation (sequence framing) increased self-reported and independently coded imagination during intertemporal choice. In an investigation of neural responses during decision making (Experiment 2), sequence framing increased the extent to which patience was related to activation in brain regions associated with imagination, relative to activation in regions associated with willpower, and increased functional connectivity of brain regions associated with imagination, but not willpower, relative to regions associated with valuation. Our results suggest that sequence framing can increase the role of imagination in decision making without increasing the exertion of willpower.

  17. The dividend-price ratio does predict dividend growth: International evidence

    DEFF Research Database (Denmark)

    Engsted, Tom; Pedersen, Thomas Quistgaard

    Unpredictable dividend growth by the dividend-price ratio is considered a 'stylized fact' in post war US data. Using long-term data, covering more than 80 years from the US and three European countries, we revisit this stylized fact, and we also report results on return predictability. We find...... similar to those for the US. For Sweden and Denmark we find no evidence of return predictability, but strong evidence of predictable dividend growth in the 'right' direction on both short and long horizons and over both the full sample periods and the post war period. We also document that implied long......-horizon coefficients from VAR's often differ substantially from direct estimates in multi-year regres- sions. Throughout, we report both standard asymptotic tests and simulated small- sample tests and, following Cochrane (2008), we investigate the joint distribution of dividend-price ratio coefficients in return...

  18. Optimal dividends in the Brownian motion risk model with interest

    Science.gov (United States)

    Fang, Ying; Wu, Rong

    2009-07-01

    In this paper, we consider a Brownian motion risk model, and in addition, the surplus earns investment income at a constant force of interest. The objective is to find a dividend policy so as to maximize the expected discounted value of dividend payments. It is well known that optimality is achieved by using a barrier strategy for unrestricted dividend rate. However, ultimate ruin of the company is certain if a barrier strategy is applied. In many circumstances this is not desirable. This consideration leads us to impose a restriction on the dividend stream. We assume that dividends are paid to the shareholders according to admissible strategies whose dividend rate is bounded by a constant. Under this additional constraint, we show that the optimal dividend strategy is formed by a threshold strategy.

  19. The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors

    OpenAIRE

    John Y. Campbell; Robert J. Shiller

    1986-01-01

    A linearization of a rational expectations present value model for corporate stock prices produces a simple relation between the log dividend-price ratio and mathematical expectations of future log real dividend changes and future real discount rates. This relation can be tested using vector autoregressive methods. Three versions of the linearized model, differing in the measure of discount rates, are tested for U. S. time series 1871-1986: versions using real interest rate data, aggregate re...

  20. Do fair value adjustments influence dividend policy?

    NARCIS (Netherlands)

    Goncharov, I.; van Triest, S.

    2011-01-01

    We examine the impact of positive fair value adjustments on dividend policy. If fair value adjustments are transitory in nature and managers are able to assess their implications for future earnings, fair value adjustments in net income is expected to have no distribution consequences. However,

  1. Optimal dividend distribution under Markov regime switching

    NARCIS (Netherlands)

    Jiang, Z.; Pistorius, M.

    2012-01-01

    We investigate the problem of optimal dividend distribution for a company in the presence of regime shifts. We consider a company whose cumulative net revenues evolve as a Brownian motion with positive drift that is modulated by a finite state Markov chain, and model the discount rate as a

  2. Optimal dividends and ALM under unhedgeable risk

    NARCIS (Netherlands)

    Pelsser, A.A.J.; Laeven, R.J.A.

    2013-01-01

    In this paper we develop a framework for optimal investment decisions for insurance companies in the presence of (partially) unhedgeable risk. The perspective that we choose is from an insurance company that maximises the stream of dividends paid to its shareholders. The policy instruments that the

  3. EX-DIVIDEND DATE DAN PERUBAHAN HARGA SAHAM

    Directory of Open Access Journals (Sweden)

    Novriyanthi Taungke

    2015-12-01

    Full Text Available The aim of this study is to analyze whether the stock prices decrease at ex-dividend date in Indonesia Stock Exchange (IDX that is determined by amount of dividend drop-off ratio (DDR. This study also attempts to investigate the differences the stock prices decrease at ex-dividend date based on Investment Opportunity Set (IOS. Sample consist of  the companiesthat announced the dividend during 2010-2012 periods. By using non-parametric tests, especially Chi-square Test and Mann Whitney Test,  the result of this study showed the stock prices decreased less than dividend amount on ex-dividend date. Besides, the non-growth firms experienced decrease more than growth firms.

  4. On the Dividend Strategies with Non-Exponential Discounting

    OpenAIRE

    Zhao, Qian; Wei, Jiaqin; Wang, Rongming

    2013-01-01

    In this paper, we study the dividend strategies for a shareholder with non-constant discount rate in a diffusion risk model. We assume that the dividends can only be paid at a bounded rate and restrict ourselves to the Markov strategies. This is a time inconsistent control problem. The extended HJB equation is given and the verification theorem is proved for a general discount function. Considering the pseudo-exponential discount functions (Type I and Type II), we get the equilibrium dividend...

  5. Dividends and Taxes: Evidence on Tax-Reduction Strategies.

    OpenAIRE

    Chaplinsky, Susan; Seyhun, H Nejat

    1990-01-01

    This article investigates two aspects of dividend tax avoidance not addressed by prior research. First, it examines the aggregate dividend tax savings provided to individuals through tax-exempt and tax-deferred accumulators. Using the Internal Revenue Service Individual Income Tax Model, it then proceeds to determine whether specific provisions of the Internal Revenue Code, such as the preferential treatment of capital gains, the investment-interest limitation, and the $100 dividend exclusion...

  6. Dividend-Protected Convertible Bonds and the Disappearance

    OpenAIRE

    Bruce D. Grundy; Patrick Verwijmeren

    2012-01-01

    Firms have not historically called their convertible bonds as soon as they could force conversion. Various explanations for the delay rely on the size of the dividends that bondholders forgo so long as they do not convert. We investigate an important change in convertible security design, namely that more than 95 percent of recent convertible bond issues are dividend-protected. Dividend protection means that the conversion value of the shares into which a bond is convertible is unaffected by ...

  7. The Optimal Taxation of Dividends in a Small Open Economy

    OpenAIRE

    Fuest, Clemens; Huber, Bernd

    2000-01-01

    This paper analyses the optimal taxation of dividends and other types of income from portfolio investment. We show that, in an open economy, it is not desirable to offer double taxation relief for dividends paid by domestic firms to domestic households. This result holds for fairly general utility functions. The reason is that the marginal shareholder in domestic firms is a foreign investor. This implies that the level of real investment is not affected by the taxation of domestic dividend in...

  8. Cost of Capital when Dividends are Deductible

    Directory of Open Access Journals (Sweden)

    Ignacio Velez-Pareja

    2011-09-01

    Full Text Available Tax savings and the discount rate we use to calculate their value are involved in the calculation of cost of capital. Based on previous findings, we derive a general approach to cash flow valuation that take into account any kind of tax shields related to the financing decision of a firm and any date when they are earned. They can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity. This paper develops the formulations for the cost of capital when dividends, interest on equity or monetary correction of equity are deductible as it happens in Brazil. It shows that when properly done most known valuation methods are consistent and give identical results. Also, the paper argues that when dividends are tax deductible, optimal leverage is lower and equity value is higher.

  9. Water Taxation and the Double Dividend Hypothesis

    OpenAIRE

    Nicholas Kilimani

    2014-01-01

    The double dividend hypothesis contends that environmental taxes have the potential to yield multiple benefits for the economy. However, empirical evidence of the potential impacts of environmental taxation in developing countries is still limited. This paper seeks to contribute to the literature by exploring the impact of a water tax in a developing country context, with Uganda as a case study. Policy makers in Uganda are exploring ways of raising revenue by taxing environmental goods such a...

  10. Does Dividend Tax Impede Competition for Corporate Charters?

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    High dividend income tax in the U.S. can impede state competition in the market for corporate charters. We offer a model to formalize the mechanism through which dividend tax lowers the incentives for a state legislator to refrain from enacting takeover regulations. We test a key driver within...... the model, that dividend tax exacerbates agency conflicts between management and shareholders, making takeover regulations less consequential to the corporations that have their shareholders subject to the tax. The implication, that under a dividend tax cut, firms governed by fewer anti-takeover provisions...

  11. Analysis of Dividend Policy of the Romanian Financial Investment Companies

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2013-12-01

    Full Text Available The purpose of dividend policy, promoted by a joint-stock company may be: building trust and forming a true business ownership, business growth, increase creditworthiness of the company and of trust others to it. The paper aim is to study the dividend policy to those five Romanian Financial Investment Companies in the period 2006-2012, through a series of specific indicators such as: dividend per share, dividend growth rate, dividend distribution rate, dividend yield, earnings per share, price earnings ratio, in order to reflect the performance and the impact of financial crisis on their performance on the financial market. Tracking the dynamics of these indicators allows us to draw conclusions on the position of the companies on the securities market, and their level influences the decision of shareholders to maintain or withdraw of shares, to invest in other more profitable businesses. Dividend yields made every year by Financial Investment Companies justify the high interest from investors for these shares. Currently, these companies offer a very attractive return for investors compared to the average dividend yield of the Stock Exchange. The evolution of the price earnings ratio shows the normal trend of rise of the companies’ shares in the period 2007-2008, after that they have entered the market at highly undervalued levels especially after declining in 2008.

  12. 26 CFR 1.860-1 - Deficiency dividends.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Deficiency dividends. 1.860-1 Section 1.860-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.860-1 Deficiency dividends. Section 860 allows a qualified...

  13. Signalling Theory Dividends: A Review Of The Literature And ...

    African Journals Online (AJOL)

    There are conflicting policy implications among financial economists so much that there is no practical dividend policy guidance to management, existing and potential investors in shareholding. Since corporate investment, financing and distribution decisions are a continuous function of management, the dividend decisions ...

  14. Association of Price and Dividend in the Nigerian Capital Market

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    for corporate financial performance, while stock price of consumer good firms .... relevance of accounting information, dividend per share particularly has the ability to exhibit features that affect a firm's value, thus contributing to measurement of ... not make profit or those that made profit but did not declare dividends in the ...

  15. Holding Period Return-Risk Modeling: The Importance of Dividends

    NARCIS (Netherlands)

    W.G.P.M. Hallerbach (Winfried)

    2003-01-01

    textabstractIn this paper we explore the relevance of dividends in the total equity return over longer time horizons. In addition, we investigate the effects of different reinvestment assumptions of dividends. We use a unique set of revised and corrected US equity data series, comprising monthly

  16. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously

  17. How Relevant is Dividend Policy under Low Shareholder Protection?

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Szilagyi, P.G.

    2006-01-01

    This paper reopens the debate on the substitutability of dividends and shareholder control in mitigating free cash flow concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder-oriented governance regime of the Netherlands, where

  18. Determinants of corporate dividend policy: evidence from romanian listed companies

    Directory of Open Access Journals (Sweden)

    Cristea Ciprian

    2017-01-01

    Full Text Available Although there is a vast literature that has investigated the dividend policies of firms from developed countries, relatively little research has been published exploring the dividend policies of firms from emerging countries. The literature regarding establishing the relationship between dividend policy and the attributes of non-financial companies listed on Romanian stock market, to the best of our knowledge, remains inexistent. The aim of this study is to identify the main factors influencing dividend policy for the non-financial companies listed on the Bucharest Stock Exchange for a period of ten years from 2007 to 2016. In order to achieve this aim, panel data were collected from the listed companies’ reports and financial statements. The study reveals that dividend policy is positively related to corporate profitability and liquidity and negatively associated with leverage, size, growth, and the state of the economy.

  19. Dividend Policy and Corporate Value (A Meta-Analysis

    Directory of Open Access Journals (Sweden)

    Tifani Titah Dwi Tyastari

    2017-07-01

    Full Text Available This study aimed to understand the effect of dividend policy on corporate value, as well as to examine and analyze the variation of result study on corporate value in Indonesia.Dividend Signaling Model was the grand theory used to explain the effect of dividend policy on corporate value. This study used meta-analysis approach with the sample were 70 researches in Indonesia, both the published and unpublished in 2007-2015. The result of this study, meta-analysis strengthens the findings of the previous study which stated that the dividend policy could increase the corporate value. The differences of the previous studies were due to the presence of moderation effect from the measurement model of corporate value and dividend corporate.

  20. Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms

    OpenAIRE

    Björn, Lundgren; Eriksson Lantz, Christofer

    2016-01-01

    This study examines the effect of ownership structure on dividend policy of 284 firms listed on the OMX Stockholm Exchange in Swedenfrom 2010-2015. Specifically, the purpose of the study is to investigate therelationship betweendifferentinvestor types and dividend policies of firms, measured as dividend yield and dividend payout ratio.Also, the study aims to predict dividend behaviours based on ownership structure which may be useful inthe future since ownership structures of listed Swedish f...

  1. CORPORATE DIVIDEND POLICY AND BEHAVIOUR: THE MALAYSIAN EVIDENCE

    Directory of Open Access Journals (Sweden)

    I. M. Pandey

    2003-01-01

    Full Text Available This study examines corporate dividend policy and behaviour of the Kuala Lumpur Stock Exchange (KLSE companies. Our results confirm the influence of industry on payout ratios. We also find that payout ratios in a given industry vary significantly across time. The results of multinomial logit analysis reveal that the KLSE companies' dividend actions are sensitive to the changes in earnings. Probabilities of dividend increases, decreases and omissions are high, respectively, with earnings increases, decreases and losses. This causes volatility in dividend payments. The KLSE firms appear to be reluctant to omit dividend except when they suffer losses. Further, using Lintner's framework and panel data regression methodology, we find evidence in favour of regular, but less stable, dividend policies being pursued by the KLSE companies. This is contrary to the experiences of companies in the developed capital markets. The results of the two-way fixed firm and time effects model reveal that there are significant differences in dividend policies across individual firms and over time.

  2. Dividend taxation, share repurchases and the equity trap

    OpenAIRE

    Lindhe, Tobias; Södersten, Jan

    2009-01-01

      This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the “equity trap”, that is, the extent to which cash paid to the shareholders must be taxed as dividends. Our analysis shows that Sinn’s (1991) criticism of the well-known King and Fullerton (1984) methodology for underestimating the cost of new share issues amounts to a misleading comparison across two different regimes for the equity trap. Contrary to Sinn, we find that when dividends are ...

  3. Dividend sõi kasumi ära / Andres Root

    Index Scriptorium Estoniae

    Root, Andres, 1956-

    2004-01-01

    Autor selgitab, miks kajastatakse välja makstud dividende kasumiaruandes ja näitab, kuidas see mõjutab ettevõtte finantstulemust. Tabelid: Kasumi kujunemine ja tulu maksustamine; Ettevõtte omakapital

  4. Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  5. The Human Genome Project (HGP): dividends and challenges: a ...

    African Journals Online (AJOL)

    The Human Genome Project (HGP): dividends and challenges: a review. ... Genomic studies have given profound insights into the genetic organization of ... with it will be an essential part of modern medicine and biology for years to come.

  6. Motivators of Dividend Payout among Firms listed on the Stock ...

    African Journals Online (AJOL)

    Nafiisah

    firms that are officially listed on the Stock Exchange of Mauritius. .... future prospects of their firms, their actions might convey new information to ... Sometimes, when designing dividend policies, some firms consider the behaviour of their.

  7. 60 Dividend Is Relevant: A Restatement (Pp. 60-72)

    African Journals Online (AJOL)

    User

    2011-07-21

    Jul 21, 2011 ... Dividend policy, an aspect of financial management aids organizational success. It is a guiding principle for determining the portion of company's after tax profits ... manipulations of accounting figures by companies. Again, the ...

  8. Optimal green tax reforms yielding double dividend

    International Nuclear Information System (INIS)

    Fernandez, Esther; Perez, Rafaela; Ruiz, Jesus

    2011-01-01

    In an stylized endogenous growth economy with a negative externality created by CO2 emissions and in which abatement activities are made by private firms, we find a wide range of dynamically feasible green tax reforms yielding the double dividend without any need to assume a complex production structure or tax system, or a variety of externalities in production. As a remarkable finding, we obtain certain scenarios in which increasing the emissions tax up to the Pigouvian level and removing completely the income tax is dynamically feasible and, also, it is the second-best reform. Hence, as a difference to previous literature, in these scenarios the first-best tax mix is implementable, allowing for the elimination of both environmental and non-environmental inefficiencies. Our result arises because of the consideration of public debt issuing and the management of the government budget balance with an intertemporal perspective. The result is obtained for an intermediate range of environmental bearing in preferences, the valid range being contingent on the pre-existing income tax rate. The type of tax reform that we propose could also be implemented for different energy taxes. - Highlights: → We use an endogenous growth model with a negative externality from CO2 emissions. → Abatement activities are made by private firms to reduce payment of emissions taxes. → We find dynamically feasible green tax reforms yielding the double dividend result. → Our result arises thanks to the inclusion of public debt issuing as a financing device. → The type of tax reform proposed can be implemented for other energy taxes.

  9. Effects of Dividends on Stock Prices in Nepal

    OpenAIRE

    Rabindra Joshi

    2012-01-01

    This paper examines the impact of dividends on stock price in the context of Nepal. A majority of earlier studies conducted in developed countries show that dividend has a strong effect than retained earnings. The study examines whether this is consistent in the context of Nepal (or not) and the implication particularly to the banking and non-banking sector. To achieve the objective of the study, a descriptive and analytical research design has been administered. The secondary data are used t...

  10. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    This is the authors’ accepted and refereed manuscript to the article. Publishers web site http://journals.cambridge.org/ Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained b...

  11. Impact of Dividend Policy on Share Price Volatility: UK Evidence

    OpenAIRE

    ZHANG, YIDING

    2012-01-01

    This research attempts to shed light on the linkage between dividend policy and share price volatility in the context of UK. As a rework and extension of pervious research, the study is expected to reveal the potential impact of dividend change on the fluctuation of stock price, taking existing theoretical and empirical framework as basis. A snapshot of UK economy is provided after the preceding introductory section. The third chapter consists of a review of theories and empirical studies. Wi...

  12. 18 CFR 367.4370 - Account 437, Dividends declared-preferred stock.

    Science.gov (United States)

    2010-04-01

    ... NATURAL GAS ACT Retained Earnings Accounts § 367.4370 Account 437, Dividends declared—preferred stock. (a) This account must include amounts declared payable out of retained earnings as dividends on actually...

  13. 18 CFR 367.4380 - Account 438, Dividends declared-common stock.

    Science.gov (United States)

    2010-04-01

    ... GAS ACT Retained Earnings Accounts § 367.4380 Account 438, Dividends declared—common stock. (a) This account must include amounts declared payable out of retained earnings as dividends on actually...

  14. Dividend payout and corporate governance in emerging markets: which governance provisions matter?

    OpenAIRE

    Thomas O'Connor

    2012-01-01

    In this paper I examine the relationship between individual corporate governance provisions and corporate dividend payout. Using a sample of 220 firms from 21 emerging market countries, I show that dividend payout is an outcome of strong corporate governance. On closer inspection, I find that dividend payouts tend to be greater in firms which score highly in measures of board independence and accountability. I find some evidence which suggests that dividends substitute for a lack of transpare...

  15. An empirical study about catering theory of dividends: The proof from Chinese stock market

    Directory of Open Access Journals (Sweden)

    Xiaoguang Lu

    2014-05-01

    Full Text Available Purpose: This paper aims to study the remarkable effect of dividends catering in Chinese stock market, and its significance on dividend policy and investment decisions. Is there a significant difference in operation status of companies between issuing cash dividend and those without cash dividend, and which one is the better? Is there a significant difference in income level of stocks between issuing cash dividend and those without cash dividend, which one is the higher? Is the irrational preference of cash dividend detracting along with the development and improvement of securities market? All issues above need the market inspection.Design/methodology/approach: Based on related dividend theories and the empirical data of Chinese securities market, we construct three portfolios including stock dividend, cash dividend and non-dividend. The paper studies the returns from these three kinds of portfolios which is analyzed by the least significant difference method, co-integration model, Sharpe index model, and error correction model, and then finally comes to the conclusions.Findings: The main finding is that there is significant effect of dividends catering in Chinese stock market; the income level of cash dividend portfolio is significantly lower than that of other portfolios; the listed companies issuing stock dividend have a high investment value.Originality/value: Through collecting a lot of data from the year 2004 to 2009 and developing models to analyze, the paper deem that whether the earnings growth or not determines the dividend policy of listed companies, and that stock dividend is the natural choice for those listed companies which have sustainable development advantages.

  16. Research on the Dividend Policy of Listed Company and Fluctuation Effect of Stock Market

    Directory of Open Access Journals (Sweden)

    Wang Hua

    2015-01-01

    Full Text Available Based on the dividend policy and theory, this article takes the events that A stock of all the listed banking companies (16 in total issued dividend in the CSI stock market for 5 years from 2008 to 2012 as the investigation samples to inspect the relevance of dividend policy with the fluctuation of stock price and transaction volume, thus to prove the dividend policy is an efficient mechanism for information transmission.

  17. Why Some Double Taxation Might Make Sense: The Special Case of Inter-corporate Dividends

    OpenAIRE

    Randall Morck

    2003-01-01

    Arguments for eliminating the double taxation of dividends apply only to dividends paid by corporations to individuals. The double (and multiple) taxation of dividends paid by one firm to another intercorporate dividends - was explicitly included in the 1930s to eliminate pyramidal corporate groups. These structures exist elsewhere, and are associated with corporate governance problems, corporate tax avoidance, and a greater concentration of economic power than is currently possible in the Un...

  18. Discounting and Digit Ratio: Low 2D:4D Predicts Patience for a Sample of Females

    Directory of Open Access Journals (Sweden)

    Diego Aycinena

    2018-01-01

    Full Text Available Inter-temporal trade-offs are ubiquitous in human decision making. We study the relationship between preferences over such trade-offs and the ratio of the second digit to that of the forth (2D:4D, a marker for pre-natal exposure to sex hormones. Specifically, we study whether 2D:4D affects discounting. Our sample consists of 419 female participants of a Guatemalan conditional cash transfer program who take part in an experiment. Their choices in the convex time budget (CTB experimental task allow us to make inferences regarding their patience (discounting, while controlling for present-biasedness and preference for smoothing consumption (utility curvature. We find that women with lower digit ratios tend to be more patient.

  19. 26 CFR 1.265-3 - Nondeductibility of interest relating to exempt-interest dividends.

    Science.gov (United States)

    2010-04-01

    ... interest relating to exempt-interest dividends. (a) In general. No deduction is allowed to a shareholder of... dividends distributed by the company to the shareholder during the shareholder's taxable year. (b) Interest... amount of exempt-interest dividends received by the shareholder. The denominator of the fraction is the...

  20. AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach*

    Directory of Open Access Journals (Sweden)

    R. Agus Sartono

    2013-09-01

    finding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.

  1. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market...... different. Second, the positive stock market reaction is closely related to associated changes in a firm's payout policy, but the relationship varies for the two types of events. Finally, there is only very weak evidence for a change in the liquidity of the stock. On the whole, after controlling...... for the firm's payout policy, the results suggest that a stock split is a cosmetic event and that a stock dividend on its own is considered negative news....

  2. The Effect of Dividend Tax Policy on Corporate Investment

    Directory of Open Access Journals (Sweden)

    Jimmy Torrez

    2006-10-01

    Full Text Available The Job Growth and Taxpayer Relief Reconciliation Act of 2003 lowered dividend taxes to the same rate as capital gains taxes in the United States using the Pecking Order Theory as a framework. This paper develops a model that examines the effect the tax cut will have on corporate investment. The model finds that the dividend rate tax cut will increase the corporate cost of capital and lower investment. Therefore, any increase in the value of the stock market from this act will simply be a response to an increase in after tax returns and not from an increase in production.

  3. 中国上市公司现金股利决策模型%Decision-making models for cash dividend policies for Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    姜琪; 宋逢明

    2012-01-01

    Data for listed companies in the Shanghai and Shenzhen Stock Exchanges was used to analyze the factors contributing to the propensity for cash dividend distributions and the cash payout ratio of Chinese listed companies.Regulatory changes in the CSRC refinancing policy significantly increased the listed companies' propensity to pay cash dividends.Cash dividends have become the major channel for profit distributions in the Chinese stock market.Companies with higher retained earnings ratios have higher propensity to pay cash dividends,which supports the life-cycle theory of dividends.However,higher profitability and higher growth rates lead to lower payout ratios suggesting that some high-quality companies choose lower payout ratios to meet regulatory requirements,which may be the major driving force for the low ratio of aggregate cash dividends to aggregate profits in the Chinese stock market.%该文从是否现金分红和现金股利支付水平2个维度,建立公司现金股利决策模型,分析确定影响中国沪深两市A股上市公司现金股利政策的因素。2001-03中国证监会再融资政策的调整,显著提高了上市公司现金分红的意愿,现金股利已成为中国上市公司利润分配的主要形式。公司留存收益的比例越高,则现金分红的可能性越大,支持了股利的生命周期理论。而从现金分红公司的股利支付水平来看,盈利水平越高,成长性越好的公司,现金股利的支付率却越低,其原因在于中国部分优质上市公司为达到再融资的监管要求而勉强分红,从而导致了中国A股市场现金股利总额占净利润总额的比例偏低。

  4. Portfolio Optimization with Stochastic Dividends and Stochastic Volatility

    Science.gov (United States)

    Varga, Katherine Yvonne

    2015-01-01

    We consider an optimal investment-consumption portfolio optimization model in which an investor receives stochastic dividends. As a first problem, we allow the drift of stock price to be a bounded function. Next, we consider a stochastic volatility model. In each problem, we use the dynamic programming method to derive the Hamilton-Jacobi-Bellman…

  5. Deriving the Dividend Discount Model in the Intermediate Microeconomics Class

    Science.gov (United States)

    Norman, Stephen; Schlaudraff, Jonathan; White, Karianne; Wills, Douglas

    2013-01-01

    In this article, the authors show that the dividend discount model can be derived using the basic intertemporal consumption model that is introduced in a typical intermediate microeconomics course. This result will be of use to instructors who teach microeconomics to finance students in that it demonstrates the value of utility maximization in…

  6. The Dividend and Share Repurchase Policies of Canadian Firms

    NARCIS (Netherlands)

    A. de Jong (Abe); R. van Dijk (Ronald); C.H. Veld

    2001-01-01

    textabstractWe empirically investigate dividend and share repurchase policies of Canadian firms. We have sent a questionnaire to the 500 largest non-financial Canadian companies listed on the Toronto Stock Exchange, of which 191 usable responses were returned. These data are used to measure

  7. 26 CFR 1.860-2 - Requirements for deficiency dividends.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Requirements for deficiency dividends. 1.860-2 Section 1.860-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.860-2 Requirements for deficiency...

  8. Portfolio implications of cointegration between labor income and dividends

    NARCIS (Netherlands)

    de Jong, F.C.J.M.

    2012-01-01

    This paper analyzes the implications of cointegration between labor income and dividends for the optimal portfolio weight for stocks. In a recent paper, Benzoni et al. (J Finance 62:2123–2167, 2007) claim that, as a result of cointegration, the optimal weight in stocks may be smaller for young

  9. 26 CFR 1.811-2 - Dividends to policyholders.

    Science.gov (United States)

    2010-04-01

    ... such excess shall be a net decrease referred to in section 809(c)(2). (c) Reserves for dividends to... premiums (as defined in section 809(c) and paragraph (a)(1)(ii) of § 1.809-4). Thus, so-called excess... policyholders paid during the taxable year: (i) Increased by the excess of the amounts held as reserves for...

  10. Riik teenib monopol Levirast rasvaseid dividende / Ilmar Kahro

    Index Scriptorium Estoniae

    Kahro, Ilmar

    2009-01-01

    Eesti riigile ja Prantsuse ettevõttele TDF kuuluv Levira sai kasumit 97,4 mln. krooni ning maksab sellest dividende üle 29 miljoni krooni. Ringhäälingute liit palub konkurentsiametil hinnata Levira teenuste hindade vastavust konkurentsiseadusele

  11. Claiming Damages where Dividends remain Unpaid: A Contribution ...

    African Journals Online (AJOL)

    MJM Venter

    2017-11-02

    Nov 2, 2017 ... dividend and a company's discretionary power not to recommend or declare a ... terms of the return on investment (ROI) ratio. .... elaborated on in a discussion of the Australian matter of Sumiseki Materials. Co Ltd v ... The decision of the Court of Appeal in Oxford Legal Group was an attempt to establish ...

  12. Topics in Finance Part VII--Dividend Policy

    Science.gov (United States)

    Laux, Judy

    2011-01-01

    This series inspects the major topics in finance, reviewing the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts. The current article, devoted to dividend policy, also reviews the topic as presented in textbooks and the literature.

  13. An editorial approach: Mike Nelson’s corridors and The Deliverance and The Patience

    Directory of Open Access Journals (Sweden)

    Helen Hughes

    2015-06-01

    Full Text Available This essay contrasts the contemporary British artist Mike Nelson’s approach to constructing his large, multi-room installations with his approach to editing the numerous artist books that he has produced since 2000. This comparison reveals several compositional symmetries between the two, namely pertaining to narrative non-linearity and meta-fictionality. The logic of montage is shown to similarly underscore both the books and the installations. This essay argues that the corridors connecting the different rooms of Nelson’s installations function in a similar way to the logic of montage: they play an integral role as the support that binds the structure of the installation (its multiple rooms together as a whole. This essay argues that the corridor is the primary viewing framework of the installation for the viewer, and that this vantage point is significant because the necessarily partial vision of the installation from the space of the corridor demonstrates the logic of installation art more broadly. I conclude by mapping the key compositional elements of Nelson’s artist books onto his installations, taking the 2001 work The Deliverance and The Patience as a case study, to show that the books do not exemplify the artwork as with traditional exhibition catalogues, but rather parallel it. That is, a structural continuity is established between these two facets of his work.

  14. Searching for the Dividends of Religious Liberty: Who Benefits and Who Pays?

    Science.gov (United States)

    Holsinger, Donald B.

    2012-01-01

    Although recent research has established that there are positive correlations among indicators of religious freedom and social capital and economic development, the question addressed in this paper has to do with the evangelistic success of three outreach-oriented churches with worldwide membership bases. This preliminary investigation uses only…

  15. Gene banks pay big dividends to agriculture, the environment, and human welfare

    Science.gov (United States)

    R. C. Johnson

    2008-01-01

    Nearly a century after the pioneering American apple tree purveyor Johnny Appleseed traveled from town to town planting nurseries in the Midwestern United States, Frans Nicholas Meijer left his Netherlands home to pursue a similar vocation as an "agricultural explorer" for the US Department of Agriculture. Over the course of his career, Meijer, who...

  16. Optogenetic activation of dorsal raphe serotonin neurons enhances patience for future rewards.

    Science.gov (United States)

    Miyazaki, Kayoko W; Miyazaki, Katsuhiko; Tanaka, Kenji F; Yamanaka, Akihiro; Takahashi, Aki; Tabuchi, Sawako; Doya, Kenji

    2014-09-08

    Serotonin is a neuromodulator that is involved extensively in behavioral, affective, and cognitive functions in the brain. Previous recording studies of the midbrain dorsal raphe nucleus (DRN) revealed that the activation of putative serotonin neurons correlates with the levels of behavioral arousal [1], rhythmic motor outputs [2], salient sensory stimuli [3-6], reward, and conditioned cues [5-8]. The classic theory on serotonin states that it opposes dopamine and inhibits behaviors when aversive events are predicted [9-14]. However, the therapeutic effects of serotonin signal-enhancing medications have been difficult to reconcile with this theory [15, 16]. In contrast, a more recent theory states that serotonin facilitates long-term optimal behaviors and suppresses impulsive behaviors [17-21]. To test these theories, we developed optogenetic mice that selectively express channelrhodopsin in serotonin neurons and tested how the activation of serotonergic neurons in the DRN affects animal behavior during a delayed reward task. The activation of serotonin neurons reduced the premature cessation of waiting for conditioned cues and food rewards. In reward omission trials, serotonin neuron stimulation prolonged the time animals spent waiting. This effect was observed specifically when the animal was engaged in deciding whether to keep waiting and was not due to motor inhibition. Control experiments showed that the prolonged waiting times observed with optogenetic stimulation were not due to behavioral inhibition or the reinforcing effects of serotonergic activation. These results show, for the first time, that the timed activation of serotonin neurons during waiting promotes animals' patience to wait for a delayed reward. Copyright © 2014 Elsevier Ltd. All rights reserved.

  17. Green tax reforms and double dividend - what have we learned from 10 years of research?

    International Nuclear Information System (INIS)

    Haakonsen, Lars

    2001-01-01

    This article deals with some selected main characteristics of the literature on green tax reforms and double dividend. The double dividend concept was introduced in the 1990s and raised a lot of interest among researchers and politicians. It may be a problem, however, that double dividend is a concept with double, triple or multiple meaning; several different definitions of what the double dividend consists of exist. If ''the first dividend'' is defined as improved environmental quality, then ''the second dividend'' might be, for instance, reduced unemployment, improved welfare exclusive of environmental quality, or reduced loss of efficiency. All these alternative definitions are discussed. The literature is extensive. The article does not aim to cover it fully, but rather aims to point to some essential issues

  18. Interactions Among Insider Ownership, Dividend Policy, Debt Policy, Investment Decision, and Business Risk

    OpenAIRE

    F., Indri Erkaningrum

    2013-01-01

    The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchan...

  19. The Association between Accounting Conservatism and Cash Dividends: Evidence from Emerging Markets

    OpenAIRE

    Gehan A. Mousa

    2014-01-01

    This research examines the association between accounting conservatism and cash dividends of listed firms in the Kingdom of Bahrain. It has addressed two questions. First, does accounting conservatism actually work? Second, can accounting conservatism influence cash dividends of firms in the Kingdom of Bahrain? The findings of this study support the hypothesis that accounting conservatism plays an important role in reducing cash dividends and managing agency conflicts. It documents a signific...

  20. The Share Price Effects of Dividend Taxes and Tax Imputation Credits

    OpenAIRE

    Trevor S. Harris; R. Glenn Hubbard; Deen Kemsley

    1999-01-01

    We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit valuations of retained earnings versus paid-in equity. Retained earnings are distributable as taxable dividends, whereas paid-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for the United States indicate that accumulated retained earnings are valued less per unit than contributed capital. In addition, di...

  1. Double Dividend Taxation Relief: A New View From The Corporate Income Tax Perspective

    OpenAIRE

    Sebastian Lazar

    2010-01-01

    Double taxation of dividends is a matter of great interest in the actual context of globalization and free movement of capital and persons. As the classical system is more and more abandoned, new solutions for the relief of double taxation are put into practice as a mean to reduce the fiscal burden on shareholders. With few exceptions, all these solutions are based on dividend tax relief. The paper aims at providing alternative solutions for double dividend taxation relief by taking some acti...

  2. INTERACTIONS AMONG INSIDER OWNERSHIP, DIVIDEND POLICY, DEBT POLICY, INVESTMENT DECISION, AND BUSINESS RISK

    OpenAIRE

    F., Indri Erkaningrum

    2015-01-01

    The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchan...

  3. Triple dividends of water consumption charges in South Africa

    Science.gov (United States)

    Letsoalo, Anthony; Blignaut, James; de Wet, Theuns; de Wit, Martin; Hess, Sebastiaan; Tol, Richard S. J.; van Heerden, Jan

    2007-05-01

    The South African government is exploring ways to address water scarcity problems by introducing a water resource management charge on the quantity of water used in sectors such as irrigated agriculture, mining, and forestry. It is expected that a more efficient water allocation, lower use, and a positive impact on poverty can be achieved. This paper reports on the validity of these claims by applying a computable general equilibrium model to analyze the triple dividend of water consumption charges in South Africa: reduced water use, more rapid economic growth, and a more equal income distribution. It is shown that an appropriate budget-neutral combination of water charges, particularly on irrigated agriculture and coal mining, and reduced indirect taxes, particularly on food, would yield triple dividends, that is, less water use, more growth, and less poverty.

  4. A renewal jump-diffusion process with threshold dividend strategy

    Science.gov (United States)

    Li, Bo; Wu, Rong; Song, Min

    2009-06-01

    In this paper, we consider a jump-diffusion risk process with the threshold dividend strategy. Both the distributions of the inter-arrival times and the claims are assumed to be in the class of phase-type distributions. The expected discounted dividend function and the Laplace transform of the ruin time are discussed. Motivated by Asmussen [S. Asmussen, Stationary distributions for fluid flow models with or without Brownian noise, Stochastic Models 11 (1) (1995) 21-49], instead of studying the original process, we study the constructed fluid flow process and their closed-form formulas are obtained in terms of matrix expression. Finally, numerical results are provided to illustrate the computation.

  5. Implementing a double dividend: recycling ecotaxes towards lower labour taxes

    International Nuclear Information System (INIS)

    Manresa, Antonio; Sancho, Ferran

    2005-01-01

    In this paper, we follow the tradition of applied general equilibrium modelling of the Walrasian static variety to study the empirical viability of a double dividend (green, welfare, and employment) in the Spanish economy. We consider a counterfactual scenario in which an ecotax is levied on the intermediate and final use of energy goods. Under a revenue neutral assumption, we evaluate the real income and employment impact of lowering payroll taxes. To appraise to what extent the model structure and behavioural assumptions may influence the results, we perform simulations under a range of alternative model and policy scenarios. We conclude that a double dividend--better environmental quality, as measured by reduced CO 2 emissions, and improved levels of employment--may be an achievable goal of economic policy

  6. Managerial share ownership, firm performance and dividends : Australian evidence

    OpenAIRE

    Khan, Arifur Rahman

    2017-01-01

    This thesis examines the relationship between managerial share ownership and firm performance as well as the relationship between managerial share ownership and dividends in Australia. Agency theory, more specifically two alternative theories – incentive alignment and managerial entrenchment theory – provides the theoretical framework that underpins this thesis. The three empirical studies in this thesis examine the top 300 Australian listed companies for the period 2000 to 2006 and the metho...

  7. Investing in Health to Create a Third Demographic Dividend.

    Science.gov (United States)

    Fried, Linda P

    2016-04-01

    The world is aging as a result of unprecedented successes worldwide adding 30 years of life expectancy and presenting great opportunities for all of society, but only if we invest effectively. This article, written as a requested background article for the World Health Organization 2015 World Report on Aging, proposes that creating health into the oldest ages could lay the basis for a third demographic dividend resulting from the societal benefits from the generative social capital of older adults, on top of the second demographic dividend's savings associated with longer lives. The combination would contribute to stronger and wealthier societies, greater success of the young, and increased societal ability to provide the humane supports needed at the end of life, plus a dividend that would endure. We now know that prevention works at every age and into the oldest ages. A life-course approach to prevention and health promotion is the key investment. The creation of geriatrically knowledgeable and integrated public health, medical and social care systems has the potential to amplify capabilities and well-being to the end of life. Healthy older populations bring both desire for engagement and unique talents. Institutions designed to create impactful roles for older adults to contribute to the success of the young can activate the societal benefits and further enhance health at older ages. Creating a new vision for the opportunities of an older age is the first critical step toward experiencing the benefits of our longer lives and creating a sustained third demographic dividend. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  8. Dividend Policy and Price Volatility. Empirical Evidence from Jordan

    OpenAIRE

    Imad Zeyad Ramadan

    2013-01-01

    The aim of this paper is to investigate the influence of the dividend policy on the share price volatility for the Jordanian industrial firms. All the 77 Jordanian industrial firms listed at Amman Stock Exchange for twelve years from 2000 to 2011 have been selected. Descriptive analysis, correlation analysis and a cross-sectional time series multiple least square regression method have been used to present data analysis, test hypotheses, and achieve the objective of the study. The experientia...

  9. Studi Pemanfaatan Digital Dividend Untuk Layanan Long Term Evolution (LTE

    Directory of Open Access Journals (Sweden)

    Sri Ariyanti

    2013-09-01

    Full Text Available Sesuai dengan Permen kominfo No. 22/PER/M/KOMINFO/11/2011 tentang Penyelenggaraan Penyiaran Televisi Digital Terestrial Penerimaan Tetap Tidak Berbayar (Free To Air, pada tahun 2018 semua TV analog migrasi secara penuh ke TV digital. Dengan demikian ada alokasi tersisa sebesar 2 x 45 Mhz FDD yang disebut sebagai digital dividend. Frekuensi tersebut rencananya akan digunakan untuk teknologi LTE. Namun sebelum digelar teknologi LTE pada frekuensi digital dividend tersebut maka perlu dikaji bagaimana penggunaan digital dividend untuk layanan LTE. Penelitian ini bertujuan untuk mengetahui hasil perhitungan link budget frekuensi 700 MHz untuk LTE, mengetahui perbandingan kapasitas user pada daerah tipe dense-urban, urban, sub-urban dan rural, mengetahui estimasi jumlah pelanggan LTE, mengetahui jumlah operator LTE optimum dan pembagian bandwidthnya.  Metode penelitian dengan menggunakan studi literatur. Kajian ini menggunakan teknik analisis kuantitatif deskriptif.  Hasil penelitian menunjukkan bahwa jangkauan paling besar yaitu daerah rural kemudian disusul berturut-turut daerah sub urban, dense urban dan urban. Kapasitas user per site dalam 1 Km2 dari urutan terbesar ke kecil berturut-turut yaitu daerah rural, sub urban, urban dan dense urban. Estimasi jumlah pelanggan LTE di Indonesia paling besar yaitu di daerah dense-urban yaitu mencapai 500 user/Km2 pada tahun ke 8. Jumlah operator LTE-700 MHz paling optimum sebanyak 3 operator dengan pembagian bandwidth masing-masing 15 MHz.

  10. AN EMPIRICAL INVESTIGATION OF THE RELATIONSHIP AMONG P/E RATIO, STOCK RETURN AND DIVIDEND YIELS FOR ISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Funda H. SEZGIN

    2010-01-01

    Full Text Available The price to earnings ratio (P/E is widely used, particularly by practitioners, as a measure of relative stock valuation. Price to earnings is an indicator which indicates current mood of investors how much they are willing to pay per unit of company earnings. Traditionally, the P/E ratio has been assumed to be an indicator of the quality of an investment; a relatively low P/E ratio implies a good investment, whereas a relatively high P/E ratio indicates a “poor” investment prospect. The aim of this study is to identify relationship among market stock return, dividend yields and price to earnings ratio affect in the period 2000.01-2009.12. Therefore, to determine long-run and short-run relationship, Johansen cointegration tests, error-correction models and Granger causality tests are used.

  11. Dividend History and Determinants in Selected Indian Companies: a Study During 1993-'94 to 2004-'05

    Directory of Open Access Journals (Sweden)

    Arindam Gupta

    2009-12-01

    Full Text Available The study attempts to find out the trends in dividend payment and determinants of dividend decision. Asample of 607 BSE-listed Indian companies has been considered for the period from 1993-94 to 2004-05.Study results show that number of non-payers and low-payers of dividend has increased. Again, averagedividend payments are on the rise continuously. It means that there is no room for moderate dividendpayment. Average dividend for the past three years is the most consistent and significant determinant ofdividend payment. Current profit, past profit and expected future profit have significant positive role to playin setting dividend rate. Again, cash position and cash flow has significant negative relationship with onlydividend rate. Interest expenses, capital expenditure, tax ratio and share price behaviour has almost no role toplay in the matter of dividend payment. That the stability of dividend is the primary concern for the managersat the time of taking dividend decision is upheld.

  12. Behind the Pay Gap

    Science.gov (United States)

    Dey, Judy Goldberg; Hill, Catherine

    2007-01-01

    Women have made remarkable gains in education during the past three decades, yet these achievements have resulted in only modest improvements in pay equity. The gender pay gap has become a fixture of the U.S. workplace and is so ubiquitous that many simply view it as normal. "Behind the Pay Gap" examines the gender pay gap for college graduates.…

  13. The Difference Between Stock Splits and Stock Dividends - Evidence from Denmark

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt...

  14. TAX COSTS AND CORPORATION DIVIDEND POLICY: Evidence from the 1986 U.S. Tax Reform Acts

    Directory of Open Access Journals (Sweden)

    Siddharta Utama

    2003-02-01

    shareholders with long investment horizons because the tax cost saved from decreasing dividend payout ratios is an increasing function of shareholders’ investment horizon. The empirical tests support the hypothesis and show a negative relationship between the change in incremental tax costs and the change in dividend payout ratios for firms with long average investment horizons.

  15. Firms and Financial Markets : Empirical Studies on the Informational Value of Dividends, Governance and Financial Reporting

    NARCIS (Netherlands)

    H.C. van Beusichem (Henry)

    2016-01-01

    textabstractThis dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of

  16. 78 FR 73079 - Dividend Equivalents From Sources Within the United States

    Science.gov (United States)

    2013-12-05

    ... is of a type which does not have the potential for tax avoidance. On January 23, 2012, the Federal... regulations under section 1441 to require a withholding agent to withhold tax owed with respect to a dividend... amount of a dividend equivalent, was unduly harsh because the withholding agent remained liable for tax...

  17. Tax Treaty Treatment of Dividend Related Payments under Share Loan Agreements

    DEFF Research Database (Denmark)

    Dyppel, Katja Joo

    2014-01-01

    The article analyses some of the qualification and allocation challenges that dividend related payments under share loan agreements give rise to for tax treaty purposes. The analysis is based on constructed scenarios illustrating how inconsistent domestic allocation of the dividend related payments...... loan agreement fulfils the beneficial ownership requirement....

  18. Stochastic equilibria of an asset pricing model with heterogeneous beliefs and random dividends

    NARCIS (Netherlands)

    Zhu, M.; Wang, D.; Guo, M.

    2011-01-01

    We investigate dynamical properties of a heterogeneous agent model with random dividends and further study the relationship between dynamical properties of the random model and those of the corresponding deterministic skeleton, which is obtained by setting the random dividends as their constant mean

  19. An Analysis of Agency Costs and Dividend Payout Ratio of Non-financial Companies

    Directory of Open Access Journals (Sweden)

    Amy Natalia

    2017-12-01

    Full Text Available This study aim to analyze the effect of Insider Ownership, Institutional Ownership, Dispersion of Ownership, Debt to Total Assets, Collateralizable Assets and Free Cash Flow on the Dividend Payout Ratio. These independent variables are proxies of agency costs. This study uses panel data of 90 non-financial companies in the period of 2009-2011. The findings indicate that (1 All independent variables (Insider Ownership, Institutional Ownership, Dispersion of Ownership, Debt to Total Assets, Collateralizable Assets and Free Cash Flow have significant effect on the dependent variable (Dividend Payout Ratio simultaneously; (2 Institutional Ownership and Collateralizable Assets have a significant positive effect on Dividend Payout Ratio; (3 Insider Ownership, Debt to Total Assets, and Dispersion of Ownership have a significant negative effect on Dividend Payout Ratio; (4 Free Cash Flow has no significant positive effect on Dividend Payout Ratio.

  20. On the Differential Market Reaction to Dividend Announcement: Evidence from an Emerging Equity Market

    Directory of Open Access Journals (Sweden)

    Muntazir Hussain

    2013-09-01

    Full Text Available The corporate finance literature for market reaction to dividend announcements reports mixed results: some of studies support a positive response of markets as a result of dividend announcement whereas some report negative. This study is an attempt to investigate the heterogeneous market reaction to dividend announcement for 73 firms listed in the Karachi Stock Exchange. We investigated this phenomenon with a novel methodology using both the event study and multivariate regression for the possible effects of firm-specific factors associated with dividend announcements. We report that the market reaction is one-sided as the majority of companies in the sample are with positive CAR for the given period. We cannot ignore the importance of firm-specific factors that have an effect on the dividends but we conclude that the majority of companies in the sample period portray a positive CAR and the market reaction is positive.

  1. PENGARUH RASIO KEUANGAN DAN PERUBAHAN PAJAK DIVIDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN TERBUKA

    Directory of Open Access Journals (Sweden)

    Cahyo Dwi Sulistiyo

    2016-05-01

    Full Text Available Abstract The objective of this research was to analyse influence company performance ratio such as ROA, DER, Size,EPS, Current Ratio, Growth and changes in dividend tax rates to Dividend Payout Ratio. The variables testedusing panel regression analysis. Research conducted on 40 emitens included in LQ 45 index of Indonesia StockExchange (ISE with years of research covering 2006 to 2012. The panel regression results show that  thevariables ROA, Current Ratio, Size, andGrowth showed a significant effect on dividend payout ratio,while thevariable DER, EPS, and Tax have no significant effect on the dividend payout ratio but all the variablesimultaneously influential to dividend payout ratio.

  2. Dividend and Profit Allocation Practices of Performing Cooperatives in Malaysia

    Directory of Open Access Journals (Sweden)

    Rafedah Juhan

    2012-05-01

    Full Text Available This paper explores the dividend payout and profit allocation practices of performing cooperatives in Malaysia, specifically how net profits were distributed as between dividends and various funds established for the benefit of members, after the necessary statutory deduction has been made. This paper is an exploratory study that is confined to performing co-operatives throughout Malaysia of different sizes and activities. Figures were derived from the 2008, 2007 and 2006 audited annual financial statements provided by the co-operatives themselves. Overall the study revealed that micro co-operatives are found to have paid the highest average dividend payouts, followed by the large co-operatives. Credit co-operatives which have a sizeable amount of shares and subscriptions are observed to have the lowest average dividend payout ratio. The highest dividend payout is given out by the construction and consumer co-operatives. Besides dividends, co-operatives normally allocate part of their annual net profit for the benefit of members in the form of specific funds for members’ social and related purposes. It was observed that in 2007, all co-operatives have increased their allocation towards members’ benefits except for co-operatives in the services sector. In conclusion, the credit, agriculture and industrial co-operatives are the top three functions with the highest level of contribution to members' benefit fund. Este artículo analiza el pago de dividendos y prácticas de reparto de beneficios que siguen las cooperativas de Malasia, específicamente el sistema en los que los beneficios netos, después de realizar las deducciones legales pertinentes, se distribuyen entre dividendos y los fondos creados para el beneficio de los miembros. Se ha realizado un estudio exploratorio que analiza las cooperativas de diferente tamaño y actividad limitadas a Malasia. Los datos se derivan de las auditorías de los años 2008, 2007 y 2006, que presentan las

  3. A MECHANISM AND DETERMINANTS OF AN AGENCY-COST EXPLANATION FOR DIVIDEND PAYMENTS

    Directory of Open Access Journals (Sweden)

    Jogiyanto Hartono

    2003-06-01

    Full Text Available This study explains the dividend puzzle using the agency-cost frame work suggested by Easterbrook (1984. Easterbrook hypothesized that shareholders in firms, who increase cash dividend payout and ‘simultaneously' raise debts to finance their investments are likely to be wealthier than those in firms who only increase their cash dividend payout. He provided the mechanism that shareholders use the dividend payments to force managers to go to the capital markets to raise funds. Therefore, he argued that dividend policy influences the financing policy. A system of simultaneous equation using three-stage generalized least square method is used to test the hypotheses. Among the variables to proxy the investment opportunity set, market-to-book ratio, market-to-book assets ratio and accounting earnings-per-share-to-price ratio are the best proxies. Attempt is made to obtain better proxies for the investment opportunity set using an instrument variable method. The system is robust to alternate investment opportunity variables as well as to the instrumental variables. The findings are as follows. For the firms that increase cash dividend payout and raise debt simultaneously, (a dividend policy is not a shareholders' mechanism, but a manager's accounting-based decision with accounting earnings and retained earnings as the major determinants, (b dividend policy influences financing policy, but not the other way around, (c increasing dividend payment decreases shareholders' wealth, but increasing debt subsequently increases shareholders' wealth with a net effect positive to shareholders' wealth, and (d dividend policy is independent from investment policy.

  4. Gas company dividend policy during the 1980s

    International Nuclear Information System (INIS)

    Burkhardt, D.A.; Mosbacher, M.L.

    1990-01-01

    Ask most investors how to get rich in the stock market and the overwhelming response will be to buy low, sell high, or some similar bit of conventional wisdom. To most observers, the reason to buy common stocks is the capital gains, which come from rising stock prices. Evidence illustrates, however, that this simply isn't the case. For long-term investors, with utilities and nonutilities alike, the real reward comes from the stream of dividends one obtains when buying a stock

  5. The Response of Corporate Dividend Policy to The Abolition of Tax Credit in the United Kingdom (U.K.

    Directory of Open Access Journals (Sweden)

    Hardo Basuki

    2007-06-01

    This study also investigates whether individual U.K. companies respond to the 1997 abolition of tax-credit. The test results show that the majority of companies in the sample do not change their dividend policies after the abolition of tax credit. It is possible that companies are reluctant to cut their dividend payment since the existing dividend payout could be sustained in the long-run. They also avoid sending negative signals to the market. Thus, companies typically chose to keep a dividend level relatively stable following the tax change in 1997. Only the minority of the U.K. companies experience a decline in their dividend payment. This evidence supports the hypothesis that the abolition of tax credit on dividends results in a decrease in aggregate dividend payment in order to satisfy a tax clientele.

  6. Gender Differences in Pay

    OpenAIRE

    Francine D. Blau; Lawrence M. Kahn

    2000-01-01

    We consider the gender pay gap in the United States. Both gender-specific factors, including gender differences in qualifications and discrimination, and overall wage structure, the rewards for skills and employment in particular sectors, importantly influence the gender pay gap. Declining gender differentials in the U.S., and the more rapid closing of the gender pay gap in the U.S. than elsewhere, appear to be primarily due to gender-specific factors. However, the relatively large gender pay...

  7. Marine Corps Pay Incentives

    Science.gov (United States)

    Marines from 2000 to 2017. The thesis includes a literature review on economic theory related to pay incentives in the Department of Defense, a...The purpose of this thesis to provide the Marine Corps with a comprehensive report on pay incentive programs and special pay that were available to...summarization of pay incentive categories, a data analysis on take-up rates and average annual amounts at the end of each fiscal year, and a program review

  8. 3 CFR - Pay Freeze

    Science.gov (United States)

    2010-01-01

    ... 3 The President 1 2010-01-01 2010-01-01 false Pay Freeze Presidential Documents Other Presidential Documents Memorandum of January 21, 2009 Pay Freeze Memorandum for the Assistant to the President and Chief... the White House staff forgo pay increases until further notice. Accordingly, as a signal of our shared...

  9. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  10. Classical and Impulse Stochastic Control on the Optimization of Dividends with Residual Capital at Bankruptcy

    Directory of Open Access Journals (Sweden)

    Peimin Chen

    2017-01-01

    Full Text Available In this paper, we consider the optimization problem of dividends for the terminal bankruptcy model, in which some money would be returned to shareholders at the state of terminal bankruptcy, while accounting for the tax rate and transaction cost for dividend payout. Maximization of both expected total discounted dividends before bankruptcy and expected discounted returned money at the state of terminal bankruptcy becomes a mixed classical-impulse stochastic control problem. In order to solve this problem, we reduce it to quasi-variational inequalities with a nonzero boundary condition. We explicitly construct and verify solutions of these inequalities and present the value function together with the optimal policy.

  11. Convexity of Ruin Probability and Optimal Dividend Strategies for a General Lévy Process

    Directory of Open Access Journals (Sweden)

    Chuancun Yin

    2015-01-01

    Full Text Available We consider the optimal dividends problem for a company whose cash reserves follow a general Lévy process with certain positive jumps and arbitrary negative jumps. The objective is to find a policy which maximizes the expected discounted dividends until the time of ruin. Under appropriate conditions, we use some recent results in the theory of potential analysis of subordinators to obtain the convexity properties of probability of ruin. We present conditions under which the optimal dividend strategy, among all admissible ones, takes the form of a barrier strategy.

  12. Convexity of Ruin Probability and Optimal Dividend Strategies for a General Lévy Process

    Science.gov (United States)

    Yuen, Kam Chuen; Shen, Ying

    2015-01-01

    We consider the optimal dividends problem for a company whose cash reserves follow a general Lévy process with certain positive jumps and arbitrary negative jumps. The objective is to find a policy which maximizes the expected discounted dividends until the time of ruin. Under appropriate conditions, we use some recent results in the theory of potential analysis of subordinators to obtain the convexity properties of probability of ruin. We present conditions under which the optimal dividend strategy, among all admissible ones, takes the form of a barrier strategy. PMID:26351655

  13. Optimal dividend policies with transaction costs for a class of jump-diffusion processes

    DEFF Research Database (Denmark)

    Hunting, Martin; Paulsen, Jostein

    2013-01-01

    his paper addresses the problem of finding an optimal dividend policy for a class of jump-diffusion processes. The jump component is a compound Poisson process with negative jumps, and the drift and diffusion components are assumed to satisfy some regularity and growth restrictions. Each dividend...... payment is changed by a fixed and a proportional cost, meaning that if ξ is paid out by the company, the shareholders receive kξ−K, where k and K are positive. The aim is to maximize expected discounted dividends until ruin. It is proved that when the jumps belong to a certain class of light...

  14. FAKTOR-FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO PADA PERUSAHAAN JASA KEUANGAN

    Directory of Open Access Journals (Sweden)

    Sutoyo Sutoyo

    2017-03-01

    Full Text Available The objective of this research was to analyze what factors influencing dividend payout ratio at the IndonesianStock Exchange (ISE. The method used in this research was the survey method. This research was conductedat the ISE using 82 emitens as the sample based on purposive sampling. The first and second hypothesis wasanalyzed using multiple regression. The result of the first hypothesis analysis showed profitability, liquidity,debt policy, institutional ownership, growth, and firm size simultaneously influential to dividend payoutratio. The second hypothesis analysis showed that only growth influencing dividend payout ratio.

  15. A reward for patience and suffering – Ethnomycology and commodification of desert truffles among Sahrawi refugees and nomads of Western Sahara

    NARCIS (Netherlands)

    Volpato, G.; Rossi, D.; Dentoni, D.

    2013-01-01

    A Reward for Patience and Suffering: Ethnomycology and Commodification of Desert Truffles among Sahrawi Refugees and Nomads of Western Sahara. This paper reflects on the role of ethnobiological knowledge and practices for refugees’ agency by focusing on the use and commodification of desert truffles

  16. The national security dividend of global carbon mitigation

    International Nuclear Information System (INIS)

    Mignone, Bryan K.

    2007-01-01

    Energy and environmental security objectives are often conflated in political circles and in the popular press. Results from a well-established integrated assessment model suggest that policies designed to stabilize atmospheric carbon dioxide concentrations at levels above ∼500 ppm generally do not align with policies to curb global oil dependence, because these atmospheric objectives can be achieved largely through reductions in global coal consumption. Policies designed to stabilize atmospheric carbon dioxide at levels below ∼500 ppm, on the other hand, directly facilitate the alignment of environmental and security objectives because atmospheric targets in this range demand significant reductions in both coal and oil use. Greater recognition that investment in carbon mitigation can yield significant security dividends may alter the political cost-benefit calculus of energy-importing nations and could increase the willingness of some key global actors to seek binding cooperative targets under any post-Kyoto climate treaty regime

  17. Eco taxes and double dividend. A co-integration analysis

    International Nuclear Information System (INIS)

    Ghignoni, E.

    1999-01-01

    The paper tackles with the critical discussion of the eco tax double dividend theory. It is built up a theoretical and empirical analysis on short and long run effects of changes in real prices of energetic inputs on the use of polluted sources and labour, as well as on short and long run effects of changes in real labour cost on the use of labour and energy. At that purpose Johansen's procedure allows to get a structural multivariate model of dynamic relationships among the variables enclosed in the data set of a production function with labour and energy. This model is submitted to a dynamic simulation and results suggest that the introduction of an eco tax coupled with a decreasing in real labour cost would have uncertain and not leasing effects on the reduction of pollution coming from the utilisation of energetic sources and very limited effects on employment [it

  18. Peek maksab endale 24 mln krooni dividende / Anne Oja, Peeter Raidla

    Index Scriptorium Estoniae

    Oja, Anne, 1970-

    2006-01-01

    OÜ Monteray Holdings maksab oma ainuomanikule ja juhatuse esimehele Toomas Peegile 2005. aasta kasumist dividende 24 miljonit krooni. Diagramm: Diagramm. Vt. samas: Peegil ja Paltsul kohtuotsus käes

  19. Determinants of corporate dividend payment policies: A case of the banking industry in South Africa

    Directory of Open Access Journals (Sweden)

    Jason Kasozi

    2015-10-01

    Full Text Available Dividends are of strategic importance to organisations because they form the nexus of organisations’ capital structures and have an important bearing on firm value. Consequently, this study sought to investigate factors affecting dividend policy formulations and practices of South African banks by assessing the application of ex ante dividend theory literature on these firms. Our approach followed a mixed-methods design of analysis with a behavioural stand point of eliciting responses from banking experts through a survey. Findings indicate that factors relating to financial performance, investor needs and preferences and regulatory considerations are crucial for dividend decisions among banks. Overall, findings cast doubt on signalling, clientele and catering hypotheses, yet find favourable support for agency and lifecycle theories

  20. Determinants of dividend policy: Evidence from listed firms in the African stock exchanges

    Directory of Open Access Journals (Sweden)

    Nnadi Matthias

    2013-01-01

    Full Text Available The study demonstrates that much of the existing theoretical literature on dividend policy can be applied to the emerging capital markets of Africa. Using available financial data of listed firms in the 29 stock exchanges in Africa, the study finds similarities in the determinants of dividend policy in African firms with those in most developed economies. In particular, agency costs are found to be the most dominant determinant of dividend policy among African firms. The finding is non-synonymous with emerging capital markets which have a high concentration of private ownership and trading volumes. Agency cost theory may be important in both emerging and developed capital markets but the nature of the agency problem may be different in each case. Other factors such as level of market capitalization, age and growth of firms, as well as profitability also play key roles in the dividend policy of listed African firms.

  1. Potential dividends and actual cash flows. A regional latin american analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

  2. Unintended consequences of changing accounting standards: the case of fair value accounting and mandatory dividends

    NARCIS (Netherlands)

    Goncharov, I.; van Triest, S.

    2014-01-01

    A growing body of literature investigates the interaction of changes in accounting standards with institutions such as investor protection laws and corporate governance mechanisms. We examine the unintended consequences of fair value accounting in determining mandated preferred dividends. We study

  3. Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Bena, Jan

    -, č. 556 (2006), s. 1-38 R&D Projects: GA ČR GA402/06/1293 Institutional research plan: CEZ:AV0Z70850503 Keywords : rent extraction * large shareholders * dividend policy Subject RIV: AH - Economics

  4. 573 Earnings-Dividend Relationship in Corporate Nigeria; A Test of ...

    African Journals Online (AJOL)

    User

    2010-10-17

    Oct 17, 2010 ... portfolio managers and investors with information on how to predict the dividends accruable .... quoted firms in Nigeria using data from 1984 to 1989. ... published accounts of the quoted firms in the Nigerian Stock Exchange.

  5. TAX AVOIDANCE, RELATED PARTY TRANSACTIONS, CORPORATE GOVERNANCE AND THE CORPORATE CASH DIVIDEND POLICY

    OpenAIRE

    Sari, Dewi Kartika; Utama, Sidharta; Rossieta, Hilda

    2017-01-01

    This study aims to investigate the relationship between tax avoidance, related party transactions and the corporate dividend policy. Furthermore, this study will also investigate the moderating effects of the implementation of Corporate Governance (CG) on the relationship between tax avoidance, Related Party Transactions (RPT) and corporate dividend policies. Our sample covers companies listed on the Indonesian Stock Exchange during 2011-2014. The results provide moderate support for the prop...

  6. The position of management of czech joint-stock companies on dividend policy

    OpenAIRE

    Sejkora František; Duspiva Pavel

    2015-01-01

    The concept of distributing economic results belongs unequivocally among management’s basic financial decisions. The goal of this article is to identify factors that have a fundamental influence on dividend payout and to further determine and evaluate the position of management on dividend theories. This problematic is current for the conditions of Czech joint-stock companies, because deeper studies in this area are not available for recent years. Nevertheless, currently, the greater majority...

  7. TAX AVOIDANCE, RELATED PARTY TRANSACTIONS, CORPORATE GOVERNANCE AND THE CORPORATE CASH DIVIDEND POLICY

    Directory of Open Access Journals (Sweden)

    Dewi Kartika Sari

    2017-09-01

    Full Text Available This study aims to investigate the relationship between tax avoidance, related party transactions and the corporate dividend policy. Furthermore, this study will also investigate the moderating effects of the implementation of Corporate Governance (CG on the relationship between tax avoidance, Related Party Transactions (RPT and corporate dividend policies. Our sample covers companies listed on the Indonesian Stock Exchange during 2011-2014. The results provide moderate support for the proposed hypotheses. First, the greater tax avoidance that a company makes will increase the size of the firm's RPT. Second, the higher that the company's RPT is, this will lower the company's cash dividend payout rate. Third, the greater the tax avoidance is, the lower the company's cash dividend payout rate will be, which is done through a related party transaction.Fourth, the impact of the implementation of strong CG will weaken the positive relationship between corporate tax avoidance and the company’s RPT size, strengthen the negative relationship between the RPT’s size and the cash dividend payout policy of the firm, and strengthen the negative relationship between the company’s tax avoidance and the company's cash dividend payout policy which is mediated by the company’s RPT. This study makes three contributions. First, this study shows an indirect relationship between tax avoidance and cash dividend payments, mediated by RPT. Second, this study tries to examine the effect of CG’s moderation on the relationship between tax avoidance and RPT, as well as the effect of CG’s moderation on the relationship between tax avoidance and cash dividend payments, mediated by RPT. Third, this study developed RPT measurements by looking at the RPT’s components more specifically (looking at components of transactions outside of the main business of the company - the "others" component.

  8. Covariance of random stock prices in the Stochastic Dividend Discount Model

    OpenAIRE

    Agosto, Arianna; Mainini, Alessandra; Moretto, Enrico

    2016-01-01

    Dividend discount models have been developed in a deterministic setting. Some authors (Hurley and Johnson, 1994 and 1998; Yao, 1997) have introduced randomness in terms of stochastic growth rates, delivering closed-form expressions for the expected value of stock prices. This paper extends such previous results by determining a formula for the covariance between random stock prices when the dividends' rates of growth are correlated. The formula is eventually applied to real market data.

  9. INTERDEPENDENT ANALYSIS OF LEVERAGE, DIVIDEND, AND MANAGERIAL OWNERSHIP POLICIES: Agencies Perspectives

    Directory of Open Access Journals (Sweden)

    Wibisono Hardjopranoto

    2006-06-01

    Full Text Available This paper attempts to investigate interdependent mechanism among leverage, dividend, and managerial ownership policies. This paper considers firm size and economic conditions to control their effect on the relationship among the three policies. The interrelationship between leverage, dividend, and managerial ownership policies will be tested using two-stage least squares. Five exogenous variables are employed in simultaneous equation: current assets and structure of assets as leverage determinants, book to market and return on investment as dividend determinants, and relative return to risk as managerial ownership determinant. The research employs year 1994-2004 data, with 1717 firm years. The research findings can be summarised as follows. First, there is a negative relationship between managerial ownership and leverage policies as suggested by agency theory. Second, there is a relationship between managerial ownership and dividend policies, but the relationship between leverage and dividend is insignificant. Third, the relationship between leverage and dividend is insensitive to economic condition and firm size. Fourth, all exogenous variables have significant effect on endogenous variables, except relative return. Fifth, the effects of exogenous variables are not sensitive to control variables. Sixth, we find that managers show self-interest behaviours by reducing managerial ownership when the economic condition worsens.

  10. Factors of formation of the dividend policy of joint stock companies

    Directory of Open Access Journals (Sweden)

    Rohov Heorhii K.

    2014-01-01

    Full Text Available The article is devoted to justification of factors of formation of the dividend policy of Ukrainian public joint stock companies (PJSC at the modern stage of development of corporate relations. It analyses specific features of the dividend policy of Ukrainian PJSC, which, in particular, shows that their financial results practically do not influence the practice of net profit distribution. It identifies main factors of formation of the corporate dividend policy and provides theoretical justification of the governing practice of net profit distribution by Ukrainian PJSC under the modern state of the stock market. It justifies that the unrepresentative listing of stock exchanges, extremely high concentration of capital and rather limited influence of institutes of joint investment are key factors that cause a very weak reaction of the Ukrainian securities market on payment of dividends, which, in its turn, is the main reason of rejection of expediency of development and realisation of the consistent dividend policy by overwhelming majority of joint stock companies. The article draws a conclusion that the basis of evolution changes in the corporate vision of the dividend policy should be creation of the institutional environment, which would be adequate to the needs of sustainable development. The article offers to fix, at the legislative level and while being at the transitional stage, the right of minor shareholders to get income from owning ordinary shares of companies, which aggregate joint participation of co-owners is more than 75%.

  11. Dividend Per Share, Retained Earnings, Book Value And Total Debt On Stock Price: Approximation Valuation Model Dividend Per Share, Retained Earnings, Book Value, dan Total Debt terhadap Harga Saham: Pendekatan Valuation Model.

    OpenAIRE

    khikmah, Khoirul

    2011-01-01

    This study examines to dividend per share, retained earnings, book valueand total debt on stock price: approximation valuation model. Data in this studyare manufacture firms listed on Indonesia Stock Exchange in 2005 – 2008. Linearregression analysis used to analysis this data. Result of regression analysis findsthat dividend per share, retained earnings, book value and total debt on stock pricehave significant effect to stock price. Dividend per share and book value havesignificant effect in...

  12. 5 CFR 410.402 - Paying premium pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Paying premium pay. 410.402 Section 410... for Training Expenses § 410.402 Paying premium pay. (a) Prohibitions. Except as provided by paragraph (b) of this section, an agency may not use its funds, appropriated or otherwise available, to pay...

  13. Paying for Hitler's War

    DEFF Research Database (Denmark)

    Lund, Joachim

    2017-01-01

    Book review of: Jonas Scherner & Eugene N. White (eds.), Paying for Hitler's War: The Consequenses of Nazi Hegemony for Europe (NY: Cambridge University Press, 2016)......Book review of: Jonas Scherner & Eugene N. White (eds.), Paying for Hitler's War: The Consequenses of Nazi Hegemony for Europe (NY: Cambridge University Press, 2016)...

  14. Financial Advice: Who Pays

    Science.gov (United States)

    Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.

    2011-01-01

    Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for…

  15. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  16. Volatility and dividend risk in perpetual American options

    Science.gov (United States)

    Montero, Miquel

    2007-04-01

    American options are financial instruments that can be exercised at any time before expiration. In this paper we study the problem of pricing this kind of derivatives within a framework in which some of the properties—volatility and dividend policy—of the underlaying stock can change at a random instant of time, but in such a way that we can forecast their final values. Under this assumption we can model actual market conditions because some of the most relevant facts that may potentially affect a firm will entail sharp predictable effects. We will analyse the consequences of this potential risk on perpetual American derivatives, a topic connected with a wide class of recurrent problems in physics: holders of American options must look for the fair price and the optimal exercise strategy at once, a typical question of free absorbing boundaries. We present explicit solutions to the most common contract specifications and derive analytical expressions concerning the mean and higher moments of the exercise time.

  17. PENGARUH PENGUMUMAN DIVIDEN TERHADAP PERUBAHAN HARGA SAHAM (RETURN SEBELUM DAN SESUDAH EX -DIVIDEND DATE DI

    Directory of Open Access Journals (Sweden)

    R. Andi Sularso

    2003-01-01

    Full Text Available This research objective is to analyze the influence of ex-dividend date announcement in the Jakarta Stock Exchange by taking 14 samples of shares. There are two kinds of samples, increasing dividend and decreasing divindend. 120-days of observation will be divided into 90-days estimation period and 30-days event period, including 15 days before and after the event. The method used in this research is event study that observe the stock price movement in the capital market. To examine the existence of price reaction, the abnormal return test will be conducted during the event period with analysis based on the concpet of CAPM (Capital Assets Pricing Model and the abnormal return test to the increasing and decreasing dividend at the ex-dividend date. The result indicate that at the significant level of 10%, there are two working days which yield the abnormal return that is significant at the increasing dividend. Those are the fourth day before the event date with the value of 0.0011102 or around 0.1%, and the fifth day after the event date with the value of -0.32184 or approximately 3%. Whereas the decreasing divideng reveals that there are three days that deliver the abnormal return which is significant. Those are thirteentg and the second day before the event date with the value of 0.028263 or approximately 2% and 0.0166274 or approximately 1%, as well as at the fifth day after the event date with the value of 0.029105 or 3%. The final conclusion is that stock price will negatively reacted to the announcement of increasing dividend at the ex-dividend date and positively reacted to the announcement of the decreasing dividend at the ex-dividend date. Abstract in Bahasa Indonesia : Penelitian ini bertujuan untuk menganalisis pengaruh pengumuman ex-dividend date di Bursa Efek Jakarta, dengan mengambil sampel 14 saham. Sampel dibagi menjadi dua, yaitu dividen naik dan dividen turun. Periode penelitian selama 120 hari yang dibagi menjadi dua periode

  18. Demographic transition in sub-Saharan Africa: how big will the economic dividend be?

    Science.gov (United States)

    Eastwood, Robert; Lipton, Michael

    2011-03-01

    In mid-demographic-transition, many Asian countries enjoyed a large demographic 'dividend': extra economic growth owing to falling dependant/workforce ratios, or slower natural increase, or both. We estimate the dividend, 1985-2025, in sub-Saharan Africa and its populous countries. Dependency and natural increase peaked around 1985, 20 years after Asia. The UN projects an acceleration of the subsequent slow falls but disregards slowish declines in young-age mortality and thus, we argue, overestimates future fertility decline. Even if one accepts their projection, arithmetical and econometric evidence suggests an annual, if not total, dividend well below Asia's. The dividend arises more from falling dependency than reduced natural increase, and could be increased by accelerating the fertility decline (e.g., by reducing young-age mortality) or by employing a larger workforce productively. Any dividend from transition apart, low saving in much of Africa (unlike Asia) means that, given likely natural increase, current consumption per person is unsustainable because it depletes capital per person.

  19. Reevaluating the first and the second dividends of environmental tax reforms

    International Nuclear Information System (INIS)

    Gimenez, Eduardo L.; Rodriguez, Miguel

    2010-01-01

    There is increasing global interest in market-based climate change policies following the last elections in the United States. In this context an Exxon Mobil chief executive came out in favour of a carbon tax. This paper is concerned with the welfare analysis of Environmental Tax Reforms (ETR), and takes up the claims for the need of an unambiguous and operative definition of the double dividend both for empirical purposes and political advisement. In this paper, we contest the usual definition of the second dividend and its assimilation to an 'efficiency dividend'. We propose alternative definitions by suggesting a different splitting of the total welfare variation between the first and the second dividend in order to isolate the efficiency effects of the ETR. The new definitions become clearly understandable and easy for economic and policy interpretation. Concepts like 'weak' and 'strong' double dividend turn out to be unnecessary. Finally, we analyze ETR for the US economy to illustrate the advantages of the proposed definitions for policy implementation.

  20. Board affiliation and pay gap

    Directory of Open Access Journals (Sweden)

    Shenglan Chen

    2014-06-01

    Full Text Available This paper examines the effects of board affiliation on the corporate pay gap. Using a sample of Chinese listed firms from 2005 to 2011, we find that boards with a greater presence of directors appointed by block shareholders have lower pay gaps. Furthermore, the governance effects of board affiliation with and without pay are distinguished. The empirical results show that board affiliation without pay is negatively related to the pay gap, while board affiliation with pay is positively related to the pay gap. Overall, the results shed light on how block shareholders affect their companies’ pay gaps through board affiliation.

  1. Gender-Pay-Gap

    OpenAIRE

    Eicker, Jannis

    2017-01-01

    Der Gender-Pay-Gap ist eine statistische Kennzahl zur Messung der Ungleichheit zwischen Männern* und Frauen* beim Verdienst. Es gibt zwei Versionen: einen "unbereinigten" und einen "bereinigten". Der "unbereinigte" Gender-Pay-Gap berechnet den geschlechtsspezifischen Verdienstunterschied auf Basis der Bruttostundenlöhne aller Männer* und Frauen* der Grundgesamtheit. Beim "bereinigten" Wert hingegen werden je nach Studie verschiedene Faktoren wie Branche, Position und Berufserfahrung herausger...

  2. The Gender Pay Gap

    OpenAIRE

    Alan Manning

    2006-01-01

    Empirical research on gender pay gaps has traditionally focused on the role of gender-specific factors, particularly gender differences in qualifications and differences in the treatment of otherwise equally qualified male and female workers (i.e., labor market discrimination). This paper explores the determinants of the gender pay gap and argues for the importance of an additional factor, wage structure, the array of prices set for labor market skills and the rewards received for employment ...

  3. A study on relationship between asymmetric information on dividend polices of companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adineh Hayatbakhsh

    2013-07-01

    Full Text Available Explaining and the determinants of dividend policy is one of the biggest challenges that have long been the center of attention of accounting and financial researcher and theoreticians. There are many evidences that confirm the effects of dividend and there are a lot of other potential factors whose effects on the dividend policy have not been studied yet. In this study, the effects of four variables including asymmetric information, growth opportunities, cash holding and firm size in payout dividend policy are investigated, simultaneously. The study uses the information of 140 companies listed on Tehran Stock Exchange over the period 2005-2010. In this study, 4 hypotheses are proposed and investigated. There are positive and significant relationships between asymmetric information, growth opportunities, cash holding and company size on one side and payout dividend policy on the other side.

  4. PENGARUH PERUBAHAN RETURN ON ASSETS, PERUBAHAN DEBT TO EQUITY RATIO DAN PERUBAHAN CASH RATIO TERHADAP PERUBAHAN DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Yuli Soesetio

    2008-02-01

    Full Text Available Dividend Payout Ratio used to calculate all of revenue that will be accepted by stockholders as cash dividend, usually explained as percentage. This research was conducted to know several factors that affected change of Dividend Payout Ratio and to know the significance level and the correlation between dependent and independent variable. Analysis instrument used was parametric statistic. Based on the result of statistic test,  The Change of Return on Asset (X1, The Change of Debt to Equity Ratio (X2,  were able to explain dependent variable of the change Dividend Payout Ratio, and The Change of CashRatio can’t explain dependent variable of the change Dividend Payout Ratio

  5. Determinants Of Dividend Policy: A Study Of Selected Listed Firms In Nigeria

    Directory of Open Access Journals (Sweden)

    Uwuigbe Olubukunola Ranti

    2013-05-01

    Full Text Available This study investigated the determinants of dividends policy in the Nigerian stock exchange market. To achieve the objectives of this study, a total of 50 listed firms in the Nigerian stock exchange market were selected and analyzed for the study using the judgmental sampling technique. Also, the corporate annual reports for the period 2006-2011 were used for the study. The paper was basically modeled to examine the effects of financial performance of firms, firm size, financial leverage and board independence on the dividend payout decisions of listed firms operating in the Nigerian stock exchange market using the regression analysis method. The study in its findings observed that there is a significant positive relationship between firms’ financial performance, size of firms and board independence on the dividend payouts decisions of listed firms in Nigeria.

  6. Dividend Payout Policy of Conventional Banking and Islamic Banking in Pakistan

    Directory of Open Access Journals (Sweden)

    Farhan Ahmed

    2018-01-01

    Full Text Available This paper investigates the difference between the dividend payout policy of Islamic banks and conventional banks in Pakistan for a period from 2012 to 2016 analyzing the data through regression using Least Square Method (OLS. Specifically, the study aims to study the impact of the profitability, liquidity, revenue growth and financial leverage on the dividend payout policy of the Islamic Banks and conventional banks of Pakistan and how Islamic banks dividend policy differs from conventional banks. This study concludes that the factors like liquidity and financial leverage should be considered and addressed accordingly, because these are key indicators to help policymakers and investors in assessing the performance of the Islamic Banking Industry. DOI: 10.15408/aiq.v10i1.6103

  7. The Effects of Company Income Tax on Dividend Policy of Firms in Nigeria

    Directory of Open Access Journals (Sweden)

    Olubukunola Uwuigbe

    2013-02-01

    Full Text Available This study examined the effects of company income tax on the dividend policy of firms inNigeria. To achieve the objective of this study, a total of 40 listed firms in the Nigerian stockexchange market were selected for the study using the judgmental sampling technique. Also, theCentral Bank of NigeriaStatistical Bulletin and the corporate annual reports for the period 2006-2010were used for the study. This paper basically modeled the effects of company income tax on thedividend policy of firms in Nigeria using the regression analysis method. The study as part of itsfindings observed thatthere is a significant positive relationship between the company income tax andthe dividend payout of the sampled firms in Nigeria. Consequently, the paper concludesthat a changein corporate income tax rate will significantly affect the dividend policies of the sampled firmsoperating in Nigeria.

  8. Periodically Collapsing Bubbles in Stock Prices Cointegrated with Broad Dividends and Macroeconomic Factors

    Directory of Open Access Journals (Sweden)

    Man Fu

    2011-12-01

    Full Text Available We study fluctuations in stock prices using a framework derived from the present value model augmented with a macroeconomic factor. The fundamental value is derived as the expected present discounted value of broad dividends that include, in addition to traditional cash dividends, other payouts to shareholders. A stochastic discount factor motivated by the consumption-based asset pricing model is utilized. A single macroeconomic factor, namely the output gap determines the non-fundamental component of stock prices. A resulting trivariate Vector Autoregression (TVAR model of stock prices, broad dividends, and the output gap shows evidence of cointegration in the DJIA and S&P 500 index data. Nonetheless, a sup augmented Dickey-Fuller test reveals existence of periodically collapsing bubbles in S&P 500 data during the late 1990s.

  9. PERCEPTION OF CAPITAL, PROFIT AND DIVIDENDS AFFECT THE STOCK PURCHASE INTENTION IN INDONESIA PUBLIC COMPANY

    Directory of Open Access Journals (Sweden)

    Iskandar Muda

    2017-05-01

    Full Text Available This study aims to investigate the influence perception of Capital Gains and Dividends on Stock Purchase Intention in Indonesian companies. Variables used in this research are the capital, profit and dividends (independent variables and Stock Purchase Intention (dependent variable and to show their relationship, it was used multiple linear regression. This research included Manufacturing Companies listed on the Indonesia Stock Exchange and there were taken into account a number of 38 societies Data of this research are secondary data, obtained from the financial statements of the investigated companies published in the Indonesia Stock Exchange. The results showed that simultaneous independent variables have a significant influence on the capital structure, while partially effect on the Capital Shares Purchase Intentions. It was also shown that Profit and Dividends do not affect the Stock Purchase Intention.

  10. REAKSI PASAR TERHADAP DIVIDEND ANNOUNCEMENT PERUSAHAAN YANG SAHAMNYA MASUK DAFTAR EFEK SYARIAH

    Directory of Open Access Journals (Sweden)

    Moh. Khoiruddin

    2014-09-01

    Full Text Available Tujuan dilakukan penelitian ini adalah untuk menguji reaksi pasar yang diukur dengan variabel abnormal return dan trading volume activity (TVA di sekitar pengumuman dividen (dividend announcement. Populasi dalam penelitian ini adalah semua pengumuman dividen dari perusahaan yang sahamnya masuk pada daftar efek syariah (DES Indonesia pada tahun 2013, yang berjumlah 40. Sampel penelitian diambil dari semua jumlah populasi. Analisis data dilakukan dengan uji One Sample t-test untuk menguji reaksi pasar yang terjadi selama periode pengamatan (event window 21 hari yaitu t-10 (10 hari sebelum pengumuman dividen, t0 (saat pengumuman dividen, dan t+10 (10 hari sesudah pengumuman dividen. Hasil penelitian menunjukkan terdapat reaksi pasar di sekitar hari pengumuman dividen yang diukur menggunakan variabel abnormal return dan trading volume activity (TVA. The purpose of this study was to test the market reaction which was measured by abnormal return variable and trading volume activity (TVA around the dividend announcement. The population of this study was all companies’s dividendannouncement which their shares were listed on Indonesia Syariah Securities List published in 2013, they were 40 companies. The samples were taken from all population. The data were analyzed by one sample t-test to test the market reactions which occurred during event window for 21 days; they were t-10 (10 days before the dividend announcement, t0 (at the dividend announcement time, and t+10 (10 days after the dividend announcement. Based on the research results, it can be seen that there was a market reaction around the dividend announcement which was measured by abnormal returns variable and trading volume activity (TVA.

  11. Dividend Maximization when Cash Reserves Follow a Jump-diffusion Process

    Institute of Scientific and Technical Information of China (English)

    LI LI-LI; FENG JIN-GHAI; SONG LI-XIN

    2009-01-01

    This paper deals with the dividend optimization problem for an insur-ance company, whose surplus follows a jump-diffusion process. The objective of the company is to maximize the expected total discounted dividends paid out until the time of ruin. Under concavity assumption on the optimal value function, the paper states some general properties and, in particular, smoothness results on the optimal value function, whose analysis mainly relies on viscosity solutions of the associated Hamilton-Jacobi-Bellman (HJB) equations. Based on these properties, the explicit expression of the optimal value function is obtained. And some numerical calculations are presented as the application of the results.

  12. Separating the Stock Market′s Reaction to Simultaneous Dividend and Earnings Announcements

    DEFF Research Database (Denmark)

    Sponholtz, Carina Margit

    asymmetries between shareholders and management. We find that the stock market reacts to surprise in management forecasts of next year's earnings and the current dividend. Additional breakdowns reveal that the signalling models and free cash flow hypothesis provide explanations for separate components......We analyze simultanous announcements of current dividends, current earnings and managment forecasts of next year's earnings. By conducting the empirical analysis using Danish data, this study is the first not to suffer from problems related to low levels of agency costs and informational...

  13. Life cycle theory and dividend payout policy: Evidence from Tehran Stock Exchange

    OpenAIRE

    Mohammad Hassani; Fatemeh Kazem Pour Dizaji

    2013-01-01

    This paper investigates the role and the effect of the life cycle theory on explanation of dividend payout policy in Tehran Stock exchange listed companies over the period 2006-2011. For measuring the firm’s life cycle, two criteria namely retained earnings to equity ratio and retained earnings to assets ratio have been used as proxies of firm’s life cycle. The findings of this research show that only retained earnings to assets ratio has a meaningful and positive effect on dividend payout po...

  14. Pengaruh Profitabilitas, Resiko Keuangan, Nilai Perusahaan, Struktur Kepemilikan dan Dividend Payout Ratio terhadap Perataan Laba

    Directory of Open Access Journals (Sweden)

    Dika Fajar Pratama

    2015-12-01

    Full Text Available This research aims to test empirically the effect of profitability, financial risk, firm value, ownership structure and dividend payout ratio to income smoothing. The sample in this research are 33 manufacture companies that have been listed on the Indonesia Stock Exchange in period of 2006 to 2009. Sample was obtained by purposive sampling method. Analysis tool uses regression analysis with logistic regression method.  The results of analysis indicate that profitability, financial risk, firm value, public ownership and dividend payout ratio do not influence income smoothing in manufacture companies except managerial ownership.

  15. Practices of Dividend Policies Adopted by Energy and Utilities Companies Listed on the BSE

    Directory of Open Access Journals (Sweden)

    Dorel Berceanu

    2013-11-01

    Full Text Available This paper aims to highlight how dividend practices are implemented by major energy and utility companies listed on the Bucharest Stock Exchange. The analyzed sector is of particular importance due to the fact that the firms in this category are always in the attention of investors, knowing that the obtained profits are quite consistent. In addition, for three of the five surveyed companies, the state is the majority shareholder and for the fourth, SNP, it still has a significant package. Therefore, it is interesting to see to what extent the majority and minority shareholders' interests are harmonized, given that the dividend decision is also a means of selecting the shareholder.

  16. Patience of matrix games

    DEFF Research Database (Denmark)

    Hansen, Kristoffer Arnsfelt; Ibsen-Jensen, Rasmus; Podolskii, Vladimir V.

    2013-01-01

    For matrix games we study how small nonzero probability must be used in optimal strategies. We show that for image win–lose–draw games (i.e. image matrix games) nonzero probabilities smaller than image are never needed. We also construct an explicit image win–lose game such that the unique optimal...

  17. Science et Patience

    Directory of Open Access Journals (Sweden)

    Denise Pumain

    2001-06-01

    Full Text Available La géographie de ce début de siècle paraît bien calme, dans l'univers des sciences sociales secouées par les débats médiatiques : l'enseignement de l'économie serait malade des mathématiques (en fait, plutôt des excès du formalisme abstrait, la sociologie mortifiée par une thèse glorifiant l'astrologie, mais la géographie se porte bien, merci ! L'impatience des sciences sociales, sommées d'apporter des réponses immédiates à la société, même imparfaitement élaborées par la recherche fondament...

  18. Precision and Patience

    Science.gov (United States)

    Mayer, Caroline E.

    2010-01-01

    In January 2009, every day brought another piece of discouraging economic news: Rising unemployment. New stock market lows. More layoffs. Retailer liquidations. Urgent company requests for government stimulus money. The recession has created a radical shift in traditional fundraising. The shift is due to a simple case of supply and demand. Faced…

  19. Science and patience

    Directory of Open Access Journals (Sweden)

    Denise Pumain

    2001-06-01

    Full Text Available At the start of the new century, geography seems quiet, in the midst of the universe of social sciences shaken by media debates: the teaching of economics has grown top-heavy with mathematics (or rather, in fact, with the excesses of abstract formalism, sociology has been mortified by a thesis glorifying astrology—but geography is doing fine, thank you very much! The impatience of the social sciences, from which society demands immediate answers to its questions, even when these answers have...

  20. 17 CFR 270.19a-1 - Written statement to accompany dividend payments by management companies.

    Science.gov (United States)

    2010-04-01

    ... that an open-end company may treat as a separate source its net profits from such sales during its... specify the sources from which the remainder was paid. Every company which in any fiscal year elects to... dividend payments by management companies. 270.19a-1 Section 270.19a-1 Commodity and Securities Exchanges...

  1. CHOICE IN CONTEXT: RATIONALITY, CONTINGENCY AND RISK IN THE DIVIDEND POLICY

    Directory of Open Access Journals (Sweden)

    Narcis Tulbure

    2015-05-01

    Full Text Available This paper is a critical review of the recent literature regarding the dividend policy with regards to the different conceptualizations of rationality demonstrated by managers of companies or individual investors. This approach gives us the opportunity to reassess the latest contributions to dividend policy analysis and to adopt an alternative perspective to those of authors that have split the literature on dividends in the normative vs. descriptive approaches, empirical vs. theoretical contributions, according to the distinct paradigms various approaches illustrate, or according to chronological criteria. We surmise that the issue of rationality / irrationality occasions a better understanding of the latest contributions to corporate finance from the subfields of behavioral finance and of cultural finance. Such contributions challenge the premises of rational choice, one that is foundational for the neoclassic paradigm. Behavioral corporate finance and cultural corporate finance underline the role of psychological and socio-cultural factors for the dividend policy. They facilitate the emergence of notions of situated / contingent rationality considered responsible for the diverse shapes taken by the financial policies of the corporation.

  2. The predictive power of dividend yields for future inflation: Money illusion or rational causes?

    DEFF Research Database (Denmark)

    Engsted, Tom; Pedersen, Thomas Quistgaard

    slope coefficients that increase numerically with the horizon in regressions of future inflation onto the dividend yield, in accordance with the data. A purely rational version of the model with no money illusion, but with a link from expected inflation to real consumption growth, also generates...

  3. Carbon taxation in Russia: Prospects for a double dividend and improved energy efficiency

    International Nuclear Information System (INIS)

    Orlov, Anton; Grethe, Harald; McDonald, Scott

    2013-01-01

    This study analyses the sectoral and macroeconomic impact of carbon taxes on the Russian economy, one of the world's most energy- and carbon-intensive economies, while assessing the hypothesis of a double dividend. Substituting carbon taxes for labour taxes can reduce GHG emissions and enhance welfare by improving the efficiency of the tax system — a strong double dividend. The analyses confirm, when capital is not internationally mobile, that a double dividend is likely to occur under (i) a high elasticity of labour supply, (ii) high elasticities of substitution between labour and the capital-energy aggregate, (iii) low elasticities of substitution between capital and energy. It is the tax-shifting effect between capital and labour that is crucial. In contrast, welfare losses resulting from the environmental tax reform may be substantial if capital is internationally mobile. - Highlights: ► Substituting carbon taxes for labour taxes may result in a double dividend. ► The tax-shifting effect between capital and labour is crucial. ► The less elastic supply of capital, the more pronounced the tax-shifting effect. ► The more elastic supply of labour, the more pronounced the tax-shifting effect. ► The more elastic demand for labour, the more pronounced the tax-shifting effect

  4. 26 CFR 1.854-1 - Limitations applicable to dividends received from regulated investment company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Limitations applicable to dividends received from regulated investment company. 1.854-1 Section 1.854-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and...

  5. 76 FR 45303 - ING Asia Pacific High Dividend Equity Income Fund, et al.; Notice of Application

    Science.gov (United States)

    2011-07-28

    ... Premium Opportunity Fund (``IGA''); ING Global Equity Dividend and Premium Opportunity Fund (``IGD''); ING... Exchange. PRT has also issued preferred shares. Each Current Fund reserves the right to issue preferred... market price and its net asset value per common share (``NAV'')) and the relationship between such Fund's...

  6. 18 CFR 367.4190 - Account 419, Interest and dividend income.

    Science.gov (United States)

    2010-04-01

    ... securities. The amounts credited or charged must be concurrently included in the accounts in which the..., applicable to security investments and to interest and dividend revenues on the account must be charged in... assumed by the service company must not be credited to this account. ...

  7. \\"Where\\'s our share?\\" Youth and the democracy dividend in Post ...

    African Journals Online (AJOL)

    \\"Where\\'s our share?\\" Youth and the democracy dividend in Post-Apartheid South Africa. D Everatt. Abstract. No Abstract. Africa Insight Vol. 37 (3) 2007: pp. 404-419. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · http://dx.doi.org/10.4314/ai.v37i3.22499.

  8. PENGARUH PROFITABILITAS TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

    Directory of Open Access Journals (Sweden)

    Rini Dwiyani Hadiwidjaja

    2013-03-01

    Full Text Available Manufacture industries decline in 2006 was caused by 3 big obstructions, its instability in macroeconomics, uncertainty policy and corruptions. This condition caused the payment of dividend manufactures companies decline year to year and some companies didnt paid the dividend for 3 years respectively. The objective of this research is to find out and analyzes the influence of Cash Ratio, Net Profit Margin (NPM, dan Return on Investment (ROI to dividend payout ratio at manufactured industry in Indonesia and which factor will be the most dominant to Dividend Payout Ratio (DPR. The data used in this research is from the yearly financial report of the thirty one manufactured industries listed at the Indonesia Stock Exchange (IDX at 2001 to 2006. The types of research are descriptive and quantitative with the explanatory research method. The analysis of method used in this research is the multiple linear regressions method. The hypothesize test used the statistical of F-test and the statistical of t-test with confident interval 95% and level of significant 5%. The statistical of F-test shows that all independent variables simultaneously influence DPR at the determinant coefficient (R2 62,1% its shows that research independent variables able to explain 37,9% to DPR while the remaining of 56,7% explained by independent variables that were un-research. The statistical of t-test shows that only ROI partially influence DPR. Return on Investment is the most variable that influence DPR.

  9. Digital Dividend Aware Business Models for the Creative Industries: Challenges and Opportunities in EU Markets

    Science.gov (United States)

    Cossiavelou, Vassiliki

    EU counties have a historically unique opportunity to enable their creative industries to promote the knowledge societies, applying new business models to their media content and networks markets, that are digital dividend (DD) aware. This new extra-media gatekeeping factor could shape new alliances and co operations among the member states and the global media markets, as well.

  10. 26 CFR 1.381(c)(17)-1 - Deficiency dividend of personal holding company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Deficiency dividend of personal holding company. 1.381(c)(17)-1 Section 1.381(c)(17)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.381(c)(17)-1...

  11. 26 CFR 1.381(c)(14)-1 - Dividend carryover to personal holding company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Dividend carryover to personal holding company. 1.381(c)(14)-1 Section 1.381(c)(14)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.381(c)(14)-1...

  12. 26 CFR 1.381(c)(25)-1 - Deficiency dividend of a qualified investment entity.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Deficiency dividend of a qualified investment entity. 1.381(c)(25)-1 Section 1.381(c)(25)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.381(c)(25...

  13. Merit Pay Misfires

    Science.gov (United States)

    Ramirez, Al

    2011-01-01

    Critics argue that the uniform salary schedule is unfair because it promotes mediocrity by rewarding poor performers while failing to recognize outstanding achievement on the job. Advocates for merit pay systems for preK-12 education also contend that the uniform salary schedule ignores the basic purpose of education--student learning. Although…

  14. THE MANAGEMENT OF THE COMPANY THROUGH DIVIDEND AND THE ETHICAL DIMENSION OF THE DECISIONS TAKEN IN ETHIS FIELD

    Directory of Open Access Journals (Sweden)

    Petru Prunea

    2008-05-01

    Full Text Available The main objective of a company’s shareholders is to increase its market value. Of course, they also wish, on a second level, to obtain dividends as big as possible from the investment they made. Just that the exacerbation of their wish to obtain substantial gains, especially when the dividends are distributed in the form of free shares, makes them overlook two regularities that exist in this field: the increase of dividends has to be continuous, and to not have big fluctuations, and the decisions taken in this field do not have to infringe on the self-regulatory capacity of the capital market.

  15. Optimal financing and dividend control of a corporation with transaction costs%考虑交易费的融资与分红最优控制模型

    Institute of Scientific and Technical Information of China (English)

    张磊

    2004-01-01

    在实际金融市场中股份公司在红利分配和再融资过程中都需要支付固定交易费和比例交易费, 而如何确定交易费对公司财务决策的影响还没有进行过讨论.本文利用随机脉冲控制理论研究了在收取固定和比例交易费的市场环境下,公司如何制定其最优的财务策略.首先给出了最优控制问题对应的Hamilton-Jacobi-Bellman方程,接着构造出了它的连续可微解.利用解的性质和推广的It公式,构造出了最优的再融资及分红策略.最后对模型的应用做了经济学上的解释,并与已有模型做了比较.%In the financial markets corporations have to pay for the fixed and proportional transaction costs when distributing dividends and issuing external equity.But no discussions have been found on the optimal financing and dividends policy influenced by both the fixed and proportional transaction costs.To address this inadequacy,an optimal control problem is discussed using stochastic impulse control theory to determine the optimal policy.First the associated Hamilton-Jacobi-Bellman(HJB) equation is given, then its continuously differentiable solution is constructed.From the solution and generalized It Lemma,the optimal financing and dividends policy is derived.Finally the economic interpretations are presented to illustrate the applications of the results, and comparisons are made with existing literatures.

  16. The Impact of a Surprise Dividend Increase on a Stocks Performance : the Analysis of Companies Listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tomasz Słoński

    2012-01-01

    Full Text Available The reaction of marginal investors to the announcement of a surprise dividend increase has been measured. Although field research is performed on companies listed on the Warsaw Stock Exchange, the paper has important theoretical implications. Valuation theory gives many clues for the interpretation of changes in dividends. At the start of the literature review, the assumption of the irrelevance of dividends (to investment decisions is described. This assumption is the basis for up-to-date valuation procedures leading to fundamental and fair market valuation of equity (shares. The paper is designed to verify whether the market value of stock is immune to the surprise announcement of a dividend increase. This study of the effect of a surprise dividend increase gives the chance to partially isolate such an event from dividend changes based on long-term expectations. The result of the research explicitly shows that a surprise dividend increase is on average welcomed by investors (an average abnormal return of 2.24% with an associated p-value of 0.001. Abnormal returns are realized by investors when there is a surprise increase in a dividend payout. The subsample of relatively high increases in a dividend payout enables investors to gain a 3.2% return on average. The results show that valuation models should be revised to take into account a possible impact of dividend changes on investors behavior. (original abstract

  17. Pays en transition

    International Development Research Centre (IDRC) Digital Library (Canada)

    Les périodes de transformation risquent de provoquer le chaos, mais elles sont également porteuses de rapides progrès sur le plan social et économique. Le CRDI est intervenu dans quelque 25 pays ayant amorcé une transition de la guerre à la paix, de la dictature à la démocratie ou d'une économie fermée à une.

  18. LES PAYS EN TRANSITION

    International Development Research Centre (IDRC) Digital Library (Canada)

    Cathy Egan

    En 2002, une certaine paix sociale avait été rétablie, bien qu'elle fut instable et souvent entachée de violence. Le pays amorçait le ... mieux comprendre comment il recueille et diffuse l'information destinée ... transition) et les technologies de l'information et de la communication (TIC). Les étapes suivantes ont consisté à ...

  19. Value-Added Merit Pay.

    Science.gov (United States)

    Twomey, Daniel F.

    The purpose of merit pay is to reward employees for their accomplishments and motivate them to continue improving. Critics of merit pay say the increased extrinsic motivation that it prompts is more than offset by the decrease in intrinsic motivation. Supporters of performance-based pay claim several benefits of the practice. This study addressed…

  20. Retroactive Stop Loss Special Pay

    Science.gov (United States)

    Pay (RSLSP), providing $500 for each month/partial month served in stop loss status. Service members served under stop loss must submit a claim for the special pay. Throughout the year, the services have or extension of service, became ineligible to receive retroactive stop loss special pay. There may be

  1. CAPITAL STRUCTURE, COST OF DEBT AND DIVIDEND PAYOUT OF FIRMS IN NEW YORK AND SHANGHAI STOCK EXCHANGES

    Directory of Open Access Journals (Sweden)

    Jun Jiang

    2013-01-01

    Full Text Available The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two stock markets. The results from fixed effect estimates show that factors that can explain dividend payout of firms in New York Stock Exchange poorly explain dividend payout of firms in Shanghai Stock Exchange. This paper adds to the literature in that it provides an evidence of difference in dividend policy of firms between advanced and emerging stock markets. For policymakers in the Chinese economy, implementation of measures to enhance the advancement of bond market is necessary. Additionally, firms in Shanghai Stock Exchange should adjust their capital structure to provide room for investors to diversify and adjust their portfolios of stocks and bonds.

  2. Optimality of the barrier strategy in de Finetti's dividend problem for spectrally negative Lévy processes: An alternative approach

    Science.gov (United States)

    Yin, Chuancun; Wang, Chunwei

    2009-11-01

    The optimal dividend problem proposed in de Finetti [1] is to find the dividend-payment strategy that maximizes the expected discounted value of dividends which are paid to the shareholders until the company is ruined. Avram et al. [9] studied the case when the risk process is modelled by a general spectrally negative Lévy process and Loeffen [10] gave sufficient conditions under which the optimal strategy is of the barrier type. Recently Kyprianou et al. [11] strengthened the result of Loeffen [10] which established a larger class of Lévy processes for which the barrier strategy is optimal among all admissible ones. In this paper we use an analytical argument to re-investigate the optimality of barrier dividend strategies considered in the three recent papers.

  3. The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

    OpenAIRE

    Farah Margaretha

    2015-01-01

    This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x) are cash dividends per share, retained earnings per share, earnings per ...

  4. Examining the Impact of Corporate Dividend Policy On Stock Price Volatility In Singapore : Does Financial Crisis Matter?

    OpenAIRE

    Hussain, Muhammad Asjad

    2016-01-01

    One of the most puzzling and widely researched topics in the field of corporate finance is corporate dividend policy and the probable impact it has on firms’ stock price volatility. Despite years of research and extensive empirical examination of the dividend policy-stock price volatility linkage, conflicting evidence across a multitude of studies implies that no solid conclusion regarding the veracity and validity of this relationship has yet been reached. Furthermore, there is a dearth of s...

  5. Rasio Utang Memediasi Pengaruh Kemampulabaan Dan Ukuran Aktiva Terhadap Kebijakan Dividen: Studi Empiris Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia [Debt Ratio to Mediate Effect of Profitability and Asset Size on Dividend Policy: An Empirical Study on Oil Palm Plantation Companies Listed with the Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rudolf Lumbantobing

    2017-06-01

    Full Text Available This research explores the influence of the debt policy, profitability, and size of asset toward company's dividend policy on oil palm plantation companies listed with the Indonesia Stock Exchange for the years 2011-2015. The secondary data used in this research were obtained directly from the company website and the Indonesia Stock Exchange (IDX. The data collection was conducted by direct observation upon the research object. The data were analyzed using path analysis and logistical regression model. The result showed that profitability has a significant and negative effect on the debt ratio. Size of asset does not have a significant and positive effect on the debt ratio. Profitability and size of assets have significant and positive effects on dividend policy, which proves that the larger profitability and the size of assets, the greater the probabilty of paying dividends. Debt ratio does not have a significant and positive effect on dividend policy. Debt ratio has a significant positively partial mediating effect toward the influence of profitability on dividend policy. Otherwise, debt ratio does not have a significant negatively mediating effect toward the positive effect of size of asset on dividend policy.  BAHASA INDONESIA ABSTRAK: Penelitian ini mengeksplorasi engaruh kebijakan utang, kemampulabaan dan ukuran aktiva terhadap kebijakan dividen perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2015. Data yang digunakan adalah data sekunder yang diperoleh secara langsung dari website perusahaan dan Bursa Efek Indonesia. Pengumpulan data dilakukan dengan observasi tidak langsung terhadap objek penelitian yaitu perusahaan kelapa sawit. Data dianalisis dengan menggunakan path analysis dan model regresi logistik. Temuan penelitian ini menunjukkan bukti bahwa kemampulabaan signifikan berpengaruh negatif terhadap rasio utang. Ukuran aktiva tidak signifikan berpengaruh positif terhadap rasio

  6. When Punishment Pays

    Science.gov (United States)

    Roberts, Gilbert

    2013-01-01

    Explaining cooperation in groups remains a key problem because reciprocity breaks down between more than two. Punishing individuals who contribute little provides a potential answer but changes the dilemma to why pay the costs of punishing which, like cooperation itself, provides a public good. Nevertheless, people are observed to punish others in behavioural economic games, posing a problem for existing theory which highlights the difficulty in explaining the spread and persistence of punishment. Here, I consider the apparent mismatch between theory and evidence and show by means of instructive analysis and simulation how much of the experimental evidence for punishment comes from scenarios in which punishers may expect to obtain a net benefit from punishing free-riders. In repeated games within groups, punishment works by imposing costs on defectors so that it pays them to switch to cooperating. Both punishers and non-punishers then benefit from the resulting increase in cooperation, hence investing in punishment can constitute a social dilemma. However, I show the conditions in which the benefits of increased cooperation are so great that they more than offset the costs of punishing, thereby removing the temptation to free-ride on others' investments and making punishment explicable in terms of direct self-interest. Crucially, this is because of the leveraging effect imposed in typical studies whereby people can pay a small cost to inflict a heavy loss on a punished individual. In contrast to previous models suggesting punishment is disadvantaged when rare, I show it can invade until it comes into a producer-scrounger equilibrium with non-punishers. I conclude that adding punishment to an iterated public goods game can solve the problem of achieving cooperation by removing the social dilemma. PMID:23483907

  7. Juxtaposition of micro and macro dynamics of dividend policy on stock price volatility in financial sector of Pakistan : (comparative analysis through common, fixed, random and GMM effect)

    OpenAIRE

    Hamid, Kashif; Khurram, Muhammad Usman; Ghaffar, Wasim

    2017-01-01

    The purpose of this study is to analyze the dividend policy dynamics in context to firm specific and macroeconomic variables with stock price volatility in the financial sector of Pakistan. Panel data is used for the period 2006-2014 to identify the common, fixed, random and GMM effect. It is concluded that dividend payout ratio, market value, interest volatility and inflation volatility have positive significant correlation with price volatility. Common effect model shows that dividend payou...

  8. PENGUKURAN PERMANENT EARNINGS PADA HUBUNGAN DENGAN KEBIJAKAN DIVIDEND PERUSAHAAN : REVIEW PENELITIAN

    Directory of Open Access Journals (Sweden)

    Wahyu Manuhara Putra

    2016-02-01

    Full Text Available Corporate earnings divided into a permanent component of earnings and transitory earnings will be very useful in estimating the future value of the company, that will be useful in decision making stock return. Be more relevant for investors and financial analysts in analyzing the earnings based on the permanent and transitory earnings. On permanent earnings will be more focused to get the gain from investments. One focus of research is based on this component is to test the relationship with the earnings dividend payment policy. Based on several studies obtained different results concerning the relationship with the permanent earnings dividend policy. Research that focuses on permanent earnings using two approaches to determine the accuracy of the proxy of permanent earnings. Determination of permanent earnings through the stock price and the latter by using the accounting profit.

  9. Double dividend effectiveness of energy tax policies and the elasticity of substitution: A CGE appraisal

    International Nuclear Information System (INIS)

    Sancho, Ferran

    2010-01-01

    There is a considerable body of literature that has studied whether or not an adequately designed tax swap, whereby an ecotax is levied and some other tax is reduced while keeping government income constant, may achieve a so-called double dividend, that is, an increase in environmental quality and an increase in overall efficiency. Arguments in favor and against are abundant. Our position is that the issue should be empirically studied starting from an actual, non-optimal tax system structure and by way of checking the responsiveness of equilibria to revenue neutral tax regimes under alternate scenarios regarding technological substitution. With the use of a CGE model, we find that the most critical elasticity for achieving a double dividend is the substitution elasticity between labor and capital whereas the elasticity that would generate the highest reduction in carbon dioxide emissions is the substitution elasticity among energy goods.

  10. Double dividend effectiveness of energy tax policies and the elasticity of substitution. A CGE appraisal

    Energy Technology Data Exchange (ETDEWEB)

    Sancho, Ferran [Departament d' Economia, Universitat Autonoma de Barcelona, 08193-Bellaterra (Spain)

    2010-06-15

    There is a considerable body of literature that has studied whether or not an adequately designed tax swap, whereby an ecotax is levied and some other tax is reduced while keeping government income constant, may achieve a so-called double dividend, that is, an increase in environmental quality and an increase in overall efficiency. Arguments in favor and against are abundant. Our position is that the issue should be empirically studied starting from an actual, non-optimal tax system structure and by way of checking the responsiveness of equilibria to revenue neutral tax regimes under alternate scenarios regarding technological substitution. With the use of a CGE model, we find that the most critical elasticity for achieving a double dividend is the substitution elasticity between labor and capital whereas the elasticity that would generate the highest reduction in carbon dioxide emissions is the substitution elasticity among energy goods. (author)

  11. THE EFFECTS OF DIVIDEND POLICY AND OWNERSHIP STRUCTURE TOWARDS DEBT POLICY

    Directory of Open Access Journals (Sweden)

    Marcella Fransisca Santosa

    2014-07-01

    Full Text Available This research used multiple regression methods to examine the relationshipbetween the dividend policy, institutional ownership, and insider ownership withthe debt policy. Hypotheses tests of this researchused 64 manufacturingcompanies which were listed in the Indonesian StockExchange (IDX from theyear of 2007 until 2010 as the samples. The resultsof this research show that thedividend policies and the insider ownership had noeffects towards the debtpolicy, while the institutional ownership had a significant negative effect towardsthe debt policy.

  12. The Dividend Discount Model with Multiple Growth Rates of Any Order for Stock Evaluation

    OpenAIRE

    Hatemi-J, Abdulnasser; El-Khatib, Youssef

    2018-01-01

    In this paper we provide a general solution for the dividend discount model in order to compute the intrinsic value of a common stock that allows for multiple stage growth rates of any predetermined number of periods. A mathematical proof is provided for the suggested general solution. A numerical application is also presented. The solution introduced in this paper is expected to improve on the precision of stock valuation, which might be of fundamental importance for investors as well as fin...

  13. On a perturbed Sparre Andersen risk model with multi-layer dividend strategy

    Science.gov (United States)

    Yang, Hu; Zhang, Zhimin

    2009-10-01

    In this paper, we consider a perturbed Sparre Andersen risk model, in which the inter-claim times are generalized Erlang(n) distributed. Under the multi-layer dividend strategy, piece-wise integro-differential equations for the discounted penalty functions are derived, and a recursive approach is applied to express the solutions. A numerical example to calculate the ruin probabilities is given to illustrate the solution procedure.

  14. A Demographic Dividend for Sub-Saharan Africa: Source, Magnitude, and Realization

    OpenAIRE

    Bloom, David E.; Humair, Salal; Rosenberg, Larry; Sevilla, J.P.; Trussell, James

    2013-01-01

    Managing rapid population growth and spurring economic growth are among the most pressing policy challenges for Sub-Saharan Africa. We discuss the links between them and investigate the potential of family planning programs to address these challenges. Specifically, we estimate the impact of family planning programs on income per capita that can arise via the demographic dividend (DD), a boost to per capita income that operates through a chain of causality related to declining fertility. We d...

  15. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    OpenAIRE

    Jurica Lucyanda; Lilyana -

    2012-01-01

    Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009). Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhad...

  16. An Analysis of Agency Costs and Dividend Payout Ratio of Non-financial Companies

    OpenAIRE

    Amy Natalia; Retno Kusumastuti

    2017-01-01

    This study aim to analyze the effect of Insider Ownership, Institutional Ownership, Dispersion of Ownership, Debt to Total Assets, Collateralizable Assets and Free Cash Flow on the Dividend Payout Ratio. These independent variables are proxies of agency costs. This study uses panel data of 90 non-financial companies in the period of 2009-2011. The findings indicate that (1) All independent variables (Insider Ownership, Institutional Ownership, Dispersion of Ownership, Debt to Total Assets, Co...

  17. Rent extraction by large shareholders: evidence using dividend policy in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Bena, J.; Hanousek, Jan

    2008-01-01

    Roč. 58, 3-4 (2008), s. 106-130 ISSN 0015-1920 R&D Projects: GA ČR GA402/06/1293; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : rent extraction * large shareholders * dividend policy Subject RIV: AH - Economics Impact factor: 0.275, year: 2008 http://journal.fsv.cuni.cz/storage/1125_str_106_130--bena-hanousek.pdf

  18. ZNJPrice/Earnings Ratio Model through Dividend Yield and Required Yield Above Expected Inflation

    Directory of Open Access Journals (Sweden)

    Emil Mihalina

    2010-07-01

    Full Text Available Price/earnings ratio is the most popular and most widespread evaluation model used to assess relative capital asset value on financial markets. In functional terms, company earnings in the very long term can be described with high significance. Empirically, it is visible from long-term statistics that the demanded (required yield on capital markets has certain regularity. Thus, investors first require a yield above the stable inflation rate and then a dividend yield and a capital increase caused by the growth of earnings that influence the price, with the assumption that the P/E ratio is stable. By combining the Gordon model for current dividend value, the model of market capitalization of earnings (price/earnings ratio and bearing in mind the influence of the general price levels on company earnings, it is possible to adjust the price/earnings ratio by deriving a function of the required yield on capital markets measured by a market index through dividend yield and inflation rate above the stable inflation rate increased by profit growth. The S&P 500 index for example, has in the last 100 years grown by exactly the inflation rate above the stable inflation rate increased by profit growth. The comparison of two series of price/earnings ratios, a modelled one and an average 7-year ratio, shows a notable correlation in the movement of two series of variables, with a three year deviation. Therefore, it could be hypothesized that three years of the expected inflation level, dividend yield and profit growth rate of the market index are discounted in the current market prices. The conclusion is that, at the present time, the relationship between the adjusted average price/earnings ratio and its effect on the market index on one hand and the modelled price/earnings ratio on the other can clearly show the expected dynamics and course in the following period.

  19. Tirer Profit du Dividende Genre pour Accélérer la Croissance ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Le dividende de l'égalité des sexes est l'augmentation de la production nationale par habitant attribuable à une plus grande égalité entre les femmes et les ... Ce projet sera mis en œuvre avec la collaboration de l'École nationale supérieure de statistique et d'économie appliquée, située à Abidjan, en Côte d'Ivoire.

  20. Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends.

    OpenAIRE

    Denis, David J

    1990-01-01

    This paper examines defensive payouts announced in response to hostile corporate control activity. The evidence indicates that the announcement of defensive share repurchases is associated with an average negative impact on the share price of the target firm. In contrast, special dividend payments generally increase the wealth of target-firm shareholders. Regardless of payout type, those firms remaining independent after the outcome of the corporate control contest experience an abnormal shar...

  1. 28 CFR 345.51 - Inmate pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Inmate pay. 345.51 Section 345.51... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.51 Inmate pay. (a) Grade levels. Inmate workers in FPI locations receive pay at five levels ranging from 5th grade pay (lowest) to 1st grade pay...

  2. 20 CFR 404.1242 - Back pay.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Back pay. 404.1242 Section 404.1242 Employees... Prior to 1987 § 404.1242 Back pay. (a) Back pay defined. Back pay is pay received in one period of time... an employer. It includes pay made under Federal or State laws intended to create an employment...

  3. The Impact of the Abolition of tax credit on ex-dividend day abnormal returns in the united kingdom (uk market

    Directory of Open Access Journals (Sweden)

    Hardo Basuki

    2006-06-01

    The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile. Quintile 5 exhibits strong dividend preference and this preference is likely caused  by the  imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend.

  4. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  5. Merit pay: the Federal Government's pay-for-performance experience.

    OpenAIRE

    Holliman, Sherry Diane.

    1983-01-01

    Approved for public release; distribution is unlimited For many years, businesses in private industry have been utilizing and experimenting with various forms of performance-based pay. These innovations have been part of a continuing search by organizations for better approaches to administering pay. With the passing of the Civil Service Reform Act of 1978, the Federal Government began its form of this concept entitled, 'Merit Pay'. Although many studies have examined uses in the areas of ...

  6. Towards and Effective Financial Management: Relevance of Dividend Discount Model in Stock Price Valuation

    Directory of Open Access Journals (Sweden)

    Ana Mugoša

    2015-06-01

    Full Text Available The aim of this paper is to analyze the relevance of dividend discount model, i.e. its specific form in stock price estimation known as Gordon growth model. The expected dividends can be a measure of cash flows returned to the stockholder. In this context, the model is useful for assessment of how risk factors, such as interest rates and changing inflation rates, affect stock returns. This is especially important in case when investors are value oriented, i.e. when expected dividends are theirmain investing drivers. We compared the estimated with the actual stock price values and tested the statistical significance of price differences in 199 publicly traded European companies for the period2010-2013. Statistical difference between pairs of price series (actual and estimated was tested using Wilcoxon and Kruskal-Wallis tests of median and distribution equality. The hypothesis that Gordon growth model cannot be reliable measure of stock price valuation on European equity market over period of 2010-2013 due to influence of the global financial crisis was rejected with 95% confidence. Gordon growth model has proven to be reliable measure of stock price valuation even over period of strong global financial crisis influence.

  7. A new carbon tax in Portugal: A missed opportunity to achieve the triple dividend?

    International Nuclear Information System (INIS)

    Pereira, Alfredo M.; Pereira, Rui M.; Rodrigues, Pedro G.

    2016-01-01

    In 2014, the Portuguese government appointed a Commission for Environmental Tax Reform that formulated a carbon-tax proposal designed to achieve three dividends: to help Portugal meet the European Union's target for emissions reductions by 2030, to boost long-term employment and GDP above their pre-carbon-tax levels, and to strengthen public finances by lowering public indebtedness. A key feature of this proposal was a judicious set of mixed strategies to recycle all carbon-tax revenues back into the economy. In this note, we show how the carbon tax that the Portuguese Parliament eventually approved deviated from such guidelines, and ultimately failed to achieve the triple dividend. We argue that authorities need to quickly amend the existing legislation to avoid this misguided attempt turning into a missed opportunity to improve environmental, macroeconomic, and fiscal outcomes. - Highlights: •In a general-equilibrium model, we simulate the effects of a carbon tax in Portugal. •A carbon tax is needed for Portugal to meet its 2030 target in emissions reductions. •In the long run, it's possible to design a carbon tax to achieve the triple dividend. •The Portuguese parliament ultimately approved an unsatisfactory carbon-tax package. •Carbon-tax revenues must be recycled into lower taxes and promote energy efficiency.

  8. PENGARUH BIAYA AGENSI, KESEMPATAN INVESTASI, HUTANG, LIKUIDITAS, PROFITABILITAS, DAN UKURAN PERUSAHAAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Purweni Widhianingrum

    2013-01-01

    Full Text Available The purpose of this research is to to determine the effect of agency costs (which is proxied by managerial ownership and institutional ownership, investment opportunities (which is proxied by firm age, market to book value and growth, debt, liquidity, profitability, and firm size on dividend payout ratio. The reseach is used manufacturing companies listed in IDX for periode 2003 until 2007 for object research, with total of population 151 companies.  The method of data collection is done by using polling data method and give 205 total  observation. Analysis method that use in this research is multiple regression analysis. The result of this reseach show that managerial ownership, institusional ownership, age of the firms, market to book value,  growth, debt to equity ratio, current ratio, return on asset and size of the firms simultanous have positive influences to devidend payout ratio. For partial influences, managerial ownership, age of the firms, debt to equity ratio, current ratio, return on asset and size of the firms have positive influences, and institusional ownership, market to book value,  growth have negative influences to dividend payout ratio. Debt to equity ratio have a dominant influences to dividend payout ratio.

  9. Patience, persistence and pragmatism: experiences and lessons learnt from the implementation of clinically integrated teaching and learning of evidence-based health care - a qualitative study.

    Directory of Open Access Journals (Sweden)

    Taryn Young

    Full Text Available Clinically integrated teaching and learning are regarded as the best options for improving evidence-based healthcare (EBHC knowledge, skills and attitudes. To inform implementation of such strategies, we assessed experiences and opinions on lessons learnt of those involved in such programmes.We conducted semi-structured interviews with 24 EBHC programme coordinators from around the world, selected through purposive sampling. Following data transcription, a multidisciplinary group of investigators carried out analysis and data interpretation, using thematic content analysis. Successful implementation of clinically integrated teaching and learning of EBHC takes much time. Student learning needs to start in pre-clinical years with consolidation, application and assessment following in clinical years. Learning is supported through partnerships between various types of staff including the core EBHC team, clinical lecturers and clinicians working in the clinical setting. While full integration of EBHC learning into all clinical rotations is considered necessary, this was not always achieved. Critical success factors were pragmatism and readiness to use opportunities for engagement and including EBHC learning in the curriculum; patience; and a critical mass of the right teachers who have EBHC knowledge and skills and are confident in facilitating learning. Role modelling of EBHC within the clinical setting emerged as an important facilitator. The institutional context exerts an important influence; with faculty buy-in, endorsement by institutional leaders, and an EBHC-friendly culture, together with a supportive community of practice, all acting as key enablers. The most common challenges identified were lack of teaching time within the clinical curriculum, misconceptions about EBHC, resistance of staff, lack of confidence of tutors, lack of time, and negative role modelling.Implementing clinically integrated EBHC curricula requires institutional

  10. Patience, Persistence and Pragmatism: Experiences and Lessons Learnt from the Implementation of Clinically Integrated Teaching and Learning of Evidence-Based Health Care – A Qualitative Study

    Science.gov (United States)

    Young, Taryn; Rohwer, Anke; van Schalkwyk, Susan; Volmink, Jimmy; Clarke, Mike

    2015-01-01

    Background Clinically integrated teaching and learning are regarded as the best options for improving evidence-based healthcare (EBHC) knowledge, skills and attitudes. To inform implementation of such strategies, we assessed experiences and opinions on lessons learnt of those involved in such programmes. Methods and Findings We conducted semi-structured interviews with 24 EBHC programme coordinators from around the world, selected through purposive sampling. Following data transcription, a multidisciplinary group of investigators carried out analysis and data interpretation, using thematic content analysis. Successful implementation of clinically integrated teaching and learning of EBHC takes much time. Student learning needs to start in pre-clinical years with consolidation, application and assessment following in clinical years. Learning is supported through partnerships between various types of staff including the core EBHC team, clinical lecturers and clinicians working in the clinical setting. While full integration of EBHC learning into all clinical rotations is considered necessary, this was not always achieved. Critical success factors were pragmatism and readiness to use opportunities for engagement and including EBHC learning in the curriculum; patience; and a critical mass of the right teachers who have EBHC knowledge and skills and are confident in facilitating learning. Role modelling of EBHC within the clinical setting emerged as an important facilitator. The institutional context exerts an important influence; with faculty buy-in, endorsement by institutional leaders, and an EBHC-friendly culture, together with a supportive community of practice, all acting as key enablers. The most common challenges identified were lack of teaching time within the clinical curriculum, misconceptions about EBHC, resistance of staff, lack of confidence of tutors, lack of time, and negative role modelling. Conclusions Implementing clinically integrated EBHC curricula

  11. Gender Pay Gap in Poland

    OpenAIRE

    Oczki, Jarosław

    2016-01-01

    The aim of the article is to investigate the actual and explained gender pay gaps in Poland in comparison with selected highly developed countries, and to discuss the factors determining wage disparities between men and women. Data from Eurostat EU-SILC and the International Labour Organization were used. The article concludes that the gender pay gap in Poland is relatively small and decreasing, and that estimates of the explained gender pay gap published by the Internationa...

  12. Green buildings pay

    DEFF Research Database (Denmark)

    Naboni, Emanuele; Edwards, Brian

    The new edition of ‘Green Buildings Pay’ authored by Brian Edwards and Emanuele Naboni explores the business and professional benefits which derive from architectural design driven by sustainability. With a new sub-title ‘Green Buildings Pay: design, productivity and ecology’ the book argues...... that environmental design has altered how we design, construct and manage buildings. The book has relevance to those who not only design and engineer buildings but to those who commission architecture and those who occupy the products of this process. Hence, the user is a key consideration. The book examines via...... a number of LEED and BREEAM cases the buildings which flow from corporate environmental responsibility. A number of office and university buildings are examined from three main perspectives- the architect, client and user. One key finding is that architectural innovation has been driven by ecological...

  13. Pay as you throw

    International Nuclear Information System (INIS)

    Dahlen, Lisa; Lagerkvist, Anders

    2010-01-01

    Householders' response to weight-based billing for the collection of household waste was investigated with the aim of providing decision support for waste management policies. Three questions were addressed: How much and what kind of information on weight-based billing is discernible in generic Swedish waste collection statistics? Why do local authorities implement weight-based billing, and how do they perceive the results? and, Which strengths and weaknesses of weight-based billing have been observed on the local level? The study showed that municipalities with pay-by-weight schemes collected 20% less household waste per capita than other municipalities. Surprisingly, no part of this difference could be explained by higher recycling rates. Nevertheless, the majority of waste management professionals were convinced that recycling had increased as a result of the billing system. A number of contradicting strengths and weaknesses of weight-based billing were revealed.

  14. Paying for Payments

    DEFF Research Database (Denmark)

    Korsgaard, Søren

    depends only on the relative costs of producing cash and card payments and can be used by regulators to assess privately set interchange fees. When calibrated to cost data, the model implies an optimal fee that is low and may even be negative. The findings are consistent with empirical evidence of high......Do consumers and merchants use the most efficient payment instruments? I examine how interchange fees, which are fees paid from merchants' banks to consumers' banks when card transactions take place, influence the choice between cash and payment cards. I show that when consumers do not pay...... transaction fees to banks - a common feature in bank contracts - card use is declining in interchange fees, and surcharging does not neutralize interchange fees. According to my model, banks set interchange fees at too high a level, resulting in too few card payments. I derive an optimal interchange fee which...

  15. Public willingness to pay for a US carbon tax and preferences for spending the revenue

    Science.gov (United States)

    Kotchen, Matthew J.; Turk, Zachary M.; Leiserowitz, Anthony A.

    2017-09-01

    We provide evidence from a nationally representative survey on Americans’ willingness to pay (WTP) for a carbon tax, and public preferences for how potential carbon-tax revenue should be spent. The average WTP for a tax on fossil fuels that increases household energy bills is US177 per year. This translates into an average WTP of 14% more on average for households across the United States, where energy costs differ significantly across states. Regarding the tax revenues, Americans are most in support of using the money to invest in clean energy and infrastructure. There is relatively less support for reducing income or payroll taxes, returning dividends to households, and other expenditure categories. Finally, Americans support using the tax revenues to assist displaced workers in the coal industry enough to compensate each miner nearly US146 000 upon passage of a carbon tax.

  16. Confirming theoretical pay constructs of a variable pay scheme

    Directory of Open Access Journals (Sweden)

    Sibangilizwe Ncube

    2013-05-01

    Full Text Available Orientation: Return on the investment in variable pay programmes remains controversial because their cost versus contribution cannot be empirically justified. Research purpose: This study validates the findings of the model developed by De Swardt on the factors related to successful variable pay programmes. Motivation for the study: Many organisations blindly implement variable pay programmes without any means to assess the impact these programmes have on the company’s performance. This study was necessary to validate the findings of an existing instrument that validates the contribution of variable pay schemes. Research design, approach and method: The study was conducted using quantitative research. A total of 300 completed questionnaires from a non-purposive sample of 3000 participants in schemes across all South African industries were returned and analysed. Main findings: Using exploratory and confirmatory factor analysis, it was found that the validation instrument developed by De Swardt is still largely valid in evaluating variable pay schemes. The differences between the study and the model were reported. Practical/managerial implications: The study confirmed the robustness of an existing model that enables practitioners to empirically validate the use of variable pay plans. This model assists in the design and implementation of variable pay programmes that meet critical success factors. Contribution/value-add: The study contributed to the development of a measurement instrument that will assess whether a variable pay plan contributes to an organisation’s success.

  17. 5 CFR 9901.212 - Pay schedules and pay bands.

    Science.gov (United States)

    2010-01-01

    ... Section 9901.212 Administrative Personnel DEPARTMENT OF DEFENSE HUMAN RESOURCES MANAGEMENT AND LABOR RELATIONS SYSTEMS (DEPARTMENT OF DEFENSE-OFFICE OF PERSONNEL MANAGEMENT) DEPARTMENT OF DEFENSE NATIONAL... Secretary may establish one or more pay schedules within each career group. (b) Each pay schedule may...

  18. Psychology of Pay and Compensation

    NARCIS (Netherlands)

    Thierry, Hk.; Smelser, N.J.; Baltes, P.B.

    2002-01-01

    In most industrialized countries the compensation, of managers and employees is structured along quite comparable patterns. One part consists of base pay, a second part of results-oriented pay, and a third part of secondary labor conditions. In many instances part four is composed of perquisites:

  19. Teachers' Perceptions of Merit Pay

    Science.gov (United States)

    Jackson, Vanessa; Langheinrich, Cornelia; Loth, Dan

    2012-01-01

    The purpose of the study is to show the various perceptions teachers have on merit pay. This research was designed to examine the perceptions and attitudes of teachers towards the idea of performance based pay. This topic has been an ongoing battle within school systems since the 1800s. The participants in this study were teachers from the state…

  20. Teacher Pay and Teacher Aptitude

    Science.gov (United States)

    Leigh, Andrew

    2012-01-01

    Can changes in teacher pay encourage more able individuals to enter the teaching profession? So far, studies of the impact of pay on the aptitude distribution of teachers have provided mixed evidence on the extent to which altering teacher salaries represents a feasible solution to the teacher quality problem. One possible reason is that these…

  1. No Need to Wait for the Clean Air Dividend

    Science.gov (United States)

    Shindell, Drew

    2012-01-01

    precursor is methane, which is also a powerful greenhouse gas in its own right. Control measures include reducing leaks from natural gas pipelines and storage tanks, and capturing it from coal, gas and oil extraction, landfills and wastewater treatment plants. Aeration of rice paddies and manure management can also reduce methane releases. Captured methane can often be sold or turned into power. In Monterrey, Mexico, for example, electricity generated from methane collected from the city landfill powers the public transportation system. So such measures can be beneficial even when ignoring the health and climate effects, as they can contribute to energy security and often pay for themselves. According to calculations by me and my colleagues, phasing in all these measures over the next 20 years would reduce global warming by about 0.5 degC in 2050, half of the projected increase between now and then (Science, vol 335, p 183). Regional benefits would be even greater, as black carbon disrupts rainfall patterns and magnifies warming and melting of snow and ice in parts of the world including the Arctic and the Himalayas. On top of the climate benefits, cutting black carbon and ozone would prevent over 3 million premature deaths from air pollution, and increase yields of staple crops by roughly 50 million tonnes a year. Improved cooking stoves would also decrease the demand for firewood in the developing world, reducing deforestation and freeing up time for those who collect wood - primarily women and children - to pursue other activities such as education. Similarly, improved brick kilns now being used in parts of Latin America and Asia require half as much fuel as traditional ones and are less time-intensive for the operators. This means that in addition to their environmental benefits, these measures can contribute to sustainable and human development. Tackling black carbon and methane is clearly a great idea, so why hasn't it been done already? There are many barriers. The

  2. 76 FR 52537 - Pay for Sunday Work

    Science.gov (United States)

    2011-08-23

    ... back pay claims permitted by the Barring Act of 1940, and noted that agencies could use the memorandum... of the Barring Act or the Back Pay Act of 1966 (as amended) and apply specifically to one Government...) An employee is entitled to pay at his or her rate of basic pay plus premium pay at a rate equal to 25...

  3. 28 CFR 345.52 - Premium pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Premium pay. 345.52 Section 345.52... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.52 Premium pay. Payment of premium pay to... inmates at a location. (a) Eligibility. Inmates in first grade pay status may be considered for premium...

  4. 4 CFR 5.1 - Pay.

    Science.gov (United States)

    2010-01-01

    ... 4 Accounts 1 2010-01-01 2010-01-01 false Pay. 5.1 Section 5.1 Accounts GOVERNMENT ACCOUNTABILITY OFFICE PERSONNEL SYSTEM COMPENSATION § 5.1 Pay. (a) Pay principles. Pay of the employees of GAO shall be fixed by the Comptroller General consistent with the principles that— (1) There be equal pay for work of...

  5. 28 CFR 345.56 - Vacation pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Vacation pay. 345.56 Section 345.56... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.56 Vacation pay. Inmate workers are granted FPI vacation pay by the SOI when their continued good work performance justifies such pay, based on...

  6. 5 CFR 534.502 - Pay range.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Pay range. 534.502 Section 534.502 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY UNDER OTHER SYSTEMS Pay for Senior-Level and Scientific and Professional Positions § 534.502 Pay range. A pay rate fixed under this...

  7. 5 CFR 532.503 - Overtime pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Overtime pay. 532.503 Section 532.503... Pay and Differentials § 532.503 Overtime pay. (a)(1) Employees who are exempt from the overtime pay provisions of the Fair Labor Standards Act of 1938, as amended, shall be paid overtime pay in accordance with...

  8. Hybrid All-Pay and Winner-Pay Contests

    DEFF Research Database (Denmark)

    Lagerlöf, Johan

    2017-01-01

    In many contests in economic and political life, both all-pay and winner-pay expenditures matter for winning. This paper studies such hybrid contests under symmetry and asymmetry. The symmetric model is very general but still yields a simple closed-form solution. More contestants tend to lead to ...... expenditures. An endogenous bias that maximizes total expenditures disfavors the high-valuation contestant but still makes her the more likely one to win....

  9. 5 CFR 550.604 - Biweekly pay periods and computation of pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Biweekly pay periods and computation of pay. 550.604 Section 550.604 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY ADMINISTRATION (GENERAL) Computation of Pay for Biweekly Pay Periods § 550.604 Biweekly pay...

  10. 5 CFR 534.305 - Pay periods and computation of pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Pay periods and computation of pay. 534... PAY UNDER OTHER SYSTEMS Basic Pay for Employees of Temporary Organizations § 534.305 Pay periods and computation of pay. (a) The requirements of 5 U.S.C. 5504, must be applied to employees of temporary...

  11. The Relationship between Pay-for-Performance Perceptions and Pay Satisfaction.

    Science.gov (United States)

    Heneman, Robert L.; And Others

    1988-01-01

    Assessed relationship between pay-for-performance perceptions and pay satisfaction among 104 hospital employees. Results indicated positive relationship between pay-for-performance perceptions and pay-raise satisfaction, pay-level satisfaction, and overall pay satisfaction even after effects of salary level, salary increases, performance ratings,…

  12. Unions and the Sword of Justice: Unions and Pay Systems, Pay Inequality, Pay Discrimination and Low Pay

    OpenAIRE

    A Charlwood; K Hansen; David Metcalf

    2000-01-01

    Dispersion in pay is lower among union members than among non-unionists. This reflects two factors. First, union members and jobs are more homogeneous than their non-union counterparts. Second, union wage policies within and across firms lower pay dispersion. Unions'' minimum wage targets also truncate the lower tail of the union distribution. There are two major consequences of these egalitarian union wage policies. First, the return to human capital is lower in firms which recognise unions ...

  13. Role of Dividend of Power to Buy Shares in Companies in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iskandar Muda

    2017-06-01

    Full Text Available This study aims to determine the role of the Purchasing Power Shares on manufacturing companies in Indonesia Stock Exchange Period 2014-2015. The variables used in this study as an Independent Variable Dividend and Purchasing Power Shares as Dependent Variables. Power Buy Stocks in this study was measured by the volume of stock sales every year. This research was conducted in Manufacturing company listed on the Indonesia Stock Exchange. The population of this study were 144 companies with purposive sampling as many as 19 of the Company's Manufacturing Company listed on the Indonesia Stock Exchange with the study of the 2014-2015 period in order to obtain 38 units of analysis. Data of this research are secondary data from the financial statements of 19 companies published in the Indonesia Stock Exchange. This research data processing method using the Test Statistics Deskribtif, Classical Assumption Test, Test Linear Regression using SPSS. The results of this study demonstrate that the role of the Dividend has significant influence on the Purchasing Power Shares in Manufacturing Company in Indonesia Stock Exchange (BEI.

  14. Are stock prices too volatile to be justified by the dividend discount model?

    Science.gov (United States)

    Akdeniz, Levent; Salih, Aslıhan Altay; Ok, Süleyman Tuluğ

    2007-03-01

    This study investigates excess stock price volatility using the variance bound framework of LeRoy and Porter [The present-value relation: tests based on implied variance bounds, Econometrica 49 (1981) 555-574] and of Shiller [Do stock prices move too much to be justified by subsequent changes in dividends? Am. Econ. Rev. 71 (1981) 421-436.]. The conditional variance bound relationship is examined using cross-sectional data simulated from the general equilibrium asset pricing model of Brock [Asset prices in a production economy, in: J.J. McCall (Ed.), The Economics of Information and Uncertainty, University of Chicago Press, Chicago (for N.B.E.R.), 1982]. Results show that the conditional variance bounds hold, hence, our hypothesis of the validity of the dividend discount model cannot be rejected. Moreover, in our setting, markets are efficient and stock prices are neither affected by herd psychology nor by the outcome of noise trading by naive investors; thus, we are able to control for market efficiency. Consequently, we show that one cannot infer any conclusions about market efficiency from the unconditional variance bounds tests.

  15. Corporate Governance Quality, Board Gender Diversity and Corporate Dividend Policy: Evidence from Jordan

    Directory of Open Access Journals (Sweden)

    Ayat S. Al-Rahahleh

    2017-06-01

    Full Text Available This paper examines the impact of corporate governance quality and board gender diversity on the corporate dividend policy for a set of all non-financial companies listed on Amman Stock Exchange (ASE during the period 2009-2015. The results documented that corporate governance quality and board gender diversity proxies have positive impact on corporate dividend policy. The results also showed that the women representation on the boards of non-financial companies in Jordan is considered low relative to other countries. Particularly, the causes of the poor board gender diversity in Jordan range from lack of awareness about the benefits of gender diversity to the lack of legislation that regulates this issue. It is recommended to non-financial companies in Jordan to boost their compliance with the corporate governance code and adopt diversity policies to enhance the effectiveness of the boards and keep favorable relationships with their shareholders. Furthermore, regulatory bodies in Jordan should take a step towards encouraging gender diversity on boards.

  16. 26 CFR 1.611-4 - Depletion as a factor in computing earnings and profits for dividend purposes.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Depletion as a factor in computing earnings and....611-4 Depletion as a factor in computing earnings and profits for dividend purposes. For rules with respect to computation of earnings and profits where depletion is a factor in the case of corporations...

  17. The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farah Margaretha

    2015-03-01

    Full Text Available This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x are cash dividends per share, retained earnings per share, earnings per share, and leverage, while the dependent variable (y is stock price. The samples used were 23 companies with purposive sampling method. The empirical results of this study indicate that cash dividends per share, retained earnings per share, earnings per share, and leverage has significant effect on the stock price. It is therefore the higher stock price will attract investors to invest their money. Hence, companies and investors need to attend cash dividends per share, retained earnings per share, earnings per share, and leverage as factors that affect the increase or decrease of the stock price. 

  18. 26 CFR 1.855-1 - Dividends paid by regulated investment company after close of taxable year.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Dividends paid by regulated investment company after close of taxable year. 1.855-1 Section 1.855-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and...

  19. 26 CFR 1.858-1 - Dividends paid by a real estate investment trust after close of taxable year.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Dividends paid by a real estate investment trust after close of taxable year. 1.858-1 Section 1.858-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1...

  20. Book value, earnings, dividends, and audit quality on the value relevance of accounting information among Nigerian listed firms

    Directory of Open Access Journals (Sweden)

    Muhammad Yusuf Alkali

    2018-04-01

    Full Text Available The objective of this paper is to determine the effect of International Financial Reporting Standards (IFRS as a new accounting reporting among Nigerian listed firms. This study uses book value, earnings and dividends to fill in the gap using a sample of 126 Nigerian listed firms in the stock market from 2009 to 2013 (pre and Post-IFRS adoption. Data was collected from Thompson Reuters, Bank scope DataStreams and annual reports. The study adopted Ohlson (1995 [Ohlson, J. (1995. Earnings, book-value, and dividends in equity valuation. Contemporary Accounting Research, 11(2, 661–687.] price model that has been frequently used in determining the quality of accounting information studies. The study finds that combined book value, earnings and dividends do not provide statistical significance effects on IFRS after adoption on the quality of accounting information. This could be possible, as dividends do not provide a significant effect in the presence of earnings. Furthermore, the audit big 4 quality provided an effect on the quality of accounting information because of IFRS adoption. Therefore, findings of this study provide additional literature on the decreasing quality of accounting information in an emerging market setting like Nigeria. The study implication is to the policy makers, regulators, and government that accounting information do not provide value relevance among Nigerian listed firms after IFRS adoption.

  1. 5 CFR 359.705 - Pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Pay. 359.705 Section 359.705... EXECUTIVE SERVICE; GUARANTEED PLACEMENT IN OTHER PERSONNEL SYSTEMS Guaranteed Placement § 359.705 Pay. (a...) is entitled to receive basic pay at the highest of— (1) The rate of basic pay in effect for the...

  2. 28 CFR 345.55 - Longevity pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Longevity pay. 345.55 Section 345.55... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.55 Longevity pay. (a) Except as provided in paragraph (b) of this section, an inmate earns longevity pay raises after 18 months spent in FPI work status...

  3. 28 CFR 345.57 - Administrative pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Administrative pay. 345.57 Section 345.57... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.57 Administrative pay. An inmate excused from a job assignment may receive administrative pay for such circumstances as a general recall for an...

  4. 28 CFR 345.60 - Training pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Training pay. 345.60 Section 345.60... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.60 Training pay. Inmates directed by the SOI to take a particular type of training in connection with a FPI job are to receive FPI pay if the...

  5. 28 CFR 345.58 - Holiday pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Holiday pay. 345.58 Section 345.58... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.58 Holiday pay. An inmate worker in FPI work status shall receive pay at the standard hourly rate, plus longevity where applicable, for all Federal...

  6. 5 CFR 551.501 - Overtime pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Overtime pay. 551.501 Section 551.501 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY ADMINISTRATION UNDER THE FAIR LABOR STANDARDS ACT Overtime Pay Provisions Basic Provisions § 551.501 Overtime pay. (a) An agency...

  7. 20 CFR 218.27 - Vacation pay.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Vacation pay. 218.27 Section 218.27 Employees... Beginning Date § 218.27 Vacation pay. (a) From railroad employer. Vacation pay may be credited to the... vacation pay is credited to the vacation period, the annuity can begin no earlier than the day after the...

  8. 5 CFR 9901.356 - Pay retention.

    Science.gov (United States)

    2010-01-01

    ... position in a lower pay band offered by an activity to accommodate a disabling medical condition similar to... within the employee's new pay band or by establishing a retained rate that exceeds the maximum rate of the new pay band. Local market supplements are not considered part of base salary in applying pay...

  9. "I just had to be flexible and show good patience": management of interactional approaches to enact mentoring roles by peer mentors with developmental disabilities.

    Science.gov (United States)

    Schwartz, Ariel E; Kramer, Jessica M

    2017-06-08

    Peer mentoring may be an effective approach for fostering skill development for mentors and mentees with developmental disabilities. However, little is known about how mentors with developmental disabilities perceive and enact their roles. (1) How do young adults with developmental disabilities describe their role as a peer mentor in the context of instrumental peer mentoring? (2) How do they enact their perceived roles? Thematic analysis of semi-structured reflections completed by six mentors with developmental disabilities (ages 17-35) with multiple mentoring experiences. Mentors perceived themselves as professionals with a primary role of teaching, and for some mentoring relationships, a secondary role of developing an interpersonal relationship. To enact these roles, mentors used a supportive interactional approach characterized by actions such as encouragement and sharing examples and dispositions, such as flexibility and patience. Mentors monitored mentee learning and engagement within the mentoring session and, as needed, adjusted their approach to optimize mentee learning and engagement. To successfully manage their interactional approach, mentors used supports such as peer mentoring scripts, tip sheets, and supervisors. While mentors reported several actions for teaching, they may benefit from training to learn approaches to facilitate more consistent development of interpersonal relationships. Implications for Rehabilitation Peer mentoring may be an effective approach for fostering skill development for young adult mentors and mentees with developmental disabilities. In this study, young adult peer mentors with developmental disabilities perceived themselves as professionals with a primary role of teaching and a secondary role of developing an interpersonal relationship. Peer mentors used actions and dispositions that matched their perceived roles and supported mentees with developmental disabilities to engage in instrumental mentoring. With supports and

  10. Information Security of Apple Pay

    OpenAIRE

    Chen, Xinru

    2016-01-01

    In the era of high-tech, the mode of payment is no longer just use cash or credit card. There are various payments come to our daily life. Online payment and other kinds of electronic payments are wildly in use by people. Apple Pay is a tool that provides easier and safer payment service for consumer. The main objective of this thesis is to understand deeply and analyze how easy and convenient Apple Pay is to use and why it is known as most secure form of payment. Besides that, there is a ...

  11. Feasibility of LTE 700 MHz Digital Dividend for Broadband Development Acceleration in Rural Areas

    Directory of Open Access Journals (Sweden)

    Denny Setiawan

    2012-04-01

    Full Text Available The need of broadband services to reduce digital divide in rural areas had increased in the recent years. The government of the Republic Indonesia shared similar intention and had set guidance of ICT development in its "economic master plan" and "medium term development plan". This paper addressed feasibility and suitability of its implementation in Indonesia, by conducting assessment of possible solutions. Using mixed method, the study was started with qualitative approach to identify possible options, conducted benchmarking and case study analysis to narrow down the options and finally conducted quantitative calculation for the two remaining options and measure performance of the solutions. The results of analysis concluded that early implementation of LTE in 700 MHz Digital Dividend would be feasible in certain geographical areas to fasten the broadband plan development in Indonesia.

  12. APPLICATION OF DIVIDEND DISCOUNT MODEL VALUATION AT MACEDONIAN STOCK-EXCHANGE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-06-01

    Full Text Available Dividend discount model (DDM is the simplest model for valuing equities in finance. Many analysts belived that DDM is outmoded, but much of the intuition that drives Discounted Cash Flow (DCF valuation is embedded in the DDM model. There are also specific companies stocks where the DDM model remains a useful tool for estimating value. The basic task of these research is to examine if DDM models offer relevant and safe valuation of long-term securities at Macedonian Stock Exchange (MSE through the process of empirical valuation of random chosen stocks. This research helped us to identify problems in use of DDM valuation models at MSE, to determine causes for differences between the intrinsic values and the stock market prices and to determine basic parameters for implementation of valuation on Macedonian financial market. We find that DDM models are usefull only as additional tool beside relative and DCF stocks valuation at MSE.

  13. Feasibility of LTE 700 MHz Digital Dividend for Broadband Development Acceleration in Rural Areas

    Directory of Open Access Journals (Sweden)

    Denny Setiawan

    2013-09-01

    Full Text Available The need of broadband services to reduce digital divide in rural areas had increased in the recent years. The government of the Republic Indonesia shared similar intention and had set guidance of ICT development in its "economic master plan" and "medium term development plan". This paper addressed feasibility and suitability of its implementation in Indonesia, by conducting assessment of possible solutions. Using mixed method, the study was started with qualitative approach to identify possible options, conducted benchmarking and case study analysis to narrow down the options and finally conducted quantitative calculation for the two remaining options and measure performance of the solutions. The results of analysis concluded that early implementation of LTE in 700 MHz Digital Dividend would be feasible in certain geographical areas to fasten the broadband plan development in Indonesia.

  14. The value of dividends in health: a call to align stakeholders.

    Science.gov (United States)

    Nayer, Cyndy

    2009-11-01

    The purpose of this paper is to describe the philosophy and utility of value-based designs (VBDs), with an eye toward defining a pathway for a shift to VBDs across US businesses involved in the health care discussion. A 12-question survey of 36 companies that had been identified as emerging leaders in health and productivity management was administered by telephone interview and, later, by online interview. Information collected included company size, business sector, prevention, wellness, data accessibility and integration, condition management, C-suite visibility, and culture of health. Answers were scored on a scale from 1 to 10 per category; the maximum score was 50 points. These scores were used to indicate patterns of development and define the pathway to maturity. Experts resurveyed the data to quantify change over time, which was used as a proxy for dividends. A pathway, or continuum, was graphed based on the scoring. Three segments were found to be clearly correlated with the reported experiences from the surveys-patterns of data use, targeted population change, and services and metrics. The movement through the continuum begins with a focus on prevention and wellness across the entire population, next uses data to identify current waste (inefficiencies in specific segments of the population regarding chronic care, accessibility, and quality/reimbursement, and inefficiencies in care delivery), and finally merges the total health and wealth of segments of the population into one coordinated strategy to maximize the total health value of every dollar spent at the individual and system level. The market for VBDs has grown rapidly. The pathway to success-including the data needed, designs created, services acquired to change behavior, and dividends over time-can be shown to be replicable, scalable, and sustainable. Copyright 2009 Excerpta Medica Inc. All rights reserved.

  15. Renewable energy deployment in Europe up to 2030 and the aim of a triple dividend

    International Nuclear Information System (INIS)

    Duscha, Vicki; Fougeyrollas, Arnaud; Nathani, Carsten; Pfaff, Matthias; Ragwitz, Mario; Resch, Gustav; Schade, Wolfgang; Breitschopf, Barbara; Walz, Rainer

    2016-01-01

    Renewable energy sources (RES) play a key role in the European Commission's 2030 Climate and Energy Framework, which aims for a low-carbon economy that increases the security of the EU's energy supplies and creates new opportunities for growth and jobs, among other benefits. We assess whether renewable energy deployment in Europe can provide this “triple dividend”, at which ambition levels of 2030 RES targets and what the role of the support policy scheme for electricity is. We apply two types of models: a detailed techno-economic sector model of the deployment of RES and two macroeconomic models. Our findings suggest that up to 2030 our triple-dividend hypothesis holds even under a declining role of Europe as technology provider for the rest of the world. Additional emission reductions of up to 1040 Mt CO_2, as compared to a baseline scenario in 2030, are possible. Demand for fossil fuels can likewise be reduced due to the deployment of renewable energy sources by up to 150 Mtoe. More ambiguous is the order of magnitude of the effects on GDP and employment, which differs noticeably depending on the economic theory applied in the different models. Nevertheless, both models predict slightly higher GDP and employment in 2030 when implementing ambitious RES targets. - Highlights: •Our modelling of a dedicated 2030 RES policy provides evidence on the triple dividend hypothesis. •EU imports of fossil fuels can be reduced by €154/180 bn, related CO_2 emissions by 930/1195 Mt. •Net GDP changes amount to 0.1–0.8% of EU GDP, net employment effects amount to 90–1500 thousand jobs. •Strengthened national policies show larger macroeconomic benefits in the medium term.

  16. History of Pay Equity Studies.

    Science.gov (United States)

    Barbezat, Debra A.

    2002-01-01

    Traces the evolution of salary-equity studies over time, and how the findings have changed with regard to pay differences by gender and race/ethnicity. Reviews the literature on salary equity for both faculty and nonfaculty academic employees. (EV)

  17. Compensation Consultants and CEO Pay

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Minhat, Marizah

    2014-01-01

    The study examines the practice of employing multiple compensation consultants. Examining data of a sample of UK companies over the period 2003–2006 we find that CEOs receive higher equity-based pay when firms employ more than one compensation consultant. An increase in the number of compensation

  18. THE INFLUENCE OF PROFITABILITY, LIQUIDITY, AND DEBT TO THE DIVIDEND PAYOUT RATIO IN MANUFACTURING COMPANY (LISTED IN INDONESIAN STOCK EXCHANGE FROM 2008-2010

    Directory of Open Access Journals (Sweden)

    Putri Kartika Sari

    2015-11-01

    Full Text Available AbstractThis research analyzes the influence of profitability, liquidity, and debt to dividend payout ratio in manufacturing companies in Indonesia. The samples consist of 102 companies listed in Indonesian Stock Exchange during the period of 2008-2010. This research tests three hypotheses related to the influence of profitability, liquidity, and debt toward the dividend payout ratio (DPR. Data obtained were analyzed by using multiple regression analysis. The results of this research indicate that: (1 profitability ratio (ROI has positively significant influence to dividend payout ratio. (2 Liquidity ratio (QR does not significantly influence to dividend payout ratio. (3 Debt ratio (DER does not significantly influence to dividend payout ratio.Keywords: profitability, liquidity, debt, Dividend Payout Ratio (DPR, manufacturing company.AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen dalam perusahaan-perusahaan manufaktur di Indonesia. Sampel terdiri dari 102 perusahaan yang terdaftar di Bursa saham Indonesia selama periode tahun 2008-2010. Penelitian ini menguji tiga hipotesa yang berkaitan dengan pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen (DPR. Data yang diperoleh dianalisis dengan menggunakan analisis regresi. Hasil dari penelitian ini menunjukkan bahwa: (1 profitabilitas rasio (ROI memiliki pengaruh positif dan signifikan terhadap rasio pembayaran dividen. (2 rasio likuiditas (QR tidak berpengaruh terhadap rasio pembayaran dividen. (3 Rasio hutang (DER tidak berpengaruh atas rasio pembayaran dividen.Kata kunci: profitabilitas, likuiditas, utang, rasio pembayaran dividen (DPR, manufaktur perusahaan.

  19. Logistics require savvy negotiation, patience

    International Nuclear Information System (INIS)

    Talboy, R.G.

    1991-01-01

    In the Soviet Union, logistics are affected by the extraordinary political, social and physical environment, so that operations are virtually all art, rather than science. Furthermore, this art, as it applies to a particular project, probably does not lend itself to broad generalizations about what would work somewhere else. Each project will have its own idiosyncrasies, depending on its type and location in the vast Soviet republics, and upon the personalities involved. This article discusses only the logistics that worked out and are still evolving for the project with which the author was associated

  20. On the expected discounted penalty functions for two classes of risk processes under a threshold dividend strategy

    Science.gov (United States)

    Lu, Zhaoyang; Xu, Wei; Sun, Decai; Han, Weiguo

    2009-10-01

    In this paper, the discounted penalty (Gerber-Shiu) functions for a risk model involving two independent classes of insurance risks under a threshold dividend strategy are developed. We also assume that the two claim number processes are independent Poisson and generalized Erlang (2) processes, respectively. When the surplus is above this threshold level, dividends are paid at a constant rate that does not exceed the premium rate. Two systems of integro-differential equations for discounted penalty functions are derived, based on whether the surplus is above this threshold level. Laplace transformations of the discounted penalty functions when the surplus is below the threshold level are obtained. And we also derive a system of renewal equations satisfied by the discounted penalty function with initial surplus above the threshold strategy via the Dickson-Hipp operator. Finally, analytical solutions of the two systems of integro-differential equations are presented.

  1. The International Instruments on Gender Pay Equity

    OpenAIRE

    Chen, Cher Weixia

    2008-01-01

    Today in the world women are earning around 78% of what men are earning. Gender pay gap ironically is still one major feature of the modern labor market, despite the fact that the right to equal pay is one of the founding principles recognized by the 1945 ILO constitution amendment. Since 1919 the right to equal pay was discussed during the preparation for the ILO constitution, scholars have been constantly making efforts to explore the potential solutions to gender pay differentials...

  2. Performance pay, sorting and social motivation

    OpenAIRE

    Eriksson, Tor; Villeval, Marie Claire

    2008-01-01

    International audience; Variable pay links pay and performance but may also help firms in attracting more productive employees. Our experiment investigates the impact of performance pay on both incentives and sorting and analyzes the influence of repeated interactions between firms and employees on these effects. We show that (i) the opportunity to switch from a fixed wage to variable pay scheme increases the average effort level and its variance; (ii) high skill employees concentrate under t...

  3. [Women's willingness to pay for cancer screening].

    Science.gov (United States)

    Kwak, Min-Son; Sung, Na-Young; Yang, Jeong Hee; Park, Eun-Cheol; Choi, KuiSon

    2006-07-01

    The goal of this study is to measure women's willingness to pay for cancer screening and to identify those factors associated with this willingness to pay A population-based telephone survey was performed on 1,562 women (aged 30 years or over) for 2 weeks (9-23th, July, 2004). Data about sociodemographic characteristics, health behaviors, the intention of the cancer screenings and willingness to pay for cancer screening were collected. 1,400 respondents were included in the analysis. The women's willingness to pay for cancer screening and the factors associated with this willingness to pay were evaluated. The results show that 76% of all respondents have a willingness to pay for cancer screening. Among those who are willing to pay, the average and median amount of money for which the respondents are willing to pay are 126,636 (s.d.: 58,414) and 120,000 won, respectively. As the status of education & the income are higher, the average amount that women are willing to pay becomes much more. The amount of money women are willing to pay is the highest during the 'contemplation' stage. Being willing to pay or not is associated with a change of behavior (transtheoretical model), the income, the concern about the cancer risk, the family cancer history, the marital status, the general health exam, age and the place of residence. Income is associated with a greater willingness to pay. Old age was associated with a lower willingness to pay. According to the two-part model, income and TTM are the most important variables associated with the willingness to pay for cancer screening. The cancer screening participation rate is low compared with the willingness to pay for cancer screening. It is thought that we have to consider the participants' behavior that's associated with cancer screening and their willingness to pay in order to organize and manage cancer screening program.

  4. Executive pay and shareholder litigation

    OpenAIRE

    Lin Peng; Ailsa Röell

    2008-01-01

    The paper examines the impact of executive compensation on private securities litigation. We find that incentive pay in the form of options increases the probability of securities class action litigation, holding constant a wide range of firm characteristics. We further document that there is abnormal upward earnings manipulation during litigation class periods and that insiders exercise more options and sell more shares during class periods, but that this activity is largely driven by pre-ex...

  5. Fisherman expectations and pay-lake profits

    Science.gov (United States)

    George H. Moeller; John Engelken; John Engelken

    1973-01-01

    Personal interviews with licensed fishermen in Central New York State were used to determine characteristics of fishermen who are willing to pay to fish. Willingness to pay was related to aspects of the fishing experience that most strongly influenced fishing enjoyment. Sixty-two percent of the respondents expressed a willingness to pay for a quality fishing experience...

  6. 28 CFR 0.145 - Overtime pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 1 2010-07-01 2010-07-01 false Overtime pay. 0.145 Section 0.145... Respect to Personnel and Certain Administrative Matters § 0.145 Overtime pay. The Director of the Federal... Attorney General may prescribe, authorize overtime pay (including additional compensation in lieu of...

  7. 20 CFR 218.28 - Sick pay.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Sick pay. 218.28 Section 218.28 Employees... Beginning Date § 218.28 Sick pay. (a) From railroad employer. If the employee is carried on the payroll while sick, the annuity can begin no earlier than the day after the last day of sick pay. However, sick...

  8. 28 CFR 551.108 - Performance pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Performance pay. 551.108 Section 551.108 Judicial Administration BUREAU OF PRISONS, DEPARTMENT OF JUSTICE INSTITUTIONAL MANAGEMENT MISCELLANEOUS Pretrial Inmates § 551.108 Performance pay. The Warden may approve a pretrial inmate for performance pay...

  9. 4 CFR 5.3 - Merit pay.

    Science.gov (United States)

    2010-01-01

    ... 4 Accounts 1 2010-01-01 2010-01-01 false Merit pay. 5.3 Section 5.3 Accounts GOVERNMENT ACCOUNTABILITY OFFICE PERSONNEL SYSTEM COMPENSATION § 5.3 Merit pay. The Comptroller General may promulgate regulations establishing a merit pay system for such employees of the Government Accountability Office as the...

  10. Social Comparison of Pay and Inequity Theory.

    Science.gov (United States)

    Judd, Ben

    Inequity theory differs from social exchange theory in its analysis of a worker's reaction to pay by asserting that effects on work performance caused by high or low pay are due to social comparison of fairness rather than principles of direct exchange, such as reciprocity and power. The present experiment held piece-rate pay constant at two…

  11. 5 CFR 534.604 - Pay administration.

    Science.gov (United States)

    2010-01-01

    ... equals or exceeds the rate of basic pay the employee received immediately prior to such appointment, not... that equals or exceeds the employee's highest previous rate of basic pay in a Federal civil service.... Advancement to a higher rate takes effect on the first day of the first pay period beginning on or after...

  12. Optimizing the 'demographic dividend' in young developing countries: The role of contractual savings and insurance for financing education.

    Science.gov (United States)

    Ssewamala, Fred M

    2015-07-01

    Many developing regions are facing a youth bulge, meaning that young people comprise the highest proportion of the population. These regions are at risk of losing what could be a tremendous opportunity for economic growth and development if they do not capitalize on this young and economically productive population - also referred to as the "demographic dividend," defined as the increase in economic growth that tends to follow increases in the ratio of the working-age population - essentially the labor force - to dependents. Nations undergoing this population transition have the opportunity to capitalize on the demographic dividend if the right social, economic, and human capital policies are in place. In particular, sub-Saharan Africa, the Middle East, and North Africa are at risk of losing the demographic dividend. These regions face high youth unemployment, low primary school completion, and low secondary school enrollment. This results in an undereducated and unskilled segment of the population. The prohibitive costs of education prevent young people from finishing school, thereby entering the labor market unprepared. This article presents a case for youth-focused financial inclusion programs as one of the antidotes to the masses of poor, undereducated, and low-skilled young people swelling the labor markets of poor developing countries.

  13. Towards a low carbon growth in Mexico: Is a double dividend possible? A dynamic general equilibrium assessment

    International Nuclear Information System (INIS)

    Landa Rivera, Gissela; Reynès, Frédéric; Islas Cortes, Ivan; Bellocq, François-Xavier; Grazi, Fabio

    2016-01-01

    This paper simulates the medium- and long-term impact of proposed and expected energy policy on the environment and on the Mexican economy. The analysis has been conducted with a Multi-sector Macroeconomic Model for the Evaluation of Environmental and Energy policy (Three-ME). This model is well suited for policy assessment purposes in the context of developing economies as it indicates the transitional effects of policy intervention. Three-ME estimates the carbon tax required to meet emissions reduction targets within the Mexican “Climate Change Law”, and assesses alternative policy scenarios, each reflecting a different strategy for the recycling of tax revenues. With no compensation, the taxation policy would reduce CO_2 emissions by more than 75% by 2050 with respect to Business as Usual (BAU), but at high economic costs. Under full redistribution of carbon tax revenues, a double dividend arises: the policy appears beneficial both in terms of GDP and CO_2 emissions reduction. - Highlights: •A model is designed to evaluate transitional effects of climate policy in Mexico. •The level of the carbon tax is computed to meet national emissions targets in 2050. •Distribution of the carbon tax revenues is a key element to get a double dividend. •Magnitude of benefits depends on the flexibility of production/consumption structure. •A double dividend is possible even when carbon tax is implemented unilaterally.

  14. Analisis Faktor-Faktor yang Memengaruhi Dividend Payout Ratio pada Perusahaan Sektor Industri yang Terdaftar di Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Sunaryo Sunaryo

    2014-05-01

    Full Text Available The primary objective of this research is to learn the effect among return on assets (ROA, current ratio (CR, debt to equity ratio (DER, debt to total assets (DTA, and net income after tax (NIAT with dividend payout ratio (DPR, either partially or simultaneously. Research used qualitative method with secondary data collected by purposive sampling from industrial companies sector listed in IDX and preceding journals of scientific articles. Research used simple regression to test the hypothesis simultaneously with F test and t test for testing the partial hypothesis. Results of this research describe that return on assets (ROA and net income aftar tax (NIAT have significant effects to dividend payout ratio, but current ratio (CR, debt to equity ratio (DER, and debt to total assets do not have significant effects to dividend payout ratio. It is recommended to further research that the topic of this reseach can be continued using merchandising and distribution company groups, or service company groups either general or special, like: hotels, insurances, hospitals, and banks.

  15. 现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

    Institute of Scientific and Technical Information of China (English)

    刘衡; 苏坤; 李彬

    2013-01-01

    In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

  16. 5 CFR 550.1409 - Inapplicability of premium pay and aggregate pay caps.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Inapplicability of premium pay and aggregate pay caps. 550.1409 Section 550.1409 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL... Inapplicability of premium pay and aggregate pay caps. Accrued compensatory time off under this subpart is not...

  17. Paying your marketers--properly.

    Science.gov (United States)

    Pearson, Elizabeth Zink

    2003-09-01

    Home health agencies have more freedom to market their services since the implementation of the prospective payment system. In order to do that, a number of agencies have turned to marketing professionals for help. A common method of compensating marketers in the business world, however, is through payment for referrals--something expressly forbidden by federal statute. Home health agencies need to know what they can and can't do to pay marketers and must train their marketers on the federal anti-kickback regulations to assure their compliance.

  18. Double Dividend of Low-carbon Growth in Mexico: A Dynamic General Equilibrium Assessment

    International Nuclear Information System (INIS)

    Landa, Gissela; Reynes, Frederic; Islas, Ivan; Bellocq, Francois-Xavier; Grazi, Fabio

    2015-11-01

    This paper simulates the medium- and long-term impact of proposed and expected energy policy on the environment and on the Mexican economy. The analysis has been conducted with a Multi-sector Macroeconomic Model for the Evaluation of Environmental and Energy policy (Three-ME). This model is well suited for policy assessment purposes in the context of developing economies as it indicates the transitional effects of policy intervention. Three-ME estimates the carbon tax required to meet emissions reduction targets within the Mexican 'Climate Change Law', and assesses alternative policy scenarios, each reflecting a different strategy for the recycling of tax revenues. With no compensation, the taxation policy if successful will succeed in reducing CO_2 emissions by more than 75% by 2050 with respect to Business as Usual (BAU), but at high economic costs. Under full redistribution of carbon tax revenues, a double dividend arises and the policy is beneficial both in terms of GDP and CO_2 emissions reduction. (authors)

  19. Environmental Tax Policy in Romania in the Context of the EU: Double Dividend Theory

    Directory of Open Access Journals (Sweden)

    Magdalena Radulescu

    2017-10-01

    Full Text Available In the last decade, environment protection gained much more significance in designing the economic policies in the European Union (EU countries. There are many economic and policy differences between the European countries, despite of the harmonization process inside the EU area. The path of implementation of the environmental tax reforms in the EU countries differs greatly from one country to another and the effects of such taxation in the economic and environmental areas are manifold. The authors of this paper have agreed to undertake the task of testing the double dividend hypothesis of the environmental taxation in Romania (an energy-intensive country versus the EU area as a whole, using Vector Error Correction Model (VECM techniques and Ordinary Least Squares (OLS estimations. Our findings show that this hypothesis is validated neither in Romania (in the economic growth area nor in the EU area as a whole (in the unemployment area. Therefore, Romania cannot increase the level of the environmental tax for supporting economic growth, but it can grant environmental subsidies for decreasing the emissions and supporting the economic growth. This could be achieved by expanding the tax labor base and by collecting higher budgetary revenues to sustain such environmental subsidies. As far as the EU area is concerned, it is a necessary measure to continue the descending trend for the labor taxation to achieve the goal of improving the employment rate.

  20. Public sector pay in the UK

    OpenAIRE

    Cribb, Jonathan; Emmerson, Carl; Sibieta, Luke

    2014-01-01

    This report looks at trends in public sector pay and compares these with what has been happening in the private sector. We start by analysing the overall levels of public and private sector pay, including how they have evolved over recent years and the differences after accounting for the different composition of the public and private sector workforces. We then examine how the difference between pay in the public and private sector varies across different groups of workers and areas of the c...

  1. Analisis Pengaruh Moderating Investment Opportunity Set dengan Kebijakan Dividend serta Moderating Investment Opportunity Set dengan Arus Kas Bebas terhadap Tingkat Leverage Perusahaan Makanan dan Minuman yang Terdaftar di BEI Periode 2003-2007

    Directory of Open Access Journals (Sweden)

    Masruroh Masruroh

    2011-09-01

    Full Text Available This research aims to examine whether there is any influence of investment opportunity set (IOS on the affiliation between dividend policy and free cash flow to leverage enterprise-level. By using 42 samples of food and beverage companies listed on Indonesia Stock Exchange from 2003 to 2007, it is concluded that the dividend policy does not affect the company's leverage. However, the dividend policy together with investment opportunity set affect the level of corporate leverage. Free cash flow affects the level of corporate leverage. In the meantime, free cash flow to the investment opportunity set (IOS also influences the level of corporate leverage, the dividend policy and free cash flow effect on the level of corporate leverage. Meanwhile, the dividend policy, free cash flow, investment opportunity set simultaneously affect the level of corporate leverage.

  2. Bridging the Digital Divide Creating Digital Dividend - The Investigation in Guizhou Province and the Analysis of GZNW

    Directory of Open Access Journals (Sweden)

    Linbo Jing

    2007-12-01

    Full Text Available This article begins with attention to the digital divide. It gives a brief overview of the digital divide on a global basis and analyzes specific aspects of the digital divide in our country. It also introduces the informationization construction of Guizhou Province and points out problems with the digital divide in that province. Then it focuses on the practice of Guizhou Province to bridge the digital divide ---- the practice and experience of GZNW. The final section gives a series of policy recommendations on how to bridge the digital divide, realize digital dividends, and how to build a new socialist countryside.

  3. Reconciling environmental conservation with economic prosperity. The feasibility of double dividends in the short and long run

    Energy Technology Data Exchange (ETDEWEB)

    Kronenberg, T.

    2007-12-28

    Two of the most important challenges which policymakers in advanced economies have to address in the 21st century are mass unemployment and the increasing strain on the natural environment caused by growing economic activity and energy demand. Therefore, this dissertation aims at improving our understanding of the links between environmental policy, unemployment and growth. Is it possible to find a policy which contributes to further growth, a cleaner environment and lower unemployment simultaneously? The first part of the dissertation provides a survey of the existing literature on the links between growth, unemployment and the natural environment. It is shown that the validity of the double dividend hypothesis, which states that an environmental tax reform may achieve a reduction in both environmental pollution and unemployment, depends on the institutional characteristics of the labour market. Therefore, the second part of the dissertation introduces a new labour market model which combines elements of efficiency wage and bargaining models. This model is applied to an analysis of environmental tax reforms in the third part of the dissertation. The analysis suggests that if the labour market is distorted by efficiency wages and a monopolistic union, an environmental tax reform can be expected to yield a double dividend. Since Dalton's law does not hold in such a setting, the distribution of the tax burden over workers and capital owners depends on whether the tax is levied on workers or firms. Therefore, policymakers should take the distributional impacts of an environmental tax should be taken into account. Furthermore, it is shown that if the government announces a revenueneutral tax reform, influential economic agents such as labour unions may realise that they can indirectly affect tax or subsidy rates. In this case, the timing of tax and subsidy rate announcements affects on the behaviour of such influential agents. The fourth part of the dissertation

  4. Explaining the Gender Wage Gap: Pay Expectations for Self, Others, and Perceptions of "Fair Pay."

    Science.gov (United States)

    Gardner, Philip D.; Jackson, Linda A.

    This study was conducted to investigate the pay expectations of graduating seniors, and specifically, the relationship between gender and pay expectations for one's self and others. The main purpose of the study was to determine if women and men differed in their initial pay expectations. Surveys were received from 447 college seniors, including…

  5. Pay Dispersion and Performance in Teams

    DEFF Research Database (Denmark)

    Bucciol, Alessandro; Foss, Nicolai J; Piovesan, Marco

    2014-01-01

    Extant research offers conflicting predictions about the effect of pay dispersion on team performance. We collected a unique dataset from the Italian soccer league to study the effect of intra-firm pay dispersion on team performance, under different definitions of what constitutes a "team". This ...

  6. Large-scale energy consumers pay less

    International Nuclear Information System (INIS)

    Denneman, A.

    2012-01-01

    The price of electricity in the Netherlands rose with 6 percent in the first quarter of 2012, whereas large business consumers are paying less. The natural gas price has risen with about 10 percent in the last year, both for households and for large business consumers. Meanwhile, households are paying twice as much for electricity and gas as large business consumers. [nl

  7. Expecting Too Much of Performance Pay?

    Science.gov (United States)

    Johnson, Susan Moore; Papay, John P.

    2010-01-01

    Pay for performance is not a new idea, and reformers should not ignore the dismal record of merit pay over the past century. Initially adopted with a flourish of expectations during several waves of popularity in the past, every plan eventually fell into disuse. These plans proved to be unexpectedly costly and cumbersome to run. They often…

  8. Sex, Money and the Equal Pay Act

    Science.gov (United States)

    Feldman, Edwin B.

    1973-01-01

    Institutions who justify a wage differential between male and female custodians on the basis that women typically do the lighter work, and men the heavier, can find themselves in trouble. The Equal Pay Act of 1963 requires that men and women get the same pay for equal work -- and all custodial work is substantially equal to the Labor Department.…

  9. 20 CFR 404.1044 - Vacation pay.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Vacation pay. 404.1044 Section 404.1044 Employees' Benefits SOCIAL SECURITY ADMINISTRATION FEDERAL OLD-AGE, SURVIVORS AND DISABILITY INSURANCE (1950- ) Employment, Wages, Self-Employment, and Self-Employment Income Wages § 404.1044 Vacation pay. We consider...

  10. Merit Pay and the Music Teacher

    Science.gov (United States)

    Elpus, Kenneth

    2011-01-01

    Current proponents of education reform are at present seeking to fundamentally change the system of teacher compensation by eliminating the traditional single salary schedule and instituting a merit pay system that directly links teacher pay to student achievement. To date, the scholarly literature in music education has been silent on the subject…

  11. 20 CFR 211.4 - Vacation pay.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Vacation pay. 211.4 Section 211.4 Employees' Benefits RAILROAD RETIREMENT BOARD REGULATIONS UNDER THE RAILROAD RETIREMENT ACT CREDITABLE RAILROAD COMPENSATION § 211.4 Vacation pay. Payments made to an employee with respect to vacation or holidays shall be...

  12. 20 CFR 211.11 - Miscellaneous pay.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Miscellaneous pay. 211.11 Section 211.11 Employees' Benefits RAILROAD RETIREMENT BOARD REGULATIONS UNDER THE RAILROAD RETIREMENT ACT CREDITABLE RAILROAD COMPENSATION § 211.11 Miscellaneous pay. Any payment made to an employee by an employer which is...

  13. Public Perceptions of the Pay Gap

    Science.gov (United States)

    Hill, Catherine; Silva, Elena

    2005-01-01

    Women have made gains toward closing the gender pay gap during the past two decades. Much of the progress occurred during the 1980s, with smaller gains in the 1990s (Institute for Women's Policy Research 2004). Women's achievements in higher education are partly responsible for narrowing the pay gap in the 1980s and 1990s. As more women earned…

  14. Households' willingness to pay for public housing

    NARCIS (Netherlands)

    van Ommeren, J.; van der Vlist, A.J.

    2016-01-01

    In the presence of price controls, nonmarket housing allocation mechanisms such as queueing prevent households from revealing their marginal willingness to pay for housing through market prices. We derive the households' marginal willingness to pay using the intuitive idea that the length of the

  15. Performance Pay for Teachers: Determinants and Consequences

    Science.gov (United States)

    Belfield, Clive R.; Heywood, John S.

    2008-01-01

    Theory and evidence on performance-related pay for teaching remain inconclusive. Teachers will respond to rewards, but an appropriate reward structure may not be devised because education is a collaborative endeavor. Here we test three hypotheses: performance-related pay among teachers is more likely to be observed when there are evident…

  16. 20 CFR 404.1805 - Paying benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Paying benefits. 404.1805 Section 404.1805 Employees' Benefits SOCIAL SECURITY ADMINISTRATION FEDERAL OLD-AGE, SURVIVORS AND DISABILITY INSURANCE (1950- ) Payment Procedures § 404.1805 Paying benefits. (a) As soon as possible after we have made a determination...

  17. Pay Dispersion and Performance in Teams

    Science.gov (United States)

    Bucciol, Alessandro; Foss, Nicolai J.; Piovesan, Marco

    2014-01-01

    Extant research offers conflicting predictions about the effect of pay dispersion on team performance. We collected a unique dataset from the Italian soccer league to study the effect of intra-firm pay dispersion on team performance, under different definitions of what constitutes a “team”. This peculiarity of our dataset can explain the conflicting evidence. Indeed, we also find positive, null, and negative effects of pay dispersion on team performance, using the same data but different definitions of team. Our results show that when the team is considered to consist of only the members who directly contribute to the outcome, high pay dispersion has a detrimental impact on team performance. Enlarging the definition of the team causes this effect to disappear or even change direction. Finally, we find that the detrimental effect of pay dispersion is due to worse individual performance, rather than a reduction of team cooperation. PMID:25397615

  18. 5 CFR 9901.364 - Foreign language proficiency pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Foreign language proficiency pay. 9901... NATIONAL SECURITY PERSONNEL SYSTEM (NSPS) Pay and Pay Administration Premium Pay § 9901.364 Foreign language proficiency pay. (a) General provisions. (1) This section applies to employees who may be paid...

  19. 41 CFR 301-54.2 - What is disposable pay?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 4 2010-07-01 2010-07-01 false What is disposable pay... BILLED TRAVEL CHARGE CARD General Rules § 301-54.2 What is disposable pay? Disposable pay is your..., etc. Deductions may be made from any type of pay you receive from your agency, e.g., basic pay...

  20. 5 CFR 870.204 - Annual rates of pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Annual rates of pay. 870.204 Section 870... rates of pay. (a) (1) An insured employee's annual pay is his/her annual rate of basic pay as fixed by law or regulation. (2) Annual pay for this purpose includes the following: (i) Interim geographic...

  1. Net Pay Estimator | Alaska Division of Retirement and Benefits

    Science.gov (United States)

    Benefits > Net Pay Estimator Online Counselor Scheduler Empower Retirement Account Info Online myRnB Accessibility Net Pay Estimator Click here for the Retiree Net Pay Estimator? The net pay estimator is a useful tool to estimate your net pay under different salaries, federal withholding tax exemptions, and

  2. 33 CFR 52.71 - Authority to pay.

    Science.gov (United States)

    2010-07-01

    ... 33 Navigation and Navigable Waters 1 2010-07-01 2010-07-01 false Authority to pay. 52.71 Section... § 52.71 Authority to pay. (a) The Coast Guard is authorized to pay the claims of any person as the... authorized to pay any claim heretofore compensated by Congress through enactment of private law, or to pay...

  3. TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY, AND FIRM’S VALUE

    Directory of Open Access Journals (Sweden)

    Harmono Harmono

    2017-03-01

    Full Text Available This study aimed to test the pecking order theory through its correlation among earnings dimension, capitalstructure, dividend policy and firm’s value perspective. By loading the correlation between dimension one toanother, it indicated that management behavior tended to retained earnings accumulation or to debt collectionin financing the operation of the firm. The pecking order theory were tested when the management behaviortended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities fromcreditors. Therefore, rationally if the capital structure was optimum, management tended to external financinguntil any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that therole of capital structure dimension had significance as intervening variable between earnings dimension andfirm’s value. On the other hand, the dividend policy had no significance to become intervening variable.Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather thanretained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the roleto differentiate the characteristic of industries represented by the capital structure dimension, especially, debtto assets and debt to equity ratio.

  4. The efficient market hypothesis of brazilian capital market, 2000-2010: an event study of distribution of dividends

    Directory of Open Access Journals (Sweden)

    Daniel Moreira Carvalho

    2013-11-01

    Full Text Available In the semi-strong form of the Efficient Markets Hypothesis - EMH, developed by Fama (1970, 1991, the prices reflect both the past and any information disclosed by companies, making impossible to an investor to get abnormal returns consistently, based on this type of information. In this paper we analyze the price behavior of common shares of 87 listed companies in the BM&FBovespa, in the announcements of 452 events of dividend distribution, occurred between January 2000 and September 2010, in order to identify the EMH in semi-strong form of Brazilian capital market. We used an event study, which evaluates abnormal returns of stocks relative to the market return (Ibovespa. The analysis of the abnormal return in the event window (10 days before and after the dividend distribution announcement showed an upward trend, with significant positive abnormal returns on days t-5, t-3, and t-1 to t+1. The results go in the direction of other studies of national literature and contribute to attest that the Brazilian capital market lacks the semi-strong form of informational efficiency.

  5. CO2 taxes, double dividend and competition in the energy sector: Applications of the Danish CGE model ECOSMEC

    International Nuclear Information System (INIS)

    Goertz, M.; Hansen, J.V.; Larsen, M.

    1999-01-01

    In this paper we develop a new CGE model of the Danish economy with the acronym ECOSMEC (Economic COuncil Simulation Model with Energy markets and Carbon taxation). The model is a hybrid of two existing static models developed by respectively the Secretariat of the Danish Economic Council and by the MobiDK model project in the Ministry of Business and Industry. Distinct features of the ECOSMEC models are a rather disaggregated modelling of energy demand and supply, introduction of various market structures in the energy sector, and a consistent specification of different household types. The simulations presented in the paper have the following implications: Firstly, a uniform CO 2 tax of approximately 300 DKK per ton could reduce emissions by 20 per cent in a scenario with perfect competition in the energy sector. Secondly, a double dividend (reduced emissions and increased welfare) could be gained by using the CO 2 tax revenue for reducing distorting income taxes. However, the double dividend result depends decisively on the applied elasticity of substitution between consumption and leisure. Thirdly, assuming different market structures in the energy sector influences the uniform CO 2 tax needed to reach a given emission target. Fourthly, the empirical aguments for differentiated CO 2 taxes motivated by imperfect energy markets are weak. Fifthly, the Danish economy could benefit from a deregulation of the electricity and district heating sector with respect to welfare and economic activity. This result holds also if CO 2 emissions are kept constant. (au)

  6. An Examination of Pay Facets and Referent Groups for Assessing Pay Satisfaction of Male Elementary School Principals

    Science.gov (United States)

    Young, I. Phillip; Young, Karen Holsey; Okhremtchouk, Irina; Castaneda, Jose Moreno

    2009-01-01

    Pay satisfaction was assessed according to different facets (pay level, benefits, pay structure, and pay raises) and potential referent groups (teachers and elementary school principals) for a random sample of male elementary school principals. A structural model approach was used that considers facets of the pay process, potential others as…

  7. The digital dividend: challenges, opportunities and national positions/ El dividendo digital: desafíos, oportunidades

    Directory of Open Access Journals (Sweden)

    Dra. Mª Trinidad García Leiva; mtgleiva@hum.uc3m.es

    2009-01-01

    Full Text Available The management of the radio-frequency spectrum that has organized national and international broadcasting throughout the 20th century is under review. Not only there are new actors that demand a portion of this intangible and limited resource, but also a large and growing number of services put additional pressure on the traditional logics that regulate spectrum management. In this context, a key issue refers to the potential uses that will be given, as well as the benefits that will be obtained, from the amount of spectrum that will be freed up in the switchover from analogue to digital broadcasting. Therefore, the objective is to understand which are the opportunities and challenges the so called digital dividend will bring about: analyzing the transformations affecting traditional spectrum management, and considering the positions some countries are already developing (specially Spain and the United Kingdom.La gestión del espectro radioeléctrico que ha ordenado el funcionamiento nacional e internacional de la radio y la televisión a lo largo de todo el siglo XX está en cuestión. No sólo han aparecido nuevos agentes que reclaman una porción de este recurso intangible y finito, sino que nuevos usos tecnológicos están sometiendo a una importante presión a la lógica de explotación tradicional. En este contexto, uno de los grandes interrogantes refiere a los posibles usos que se darán y los beneficios que se obtendrán de las frecuencias que se liberen con el cese de las emisiones analógicas. Así pues, el objetivo es comprender cuáles son las oportunidades y amenazas que el denominado dividendo digital traerá consigo: a partir de analizar las transformaciones que sufre hoy la gestión tradicional del espectro radioeléctrico, y en función del posicionamiento que algunos países están tomando al respecto (específicamente, España y el Reino Unido.

  8. Energy taxation and the double dividend effect in Taiwan's energy conservation policy-an empirical study using a computable general equilibrium model

    International Nuclear Information System (INIS)

    Bor, Yunchang Jeffrey; Huang Yophy

    2010-01-01

    Faced with pressure from greenhouse gas reductions and energy price hikes, the Taiwan government is in the process of developing an energy tax regime to reflect environmental external costs and effectively curb energy consumption, as well as mitigate CO 2 emissions through an adequate pricing system. This study utilizes a CGE model to simulate and analyze the economic impacts of the draft Energy Tax Bill and its complementary fiscal measures. Under the assumption of tax revenue neutrality, the use of energy tax revenue generated for the purpose of reducing income tax is the best choice with double dividend effects since it will effectively stimulate domestic consumption and investment, and, consequently, mitigate the negative impacts of the distortionary tax regime. The double dividend effect is less significant, however, when the supplementary measures being used are for government expenditure. Nevertheless, all supplementary measures have effectively reduced energy consumption, which means they have delivered at least the first dividend-in the sense of CO 2 emissions control. It has been verified in this study that having adequate public-finance policy measures is the key to realizing the double dividend effect.

  9. 26 CFR 1.1298-3 - Deemed sale or deemed dividend election by a U.S. person that is a shareholder of a former PFIC.

    Science.gov (United States)

    2010-04-01

    ... its stock in the former PFIC for its fair market value on the termination date, as defined in... sale election, the shareholder's stock with respect to which the election was made under this paragraph... the deemed dividend election, the shareholder's stock with respect to which the election was made...

  10. Tackling the take-or-pay problem

    International Nuclear Information System (INIS)

    Jackson, Kim.

    1997-01-01

    Centrica, the gas sales, trading and services company previously part of British Gas plc, has renegotiated a number of its take-or-pay contracts with North Sea gas producers since the end of 1996. The contracts - a legacy of the British Gas monopoly era - had placed an increasing financial burden on the company as it was effectively forced to pay above-market prices for gas which it did not always want to take, while trying to remain competitive in a market where an ever growing number of independent gas suppliers were offering low-cost supplies. The author looks at how Centrica has tackled its take-or-pay problem. (author)

  11. The EEOC's New Equal Pay Act Guidelines.

    Science.gov (United States)

    Greenlaw, Paul S.; Kohl, John P.

    1982-01-01

    Analyzes the new guidelines for enforcement of the Equal Pay Act and their implications for personnel management. Argues that there are key problem areas in the new regulations arising from considerable ambiguity and uncertainty about their interpretation. (SK)

  12. Performance Related Pay and Labor Productivity

    NARCIS (Netherlands)

    Gielen, A. C.; Kerkhofs, M.J.M.; van Ours, J.C.

    2006-01-01

    This paper uses information from a panel of Dutch firms to investigate the labor productivity effects of performance related pay (PRP).We find that PRP increases labor productivity at the firm level with about 9%.

  13. Performance Related Pay and Labour Productivity

    OpenAIRE

    Gielen, Anne; Kerkhofs, Marcel J M; van Ours, Jan C

    2006-01-01

    This paper uses information from a panel of Dutch firms to investigate the labour productivity effects of performance related pay (PRP). We find that PRP increases labour productivity at the firm level with about 9%.

  14. Gender pay gap varies greatly by occupation

    OpenAIRE

    Wrohlich, Katharina

    2017-01-01

    The German labor market is characterized by marked occupational segregation between women and men. The median earnings in female dominated occupations are lower than those in male dominated professions. This is one of the reasons for the gender pay gap. However, there are also large differences in earnings between men and women within occupations. These profession-specific gender pay gaps are smaller in professions with a high proportion of employees in the public sector. This finding indicat...

  15. Do discriminatory pay regimes unleash antisocial behavior?

    OpenAIRE

    Grosch, Kerstin; Rau, Holger A.

    2017-01-01

    In this paper, we analyze how pay-regime procedures affect antisocial behavior at the workplace. In a real-effort experiment we vary two determinants of pay regimes: discrimination and justification of payments by performance. In our Discrimination treatment half of the workforce is randomly selected and promoted and participate in a tournament (high-income workers) whereas the other half receives no payment (lowincome workers). Afterwards, antisocial behavior is measured by a Joy-of-Destruct...

  16. Modernizing the Federal Government: Paying for Performance

    Science.gov (United States)

    2007-01-01

    works (Barr, 2007d). Employees are rated on performance measures such as “fair and equitable treatment of taxpayers” and “customer satisfaction ... Performance Act of 2007, Senate bill 1046, Washington, D.C., 2007b. 38 Modernizing the Federal Government: Paying for Performance Vroom , Victor H...AND SUBTITLE Modernizing the federal government paying for performance 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6. AUTHOR

  17. Wage compression and the gender pay gap

    OpenAIRE

    Lawrence M. Kahn

    2015-01-01

    There are large international differences in the gender pay gap. In some developed countries in 2010–2012, women were close to earnings parity with men, while in others large gaps remained. Since women and men have different average levels of education and experience and commonly work in different industries and occupations, multiple factors can influence the gender pay gap. Among them are skill supply and demand, unions, and minimum wages, which influence the economywide wage returns to educ...

  18. A demographic dividend of the FP2020 Initiative and the SDG reproductive health target: Case studies of India and Nigeria.

    Science.gov (United States)

    Li, Qingfeng; Rimon, Jose G

    2018-02-22

    Background: The demographic dividend, defined as the economic growth potential resulting from favorable shifts in population age structure following rapid fertility decline, has been widely employed to advocate improving access to family planning. The current framework focuses on the long-term potential, while the short-term benefits may also help persuade policy makers to invest in family planning. Methods: We estimate the short- and medium-term economic benefits from two major family planning goals: the Family Planning 2020 (FP2020)'s goal of adding 120 million modern contraceptive users by 2020; Sustainable Development Goals (SDG) 3.7 of ensuring universal access to family planning by 2030. We apply the cohort component method to World Population Prospects and National Transfer Accounts data. India and Nigeria, respectively the most populous Asian and African country under the FP2020 initiative, are used as case studies. Results: Meeting the FP2020 target implies that on average, the number of children that need to be supported by every 100 working-age people would decrease by 8 persons in India and 11 persons in Nigeria in 2020; the associated reduction remains at 8 persons in India, but increases to 14 persons in Nigeria by 2030 under the SDG 3.7. In India meeting the FP2020 target would yield a saving of US$18.2 billion (PPP) in consumption expenditures for children and youth in the year 2020 alone, and that increased to US$89.7 billion by 2030. In Nigeria the consumption saved would be US$2.5 billion in 2020 and $12.9 billion by 2030. Conclusions: The tremendous economic benefits from meeting the FP2020 and SDG family planning targets demonstrate the cost-effectiveness of investment in promoting access to contraceptive methods. The gap already apparent between the observed and targeted trajectories indicates tremendous missing opportunities. Accelerated progress is needed to achieve the FP2020 and SDG goals and so reap the demographic dividend.

  19. 5 CFR 9701.372 - Creating initial pay ranges.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Creating initial pay ranges. 9701.372... HUMAN RESOURCES MANAGEMENT SYSTEM Pay and Pay Administration Transitional Provisions § 9701.372 Creating initial pay ranges. (a) DHS must, after coordination with OPM, set the initial band rate ranges for the...

  20. 5 CFR 304.104 - Determining rate of pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Determining rate of pay. 304.104 Section... CONSULTANT APPOINTMENTS § 304.104 Determining rate of pay. (a) The rate of basic pay for experts and... appropriate rate of basic pay on an hourly or daily basis, subject to the limitations described in section 304...

  1. 28 CFR 545.25 - Eligibility for performance pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Eligibility for performance pay. 545.25... WORK AND COMPENSATION Inmate Work and Performance Pay Program § 545.25 Eligibility for performance pay. (a) An inmate may receive performance pay for accomplishments in one or more of the following areas...

  2. 75 FR 81817 - Adjustments of Certain Rates of Pay

    Science.gov (United States)

    2010-12-29

    ... Order 13561 of December 22, 2010 Adjustments of Certain Rates of Pay By the authority vested in me as..., it is hereby ordered as follows: Section 1. Statutory Pay Systems. Pursuant to the Continuing... ``Continuing Appropriations Act''), the rates of basic pay or salaries of the statutory pay systems (as defined...

  3. 41 CFR 301-76.2 - What is disposable pay?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 4 2010-07-01 2010-07-01 false What is disposable pay... What is disposable pay? Disposable pay is the part of the employee's compensation remaining after the... deductions such as savings bonds, charitable contributions, etc. Deductions may be made from any type of pay...

  4. 5 CFR 534.603 - Rates of basic pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Rates of basic pay. 534.603 Section 534.603 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY UNDER OTHER SYSTEMS Pay for Administrative Appeals Judge Positions § 534.603 Rates of basic pay. (a) The...

  5. 78 FR 80451 - Adjustments of Certain Rates of Pay

    Science.gov (United States)

    2013-12-31

    ... of Pay By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Statutory Pay Systems. The rates of basic pay or salaries of the statutory pay systems (as defined in 5 U.S.C. 5302(1)), as adjusted under 5 U.S...

  6. 28 CFR 345.59 - Inmate performance pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Inmate performance pay. 345.59 Section... INDUSTRIES (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.59 Inmate performance pay. Inmate workers for FPI may also receive Inmate Performance Pay for participation in programs where this award is made...

  7. Performance Pay and Teacher Motivation: Separating Myth from Reality

    Science.gov (United States)

    Hulleman, Chris S.; Barron, Kenneth E.

    2010-01-01

    This article draws on research from outside of education to evaluate some common myths about performance pay and to consider future directions for designing and evaluating performance pay systems in K-12 education. The five common myths surrounding performance pay include: (1) Performance pay systems improve performance; (2) Performance pay…

  8. 5 CFR 532.507 - Pay for holiday work.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Pay for holiday work. 532.507 Section 532... SYSTEMS Premium Pay and Differentials § 532.507 Pay for holiday work. (a) An employee who is entitled to holiday premium pay and who performs work on a holiday which is not overtime work shall be paid the...

  9. 5 CFR 930.205 - Administrative law judge pay system.

    Science.gov (United States)

    2010-01-01

    ... paragraph (a)(1) of this section. Such adjustments take effect on the 1st day of the first pay period... basic pay that equals or exceeds the applicant's highest previous Federal rate of basic pay, not to... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Administrative law judge pay system. 930...

  10. Shareholder voice on executive pay : A decade of Dutch say on pay

    NARCIS (Netherlands)

    van der Elst, Christoph; Lafarre, Anne

    2017-01-01

    The Netherlands adopted shareholders’ say on pay over a decade ago. The general meeting of shareholders must approve the remuneration policy and any amendments to it. This Dutch approach offers fruitful insights into how say on pay works in practice. In the light of the recent European proposal to

  11. Pay Equity Act, 17 May 1988.

    Science.gov (United States)

    1988-01-01

    This document contains major provisions of the 1988 Pay Equity Act of Prince Edward Island, Canada. (Nova Scotia enacted similar legislation in 1988.) This act defines "female-dominated class" or "male-dominated class" as a class with 60% or more female or male incumbents, respectively. The objective of this act is to achieve pay equity among public sector employers and employees by identifying systemic gender discrimination through a comparison of the relative wages and value of the work performed by female- and male-dominated classes. The value of work is to be determined by considering the skill, effort, and responsibility required by the work as well as the conditions under which it is performed. A difference in wages between a female- and male-dominated class performing work of equal or comparable value can be justified by a formal performance appraisal system or formal seniority system that does not discriminate on the basis of gender or by a skills shortage which requires a temporary inflation in wages to attract workers for a certain position. No wages shall be reduced to implement pay equity. Implementation of pay equity will include the work of bargaining agents to achieve agreement on salient points. Pay equity may be implemented in four stages over a period of 24 months.

  12. 5 CFR 9901.305 - Rate of pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Rate of pay. 9901.305 Section 9901.305... (NSPS) Pay and Pay Administration General § 9901.305 Rate of pay. (a) The term “rate of pay” in 5 U.S.C... overtime and other premium pay rates (including compensatory time off); and (2) The rates comprising the...

  13. Pay equity, minimum wage and equality at work

    OpenAIRE

    Rubery, Jill

    2003-01-01

    Reviews the underlying causes of pay discrimination embedded within the organization of the labour market and structures of pay and reward. Discusses the need to focus on pay equity as part of a general strategy of promoting equity and decent work and examines the case for using minimum wage policies in comparison to more targeted equal pay policies to reduce gender pay equity. Identifies potential obstacles to or support for such policies and describes experiences of the use of minimum wages...

  14. Laos. Un pays en mutation, Vatthana Pholsena

    Directory of Open Access Journals (Sweden)

    Vanina Bouté

    2012-09-01

    Full Text Available C’est avec un regard neuf et une approche originale que Vatthana Pholsena a relevé le défi d’écrire l’ouvrage Laos. Un pays en mutation, le dernier-né de la collection « Asie Plurielle » (Belin qui a déjà proposé une longue série d’ouvrages de présentation générale des pays d’Asie. Cet ouvrage vient combler un grand manque dans la littérature sur le Laos. Aucun ouvrage généraliste en langue française n’existant jusque-là sur ce petit pays d’Asie du Sud-Est, le lecteur curieux devait se référ...

  15. The gender pay gap in the UK

    OpenAIRE

    Debra Leaker

    2008-01-01

    Measuring differences between mens' and womens' earnings, presents estimates from ASHE, the LFS and the NES panel data setThe gender pay gap is a measure of the difference between the earnings of men and women. This article presents estimates of the gender pay gap from the Annual Survey of Hours and Earnings, the Labour Force Survey and the New Earnings Survey panel data set. It examines how different personal and labour market characteristics influence the earnings of men and women.The resul...

  16. Willingness to Pay for Insurance in Denmark

    DEFF Research Database (Denmark)

    Hansen, Jan V.; Højbjerg Jacobsen, Rasmus; Lau, Morten

    2016-01-01

    Danish population, and information on household income and wealth from registers at Statistics Denmark. The results show that the willingness to pay is marginally higher than the actuarially fair value under expected utility theory, but significantly higher under rank-dependent utility theory, and up......We estimate how much Danish households are willing to pay for auto, home, and house insurance. We use a unique combination of claims data from a large Danish insurance company, measures of individual risk attitudes and discount rates from a field experiment with a representative sample of the adult...

  17. Java Card for PayTv Application

    OpenAIRE

    Dutta, Pallab

    2013-01-01

    Smart cards are widely used along with PayTV receivers to store secret user keys and to perform security functions to prevent any unauthorized viewing of PayTV channels. Java Card technology enables programs written in the Java programming language to run on smart cards. Smart cards represent one of the smallest computing platforms in use today. The memory configuration of a smart card are of the order of 4K of RAM, 72K of EEPROM, and 24K of ROM. Using Java card provides advantages to the ind...

  18. Pay inequality in 25 European countries

    OpenAIRE

    Sile Padraigin O'Dorchai

    2008-01-01

    This paper analyses disparity in women’s pay across 25 European countries using EU-SILC 2005. First, the gender pay gap is examined. Next, the impact of parenthood is analysed. We show that women suffer a wage disadvantage compared with men all over Europe, except for Poland. Motherhood usually reinforces the gender gap but most discrimination is sex-related so that it concerns all women as potential mothers. There is no uniform relationship between the parenthood and the gender wage gap.

  19. The public sector pay gap in Italy

    OpenAIRE

    Giordano Raffaela

    2010-01-01

    I investigate the public-private pay gap using Italian microdata covering the period 1980-2006. Even after controlling for observable characteristics of the labour force, I find a positive wage premium for the public sector, almost negligible during the eighties and averaging at about 12 percent in the period 1993-2006. While the pay gap for women and workers in southern regions turns out to be higher than the average in the whole sample period, the greater advantage from working in the publi...

  20. Willingness to Pay for Insurance in Denmark

    DEFF Research Database (Denmark)

    Hansen, Jan V.; Højbjerg Jacobsen, Rasmus; Lau, Morten I.

    We estimate the maximum amount that Danish households are willing to pay for three different types of insurance: auto, home and house insurance. We use a unique combination of claims data from the largest private insurance company in Denmark, measures of individual risk attitudes and discount rates...... possible states of nature, where all uncertainty is realized in the initial period and any loss incurred by an accident is subtracted from initial wealth. The estimated willingness to pay is based on annual claims and should thus be considered as an annual premium. Since there is some uncertainty about...... of the insurance claims....

  1. Způsoby zamezení dvojímu zdanění dividend v zemích EU

    OpenAIRE

    Borzova, Ekaterina

    2010-01-01

    My thesis is concentrated on double taxation issues in European Union countries. Target is to describe various systems of dividends taxation in different EU countries and compare them with system that Czech Republic uses, to evaluate how effectively are double taxation eliminated based on the double taxation treaties. Efficiency of double taxation avoidance is measured by calculation of value "overtaxation". In the theoretical part of the thesis are the term double taxation defined and the re...

  2. Testing the Semi-Strong Form efficiency to differentiate stock returns between Islamic and Non-Islamic firms: Empirical evidence using dividend announcement from Malaysia.

    OpenAIRE

    Saya, Muhammad Mujtuba

    2015-01-01

    This dissertation conducts an event study in the specific area of Efficient Market Hypothesis (EMH). It concentrates on the semi-strong form and focuses on exploring the impact of dividend announcements on share prices’ of Malaysian stock market (Bursa Malaysia). Further, it commences a comparison of Islamic (Shariah) compliant stocks and non-Islamic compliant stocks. A sample of 60 companies (30 Shariah and 30 Non-Shraiah compliant) were selected from the main board of Bursa Malaysia. An eve...

  3. Can Benford's Law explain CEO pay?

    NARCIS (Netherlands)

    Mukherjee, Shibashish

    2018-01-01

    Manuscript Type: Empirical Research Issue: This study applies the statistical properties of Benford’s Law to CEO pay. Benford’s ‘Law’ states that in an unbiased dataset, the first digit values are usually unequally allocated when considering the logical expectations of equal distribution. In this

  4. How to Pay for Higher Education.

    Science.gov (United States)

    Killingsworth, Charles C.

    The financial crisis for institutions of higher education is deepening. Higher tuition rates may be one of the answers, but this would exclude even more young people from attending college because of inability to pay, at a time when greater equality of opportunity in higher education has become an important goal. Federal support has helped but not…

  5. The Pays de Gex on the Menu

    CERN Multimedia

    2001-01-01

    Did you know that you can swing from tree to tree like Tarzan (or Jane!) in the brand new forest adventure centre at the Col de la Faucille? And that, in addition to Crozet-Lélex, Mijoux-La Faucille and La Vattay, the Pays de Gex boasts a fourth ski resort at Menthières above Bellegarde-sur-Valserine? All these attractions, and hundreds of others that the Pays de Gex has to offer, were presented at a special exhibition stand in CERN's Restaurant No. 1 last week. For the tenth year running, the Pays de Gex-La Faucille Tourist Office and Geneva's fourteen Coop restaurants had organised a special week devoted to promoting the Pays de Gex-Monts Jura region. Thousands of information leaflets were handed out and visitors had the opportunity to take part in a big raffle with no fewer than 145 prizes to be won: ski passes, Juraventure entrance tickets, meal vouchers courtesy of local hotels and restaurants, and subscriptions to the Val Vital fitness centre in Divonne-les-Bains. The Coop restaur...

  6. Pay for performance in the public sector

    DEFF Research Database (Denmark)

    Bregn, Kirsten

    2015-01-01

    This paper contributes to an explanation of why pay for performance (PFP) in the public sector has difficulties in functioning properly and why, despite the difficulties, its use is continued. To do so, the paper draws on insights from behavioural economics. The explanation focuses on cognitive...

  7. Multiple Compensation Consultants and CEO Pay

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Minhat, Marizah

    The study examines the practice of employing multiple compensation consultants. Data for a sample of UK companies over the period 2003-2006 are analyzed using a variety of econometric methods. We find that CEOs receive higher equity-based pay when firms employ more than one compensation consultant.

  8. An Accounting Program Merit Pay Survey

    Science.gov (United States)

    Lindsay, David H.; Campbell, Annhenrie; Tan, Kim B.; Wagner, Andrew

    2010-01-01

    Basing the compensation of accounting professors on merit pay in order to encourage better teaching, research and service is controversial. Before the effectiveness of merit-based salary plans can be examined empirically, it must be determined which accounting programs use such a system. In this study, the 852 accounting programs in the United…

  9. 77 FR 11599 - January 2012 Pay Schedules

    Science.gov (United States)

    2012-02-27

    ... definitions can be found at http://www.opm.gov/oca/12tables/locdef.asp . The 2012 locality pay percentages... increased in 2012. The memo is available at http://www.opm.gov/flsa/oca/11tables/Extend_2012.pdf . On.... (See http://www.opm.gov/oca/compmemo/index.asp .) The memorandum transmitted Executive Order 13594 and...

  10. Job Evaluation: Pay Equity Problem or Solution?

    Science.gov (United States)

    Mecham, Robert C.

    It has been hypothesized that current methods of determining pay rates value the characteristics of jobs held primarily by men differently than the characteristics of jobs held primarily by women, resulting in lower earnings for women. A policy capturing approach using numerically rated job characteristics (PAQ data) was applied separately to the…

  11. How to pay in LicenseScript

    NARCIS (Netherlands)

    Corin, R.J.; Chong, C.N.; Etalle, Sandro; Hartel, Pieter H.

    Current DRM systems do not provide flexible payment methods, requiring the user to handle the payment by hand. For instance, when the user needs to pay for watching a movie, she needs to decide which available payment method is the most optimal and suitable. This is a rather cumbersome process for

  12. The Trouble with Pay for Performance.

    Science.gov (United States)

    Young, I. Phillip

    2003-01-01

    Structured interviews with 575 administrators and supervisors in 6 school districts finds 8 impediments to school board implementation of an effective merit pay system for these employees: Lack of knowledge, teacher heritage, supervisor's ability, supervisor's motivation, managerial prerogatives, amount of rewards, and type of rewards. Offers…

  13. The case of the unpopular pay plan.

    Science.gov (United States)

    Ehrenfeld, T; Coil, M; Berwick, D; Nyberg, T; Beer, M

    1992-01-01

    Three years after launching the team-based Quality For All program, Top Chemical Company CEO Sam Verde was searching for a team-based compensation system that would reflect his company's new philosophy. With a committee gathered to discuss the issue, Verde confronts the fact that changing pay plans is an issue few people can agree on. "Very simply," explains vice president for compensation Gilbert Porterfield, "the plan is designed to give employees working on teams real incentives for constant improvement and overall excellence. The variable aspect of the system pays employees for the performance of their group." This doesn't sit well with the others. "It's going to punish teams like mine for the failings of others instead of rewarding us for the work we do and have already done," says packaging team representative Ruth Gibson. Another committee member feels that team-based anything is a "motivational happy land that doesn't square with how people really work." While Verde likes the proposed pay plan, he has doubts over whether his employees will accept the risk. Upper management has no problem basing 60% of its pay on TopChem's performance. But getting line employees to risk part of their salaries--even as little as 4%--on the ups and downs of the chemical industry may be more trouble than it's worth. Four experts on compensation reveal where Top Chemical went wrong in its plan and how Sam Verde might bring about change successfully.

  14. 32 CFR 728.14 - Pay patients.

    Science.gov (United States)

    2010-07-01

    ... Defense Department of Defense (Continued) DEPARTMENT OF THE NAVY PERSONNEL MEDICAL AND DENTAL CARE FOR ELIGIBLE PERSONS AT NAVY MEDICAL DEPARTMENT FACILITIES Members of the Uniformed Services on Active Duty § 728.14 Pay patients. Care is provided on a reimbursable basis to: Coast Guard active duty officers...

  15. Teacher-Pay Experiments Mounting Amid Debate

    Science.gov (United States)

    Olson, Lynn

    2007-01-01

    The debate over linking teacher pay to student test scores that ignited on Capitol Hill recently underscores the growing momentum--and continued controversy--behind tying what teachers earn to what students learn. Both the National Education Association and the American Federation of Teachers came out swinging against language in a draft bill for…

  16. Estrutura de capital, dividendos e juros sobre o capital próprio: testes no Brasil Capital structure, dividends and interests on equity: tests in Brazil

    Directory of Open Access Journals (Sweden)

    Mariano Seikitsi Futema

    2009-04-01

    Full Text Available A estrutura de capital e os dividendos são dois dos temas mais estudados em finanças corporativas. Em 2002, Fama e French estudaram esses dois temas simultaneamente dentro do contexto das teorias de tradeoff estática e pecking order. A análise conjunta significa reconhecer que o dividendo afeta a estrutura de capital e vice-versa, o que gera um problema de endogeneidade. Estendendo o estudo de Fama e French e adaptando a análise para a realidade brasileira com a inclusão de mais uma variável dependente, os juros sobre o capital próprio, o objetivo deste artigo é analisar as relações conjuntas da estrutura de capital, dividendos e juros sobre o capital próprio das empresas brasileiras para o período de 1995 a 2004. Em linhas gerais, os resultados confirmam boa parte das previsões das teorias, embora a distribuição de lucros no Brasil ainda seja muito baixa, comparada com a americana. A lucratividade demonstrou ser a variável explicativa de maior peso e influência tanto para a distribuição de lucros como para a alavancagem.Capital structure and dividends have been frequently studied in corporate finance. In 2002, Fama and French simultaneously analyzed these two subjects in the context of tradeoff and pecking order theories. The simultaneous analysis means acknowledging that dividend influences capital structure and vice versa, leading to an endogeneity problem. Extending and adapting Fama and French's study to the Brazilian environment and including yet another dependent variable, i.e. interest on equity, this article aims to analyze the relationship among capital structure, dividends and interest on equity in the context of Brazilian companies. The analysis comprises the period from 1995 to 2004. Results corroborate many of the predictions of tradeoff and pecking order theories, despite the fact that dividend payout in Brazil is low when compared to the United States. Profitability was the most significant variable in

  17. Power and pay: The union and equal pay at B.C. Electric/Hydro

    International Nuclear Information System (INIS)

    Creese, G.

    1993-01-01

    The struggle for equal pay for women in one large office union, the Office and Technical Employees' Union (OTEU), at British Columbia Electric/Hydro is analyzed. The analysis concentrates on the second phase of the equal pay movement that preoccupied the union for over 30 years starting in 1949. Equal pay for equal job-evaluation was finally achieved in 1981, yet this struggle did not produce a subsequent questioning of gender bias within the job evaluation process or the structure of the existing hierarchy of jobs. The study illustrates some of the ways that gender hierarchies and inequities are defined and reinforced by employers seeking to maintain profits by keeping labor costs down, as BC Electric/Hydro resisted eliminating the differential in male and female pay, systematically restructured unequal pay, and continually resorted to lower community standards even when the company's own job evaluation system suggested equal comparators with male jobs. Gendered jobs are also shaped by union practices, as evidenced by the OTEU's role in restructuring the postwar gender division of labor in the late 1940s, as well as their early and persistent challenges to the female differential but, at the same time, the continued marginalization of equal pay as a women's issue rather than a general union issue. 66 refs

  18. Power and pay: The union and equal pay at B. C. Electric/Hydro

    Energy Technology Data Exchange (ETDEWEB)

    Creese, G

    The struggle for equal pay for women in one large office union, the Office and Technical Employees' Union (OTEU), at British Columbia Electric/Hydro is analyzed. The analysis concentrates on the second phase of the equal pay movement that preoccupied the union for over 30 years starting in 1949. Equal pay for equal job-evaluation was finally achieved in 1981, yet this struggle did not produce a subsequent questioning of gender bias within the job evaluation process or the structure of the existing hierarchy of jobs. The study illustrates some of the ways that gender hierarchies and inequities are defined and reinforced by employers seeking to maintain profits by keeping labor costs down, as BC Electric/Hydro resisted eliminating the differential in male and female pay, systematically restructured unequal pay, and continually resorted to lower community standards even when the company's own job evaluation system suggested equal comparators with male jobs. Gendered jobs are also shaped by union practices, as evidenced by the OTEU's role in restructuring the postwar gender division of labor in the late 1940s, as well as their early and persistent challenges to the female differential but, at the same time, the continued marginalization of equal pay as a women's issue rather than a general union issue. 66 refs.

  19. The Dilemmas of Adopting Performance Related Pay as a Reward ...

    African Journals Online (AJOL)

    The Dilemmas of Adopting Performance Related Pay as a Reward Strategy for ... over automatic pay increase (formal and transparent reward systems linked to ... of reward and compensation, and low level of motivation and performance.

  20. 49 CFR 92.21 - Deduction from pay.

    Science.gov (United States)

    2010-10-01

    ... salary offset may be made, the chief of the accounting or finance office of the paying DOT operating... accounting or finance office of the paying DOT operating element before collection of the indebtedness by...

  1. Towards a low carbon growth in Mexico: is a double dividend possible? A dynamic general equilibrium assessment

    International Nuclear Information System (INIS)

    Landa, Gissela; Reynes, Frederic; Islas, Ivan; Bellocq, Francois-Xavier; Grazi, Fabio

    2015-10-01

    This paper simulates the medium- and long-term impact of proposed and expected energy policy on the environment and on the Mexican economy. The analysis has been conducted with a Multi-sector macro-economic Model for the Evaluation of Environmental and Energy policy (Three-ME). This model is well suited for policy assessment purposes in the context of developing economies as it indicates the transitional effects of policy intervention. Three-ME estimates the carbon tax required to meet emissions reduction targets within the Mexican 'Climate Change Law', and assesses alternative policy scenarios, each reflecting a different strategy for the recycling of tax revenues. With no compensation, the taxation policy if successful will succeed in in reducing CO 2 emissions by more than 75% by 2050 with respect to Business as Usual (BAU), but at high economic costs. Under full redistribution of carbon tax revenues, a double dividend arises and the policy is beneficial both in terms of GDP and CO 2 emissions reduction. (authors)

  2. Understanding the "Family Gap" in Pay for Women with Children

    OpenAIRE

    Jane Waldfogel

    1998-01-01

    As the gender gap in pay between women and men has been narrowing, the 'family gap' in pay between mothers and nonmothers has been widening. One reason may be the institutional structure in the United States, which has emphasized equal pay and opportunity policies but not family policies, in contrast to other countries that have implemented both. The authors now have evidence on the links between one such family policy and women's pay. Recent research suggests that maternity leave coverage, b...

  3. 27 CFR 70.103 - Failure to pay tax.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Failure to pay tax. 70.103... § 70.103 Failure to pay tax. Whoever fails to pay any tax imposed by Part I of Subchapter A of Chapter... penalty of 5 percent of the tax due but unpaid. For additional penalties for failure to pay tax, see 27...

  4. Relative pay and job satisfaction: some new evidence

    OpenAIRE

    Nguyen, Anh; Taylor, Jim; Bradley, Steve

    2003-01-01

    This paper investigates the determinants of job satisfaction using data from the National Educational Longitudinal Study. The determinants of interest include actual pay, relative pay, hours of work, job autonomy and several personal characteristics. We also investigate the determinants of satisfaction with pay conditional on a worker's satisfaction with other domains of job satisfaction, such as satisfaction with job security. We find that relative pay is statistically significant but that i...

  5. Employee perspectives on individualized pay : Attitudes and fairness perceptions

    OpenAIRE

    Stråberg, Teresia

    2010-01-01

    The use of various types of individualized pay setting has increased dramatically in Sweden. In order for individualized pay to work as an incentive, the pay system has to be perceived as fair. This thesis focuses on the various subjective perceptions that arise in relation to individualized pay setting, since such perceptions may have consequences for employee attitudes and behavior. Using survey data from Swedish human service workers (Study I and II) as well as other public employees (Stud...

  6. Incentive pay and gender gaps in the Nordic countries

    OpenAIRE

    Westling, Tatu

    2011-01-01

    This paper explores the effect of incentive pay on gender pay gaps in Finland, Norway and Sweden among professionals and managers within MNCs. Mercer 2009 Total Remuneration Survey data is utilised. Uniform job ladder, occupation, industry and wage definitions enable consistent cross-country comparisons. In addition to the between-country variation, the within-country variation of gender gap with respect to incentive pay is analysed. The results indicate that gender pay gaps differ among the ...

  7. Who pays for health care in Asia?

    Science.gov (United States)

    O'Donnell, Owen; van Doorslaer, Eddy; Rannan-Eliya, Ravi P; Somanathan, Aparnaa; Adhikari, Shiva Raj; Akkazieva, Baktygul; Harbianto, Deni; Garg, Charu C; Hanvoravongchai, Piya; Herrin, Alejandro N; Huq, Mohammed N; Ibragimova, Shamsia; Karan, Anup; Kwon, Soon-man; Leung, Gabriel M; Lu, Jui-fen Rachel; Ohkusa, Yasushi; Pande, Badri Raj; Racelis, Rachel; Tin, Keith; Tisayaticom, Kanjana; Trisnantoro, Laksono; Wan, Quan; Yang, Bong-Min; Zhao, Yuxin

    2008-03-01

    We estimate the distributional incidence of health care financing in 13 Asian territories that account for 55% of the Asian population. In all territories, higher-income households contribute more to the financing of health care. The better-off contribute more as a proportion of ability to pay in most low- and lower-middle-income territories. Health care financing is slightly regressive in three high-income economies with universal social insurance. Direct taxation is the most progressive source of finance and is most so in poorer economies. In universal systems, social insurance is proportional to regressive. In high-income economies, the out-of-pocket (OOP) payments are proportional or regressive while in low-income economies the better-off spend relatively more OOP. But in most low-/middle-income countries, the better-off not only pay more, they also get more health care.

  8. Tabanidae (Diptera) des pays-bas

    NARCIS (Netherlands)

    Leclercq, M.

    1967-01-01

    INTRODUCTION Cette mise au point des Tabanides des Pays-Bas a été rendue possible grâce à la collaboration de M. V. S. van der Goot, département d'Entomologie, Zoölogisch Museum, Amsterdam, que nous remercions pour son amabilité. Nous avons pu étudier aussi les collections du Rijksmuseum van

  9. The consumer pays the energy bill

    International Nuclear Information System (INIS)

    Meulmeester, P.; Haffner, R.C.G.

    2005-01-01

    The liberalization of the energy market for small-scale consumers in the Netherlands coincides with a period in which consumers have to pay high energy bills. However, the cause of this is not the liberalization, but the high oil prices and raised taxes. In this article an overview is given of the total energy bill n the Netherlands, its components and the first effects of the liberalization process [nl

  10. How to pay in LicenseScript

    OpenAIRE

    Corin, R.J.; Chong, C.N.; Etalle, Sandro; Hartel, Pieter H.

    2003-01-01

    Current DRM systems do not provide flexible payment methods, requiring the user to handle the payment by hand. For instance, when the user needs to pay for watching a movie, she needs to decide which available payment method is the most optimal and suitable. This is a rather cumbersome process for the user that can be avoided by the specification of payment policies. A payment policy automates the payment process of each content usage, choosing the best alternative among the possible payment ...

  11. Volume 10 No. 11 November 2010 4364 WILLINGNESS TO PAY ...

    African Journals Online (AJOL)

    user

    2010-11-11

    Nov 11, 2010 ... to pay a premium, to buy an organic vegetable instead of a conventional one. The amount is a percentage ... the attitude, motives and willingness to pay for a range of organic products. The author laid ... organic products, buying preferences and willingness to pay premiums for selected organic vegetables.

  12. Some Thoughts on the Equal Pay Act and Coaching Salaries.

    Science.gov (United States)

    Boring, Phyllis

    This paper discusses the Equal Pay Act, Title VII of the Civil Rights Act of 1964, as it applies to women athletic coaches and physical education teachers. The following points are considered: (1) application of the Equal Pay Act; (2) advantage of voluntary compliance with the Equal Pay Act; (3) factors used to measure "equal work"; (4)…

  13. 29 CFR 1614.408 - Civil action: Equal Pay Act.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 4 2010-07-01 2010-07-01 false Civil action: Equal Pay Act. 1614.408 Section 1614.408... EQUAL EMPLOYMENT OPPORTUNITY Appeals and Civil Actions § 1614.408 Civil action: Equal Pay Act. A..., three years of the date of the alleged violation of the Equal Pay Act regardless of whether he or she...

  14. 12 CFR 268.407 - Civil action: Equal Pay Act.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Civil action: Equal Pay Act. 268.407 Section... Civil action: Equal Pay Act. A complainant is authorized under section 16(b) of the Fair Labor Standards..., if the violation is willful, three years of the date of the alleged violation of the Equal Pay Act...

  15. 5 CFR 531.214 - Setting pay upon promotion.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Setting pay upon promotion. 531.214... Changes § 531.214 Setting pay upon promotion. (a) General. An agency must set an employee's payable rate of basic pay upon promotion following the rules in this section, consistent with 5 U.S.C. 5334(b...

  16. 29 CFR 1614.202 - Equal Pay Act.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 4 2010-07-01 2010-07-01 false Equal Pay Act. 1614.202 Section 1614.202 Labor Regulations... OPPORTUNITY Provisions Applicable to Particular Complaints § 1614.202 Equal Pay Act. (a) In its enforcement of the Equal Pay Act, the Commission has the authority to investigate an agency's employment practices on...

  17. 5 CFR 534.504 - Annual adjustment in pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Annual adjustment in pay. 534.504 Section 534.504 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY UNDER OTHER SYSTEMS Pay for Senior-Level and Scientific and Professional Positions § 534.504 Annual adjustment...

  18. 38 CFR 3.754 - Emergency officers' retirement pay.

    Science.gov (United States)

    2010-07-01

    ...' retirement pay. 3.754 Section 3.754 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS... officers' retirement pay. A retired emergency officer of World War I has basic eligibility to retirement pay by the Department of Veterans Affairs under Pub. L. 87-875 (sec. 11(b), Pub. L. 85-857) from date...

  19. 76 FR 80191 - Adjustments of Certain Rates of Pay

    Science.gov (United States)

    2011-12-23

    ... Order 13594 of December 19, 2011 Adjustments of Certain Rates of Pay By the authority vested in me as... Appropriations and Surface Transportation Extensions Act, 2011 (Public Law 111-322), which freezes certain pay... full applicable locality pay rates in non-foreign areas pursuant to the Non-Foreign Area Retirement...

  20. 29 CFR 70.42 - Consent to Pay Fees.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 1 2010-07-01 2010-07-01 true Consent to Pay Fees. 70.42 Section 70.42 Labor Office of the....42 Consent to Pay Fees. (a) The filing of a request under this subpart will be deemed to constitute an agreement by the requester to pay all applicable fees charged under this part up to and including...

  1. 22 CFR 512.22 - Deduction from pay.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Deduction from pay. 512.22 Section 512.22... 1982 Salary Offset § 512.22 Deduction from pay. (a) Deduction by salary offset, from an employee's disposable current pay, shall be subject to the following circumstances: (1) When funds are available, the...

  2. 36 CFR 1202.52 - How do I pay?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How do I pay? 1202.52 Section... REGULATIONS IMPLEMENTING THE PRIVACY ACT OF 1974 Individual Access to Records § 1202.52 How do I pay? You must pay by check or money order. Make your check or money order payable to the National Archives and...

  3. 12 CFR 268.202 - Equal Pay Act.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Equal Pay Act. 268.202 Section 268.202 Banks... REGARDING EQUAL OPPORTUNITY Provisions Applicable to Particular Complaints § 268.202 Equal Pay Act. Complaints alleging violations of the Equal Pay Act shall be processed under this part. ...

  4. 29 CFR 778.409 - Provision for overtime pay.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false Provision for overtime pay. 778.409 Section 778.409 Labor... Regular Rate Principles Guaranteed Compensation Which Includes Overtime Pay § 778.409 Provision for overtime pay. The section 7(f) contract must provide for compensation at not less than one and one-half...

  5. 77 FR 70381 - General Schedule Locality Pay Areas

    Science.gov (United States)

    2012-11-26

    ... 3206-AM51 General Schedule Locality Pay Areas AGENCY: U.S. Office of Personnel Management. ACTION: Proposed rule with request for comments. SUMMARY: On behalf of the President's Pay Agent, the Office of Personnel Management is issuing proposed regulations to tie the metropolitan area portion of locality pay...

  6. 44 CFR 353.7 - Failure to pay.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Failure to pay. 353.7 Section... LICENSEE RADIOLOGICAL EMERGENCY PLANS AND PREPAREDNESS § 353.7 Failure to pay. In any case where there is a dispute over the FEMA bill or where FEMA finds that a licensee has failed to pay a prescribed fee required...

  7. 27 CFR 70.97 - Failure to pay tax.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Failure to pay tax. 70.97... § 70.97 Failure to pay tax. (a) Negligence—(1) General. If any part of any underpayment (as defined in... section 6651 of the Internal Revenue Code (relating to failure to file such return or pay tax) shall be...

  8. 38 CFR 3.654 - Active service pay.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Active service pay. 3.654..., Compensation, and Dependency and Indemnity Compensation Adjustments and Resumptions § 3.654 Active service pay. (a) General. Pension, compensation, or retirement pay will be discontinued under the circumstances...

  9. 44 CFR 354.7 - Failure to pay.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Failure to pay. 354.7 Section 354.7 Emergency Management and Assistance FEDERAL EMERGENCY MANAGEMENT AGENCY, DEPARTMENT OF HOMELAND... PROGRAM § 354.7 Failure to pay. Where a licensee fails to pay a prescribed fee required under this part...

  10. 5 CFR 531.603 - Locality pay areas.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Locality pay areas. 531.603 Section 531.603 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY UNDER THE GENERAL SCHEDULE Locality-Based Comparability Payments § 531.603 Locality pay areas. (a) Locality rates of...

  11. 40 CFR 66.61 - Duty to pay.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 15 2010-07-01 2010-07-01 false Duty to pay. 66.61 Section 66.61... COLLECTION OF NONCOMPLIANCE PENALTIES BY EPA Payment § 66.61 Duty to pay. (a) Except where the owner or... who submits a petition pursuant to § 66.52 shall pay the penalty amount calculated by the owner or...

  12. 78 FR 21503 - Adjustments of Certain Rates of Pay

    Science.gov (United States)

    2013-04-11

    ... Order 13641 of April 5, 2013 Adjustments of Certain Rates of Pay By the authority vested in me as... Consolidated and Further Continuing Appropriations Act, 2013 (Public Law 113-6), which requires certain pay... follows: Section 1. Statutory Pay Systems. Pursuant to the Consolidated and Further Continuing...

  13. 78 FR 649 - Adjustments of Certain Rates of Pay

    Science.gov (United States)

    2013-01-03

    ... Adjustments of Certain Rates of Pay By the authority vested in me as President by the Constitution and the... certain pay schedules for civilian Federal employees may take effect on the first day of the first applicable pay period beginning after the date specified in section 106(3) of Public Law 112-175, it is...

  14. 29 CFR 1450.23 - Deduction from pay.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 4 2010-07-01 2010-07-01 false Deduction from pay. 1450.23 Section 1450.23 Labor... OWED THE UNITED STATES Salary Offset § 1450.23 Deduction from pay. (a) Deduction by salary offset, from an employee's current disposable pay, shall be subject to the following conditions: (1) Ordinarily...

  15. Equal pay legislation and the gender wage gap

    OpenAIRE

    Polachek, Solomon W.

    2014-01-01

    Despite equal pay legislation dating back 50 years, American women still earn 22% less than their male counterparts. In the UK, with its Equal Pay Act of 1970, and France, which legislated in 1972, the gap is 21% and 17% respectively, and in Australia it remains around 17%. Thus, the gender pay gap continues to be an important policy issue.

  16. Reviving Pay Equity: New Strategies for Attacking the Wage Gap.

    Science.gov (United States)

    Kahn, Peggy; Figart, Deborah M.

    1998-01-01

    Pay equity remains a problem linked to the problem of low pay. Pay equity must be understood as one solution to the problem of securing a living wage for women and men in the restructuring economy as well as a means for challenging gender equity. (JOW)

  17. 75 FR 21155 - National Equal Pay Day, 2010

    Science.gov (United States)

    2010-04-23

    ..., helps women achieve wage fairness. This law brings us closer to ending pay disparities based on gender... Enforcement Task Force to bolster enforcement of pay discrimination laws, making sure women get equal pay for... America A Proclamation Throughout our Nation's history, extraordinary women have broken barriers to...

  18. 78 FR 21811 - National Equal Pay Day, 2013

    Science.gov (United States)

    2013-04-11

    ..., 2013 National Equal Pay Day, 2013 By the President of the United States of America A Proclamation Over... of the United States, do hereby proclaim April 9, 2013, as National Equal Pay Day. I call upon all... Vol. 78 Thursday, No. 70 April 11, 2013 Part V The President Proclamation 8955--National Equal Pay...

  19. 75 FR 9544 - Inmate Work and Performance Pay Program

    Science.gov (United States)

    2010-03-03

    ... inmate may receive performance pay only for that portion of the month that the inmate was working... Inmate Work and Performance Pay Program AGENCY: Bureau of Prisons, Justice. ACTION: Proposed rule... work and performance pay by removing redundant language and provisions that relate solely to staff...

  20. 5 CFR 9701.342 - Performance pay increases.

    Science.gov (United States)

    2010-01-01

    ... increases, the Secretary or designee must take into account the average value of within-grade and quality... pay pool controls to allocate pay increases based on performance points that are directly linked to... function of the amount of money in the performance pay pool, the relative point value placed on ratings...

  1. The Effects of Introducing Advertising in Pay TV: A Model of Asymmetric Competition between Pay TV and Free TV

    OpenAIRE

    Helmut Dietl; Markus Lang; Panlang Lin

    2012-01-01

    This paper develops a theoretical model of asymmetric competition between a pay TV and a free TV broadcaster. Our model shows that the pay TV broadcaster has incentives to place advertising on its channel if the marginal return on advertising exceeds the viewers' disutility from advertising. In this case, however, the pay TV advertising level is always below the corresponding level on free TV. The pay TV advertising level can increase with a higher viewer disutility from advertising but the p...

  2. Does obfuscating excessive CEO pay work? The influence of remuneration report readability on say-on-pay votes

    NARCIS (Netherlands)

    Hooghiemstra, Reggy; Kuang, Yu Flora; Qin, Bo

    2017-01-01

    This paper assesses whether reducing ‘readability’ is an effective obfuscation strategy for influencing the level of shareholder say-on-pay voting dissent in firms with excessive CEO pay. Based on a sample of UK-listed firms, our results indicate that in cases of excessive CEO pay, a less readable

  3. The Fiscal, Social and Economic Dividends of Feeling Better and Living Longer

    Directory of Open Access Journals (Sweden)

    J.C. Herbert Emery

    2013-06-01

    Full Text Available While Canada has socialized most of the costs of treating illness, Canada has maintained a reliance on individuals interacting through private markets to invest in upstream health promotion and disease prevention. The failure of the market to provide the efficient level of upstream investment in health is leading to large and avoidable increases in the need for downstream medical treatment. The way to reduce the future deadweight loss of illness and disease is for provincial governments to address the upstream market failures through an expansion of the scope of public payment for health care to include upstream services for health promotion and disease prevention. Perhaps somewhat counterintuitively, spending public health-care dollars across a broader range of health and wellness services can result in spending less in total, because of the efficiency gains that will come from better health in the population. That is certainly what the evidence from a unique Albertan pilot project leads us to conclude. The Pure North S’Energy Foundation is a philanthropic initiative that pays for and provides preventative health-care services for Albertans drawn from groups that are vulnerable to poor health. This includes homeless people, people suffering from addiction, people with low incomes, people in isolated areas and susceptible seniors. The health improvements observed in those participating in the Pure North program have been significant. Effective health-promotion and disease-prevention services obviously benefit patients. But there are also substantial benefits to society as well. The annual health-care bill for a Canadian in poor health is estimated to be more than $10,000 higher than for someone in good health, meaning that keeping people in good health can be an important means for controlling public health-care budgets, and can free up scarce acutecare hospital resources. If the Pure North program were scaled-up province-wide to cover the

  4. Achieving equal pay for comparable worth through arbitration.

    Science.gov (United States)

    Wisniewski, S C

    1982-01-01

    Traditional "women's jobs" often pay relatively low wages because of the effects of institutionalized stereotypes concerning women and their role in the work place. One way of dealing with sex discrimination that results in job segregation is to narrow the existing wage differential between "men's jobs" and "women's jobs." Where the jobs are dissimilar on their face, this narrowing of pay differences involves implementing the concept of "equal pay for jobs of comparable worth." Some time in the future, far-reaching, perhaps even industrywide, reductions in male-female pay differentials may be achieved by pursuing legal remedies based on equal pay for comparable worth. However, as the author demonstrates, immediate, albeit more limited, relief for sex-based pay inequities found in specific work places can be obtained by implementing equal pay for jobs of comparable worth through the collective bargaining and arbitration processes.

  5. 12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

    Science.gov (United States)

    2010-01-01

    ... stockholder's proportional interest in the issuing company or any increase in the assets of that company. Such... bank. The holding company would voluntarily pay additional funds for the extra shares and would... rights would cause the assets of the issuing company to be increased and in a sense, therefore, the “size...

  6. A new daily dividend-adjusted index for the Danish stock market, 1985-2002: Construction, statistical properties, and return predictability

    DEFF Research Database (Denmark)

    Belter, Klaus; Engsted, Tom; Tanggaard, Carsten

    2005-01-01

    is given. In the second part of the paper we analyze the time-series properties of daily, weekly, and monthly returns, and we present evidence on predictability of multi-period returns. We also compare stock returns with the returns on long-term bonds and short-term money market instruments (that is......We present a new dividend-adjusted blue chip index for the Danish stock market covering the period 1985-2002. In contrast to other indices on the Danish stock market, the index is calculated on a daily basis. In the first part of the paper a detailed description of the construction of the index...

  7. Pay-what-you-want pricing schemes

    DEFF Research Database (Denmark)

    Kahsay, Goytom Abraha; Samahita, Margaret

    2015-01-01

    Pay-What-You-Want (PWYW) pricing schemes are becoming increasingly popular. We develop a model incorporating self-image into the buyer’s utility function and introduce heterogeneity in consumption utility and image-sensitivity, generating different purchase decisions and optimal prices across...... individuals. When a good’s fixed price is lower than a threshold fair value, PWYW can lead to a lower utility. This may result in a lower purchase rate and higher average price, accounting for previously unexplained field experimental evidence. An increase in the threshold value decreases the buyer’s utility...... and may further lower the purchase rate, resulting in a further increase in purchase price....

  8. Willingness to pay for wholesome canteen takeaway

    OpenAIRE

    Nordström, Jonas

    2011-01-01

    The primary objective of this study was to estimate the willingness to pay (WTP) for a new intervention at the workplace: wholesome canteen takeaways (CTA), i.e. a low fat meal with a large amount of vegetables prepared at the workplace canteen that only requires re-heating. The contingent valuation method was used to elicit the WTP. Two surveys were carried out in Denmark; one large-scale Internet based survey and one survey at a workplace that introduced CTA. The results from the large-scal...

  9. On the Effectiveness of Incentive Pay

    DEFF Research Database (Denmark)

    Friis, Ivar; Hansen, Allan; Vámosi, Tamás S.

    2015-01-01

    research addressing the need to better understand how interdependencies arise among management control system elements and how they affect organisational effectiveness. Based on an in-depth case study on the implementation of a new incentive system in a manufacturing firm, we seek to provide more research...... and insight into how incentive pay features in complementary and substitutional relationships in an individual organisational setting. Greater insight can help illustrate how complementary and substitutional relationships unfold in even more complex ways than current research indicates, as well as how...

  10. EMBL pay settlement will cost millions

    CERN Multimedia

    Abott, A

    1999-01-01

    A labour dispute at EMBL, Heidelberg, was settled last week at a cost of at least DM4 million for the organisation's 16 member states. The lab has asked for clarification on whether the ruling from the IL0 refers simply to a salary adjustment from 1995 or also to a backdated implementation of higher salary scales. This second option would cost considerably more - 8 percent of the budget in back pay and DM3.5 million per annum (1/2 page).

  11. 5 CFR 550.172 - Relation to overtime, night, and holiday pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Relation to overtime, night, and holiday..., and holiday pay. Premium pay for Sunday work is in addition to premium pay for holiday work, overtime... used to compute the pay for holiday work, overtime pay, or night pay differential. Law Enforcement...

  12. Frontal Brain Asymmetry and Willingness to Pay.

    Science.gov (United States)

    Ramsøy, Thomas Z; Skov, Martin; Christensen, Maiken K; Stahlhut, Carsten

    2018-01-01

    Consumers frequently make decisions about how much they are willing to pay (WTP) for specific products and services, but little is known about the neural mechanisms underlying such calculations. In this study, we were interested in testing whether specific brain activation-the asymmetry in engagement of the prefrontal cortex-would be related to consumer choice. Subjects saw products and subsequently decided how much they were willing to pay for each product, while undergoing neuroimaging using electroencephalography. Our results demonstrate that prefrontal asymmetry in the gamma frequency band, and a trend in the beta frequency band that was recorded during product viewing was significantly related to subsequent WTP responses. Frontal asymmetry in the alpha band was not related to WTP decisions. Besides suggesting separate neuropsychological mechanisms of consumer choice, we find that one specific measure-the prefrontal gamma asymmetry-was most strongly related to WTP responses, and was most coupled to the actual decision phase. These findings are discussed in light of the psychology of WTP calculations, and in relation to the recent emergence of consumer neuroscience and neuromarketing.

  13. Frontal Brain Asymmetry and Willingness to Pay

    Directory of Open Access Journals (Sweden)

    Thomas Z. Ramsøy

    2018-03-01

    Full Text Available Consumers frequently make decisions about how much they are willing to pay (WTP for specific products and services, but little is known about the neural mechanisms underlying such calculations. In this study, we were interested in testing whether specific brain activation—the asymmetry in engagement of the prefrontal cortex—would be related to consumer choice. Subjects saw products and subsequently decided how much they were willing to pay for each product, while undergoing neuroimaging using electroencephalography. Our results demonstrate that prefrontal asymmetry in the gamma frequency band, and a trend in the beta frequency band that was recorded during product viewing was significantly related to subsequent WTP responses. Frontal asymmetry in the alpha band was not related to WTP decisions. Besides suggesting separate neuropsychological mechanisms of consumer choice, we find that one specific measure—the prefrontal gamma asymmetry—was most strongly related to WTP responses, and was most coupled to the actual decision phase. These findings are discussed in light of the psychology of WTP calculations, and in relation to the recent emergence of consumer neuroscience and neuromarketing.

  14. Frontal Brain Asymmetry and Willingness to Pay

    Science.gov (United States)

    Ramsøy, Thomas Z.; Skov, Martin; Christensen, Maiken K.; Stahlhut, Carsten

    2018-01-01

    Consumers frequently make decisions about how much they are willing to pay (WTP) for specific products and services, but little is known about the neural mechanisms underlying such calculations. In this study, we were interested in testing whether specific brain activation—the asymmetry in engagement of the prefrontal cortex—would be related to consumer choice. Subjects saw products and subsequently decided how much they were willing to pay for each product, while undergoing neuroimaging using electroencephalography. Our results demonstrate that prefrontal asymmetry in the gamma frequency band, and a trend in the beta frequency band that was recorded during product viewing was significantly related to subsequent WTP responses. Frontal asymmetry in the alpha band was not related to WTP decisions. Besides suggesting separate neuropsychological mechanisms of consumer choice, we find that one specific measure—the prefrontal gamma asymmetry—was most strongly related to WTP responses, and was most coupled to the actual decision phase. These findings are discussed in light of the psychology of WTP calculations, and in relation to the recent emergence of consumer neuroscience and neuromarketing. PMID:29662432

  15. Paying for Mitigation: A Multiple Country Study

    Energy Technology Data Exchange (ETDEWEB)

    Carlsson, Fredrik; Kataria, Mitesh; Krupnick, Alan; Lampi, Elina; Loefgren, Aasa; Ping Qin; Chung, Susie; Sterner, Thomas

    2010-05-15

    Unique survey data from a contingent valuation study conducted in three different countries (China, Sweden, and the United States) were used to investigate the ordinary citizen's willingness to pay (WTP) for reducing CO{sub 2} emissions. We find that a large majority of the respondents in all three countries believe that the mean global temperature has increased over the last 100 years and that humans are responsible for the increase. A smaller share of Americans, however, believes these statements, when compared to the Chinese and Swedes. A larger share of Americans is also pessimistic and believes that nothing can be done to stop climate change. We also find that Sweden has the highest WTP for reductions of CO{sub 2}, while China has the lowest. Thus, even though the Swedes and Chinese are similar to each other in their attitudes toward climate change, they differ considerably in their WTP. When WTP is measured as a share of household income, the willingness to pay is the same for Americans and Chinese, while again higher for the Swedes

  16. Refusal to pay electricity bill is illegal

    International Nuclear Information System (INIS)

    Hermann, H.P.

    1979-01-01

    Pursuant to a judgement passed by the Lower Court of Hamburg, the author discusses probable legal arguments justifying the refusal to pay one's electricity bill, the so-called electricity bill boycott. Following an analysis of the power supply contract and of the content and the limits of the fundamental right of freedom of conscience, as well as of the concept of free enterprise and of the legal effect of licenses under the nuclear law, his point of view stated in the article is to agree with the decision of the court saying that the operation of a nuclear power plant licensed under the nuclear law does not mean an infringement of the right of freedom of conscience. It can further not be accepted to let people refuse to pay their electricity bill by referring to the right of freedom of speech, by alleging conduct against public policy on the part of the public utilities, or by referring to the right of opposition. (HSCH) [de

  17. Gender Differences in Pay Histories and Views on Pay Entitlement among University Students.

    Science.gov (United States)

    Desmarais, Serge; Curtis, James

    1997-01-01

    Examines whether gender differences in recent pay experience influence entitlement views by providing different standards for female and male students' judgments of their entitlements. Responses from 309 undergraduate students reveal that income gaps in the full-time working world extended to their own recent work experiences and that these past…

  18. Executive compensation, financial performance and say on pay votes

    Directory of Open Access Journals (Sweden)

    Xiaoli Yuan

    2017-03-01

    Full Text Available The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 was passed as a response to the late-2000s recession. A shareholder opt-in executive pay vote was introduced as a solution to the managerial power problem. We examine the results of this recommended solution and prove its viability. We find that there is a stronger association between high CEO pay and low say-on-pay vote support for firms with negative financial performance. We also find the market-to-book ratio is significantly lower for companies that failed say-on-pay votes. Furthermore, regulated industries such as financial services are more likely receive unfavourable say-on-pay votes. We document an increase in the sensitivity of CEO pay to poor performance. Overall, these finds are consistent with calls for less “rewards for failure” that led to the Dodd–Frank Wall Street Reform and Consumer Protection Act.

  19. 29 CFR 778.221 - “Call-back” pay.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false âCall-backâ pay. 778.221 Section 778.221 Labor Regulations...Regular Rateâ Payments Not for Hours Worked § 778.221 “Call-back” pay. (a) General. In the interest of... payments consist of a specified number of hours' pay at the applicable straight time or overtime rates...

  20. 26 CFR 301.6653-1 - Failure to pay tax.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Failure to pay tax. 301.6653-1 Section 301.6653... Additions to the Tax and Additional Amounts § 301.6653-1 Failure to pay tax. (a) Negligence or intentional... paragraph (b)(2) of this section. (e) Failure to pay stamp tax. Any person (as defined in section 6671(b...