WorldWideScience

Sample records for promises rich dividends

  1. 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...

  2. 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...

  3. 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

  4. 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...

  5. 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.

  6. 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...

  7. 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...

  8. 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...

  9. 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, ...

  10. 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...

  11. 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.

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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.

  17. 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.

  18. 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...

  19. Crovirin, a snake venom cysteine-rich secretory protein (CRISP with promising activity against Trypanosomes and Leishmania.

    Directory of Open Access Journals (Sweden)

    Camila M Adade

    2014-10-01

    Full Text Available The neglected human diseases caused by trypanosomatids are currently treated with toxic therapy with limited efficacy. In search for novel anti-trypanosomatid agents, we showed previously that the Crotalus viridis viridis (Cvv snake venom was active against infective forms of Trypanosoma cruzi. Here, we describe the purification of crovirin, a cysteine-rich secretory protein (CRISP from Cvv venom with promising activity against trypanosomes and Leishmania.Crude venom extract was loaded onto a reverse phase analytical (C8 column using a high performance liquid chromatographer. A linear gradient of water/acetonitrile with 0.1% trifluoroacetic acid was used. The peak containing the isolated protein (confirmed by SDS-PAGE and mass spectrometry was collected and its protein content was measured. T. cruzi trypomastigotes and amastigotes, L. amazonensis promastigotes and amastigotes and T. brucei rhodesiense procyclic and bloodstream trypomastigotes were challenged with crovirin, whose toxicity was tested against LLC-MK2 cells, peritoneal macrophages and isolated murine extensor digitorum longus muscle. We purified a single protein from Cvv venom corresponding, according to Nano-LC MS/MS sequencing, to a CRISP of 24,893.64 Da, henceforth referred to as crovirin. Human infective trypanosomatid forms, including intracellular amastigotes, were sensitive to crovirin, with low IC50 or LD50 values (1.10-2.38 µg/ml. A considerably higher concentration (20 µg/ml of crovirin was required to elicit only limited toxicity on mammalian cells.This is the first report of CRISP anti-protozoal activity, and suggests that other members of this family might have potential as drugs or drug leads for the development of novel agents against trypanosomatid-borne neglected diseases.

  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. 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.

  2. 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.

  3. 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

  4. 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

  5. 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.

  6. 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...

  7. 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.

  8. 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

  9. 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...

  10. 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...

  11. 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.

  12. 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

  13. 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

  14. 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.

  15. 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.

  16. Tamarind (Tamarindus indica) fruit shell carbon: A calcium-rich promising adsorbent for fluoride removal from groundwater

    International Nuclear Information System (INIS)

    Sivasankar, V.; Rajkumar, S.; Murugesh, S.; Darchen, A.

    2012-01-01

    Highlights: ► The carbonization of Tamarind fruit shell improved its defluoridation efficiency. ► Calcium carbonate particles were involved in the defluoridation process. ► Adsorbent dose, pH, and fluoride concentration showed significant effects. ► Maximum adsorption of fluoride was achieved at pH 7–8. ► Prepared carbons were efficient in treating three natural waters. - Abstract: Tamarindus indica fruit shells (TIFSs) are naturally calcium rich compounds. They were impregnated with ammonium carbonate and then carbonized, leading to ammonium carbonate activated ACA-TIFS carbon. The resulting materials and carbon arising from virgin fruit shells V-TIFS were characterized and assayed as adsorbent for the removal of fluoride anions from groundwater. The fluoride scavenging ability of TIFS carbons was due to naturally dispersed calcium compounds. X-ray diffraction (XRD) showed that TIFS carbon contained a mixture of calcium oxalate and calcium carbonate. Batch studies on the fluoride removal efficiency of TIFS carbons with respect to contact time, pH, initial fluoride concentration, and co-ion interference were conducted. Applicability of various kinetic models (viz., pseudo-first-order, pseudo-second-order, intra-particle diffusion and Elovich) and sorption isotherms were tested for batch techniques. The fluoride removal capacity of TIFS carbons was found to be 91% and 83% at a pH of 7.05 for V-TIFS and ACA-TIFS carbons, respectively. The practical applicability of TIFS carbons using groundwater samples was approved. The fluoride removal was greater in groundwater without hydrogen carbonate ions than those containing these ions. The characterizations of fluoride unloaded and loaded TIFS carbons were done by SEM and XRD studies.

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. 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...

  2. 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

  3. 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...

  4. '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

  5. 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.

  6. 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 ...

  7. 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 ...

  8. 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.

  9. 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...

  10. 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...

  11. 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.

  12. 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...

  13. 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,

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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.

  19. 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.

  20. 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...

  1. 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...

  2. 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 ...

  3. 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...

  4. 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...

  5. 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 ...

  6. 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.

  7. 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...

  8. 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...

  9. 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.

  10. 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.

  11. 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...

  12. 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 ...

  13. 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 ...

  14. 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

  15. 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

  16. 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

  17. 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.

  18. 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.

  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 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...

  3. 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 ...

  4. 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

  5. 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.

  6. 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.

  7. 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.

  8. 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 ...

  9. 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.

  10. 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...

  11. 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...

  12. 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...

  13. Platelet-rich plasma and its derivatives as promising bioactive materials for regenerative medicine: basic principles and concepts underlying recent advances.

    Science.gov (United States)

    Kawase, Tomoyuki

    2015-05-01

    Over the past decade, platelet-rich plasma (PRP), a platelet-concentrated plasma fraction, has been widely investigated and applied to regenerative medicine. The clinical utility of PRP is supported by evidence that PRP contains high concentrations of platelet-related growth factors and normal concentrations of plasma-derived fibrinogen, both of which contribute synergistically to the regenerative process. Additionally, its superior cost-efficacy versus conventional therapies is attractive to many clinicians. However, current disadvantages of PRP include a relatively complicated preparation procedure and variable operator-dependent efficacy. An additional disadvantage is the use of bovine thrombin, an animal-derived biological, as a coagulant. Many of these disadvantages are overcome by recent advances in preparation procedures and devices; for example, Joseph Choukroun simplified the platelet-rich fibrin preparation procedure and improved handling efficiency without the aid of animal-derived factors. With advancements in cell processing technology, there has been a general shift in cell therapy from autologous to allogeneic treatment; however, autologous PRP therapy will not easily be replaced by allogeneic treatment in the near future. Therefore, to provide more predictable regenerative therapy outcomes using autologous PRP, further investigations should address developing a standardized procedure for PRP preparation to augment its efficacy and potency, independent of donor variability. We would then propose that operators and clinicians prepare PRP according to the standardized protocol and to carefully evaluate the clinical scenario (i.e., recipient factors comprising skeletal defects) to determine which factor(s) should be added to PRP preparations. This careful approach will lead to improved clinical outcomes for patients.

  14. 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...

  15. 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...

  16. 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.

  17. 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...

  18. 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.

  19. 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...

  20. 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.

  1. 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...

  2. Ex vivo expansion of bone marrow stromal cells by platelet-rich plasma: a promising strategy in maxillo-facial surgery.

    Science.gov (United States)

    Oliva, A; Passaro, I; Di Pasquale, R; Di Feo, A; Criscuolo, M; Zappia, V; Della Ragione, F; D'Amato, S; Annunziata, M; Guida, L

    2005-01-01

    The aim of our study is to evaluate in vitro the response of bone marrow stromal cells (BMSCs) to platelet-rich plasma (PRP), in order to clarify the potential role of their combined use in a preclinical phase preceding BMSCs transplantation for bone repair and regeneration procedures. The incubation of BMSCs with PRP promoted a remarkable, dose- and time- dependent, growth stimulation, that was paralleled to a strong increase in the quantity of type I collagen and to a significant decrease in the activity of the early osteoblastic differentiation marker, alkaline phosphatase (AP). Once PRP was removed and osteogenic inducers were added, AP returned to levels comparable to the control, while the late phenotypic markers, osteocalcin and matrix calcification, were enhanced to higher levels than in controls. Our data demonstrate that PRP induces a remarkable ex vivo enrichment of BMSCs maintaining their differentiative potential. Thus PRP represents a valid preclinical tool for obtaining an effective, rapid and safe ex vivo expansion of BMSCs prior to their clinical utilization in bone engineering.

  3. 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...

  4. 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.

  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. 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....

  8. 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.

  9. 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...

  10. Fuzzy promises

    DEFF Research Database (Denmark)

    Anker, Thomas Boysen; Kappel, Klemens; Eadie, Douglas

    2012-01-01

    as narrative material to communicate self-identity. Finally, (c) we propose that brands deliver fuzzy experiential promises through effectively motivating consumers to adopt and play a social role implicitly suggested and facilitated by the brand. A promise is an inherently ethical concept and the article...... concludes with an in-depth discussion of fuzzy brand promises as two-way ethical commitments that put requirements on both brands and consumers....

  11. 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…

  12. 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…

  13. 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

  14. 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...

  15. 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

  16. 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.

  17. 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...

  18. 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

  19. 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

  20. 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 ...

  1. 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.

  2. 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.

  3. 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

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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.

  11. 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.

  12. 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

  13. 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...

  14. 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.

  15. 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...

  16. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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...

  1. 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.

  2. 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

  3. 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...

  4. 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....

  5. 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

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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

  13. 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.

  14. 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.

  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. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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...

  1. 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...

  2. 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.

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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.

  8. 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.

  9. 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.

  10. 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

  11. 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

  12. 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.

  13. 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...

  14. 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...

  15. 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.

  16. 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.

  17. 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.

  18. 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%.

  19. 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...

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. 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

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

  10. 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

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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...

  18. 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...

  19. 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.

  20. 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.

  1. 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...

  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. 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.

  4. 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...

  5. 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

  6. 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...

  7. 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...

  8. 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. ...

  9. \\"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.

  10. 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.

  11. 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.

  12. 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...

  13. 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...

  14. 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...

  15. 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.

  16. 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.

  17. 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

  18. Elicited vs. voluntary promises

    NARCIS (Netherlands)

    Ismayilov, H.; Potters, Jan

    2017-01-01

    We set up an experiment with pre-play communication to study the impact of promise elicitation by trustors from trustees on trust and trustworthiness. When given the opportunity a majority of trustors solicits a promise from the trustee. This drives up the promise making rate by trustees to almost

  19. 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.

  20. 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.

  1. 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.

  2. 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 ...

  3. 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...

  4. 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...

  5. 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.

  6. 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.

  7. 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)

  8. 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.

  9. 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.

  10. 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...

  11. 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.

  12. 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...

  13. 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...

  14. 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...

  15. 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

  16. 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.

  17. 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.

  18. 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...

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. Keeping the Promise

    Science.gov (United States)

    Whissemore, Tabitha

    2016-01-01

    Since its launch in September 2015, Heads Up America has collected information on nearly 125 promise programs across the country, many of which were instituted long before President Barack Obama announced the America's College Promise (ACP) plan in 2015. At least 27 new free community college programs have launched in states, communities, and at…

  5. Promise Zones for Applicants

    Data.gov (United States)

    Department of Housing and Urban Development — This tool assists applicants to HUD's Promise Zone initiative prepare data to submit with their application by allowing applicants to draw the exact location of the...

  6. Promising More Information

    Science.gov (United States)

    2003-01-01

    When NASA needed a real-time, online database system capable of tracking documentation changes in its propulsion test facilities, engineers at Stennis Space Center joined with ECT International, of Brookfield, Wisconsin, to create a solution. Through NASA's Dual-Use Program, ECT developed Exdata, a software program that works within the company's existing Promise software. Exdata not only satisfied NASA s requirements, but also expanded ECT s commercial product line. Promise, ECT s primary product, is an intelligent software program with specialized functions for designing and documenting electrical control systems. An addon to AutoCAD software, Promis e generates control system schematics, panel layouts, bills of material, wire lists, and terminal plans. The drawing functions include symbol libraries, macros, and automatic line breaking. Primary Promise customers include manufacturing companies, utilities, and other organizations with complex processes to control.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  11. 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...

  12. 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. 

  13. 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...

  14. 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...

  15. 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.

  16. Promising change, delivering continuity

    DEFF Research Database (Denmark)

    Lund, Jens Friis; Sungusia, Eliezeri; Mabele, Mathew Bukhi

    2017-01-01

    REDD+ is an ambition to reduce carbon emissions from deforestation and forest degradation in the Global South. This ambition has generated unprecedented commitment of political support and financial funds for the forest-development sector. Many academics and people-centered advocacy organizations...... have conceptualized REDD+ as an example of ‘‘green grabbing” and have voiced fears of a potential global rush for land and trees. In this paper we argue that, in practice and up until now, REDD+ resembles longstanding dynamics of the development and conservation industry, where the promise of change...... becomes a discursive commodity that is constantly reproduced and used to generate value and appropriate financial resources. We thus argue for a re-conceptualization of REDD+ as a conservation fad within the broader political economy of development and conservation. We derive this argument from a study...

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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

  8. The Promises of Biology and the Biology of Promises

    DEFF Research Database (Denmark)

    Lee, Jieun

    2015-01-01

    commitments with differently imagined futures. I argue that promises are constitutive of the stem cell biology, rather than being derivative of it. Since the biological concept of stem cells is predicated on the future that they promise, the biological life of stem cells is inextricably intertwined...... patients’ bodies in anticipation of materializing the promises of stem cell biology, they are produced as a new form of biovaluable. The promises of biology move beyond the closed circuit of scientific knowledge production, and proliferate in the speculative marketplaces of promises. Part II looks at how...... of technologized biology and biological time can appear promising with the backdrop of the imagined intransigence of social, political, and economic order in the Korean society....

  9. Platelet-rich plasma in otolaryngology.

    Science.gov (United States)

    Stavrakas, M; Karkos, P D; Markou, K; Grigoriadis, N

    2016-12-01

    Platelet-rich plasma is a novel material that is being used more frequently in many surgical specialties. A literature review on the current and potential uses of platelet-rich plasma in otolaryngology was performed. There is limited evidence on the use of platelet-rich plasma in otolaryngology compared with other specialties: only 11 studies on various subspecialties (otology, rhinology and laryngology) were included in the final review. Based on the limited number of studies, we cannot draw safe conclusions about the value of platelet-rich plasma in otolaryngology. Nevertheless, the available literature suggests that platelet-rich plasma holds promise for future research and may have a number of clinical applications.

  10. 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)

  11. 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.

  12. The CAPRICE RICH detector

    Energy Technology Data Exchange (ETDEWEB)

    Basini, G. [INFN, Laboratori Nazionali di Frascati, Rome (Italy); Codino, A.; Grimani, C. [Perugia Univ. (Italy)]|[INFN, Perugia (Italy); De Pascale, M.P. [Rome Univ. `Tor Vergata` (Italy). Dip. di Fisica]|[INFN, Sezione Univ. `Tor Vergata` Rome (Italy); Cafagna, F. [Bari Univ. (Italy)]|[INFN, Bari (Italy); Golden, R.L. [New Mexico State Univ., Las Cruces, NM (United States). Particle Astrophysics Lab.; Brancaccio, F.; Bocciolini, M. [Florence Univ. (Italy)]|[INFN, Florence (Italy); Barbiellini, G.; Boezio, M. [Trieste Univ. (Italy)]|[INFN, Trieste (Italy)

    1995-09-01

    A compact RICH detector has been developed and used for particle identification in a balloon borne spectrometer to measure the flux of antimatter in the cosmic radiation. This is the first RICH detector ever used in space experiments that is capable of detecting unit charged particles, such as antiprotons. The RICH and all other detectors performed well during the 27 hours long flight.

  13. 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.

  14. Political Reputations and Campaign Promises

    OpenAIRE

    Aragones, Enriqueta; Palfrey, Thomas R.; Postlewaite, Andrew

    2006-01-01

    We analyze conditions under which candidates' reputations may affect voters' beliefs over what policy will be implemented by the winning candidate of an election. We develop a model of repeated elections with complete information in which candidates are purely ideological. We analyze an equilibrium in which voters' strategies involve a credible threat to punish candidates who renege on their campaign promises and in which all campaign promises are believed by voters and honored by candidates....

  15. 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.

  16. 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

  17. Four-Wave Mixing in Silicon-Rich Nitride Waveguides

    DEFF Research Database (Denmark)

    Mitrovic, Miranda; Guan, Xiaowei; Ji, Hua

    2015-01-01

    We demonstrate four-wave mixing wavelength conversion in silicon-rich nitride waveguides which are a promising alternative to silicon for nonlinear applications. The obtained conversion efficiency reaches -13.6 dB while showing no significant nonlinear loss.......We demonstrate four-wave mixing wavelength conversion in silicon-rich nitride waveguides which are a promising alternative to silicon for nonlinear applications. The obtained conversion efficiency reaches -13.6 dB while showing no significant nonlinear loss....

  18. Platelet rich plasma in dermatology and aesthetic medicine

    OpenAIRE

    Neerja Puri

    2015-01-01

    Platelet rich plasma is a promising therapy in dermatology and aesthetic medicine. In this article we will discuss the pros and cons of platelet rich plasma (PRP) and the usage of PRP in aesthetics. PRP is especially used for conditions like facial and neck rejuvenation, fine lines and wrinkles, abdominal striae and facial scarring.

  19. Platelet rich plasma in dermatology and aesthetic medicine

    Directory of Open Access Journals (Sweden)

    Neerja Puri

    2015-04-01

    Full Text Available Platelet rich plasma is a promising therapy in dermatology and aesthetic medicine. In this article we will discuss the pros and cons of platelet rich plasma (PRP and the usage of PRP in aesthetics. PRP is especially used for conditions like facial and neck rejuvenation, fine lines and wrinkles, abdominal striae and facial scarring.

  20. Research: Rags to Rags? Riches to Riches?

    Science.gov (United States)

    Bracey, Gerald W.

    2004-01-01

    Everyone has read about what might be called the "gold gap"--how the rich in this country are getting richer and controlling an ever-larger share of the nation's wealth. The Century Foundation has started publishing "Reality Check", a series of guides to campaign issues that sometimes finds gaps in these types of cherished delusions. The guides…

  1. 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.

  2. 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.

  3. 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)

  4. Mastering JavaScript promises

    CERN Document Server

    Hussain, Muzzamil

    2015-01-01

    This book is for all the software and web engineers wanting to apply the promises paradigm to their next project and get the best outcome from it. This book also acts as a reference for the engineers who are already using promises in their projects and want to improve their current knowledge to reach the next level. To get the most benefit from this book, you should know basic programming concepts, have a familiarity with JavaScript, and a good understanding of HTML.

  5. Kings Today, Rich Tomorrow

    DEFF Research Database (Denmark)

    Fattoum, Asma

    2013-01-01

    This study investigates the King vs. Rich dilemma that founder-CEOs face at IPO. When undertaking IPO, founders face two options. They can either get rich, but then run the risk of losing the control over their firms; or they can remain kings by introducing defensive mechanisms, but this is likel...

  6. Developments on RICH detectors

    International Nuclear Information System (INIS)

    Besson, P.; Bourgeois, P.

    1996-01-01

    The RICH (ring imaging Cherenkov) detector which is dedicated to Cherenkov radiation detection is described. An improvement made by replacing photo sensible vapor with solid photocathode is studied. A RICH detector prototype with a CsI photocathode has been built in Saclay and used with Saturne. The first results are presented. (A.C.)

  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. Rich Language Analysis for Counterterrorism

    Science.gov (United States)

    Guidère, Mathieu; Howard, Newton; Argamon, Shlomo

    Accurate and relevant intelligence is critical for effective counterterrorism. Too much irrelevant information is as bad or worse than not enough information. Modern computational tools promise to provide better search and summarization capabilities to help analysts filter and select relevant and key information. However, to do this task effectively, such tools must have access to levels of meaning beyond the literal. Terrorists operating in context-rich cultures like fundamentalist Islam use messages with multiple levels of interpretation, which are easily misunderstood by non-insiders. This chapter discusses several kinds of such “encryption” used by terrorists and insurgents in the Arabic language, and how knowledge of such methods can be used to enhance computational text analysis techniques for use in counterterrorism.

  11. Nuclear energy: obstacles and promises

    International Nuclear Information System (INIS)

    Bacher, P.

    2003-01-01

    Nuclear energy has distinctive merits (sustainable resources, low costs, no greenhouse gases) but its development must overcome serious hurdles (fear of accidents, radio-phobia, waste management). The large unit size of present-day reactors is compatible only with large electrical grids, and involves a high capital cost. Taking into account these different factors, the paper outlines how nuclear energy may contribute to the reduction of greenhouse gases, and which are the most promising developments. (author)

  12. The promise of cyborg intelligence.

    Science.gov (United States)

    Brown, Michael F; Brown, Alexander A

    2017-03-01

    Yu et al. (2016) demonstrated that algorithms designed to find efficient routes in standard mazes can be integrated with the natural processes controlling rat navigation and spatial choices, and they pointed out the promise of such "cyborg intelligence" for biorobotic applications. Here, we briefly describe Yu et al.'s work, explore its relevance to the study of comparative cognition, and indicate how work involving cyborg intelligence would benefit from interdisciplinary collaboration between behavioral scientists and engineers.

  13. Freedom: A Promise of Possibility.

    Science.gov (United States)

    Bunkers, Sandra Schmidt

    2015-10-01

    The idea of freedom as a promise of possibility is explored in this column. The core concepts from a research study on considering tomorrow (Bunkers, 1998) coupled with humanbecoming community change processes (Parse, 2003) are used to illuminate this notion. The importance of intentionality in human freedom is discussed from both a human science and a natural science perspective. © The Author(s) 2015.

  14. 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.

  15. Chitin fulfilling a biomaterials promise

    CERN Document Server

    Khor, Eugene

    2001-01-01

    The second edition of Chitin underscores the important factors for standardizing chitin processing and characterization. It captures the essential interplay between chitin's assets and limitations as a biomaterial, placing the past promises of chitin in perspective, addressing its present realities and offering insight into what is required to realize chitin's destiny (including its derivative, chitosan) as a biomaterial of the twenty-first century. This book is an ideal guide for both industrialists and researchers with a vested interest in commercializing chitin.An upd

  16. 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.

  17. 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。

  18. The CBM RICH project

    Energy Technology Data Exchange (ETDEWEB)

    Adamczewski-Musch, J. [GSI Darmstadt (Germany); Becker, K.-H. [University Wuppertal (Germany); Belogurov, S. [ITEP Moscow (Russian Federation); Boldyreva, N. [PNPI Gatchina (Russian Federation); Chernogorov, A. [ITEP Moscow (Russian Federation); Deveaux, C. [University Gießen (Germany); Dobyrn, V. [PNPI Gatchina (Russian Federation); Dürr, M. [University Gießen (Germany); Eom, J. [Pusan National University (Korea, Republic of); Eschke, J. [GSI Darmstadt (Germany); Höhne, C. [University Gießen (Germany); Kampert, K.-H. [University Wuppertal (Germany); Kleipa, V. [GSI Darmstadt (Germany); Kochenda, L. [PNPI Gatchina (Russian Federation); Kolb, B. [GSI Darmstadt (Germany); Kopfer, J. [University Wuppertal (Germany); Kravtsov, P. [PNPI Gatchina (Russian Federation); Lebedev, S.; Lebedeva, E. [University Gießen (Germany); Leonova, E. [PNPI Gatchina (Russian Federation); and others

    2014-12-01

    The Compressed Baryonic Matter (CBM) experiment will study the properties of super dense nuclear matter by means of heavy ion collisions at the future FAIR facility. An integral detector component is a large Ring Imaging Cherenkov detector with CO{sub 2} gas radiator, which will mainly serve for electron identification and pion suppression necessary to access rare dileptonic probes like e{sup +}e{sup −} decays of light vector mesons or J/Ψ. We describe the design of this future RICH detector and focus on results obtained by building a CBM RICH detector prototype tested at CERN-PS.

  19. MFTF-progress and promise

    International Nuclear Information System (INIS)

    Thomassen, K.I.

    1980-01-01

    The Mirror Fusion Test Facility (MFTF) has been in construction at Lawrence Livermore National Laboratory (LLNL) for 3 years, and most of the major subsystems are nearing completion. Recently, the scope of this project was expanded to meet new objectives, principally to reach plasma conditions corresponding to energy break-even. To fulfill this promise, the single-cell minimum-B mirror configuration will be replaced with a tandem mirror configuration (MFTF-B). The facility must accordingly be expanded to accomodate the new geometry. This paper briefly discusses the status of the major MFTF subsystems and describes how most of the technological objectives of MFTF will be demonstrated before we install the additional systems necessary to make the tandem. It also summarizes the major features of the expanded facility

  20. The promising opportunity of dismantlement

    International Nuclear Information System (INIS)

    Anon.

    2009-01-01

    Civil engineering, mechanics and waste conditioning companies are thriving around the market of nuclear facilities dismantlement which is promised to a huge development in the coming decade. This paper presents a map of the opportunities of the dismantlement market throughout Europe (research and power reactors, fuel fabrication plants, spent fuel reprocessing plants) and a cost estimation of a given dismantling work with respect to the different steps of the work. In France a small core of about twenty companies is involved in nuclear dismantlement but the French market is also looking towards foreign specialists of this activity. The British market is also targeted by the French companies but for all the actors the technological or commercial advance gained today will be determining for the future markets. (J.S.)

  1. Neutron rich nuclei

    International Nuclear Information System (INIS)

    Foucher, R.

    1979-01-01

    If some β - emitters are particularly interesting to study in light, medium, and heavy nuclei, another (and also) difficult problem is to know systematically the properties of these neutron rich nuclei far from the stability line. A review of some of their characteristics is presented. How far is it possible to be objective in the interpretation of data is questioned and implications are discussed

  2. 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...

  3. 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...

  4. The promise of innovation: Nuclear energy horizons

    International Nuclear Information System (INIS)

    Mourogov, V.

    2003-01-01

    The 21st century promises the most open, competitive, and globalized markets in human history, as well as the most rapid pace of technological change ever. For nuclear energy, as any other, that presents challenges. Though the atom now supplies a good share of world electricity, its share of total energy is relatively small, anywhere from four to six per cent depending on how it is calculated. And, while energy is most needed in the developing world, four of every five nuclear plants are in industrialized countries. Critical problems that need to be overcome are well known - high capital costs for new plants, and concerns over proliferation risks and safety, (including safety of waste disposal) stand high among them. The IAEA and other programmes are confronting these problems through ambitious initiatives involving both industrialized and developing countries. They include the collaborative efforts known as the Generation-IV International Forum (GIF) and the IAEA International Project on Innovative Nuclear Reactors and Fuel Cycles (INPRO). They use ideas, results and the best experiences from today's research and development tools and advanced types of nuclear energy systems to meet tomorrow's challenges. Though the market often decides the fate of new initiatives, the market is not always right for the common good. Governments, and the people that influence them, play an indispensable role in shaping progress in energy fields for rich and poor countries alike. They shoulder the main responsibilities for fundamental science, basic research, and long-term investments. For energy in particular, government investment and support will prove instrumental in the pace of innovation toward long-term options that are ready to replace limited fossil fuel supplies, and respond to the growing premium put on clean energy alternatives. Yet governments cannot go it alone. The challenges are too diverse and complex, and public concerns - about proliferation or safety - go beyond

  5. The CBM RICH project

    Energy Technology Data Exchange (ETDEWEB)

    Adamczewski-Musch, J. [GSI Helmholtzzentrum für Schwerionenforschung GmbH, D-64291 Darmstadt (Germany); Akishin, P. [Laboratory of Information Technologies, Joint Institute for Nuclear research (JINR-LIT), Dubna (Russian Federation); Becker, K.-H. [Department of Physics, University of Wuppertal, D-42097 Wuppertal (Germany); Belogurov, S. [SSC RF ITEP, 117218 Moscow (Russian Federation); Bendarouach, J. [Institute of Physics II and Institute of Applied Physics, Justus Liebig University Giessen, D-35392 Giessen (Germany); Boldyreva, N. [National Research Centre “Kurchatov Institute” B.P. Konstantinov Petersburg Nuclear Physics Institute, 188300 Gatchina (Russian Federation); Chernogorov, A. [SSC RF ITEP, 117218 Moscow (Russian Federation); Deveaux, C. [Institute of Physics II and Institute of Applied Physics, Justus Liebig University Giessen, D-35392 Giessen (Germany); Dobyrn, V. [National Research Centre “Kurchatov Institute” B.P. Konstantinov Petersburg Nuclear Physics Institute, 188300 Gatchina (Russian Federation); Dürr, M. [Institute of Physics II and Institute of Applied Physics, Justus Liebig University Giessen, D-35392 Giessen (Germany); Eschke, J. [GSI Helmholtzzentrum für Schwerionenforschung GmbH, D-64291 Darmstadt (Germany); Förtsch, J. [Department of Physics, University of Wuppertal, D-42097 Wuppertal (Germany); Heep, J.; Höhne, C. [Institute of Physics II and Institute of Applied Physics, Justus Liebig University Giessen, D-35392 Giessen (Germany); Kampert, K.-H. [Department of Physics, University of Wuppertal, D-42097 Wuppertal (Germany); and others

    2017-02-11

    The CBM RICH detector is an integral component of the future CBM experiment at FAIR, providing efficient electron identification and pion suppression necessary for the measurement of rare dileptonic probes in heavy ion collisions. The RICH design is based on CO{sub 2} gas as radiator, a segmented spherical glass focussing mirror with Al+MgF{sub 2} reflective coating, and Multianode Photomultipliers for efficient Cherenkov photon detection. Hamamatsu H12700 MAPMTs have recently been selected as photon sensors, following an extensive sensor evaluation, including irradiation tests to ensure sufficient radiation hardness of the MAPMTs. A brief overview of the detector design and concept is given, results on the radiation hardness of the photon sensors are shown, and the development of a FPGA-TDC based readout chain is discussed.

  6. The CLEO RICH detector

    International Nuclear Information System (INIS)

    Artuso, M.; Ayad, R.; Bukin, K.; Efimov, A.; Boulahouache, C.; Dambasuren, E.; Kopp, S.; Li, Ji; Majumder, G.; Menaa, N.; Mountain, R.; Schuh, S.; Skwarnicki, T.; Stone, S.; Viehhauser, G.; Wang, J.C.; Coan, T.E.; Fadeyev, V.; Maravin, Y.; Volobouev, I.; Ye, J.; Anderson, S.; Kubota, Y.; Smith, A.

    2005-01-01

    We describe the design, construction and performance of a Ring Imaging Cherenkov Detector (RICH) constructed to identify charged particles in the CLEO experiment. Cherenkov radiation occurs in LiF crystals, both planar and ones with a novel 'sawtooth'-shaped exit surface. Photons in the wavelength interval 135-165nm are detected using multi-wire chambers filled with a mixture of methane gas and triethylamine vapor. Excellent π/K separation is demonstrated

  7. Two-proton knockout on neutron-rich nuclei

    International Nuclear Information System (INIS)

    Bazin, D.; Brown, B.A.; Campbell, C.M.; Church, J.A.; Dinca, D.C.; Enders, J.; Gade, A.; Glasmacher, T.; Hansen, P.G.; Mueller, W.F.; Olliver, H.; Perry, B.C.; Sherrill, B.M.; Terry, J.R.; Tostevin, J.A.

    2004-01-01

    Two-proton knockout reactions on neutron-rich nuclei [Phys. Rev. Lett. 91 (2003) 012501] have been studied in inverse kinematics at intermediate energy. Strong evidence that the two-proton removal from a neutron-rich system proceeds as a direct reaction is presented, together with a preliminary theoretical discussion of the partial cross sections based on eikonal reaction theory and the many-body shell model. They show that this reaction can be used to characterize the wave functions of the projectiles and holds great promise for the study of neutron-rich nuclei

  8. CBM RICH geometry optimization

    Energy Technology Data Exchange (ETDEWEB)

    Mahmoud, Tariq; Hoehne, Claudia [II. Physikalisches Institut, Giessen Univ. (Germany); Collaboration: CBM-Collaboration

    2016-07-01

    The Compressed Baryonic Matter (CBM) experiment at the future FAIR complex will investigate the phase diagram of strongly interacting matter at high baryon density and moderate temperatures in A+A collisions from 2-11 AGeV (SIS100) beam energy. The main electron identification detector in the CBM experiment will be a RICH detector with a CO{sub 2} gaseous-radiator, focusing spherical glass mirrors, and MAPMT photo-detectors being placed on a PMT-plane. The RICH detector is located directly behind the CBM dipole magnet. As the final magnet geometry is now available, some changes in the RICH geometry become necessary. In order to guarantee a magnetic field of 1 mT at maximum in the PMT plane for effective operation of the MAPMTs, two measures have to be taken: The PMT plane is moved outwards of the stray field by tilting the mirrors by 10 degrees and shielding boxes have been designed. In this contribution the results of the geometry optimization procedure are presented.

  9. 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

  10. 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)

  11. 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...

  12. Realizing the promises of marine biotechnology

    NARCIS (Netherlands)

    Luiten, EEM; Akkerman, [No Value; Koulman, A; Kamermans, P; Reith, H; Barbosa, MJ; Sipkema, D; Wijffels, RH

    High-quality research in the field of marine biotechnology is one of the key-factors for successful innovation in exploiting the vast diversity of marine life. However, fascinating scientific research with promising results and claims on promising potential applications (e.g. for pharmaceuticals,

  13. Realizing the promises of marine biotechnology

    NARCIS (Netherlands)

    Luiten, E.E.M.; Akkerman, I.; Koulman, A.; Kamermans, P.; Reith, H.; Barbosa, M.J.; Sipkema, D.; Wijffels, R.H.

    2003-01-01

    High-quality research in the field of marine biotechnology is one of the key-factors for successful innovation in exploiting the vast diversity of marine life. However, fascinating scientific research with promising results and claims on promising potential applications (e.g. for pharmaceuticals,

  14. Tennessee Promise: A Response to Organizational Change

    Science.gov (United States)

    Littlepage, Ben; Clark, Teresa; Wilson, Randal; Stout, Logan

    2018-01-01

    Community colleges in Tennessee, either directly or indirectly, experienced unprecedented change as a result of Tennessee Promise. The present study explored how student support service administrators at three community colleges responded to organizational change as a result of the Tennessee Promise legislation. Investigators selected community…

  15. LHCB RICH gas system proposal

    CERN Document Server

    Bosteels, Michel; Haider, S

    2001-01-01

    Both LHCb RICH will be operated with fluorocarbon as gas radiator. RICH 1 will be filled with 4m^3 of C4F10 and RICH 2 with 100m^3 of CF4. The gas systems will run as a closed loop circulation and a gas recovery system within the closed loop is planned for RICH 1, where the recovery of the CF4 will only be realised during filling and emptying of the detector. Inline gas purification is foreseen for the gas systems in order to limit water and oxygen impurities.

  16. Information rich display design

    International Nuclear Information System (INIS)

    Welch, Robin; Braseth, Alf Ove; Veland, Oeystein

    2004-01-01

    This paper presents the concept Information Rich Displays. The purpose of Information Rich Displays (IRDs) is to condensate prevailing information in process displays in such a way that each display format (picture) contains more relevant information for the user. Compared to traditional process control displays, this new concept allows the operator to attain key information at a glance and at the same time allows for improved monitoring of larger portions of the process. This again allows for reduced navigation between both process and trend displays and ease the cognitive demand on the operator. This concept has been created while working on designing display prototypes for the offshore petroleum production facilities of tomorrow. Offshore installations basically consist of wells, separation trains (where oil, gas and water are separated from each other), an oil tax measurement system (where oil quality is measured and the pressure increased to allow for export), gas compression (compression of gas for export) and utility systems (water treatment, chemical systems etc.). This means that an offshore control room operator has to deal with a complex process that comprises several functionally different systems. The need for a new approach to offshore display format design is in particular based on shortcomings in today's designs related to the keyhole effect, where the display format only reveals a fraction of the whole process. Furthermore, the upcoming introduction of larger off- and on-shore operation centres will increase the size and complexity of the operators' work domain. In the light of the increased demands on the operator, the proposed IRDs aim to counter the negative effects this may have on the workload. In this work we have attempted to classify the wide range of different roles an operator can have in different situations. The information content and amount being presented to the operator in a display should be viewed in context of the roles the

  17. Characterization of Leukocyte-platelet Rich Fibrin, A Novel Biomaterial

    OpenAIRE

    Madurantakam, Parthasarathy; Yoganarasimha, Suyog; Hasan, Fadi K.

    2015-01-01

    Autologous platelet concentrates represent promising innovative tools in the field of regenerative medicine and have been extensively used in oral surgery. Unlike platelet rich plasma (PRP) that is a gel or a suspension, Leukocyte-Platelet Rich Fibrin (L-PRF) is a solid 3D fibrin membrane generated chair-side from whole blood containing no anti-coagulant. The membrane has a dense three dimensional fibrin matrix with enriched platelets and abundant growth factors. L-PRF is a popular adjunct in...

  18. Financial Technology: The Promise of Blockchain

    OpenAIRE

    Demary, Markus; Demary, Vera

    2017-01-01

    Digitization affects all sectors of the economy. A new and possibly disruptive digital technology is the blockchain, a decentralized ledger, which seems to offer great promise for many financial and business applications.

  19. Sports medicine applications of platelet rich plasma.

    Science.gov (United States)

    Mishra, Allan; Harmon, Kimberly; Woodall, James; Vieira, Amy

    2012-06-01

    Platelet rich plasma (PRP) is a powerful new biologic tool in sports medicine. PRP is a fraction of autologous whole blood containing and increased number of platelets and a wide variety of cytokines such as platelet derived growth factor (PDGF), vascular endothelial growth factor (VEGF) and transforming growth factor beta-1 (TGF-B1), fibroblast growth factor (FGF), Insulin-like growth factor-1 (IGF-1) among many others. Worldwide interest in this biologic technology has recently risen sharply. Basic science and preclinical data support the use of PRP for a variety of sports related injuries and disorders. The published, peer reviewed, human data on PRP is limited. Although the scientific evaluation of clinical efficacy is in the early stages, elite and recreational athletes already use PRP in the treatment of sports related injuries. Many questions remain to be answered regarding the use of PRP including optimal formulation, including of leukocytes, dosage and rehabilitation protocols. In this review, a classification for platelet rich plasma is proposed and the in-vitro, preclinical and human investigations of PRP applications in sports medicine will be reviewed as well as a discussion of rehabilitation after a PRP procedure. The regulation of PRP by the World Anti-Doping Agency will also be discussed. PRP is a promising technology in sports medicine; however, it will require more vigorous study in order to better understand how to apply it most effectively.

  20. Do promises matter? An exploration of the role of promises in psychological contract breach.

    Science.gov (United States)

    Montes, Samantha D; Zweig, David

    2009-09-01

    Promises are positioned centrally in the study of psychological contract breach and are argued to distinguish psychological contracts from related constructs, such as employee expectations. However, because the effects of promises and delivered inducements are confounded in most research, the role of promises in perceptions of, and reactions to, breach remains unclear. If promises are not an important determinant of employee perceptions, emotions, and behavioral intentions, this would suggest that the psychological contract breach construct might lack utility. To assess the unique role of promises, the authors manipulated promises and delivered inducements separately in hypothetical scenarios in Studies 1 (558 undergraduates) and 2 (441 employees), and they measured them separately (longitudinally) in Study 3 (383 employees). The authors' results indicate that breach perceptions do not represent a discrepancy between what employees believe they were promised and were given. In fact, breach perceptions can exist in the absence of promises. Further, promises play a negligible role in predicting feelings of violation and behavioral intentions. Contrary to the extant literature, the authors' findings suggest that promises may matter little; employees are concerned primarily with what the organization delivers.

  1. The path to fulfilling the promise

    Energy Technology Data Exchange (ETDEWEB)

    Barrett, J. [Canadian Nuclear Association, Ottawa, ON (Canada)

    2014-07-01

    'Full text:'Countries work together to develop effective governance and regulation. Canada has made big investments in these areas and it carries a premium for us. The rapid build-out of nuclear technology around the Pacific Rim holds vast promise for our populations in better climate, better air, affordable and reliable electricity, and longer lives. The biggest risk is not another accident: rather, it is the risk of failing to fulfill that promise to our people. Every country that wants the benefits of nuclear must also want to be sure that those benefits are realized and sustained by good governance and regulation. Canada has the people, laws, organizations, public institutions, and relationships that can help our partners fulfill the whole and lasting promise of nuclear technology. (author)

  2. An Improved Cluster Richness Estimator

    Energy Technology Data Exchange (ETDEWEB)

    Rozo, Eduardo; /Ohio State U.; Rykoff, Eli S.; /UC, Santa Barbara; Koester, Benjamin P.; /Chicago U. /KICP, Chicago; McKay, Timothy; /Michigan U.; Hao, Jiangang; /Michigan U.; Evrard, August; /Michigan U.; Wechsler, Risa H.; /SLAC; Hansen, Sarah; /Chicago U. /KICP, Chicago; Sheldon, Erin; /New York U.; Johnston, David; /Houston U.; Becker, Matthew R.; /Chicago U. /KICP, Chicago; Annis, James T.; /Fermilab; Bleem, Lindsey; /Chicago U.; Scranton, Ryan; /Pittsburgh U.

    2009-08-03

    Minimizing the scatter between cluster mass and accessible observables is an important goal for cluster cosmology. In this work, we introduce a new matched filter richness estimator, and test its performance using the maxBCG cluster catalog. Our new estimator significantly reduces the variance in the L{sub X}-richness relation, from {sigma}{sub lnL{sub X}}{sup 2} = (0.86 {+-} 0.02){sup 2} to {sigma}{sub lnL{sub X}}{sup 2} = (0.69 {+-} 0.02){sup 2}. Relative to the maxBCG richness estimate, it also removes the strong redshift dependence of the richness scaling relations, and is significantly more robust to photometric and redshift errors. These improvements are largely due to our more sophisticated treatment of galaxy color data. We also demonstrate the scatter in the L{sub X}-richness relation depends on the aperture used to estimate cluster richness, and introduce a novel approach for optimizing said aperture which can be easily generalized to other mass tracers.

  3. Promising Compilation to ARMv8 POP

    OpenAIRE

    Podkopaev, Anton; Lahav, Ori; Vafeiadis, Viktor

    2017-01-01

    We prove the correctness of compilation of relaxed memory accesses and release-acquire fences from the "promising" semantics of [Kang et al. POPL'17] to the ARMv8 POP machine of [Flur et al. POPL'16]. The proof is highly non-trivial because both the ARMv8 POP and the promising semantics provide some extremely weak consistency guarantees for normal memory accesses; however, they do so in rather different ways. Our proof of compilation correctness to ARMv8 POP strengthens the results of the Kan...

  4. The 1990 peace dividend

    DEFF Research Database (Denmark)

    Czeskleba-Dupont, Rolf

    expenditure, would have been sufficient to make the world safe against global warming. The energy procurement, chemicals and transport sectors, agriculture and other energy application systems could have been reconstructed ecologically and the debt burden of developing countries removed (Commoner 1990......, chapter 7). In the raison d' état of an anarchic world-system, it seems more 'secure' by violence to expropriate others of their natural resources....

  5. The Promise of Zoomable User Interfaces

    Science.gov (United States)

    Bederson, Benjamin B.

    2011-01-01

    Zoomable user interfaces (ZUIs) have received a significant amount of attention in the 18 years since they were introduced. They have enjoyed some success, and elements of ZUIs are widely used in computers today, although the grand vision of a zoomable desktop has not materialised. This paper describes the premise and promise of ZUIs along with…

  6. Promising carbons for supercapacitors derived from fungi

    Energy Technology Data Exchange (ETDEWEB)

    Zhu, Hui; Wang, Xiaolei; Yang, Fan; Yang, Xiurong [State Key Laboratory of Electroanalytical Chemistry, Changchun Institute of Applied Chemistry, Chinese Academy of Sciences, Changchun, 130022 (China)

    2011-06-24

    Activated carbons with promising performance in capacitors are produced from fungi via a hydrothermal assistant pyrolysis approach. This study introduces a facile strategy to discover carbonaceous materials and triggers interest in exploring fungi for material science applications. (Copyright copyright 2011 WILEY-VCH Verlag GmbH and Co. KGaA, Weinheim)

  7. Seaweed: Promising plant of the millennium

    Digital Repository Service at National Institute of Oceanography (India)

    Dhargalkar, V.K.; Pereira, N.

    Seaweeds, one of the important marine living resources could be termed as the futuristically promising plants. These plants have been a source of food, feed and medicine in the orient as well as in the west, since ancient times. Although, seaweeds...

  8. Complexity of Propositional Proofs Under a Promise

    Czech Academy of Sciences Publication Activity Database

    Dershowitz, N.; Tzameret, Iddo

    2010-01-01

    Roč. 11, č. 3 (2010), s. 1-29 ISSN 1529-3785 Institutional research plan: CEZ:AV0Z10190503 Keywords : theory * promise problems * propositional proof complexity * random 3CNF * resolution Subject RIV: BA - General Mathematics Impact factor: 1.391, year: 2010 http://dl.acm.org/ citation .cfm?doid=1740582.1740586

  9. Complexity of Propositional Proofs Under a Promise

    Czech Academy of Sciences Publication Activity Database

    Dershowitz, N.; Tzameret, Iddo

    2010-01-01

    Roč. 11, č. 3 (2010), s. 1-29 ISSN 1529-3785 Institutional research plan: CEZ:AV0Z10190503 Keywords : theory * promise problems * propositional proof complexity * random 3CNF * resolution Subject RIV: BA - General Mathematics Impact factor: 1.391, year: 2010 http://dl.acm.org/citation.cfm?doid=1740582.1740586

  10. 76 FR 13152 - Promise Neighborhoods Program

    Science.gov (United States)

    2011-03-10

    ... comprehensive education reforms that are linked to improved educational outcomes for children and youth in... parents or family members who report talking with their child about the importance of college and career... DEPARTMENT OF EDUCATION RIN 1855-ZA07 Promise Neighborhoods Program Catalog of Federal Domestic...

  11. Adaptive Reactive Rich Internet Applications

    Science.gov (United States)

    Schmidt, Kay-Uwe; Stühmer, Roland; Dörflinger, Jörg; Rahmani, Tirdad; Thomas, Susan; Stojanovic, Ljiljana

    Rich Internet Applications significantly raise the user experience compared with legacy page-based Web applications because of their highly responsive user interfaces. Although this is a tremendous advance, it does not solve the problem of the one-size-fits-all approach1 of current Web applications. So although Rich Internet Applications put the user in a position to interact seamlessly with the Web application, they do not adapt to the context in which the user is currently working. In this paper we address the on-the-fly personalization of Rich Internet Applications. We introduce the concept of ARRIAs: Adaptive Reactive Rich Internet Applications and elaborate on how they are able to adapt to the current working context the user is engaged in. An architecture for the ad hoc adaptation of Rich Internet Applications is presented as well as a holistic framework and tools for the realization of our on-the-fly personalization approach. We divided both the architecture and the framework into two levels: offline/design-time and online/run-time. For design-time we explain how to use ontologies in order to annotate Rich Internet Applications and how to use these annotations for conceptual Web usage mining. Furthermore, we describe how to create client-side executable rules from the semantic data mining results. We present our declarative lightweight rule language tailored to the needs of being executed directly on the client. Because of the event-driven nature of the user interfaces of Rich Internet Applications, we designed a lightweight rule language based on the event-condition-action paradigm.2 At run-time the interactions of a user are tracked directly on the client and in real-time a user model is built up. The user model then acts as input to and is evaluated by our client-side complex event processing and rule engine.

  12. Service Users perspectives in PROMISE and research.

    Science.gov (United States)

    Rae, Sarah

    2017-09-01

    Since its inception in 2013, PROMISE (PROactive Management of Integrated Services and Environments) has been supporting service users and staff at the Cambridgeshire and Peterborough NHS Foundation Trust (CPFT) on a journey to reduce reliance on force. The author's own personal experiences led to the founding of PROMISE and illustrates how individual experiences can influence a patient to lead change. Coproduction is actively embedded in PROMISE. Patients have been meaningfully involved because they are innovators and problem solvers who bring an alternative viewpoint by the very nature of their condition. A patient is more than just a person who needs to be 'fixed' they are individuals with untapped skills and added insight. There have been 2 separate Patient Advisory Groups (PAGs) since the project was first established. The first Patient Advisory Group was recruited to work with the PROMISE researchers on a study which used a participatory qualitative approach. Drawing on their lived experience and different perspectives the PAG was instrumental in shaping the qualitative study, including the research questions. Their active involvement helped to ensure that that the study was sensitively designed, methodologically robust and ethically sound. The 2 nd PAG was formed in 2016 to give the project an overall steer. Patients in this group contributed to the work on the 'No' Audit and reviewed several CPFT policies such as the Seclusion and Segregation policy which has impacted on frontline practice. They also made a significant contribution to the study design for a funding application that was submitted by the PROMISE team to the National Institute for Health Research (NIHR). Both PAGs were supported by funding from East of England Collaboration for Leadership in Applied Health Research and Care (CLAHRC EoE) and were influential in different ways. An evaluation of the 2 nd PAG which was conducted in June 2017 showed very high satisfaction levels. The free text

  13. Perpendicular recording: the promise and the problems

    International Nuclear Information System (INIS)

    Wood, Roger; Sonobe, Yoshiaki; Jin Zhen; Wilson, Bruce

    2001-01-01

    Perpendicular recording has long been advocated as a means of achieving the highest areal densities. In particular, in the context of the 'superparamagnetic limit', perpendicular recording with a soft underlayer promises several key advantages. These advantages include a higher coercivity, thicker media that should permit smaller diameter grains and higher signal-to-noise ratio. Also, the sharper edge-writing will facilitate recording at very high track densities (lower bit aspect ratio). Recent demonstrations of the technology have shown densities comparable with the highest densities reported for longitudinal recording. This paper further examines the promise that perpendicular recording will deliver an increase in areal density two to eight times higher than that achievable with longitudinal recording. There are a number of outstanding issues but the key challenge is to create a low-noise medium with a coercivity that is high and is much larger than the remanent magnetization

  14. The deepwater Gulf of Mexico : promises delivered?

    International Nuclear Information System (INIS)

    Pickering, D.R.

    1999-01-01

    A summary review of deepwater Gulf of Mexico (GOM) oil production was presented for the years 1989 to 1998. Trends and prospects in deepwater GOM production and leasing were assessed. Promises and forecasts made in the early 1990s were compared with what actually happened since then. Forecasts in the early 1990s promised deeper, faster and cheaper developments in the deepwater Gulf. Results of the comparison showed that the prognosticators were correct on all three counts. Regarding the future of the Gulf, one can be justified in being optimistic in so far as more experience, robust economics, more and cheaper rigs can be taken as reliable indicators of optimism. In contrast, there are certain negatives to consider, such as low commodity prices, budget constraints, lease expirations, technical challenges and increased competition. . 12 figs

  15. Promising Products for Printing and Publishing Market

    Directory of Open Access Journals (Sweden)

    Renata Činčikaitė

    2011-04-01

    Full Text Available The article surveys printing and publishing market and its strong and weak aspects. The concept of a new product is described as well as its lifetime and the necessity of its introduction to the market. The enterprise X operating on the market is analyzed, its strong and weak characteristics are presented. The segmentation of the company consumers is performed. On the basis of the performed analysis the potential promising company products are defined.Article in Lithuanian

  16. Melanoma Vaccines: Mixed Past, Promising Future

    Science.gov (United States)

    Ozao-Choy, Junko; Lee, Delphine J.; Faries, Mark B.

    2014-01-01

    Synopsis Cancer vaccines were one of the earliest forms of immunotherapy to be investigated. Past attempts to vaccinate against cancer, including melanoma, have mixed results, revealing the complexity of what was thought to be a simple concept. However, several recent successes and the combination of improved knowledge of tumor immunology and the advent of new immunomodulators make vaccination a promising strategy for the future. PMID:25245965

  17. The STAR-RICH Detector

    CERN Document Server

    Lasiuk, B; Braem, André; Cozza, D; Davenport, M; De Cataldo, G; Dell'Olio, L; Di Bari, D; Di Mauro, A; Dunlop, J C; Finch, E; Fraissard, Daniel; Franco, A; Gans, J; Ghidini, B; Harris, J W; Horsley, M; Kunde, G J; Lasiuk, B; Lesenechal, Y; Majka, R D; Martinengo, P; Morsch, Andreas; Nappi, E; Paic, G; Piuz, François; Posa, F; Raynaud, J; Salur, S; Sandweiss, J; Santiard, Jean-Claude; Satinover, J; Schyns, E M; Smirnov, N; Van Beelen, J; Williams, T D; Xu, Z

    2002-01-01

    The STAR-RICH detector extends the particle idenfication capabilities of the STAR spectrometer for charged hadrons at mid-rapidity. It allows identification of pions and kaons up to ~3 GeV/c and protons up to ~5 GeV/c. The characteristics and performance of the device in the inaugural RHIC run are described.

  18. SOFTWARE SUPPORT FOR RICH PICTURES

    DEFF Research Database (Denmark)

    Valente, Andrea; Marchetti, Emanuela

    2010-01-01

    Rich pictures (RP) are common in object-oriented analysis and design courses, but students seem to have problems in integrating them in their projects' workflow. A new software tool is being developed, specific for RP authoring. To better understand students' issues and working practice with RP...

  19. Does environmental archaeology need an ethical promise?

    DEFF Research Database (Denmark)

    Riede, Felix; Andersen, Per; Price, Neil

    2016-01-01

    formalized ethical codes or promises that not only guide the dissemination of data but oblige scientists to relate to fundamentally political issues. This article couples a survey of the recent environmental ethics literature with two case studies of how past natural hazards have affected vulnerable...... societies in Europe?s prehistory. We ask whether cases of past calamities and their societal effects should play a greater role in public debates and whether archaeologists working with past environmental hazards should be more outspoken in their ethical considerations. We offer no firm answers, but suggest...... that archaeologists engage with debates in human?environment relations at this interface between politics, public affairs and science....

  20. Analisis Pengaruh Economic Value Added, Price Earning Ratio, Debt to Equity Ratio, Price Book Value, Pertumbuhan Penjualan Terhadap Harga Saham dengan Dividend Per Share sebagai Variabel Moderating pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2010-2013

    OpenAIRE

    Matondang, Puteri Utami

    2015-01-01

    The purpose of this study was to determine the effect of Economic Value Added (EVA), Price Earning Ratio (PER), Debt to Equity Ratio (DER), Price Book Value (PBV), and Sales Growth to the stock price with Dividend Per Share (DPS) as moderating variable onmanufacturing company listed on Indonesian Stock Exchange from 2010 -2013. The population of this study was 124 manufacturing companies registered in the Indonesian Stock Exchange from 2010-2013 and 20 companies were selected to be the sample...

  1. Status and promise of fuel cell technology

    Energy Technology Data Exchange (ETDEWEB)

    Williams, M.C. [National Energy Technology Lab., Pittsburgh, PA (United States). Dept. of Energy

    2001-09-01

    The niche or early entry market penetration by ONSI and its phosphoric acid fuel cell technology has proven that fuel cells are reliable and suitable for premium power and other opportunity fuel niche market applications. Now, new fuel cell technologies - solid oxide fuel cells, molten carbonate fuel cells, and polymer electrolyte fuel cells - are being developed for near-term distributed generation shortly after 2003. Some of the evolving fuel cell systems are incorporating gas turbines in hybrid configurations. The combination of the gas turbine with the fuel cell promises to lower system costs and increase efficiency to enhance market penetration. Market estimates indicate that significant early entry markets exist to sustain the initially high cost of some distributed generation technologies. However, distributed generation technologies must have low introductory first cost, low installation cost, and high system reliability to be viable options in competitive commercial and industrial markets. In the long-term, solid state fuel cell technology with stack costs under $100/kilowatt (kW) promises deeper and wider market penetration in a range of applications including a residential, auxillary power, and the mature distributed generation markets. The solid state energy conversion alliance (SECA) with its vision for fuel cells in 2010 was recently formed to commercialize solid state fuel cells and realize the full potential of the fuel cell technology. Ultimately, the SECA concept could lead to megawatt-size fuel-cell systems for commercial and industrial applications and Vision 21 fuel cell turbine hybrid energy plants in 2015. (orig.)

  2. Promises in intelligent plant control systems

    International Nuclear Information System (INIS)

    Otaduy, P.J.

    1987-01-01

    The control system is the brain of a power plant. The traditional goal of control systems has been productivity. However, in nuclear power plants the potential for disaster requires safety to be the dominant concern, and the worldwide political climate demands trustworthiness for nuclear power plants. To keep nuclear generation as a viable option for power in the future, trust is the essential critical goal which encompasses all others. In most of today's nuclear plants the control system is a hybrid of analog, digital, and human components that focuses on productivity and operates under the protective umbrella of an independent engineered safety system. Operation of the plant is complex, and frequent challenges to the safety system occur which impact on their trustworthiness. Advances in nuclear reactor design, computer sciences, and control theory, and in related technological areas such as electronics and communications as well as in data storage, retrieval, display, and analysis have opened a promise for control systems with more acceptable human brain-like capabilities to pursue the required goals. This paper elaborates on the promise of futuristic nuclear power plants with intelligent control systems and addresses design requirements and implementation approaches

  3. Structure of neutron-rich nuclei

    International Nuclear Information System (INIS)

    Nazarewicz, W.

    2000-01-01

    Complete text of publication follows. The uncharted regions of the (N,Z) plane contain information that can answer many questions of fundamental importance for science: How many protons and neutrons can be clustered together by the strong interaction to form a bound nucleus? What are the proton and neutron magic numbers of the exotic nuclei? What are the properties of very short-lived exotic nuclei with extreme neutron-to-proton ratios? What is the effective nucleon-nucleon interaction in a nucleus that has a very large neutron excess? Nuclear life far from stability is different from that around the stability line; the promised access to completely new combinations of proton and neutron numbers offers prospects for new structural phenomena. The main objective of this talk is to discuss some of the challenges and opportunities of research with exotic nuclei. The covered topics will include: Theoretical challenges; Skins and halos in heavy nuclei; Shape coexistence in exotic nuclei; Beta-decays of neutron-rich nuclei. (author)

  4. Cyanobacteria: Promising biocatalysts for sustainable chemical production.

    Science.gov (United States)

    Knoot, Cory J; Ungerer, Justin; Wangikar, Pramod P; Pakrasi, Himadri B

    2018-04-06

    Cyanobacteria are photosynthetic prokaryotes showing great promise as biocatalysts for the direct conversion of CO 2 into fuels, chemicals, and other value-added products. Introduction of just a few heterologous genes can endow cyanobacteria with the ability to transform specific central metabolites into many end products. Recent engineering efforts have centered around harnessing the potential of these microbial biofactories for sustainable production of chemicals conventionally produced from fossil fuels. Here, we present an overview of the unique chemistry that cyanobacteria have been co-opted to perform. We highlight key lessons learned from these engineering efforts and discuss advantages and disadvantages of various approaches. © 2018 by The American Society for Biochemistry and Molecular Biology, Inc.

  5. Analysis of promising sustainable renovation concepts

    DEFF Research Database (Denmark)

    Vanhoutteghem, Lies; Tommerup, Henrik M.; Svendsen, Svend

    This report focuses on analyses of the most promising existing sustainable renovation concepts, i.e. full-service concepts and technical concepts, for single-family houses. As a basis for the analyses a detailed building stock analysis was carried out. Furthermore, as a basis a general working...... method for proposals on package solutions for sustainable renovation was described. The method consists of four steps, going from investigation of the house to proposal for sustainable renovation, detailed planning and commissioning after renovation. It could be used by teams of consultants...... of the building envelope and the electricity required to run the system. Positive impact on the indoor environment can be expected. Thermal comfort will be improved by insulation and air-tightness measures that will increase surface temperatures and reduce draught from e.g. badly insulated windows. A ventilation...

  6. Biomolecular simulations on petascale: promises and challenges

    International Nuclear Information System (INIS)

    Agarwal, Pratul K; Alam, Sadaf R

    2006-01-01

    Proteins work as highly efficient machines at the molecular level and are responsible for a variety of processes in all living cells. There is wide interest in understanding these machines for implications in biochemical/biotechnology industries as well as in health related fields. Over the last century, investigations of proteins based on a variety of experimental techniques have provided a wealth of information. More recently, theoretical and computational modeling using large scale simulations is providing novel insights into the functioning of these machines. The next generation supercomputers with petascale computing power, hold great promises as well as challenges for the biomolecular simulation scientists. We briefly discuss the progress being made in this area

  7. Halopentacenes: Promising Candidates for Organic Semiconductors

    International Nuclear Information System (INIS)

    Gong-He, Du; Zhao-Yu, Ren; Ji-Ming, Zheng; Ping, Guo

    2009-01-01

    We introduce polar substituents such as F, Cl, Br into pentacene to enhance the dissolubility in common organic solvents while retaining the high charge-carrier mobilities of pentacene. Geometric structures, dipole moments, frontier molecule orbits, ionization potentials and electron affinities, as well as reorganization energies of those molecules, and of pentacene for comparison, are successively calculated by density functional theory. The results indicate that halopentacenes have rather small reorganization energies (< 0.2 eV), and when the substituents are in position 2 or positions 2 and 9, they are polarity molecules. Thus we conjecture that they can easily be dissolved in common organic solvents, and are promising candidates for organic semiconductors. (condensed matter: electronicstructure, electrical, magnetic, and opticalproperties)

  8. Underexploited tropical plants with promising economic value

    Energy Technology Data Exchange (ETDEWEB)

    1975-01-01

    The apparent advantages of staple plants over the minor tropical plants often result only from the disproportionate research attention they have been given. A world-wide inquiry resulted in a list of 400 promising but neglected species. The 36 most important species are described in compact monographs and concern cereals (Echinochloa turnerana, grain amaranths, quinua and Zosterea mazina), roots and tubers (Arrachacha, cocoyams and taro), vegetables (chaya, hearts of palms, wax gourd, winged bean), fruits (durian, mangosteen, naranjilla, pejibaye, pummelo, soursop, uvilla), oilseeds (babassu palm, buffalo gourd, Caryocar species, Hessenia polycarpa and jojoba), forage (Acacia albida, Brosimum alicastrum Cassia sturtii, saltbushes and tamarugo) and other crops (buriti palm, Calathea lutea, candelilla, guar, guayule, Paspalum vaginatum, ramie and Spirulina).

  9. Nanomedicine delivers promising treatments for rheumatoid arthritis.

    Science.gov (United States)

    Prasad, Leena Kumari; O'Mary, Hannah; Cui, Zhengrong

    2015-01-01

    An increased understanding in the pathophysiology of chronic inflammatory diseases, such as rheumatoid arthritis, reveals that the diseased tissue and the increased presence of macrophages and other overexpressed molecules within the tissue can be exploited to enhance the delivery of nanomedicine. Nanomedicine can passively accumulate into chronic inflammatory tissues via the enhanced permeability and retention phenomenon, or be surface conjugated with a ligand to actively bind to receptors overexpressed by cells within chronic inflammatory tissues, leading to increased efficacy and reduced systemic side-effects. This review highlights the research conducted over the past decade on using nanomedicine for potential treatment of rheumatoid arthritis and summarizes some of the major findings and promising opportunities on using nanomedicine to treat this prevalent and chronic disease.

  10. Characterization of Leukocyte-platelet Rich Fibrin, A Novel Biomaterial.

    Science.gov (United States)

    Madurantakam, Parthasarathy; Yoganarasimha, Suyog; Hasan, Fadi K

    2015-09-29

    Autologous platelet concentrates represent promising innovative tools in the field of regenerative medicine and have been extensively used in oral surgery. Unlike platelet rich plasma (PRP) that is a gel or a suspension, Leukocyte-Platelet Rich Fibrin (L-PRF) is a solid 3D fibrin membrane generated chair-side from whole blood containing no anti-coagulant. The membrane has a dense three dimensional fibrin matrix with enriched platelets and abundant growth factors. L-PRF is a popular adjunct in surgeries because of its superior handling characteristics as well as its suturability to the wound bed. The goal of the study is to demonstrate generation as well as provide detailed characterization of relevant properties of L-PRF that underlie its clinical success.

  11. Ethnography in community psychology: promises and tensions.

    Science.gov (United States)

    Case, Andrew D; Todd, Nathan R; Kral, Michael J

    2014-09-01

    Community psychology recognizes the need for research methods that illuminate context, culture, diversity, and process. One such method, ethnography, has crossed into multiple disciplines from anthropology, and indeed, community psychologists are becoming community ethnographers. Ethnographic work stands at the intersection of bridging universal questions with the particularities of people and groups bounded in time, geographic location, and social location. Ethnography is thus historical and deeply contextual, enabling a rich, in-depth understanding of communities that is aligned with the values and goals of community psychology. The purpose of this paper is to elucidate the potential of ethnography for community psychology and to encourage its use within the field as a method to capture culture and context, to document process, and to reveal how social change and action occur within and through communities. We discuss the method of ethnography, draw connections to community psychology values and goals, and identify tensions from our experiences doing ethnography. Overall, we assert that ethnography is a method that resonates with community psychology and present this paper as a resource for those interested in using this method in their research or community activism.

  12. Platelet-rich plasma in dermatology: Boon or a bane?

    Directory of Open Access Journals (Sweden)

    Arshdeep

    2014-01-01

    Full Text Available There has been a recent spurt in application of platelet-rich plasma (PRP in dermatology and aesthetic medicine. However, the details regarding use of PRP in various dermatological indications ranging from hair restoration to chronic ulcers are dispersed in literature, herein we have tried to focus all under one heading. Overall, PRP seems to be a promising therapeutic modality but the level of evidence as of now, from the available published data is low. This review will also stimulate readers to carry out well designed, larger population based trials, so as to validate its use in dermatology practice.

  13. HTML5 rich media foundation

    CERN Document Server

    David, Matthew

    2010-01-01

    Learn about the new ways in which video and audio can be easily embedded into your HTML5 Web pages. Discover how you can create new Web media content and how JavaScript, CSS, and SVG can be integrated to create a compelling, rich media foundation for your work. HTML 5, is the first major update to the core language of the Web in over a decade The focus of this book is on innovations that most directly effect Web site design and multimedia integration The companion Web site features working demonstrations and tutorial media for hands-on pract

  14. The promise of Lean in health care.

    Science.gov (United States)

    Toussaint, John S; Berry, Leonard L

    2013-01-01

    An urgent need in American health care is improving quality and efficiency while controlling costs. One promising management approach implemented by some leading health care institutions is Lean, a quality improvement philosophy and set of principles originated by the Toyota Motor Company. Health care cases reveal that Lean is as applicable in complex knowledge work as it is in assembly-line manufacturing. When well executed, Lean transforms how an organization works and creates an insatiable quest for improvement. In this article, we define Lean and present 6 principles that constitute the essential dynamic of Lean management: attitude of continuous improvement, value creation, unity of purpose, respect for front-line workers, visual tracking, and flexible regimentation. Health care case studies illustrate each principle. The goal of this article is to provide a template for health care leaders to use in considering the implementation of the Lean management system or in assessing the current state of implementation in their organizations. Copyright © 2013 Mayo Foundation for Medical Education and Research. Published by Elsevier Inc. All rights reserved.

  15. Hyperthermia: Clinical promise and current challenges

    International Nuclear Information System (INIS)

    Kapp, D.S.

    1987-01-01

    Local-regional hyperthermia (HT) when used in conjunction with radiation therapy (XRT), has been shown in numerous clinical trials to result in considerable improvement in response rates and local tumor control rates when compared with treatment by XRT alone. Although considerable progress has been made in understanding the biological basis for hyperthermia induced cytotoxicity and radiosensitization, additional research remains in establishing the optimal treatment schedules for the clinical utilization of HT-XRT. The number of HT treatments; the sequencing of HT and XRT; the frequency of administration of HT; and the ideal temperature-time parameters all remain to be better defined for the clinical setting. The role of tumor blood flow on the thermal distributions also warrants further investigation. In addition, considerable effort is needed to improve hyperthermia equipment in order to provide more uniform therapeutic temperature distributions (temperatures ≥42.5%C). Better heating equipment is particularly needed for the treatment of deep seeted tumors. Pertinent clinical literature will be presented summarizing the clinical promise of hyperthermia and the above mentioned clinical challenges

  16. Uterine transplantation: a promising surrogate to surrogacy?

    Science.gov (United States)

    Grynberg, Michael; Ayoubi, Jean-Marc; Bulletti, Carlo; Frydman, Rene; Fanchin, Renato

    2011-03-01

    Infertility due to the inability of the uterus to carry a pregnancy ranks among the most unresolved issues in reproductive medicine. It affects millions of women worldwide who have congenital or acquired uterine affections, often requiring hysterectomy, and potentially represents a considerable fraction of the general infertile population. Patients suffering from severe uterine infertility are currently compelled to go through gestational surrogacy or adoption; both approaches, unfortunately, deprive them of the maternal experience of pregnancy and birth. Uterine transplantation represents an outstanding, yet complex, perspective to alleviating definitive uterine infertility. In the past decades, a number of scientific experiments conducted both in animals and women, focusing on uterine transplantation, have led to promising results. Collectively, these findings undoubtedly constitute a sound basis to clinically apply uterine transplantation in the near future. This paper is, however, an overview not only of the extent and limitations of accumulated scientific knowledge on uterine transplantation, but also its ethical implications, in an effort to define the actual place of such an approach among the therapeutic arsenal for alleviating infertility. © 2011 New York Academy of Sciences.

  17. Medical big data: promise and challenges

    Directory of Open Access Journals (Sweden)

    Choong Ho Lee

    2017-03-01

    Full Text Available The concept of big data, commonly characterized by volume, variety, velocity, and veracity, goes far beyond the data type and includes the aspects of data analysis, such as hypothesis-generating, rather than hypothesis-testing. Big data focuses on temporal stability of the association, rather than on causal relationship and underlying probability distribution assumptions are frequently not required. Medical big data as material to be analyzed has various features that are not only distinct from big data of other disciplines, but also distinct from traditional clinical epidemiology. Big data technology has many areas of application in healthcare, such as predictive modeling and clinical decision support, disease or safety surveillance, public health, and research. Big data analytics frequently exploits analytic methods developed in data mining, including classification, clustering, and regression. Medical big data analyses are complicated by many technical issues, such as missing values, curse of dimensionality, and bias control, and share the inherent limitations of observation study, namely the inability to test causality resulting from residual confounding and reverse causation. Recently, propensity score analysis and instrumental variable analysis have been introduced to overcome these limitations, and they have accomplished a great deal. Many challenges, such as the absence of evidence of practical benefits of big data, methodological issues including legal and ethical issues, and clinical integration and utility issues, must be overcome to realize the promise of medical big data as the fuel of a continuous learning healthcare system that will improve patient outcome and reduce waste in areas including nephrology.

  18. Candida Biofilms: Threats, Challenges, and Promising Strategies

    Science.gov (United States)

    Cavalheiro, Mafalda; Teixeira, Miguel Cacho

    2018-01-01

    Candida species are fungal pathogens known for their ability to cause superficial and systemic infections in the human host. These pathogens are able to persist inside the host due to the development of pathogenicity and multidrug resistance traits, often leading to the failure of therapeutic strategies. One specific feature of Candida species pathogenicity is their ability to form biofilms, which protects them from external factors such as host immune system defenses and antifungal drugs. This review focuses on the current threats and challenges when dealing with biofilms formed by Candida albicans, Candida glabrata, Candida tropicalis, and Candida parapsilosis, highlighting the differences between the four species. Biofilm characteristics depend on the ability of each species to produce extracellular polymeric substances (EPS) and display dimorphic growth, but also on the biofilm substratum, carbon source availability and other factors. Additionally, the transcriptional control over processes like adhesion, biofilm formation, filamentation, and EPS production displays great complexity and diversity within pathogenic yeasts of the Candida genus. These differences not only have implications in the persistence of colonization and infections but also on antifungal resistance typically found in Candida biofilm cells, potentiated by EPS, that functions as a barrier to drug diffusion, and by the overexpression of drug resistance transporters. The ability to interact with different species in in vivo Candida biofilms is also a key factor to consider when dealing with this problem. Despite many challenges, the most promising strategies that are currently available or under development to limit biofilm formation or to eradicate mature biofilms are discussed. PMID:29487851

  19. Artificial Intelligence in Surgery: Promises and Perils.

    Science.gov (United States)

    Hashimoto, Daniel A; Rosman, Guy; Rus, Daniela; Meireles, Ozanan R

    2018-07-01

    The aim of this review was to summarize major topics in artificial intelligence (AI), including their applications and limitations in surgery. This paper reviews the key capabilities of AI to help surgeons understand and critically evaluate new AI applications and to contribute to new developments. AI is composed of various subfields that each provide potential solutions to clinical problems. Each of the core subfields of AI reviewed in this piece has also been used in other industries such as the autonomous car, social networks, and deep learning computers. A review of AI papers across computer science, statistics, and medical sources was conducted to identify key concepts and techniques within AI that are driving innovation across industries, including surgery. Limitations and challenges of working with AI were also reviewed. Four main subfields of AI were defined: (1) machine learning, (2) artificial neural networks, (3) natural language processing, and (4) computer vision. Their current and future applications to surgical practice were introduced, including big data analytics and clinical decision support systems. The implications of AI for surgeons and the role of surgeons in advancing the technology to optimize clinical effectiveness were discussed. Surgeons are well positioned to help integrate AI into modern practice. Surgeons should partner with data scientists to capture data across phases of care and to provide clinical context, for AI has the potential to revolutionize the way surgery is taught and practiced with the promise of a future optimized for the highest quality patient care.

  20. Candida Biofilms: Threats, Challenges, and Promising Strategies.

    Science.gov (United States)

    Cavalheiro, Mafalda; Teixeira, Miguel Cacho

    2018-01-01

    Candida species are fungal pathogens known for their ability to cause superficial and systemic infections in the human host. These pathogens are able to persist inside the host due to the development of pathogenicity and multidrug resistance traits, often leading to the failure of therapeutic strategies. One specific feature of Candida species pathogenicity is their ability to form biofilms, which protects them from external factors such as host immune system defenses and antifungal drugs. This review focuses on the current threats and challenges when dealing with biofilms formed by Candida albicans, Candida glabrata, Candida tropicalis , and Candida parapsilosis , highlighting the differences between the four species. Biofilm characteristics depend on the ability of each species to produce extracellular polymeric substances (EPS) and display dimorphic growth, but also on the biofilm substratum, carbon source availability and other factors. Additionally, the transcriptional control over processes like adhesion, biofilm formation, filamentation, and EPS production displays great complexity and diversity within pathogenic yeasts of the Candida genus. These differences not only have implications in the persistence of colonization and infections but also on antifungal resistance typically found in Candida biofilm cells, potentiated by EPS, that functions as a barrier to drug diffusion, and by the overexpression of drug resistance transporters. The ability to interact with different species in in vivo Candida biofilms is also a key factor to consider when dealing with this problem. Despite many challenges, the most promising strategies that are currently available or under development to limit biofilm formation or to eradicate mature biofilms are discussed.

  1. Medical big data: promise and challenges.

    Science.gov (United States)

    Lee, Choong Ho; Yoon, Hyung-Jin

    2017-03-01

    The concept of big data, commonly characterized by volume, variety, velocity, and veracity, goes far beyond the data type and includes the aspects of data analysis, such as hypothesis-generating, rather than hypothesis-testing. Big data focuses on temporal stability of the association, rather than on causal relationship and underlying probability distribution assumptions are frequently not required. Medical big data as material to be analyzed has various features that are not only distinct from big data of other disciplines, but also distinct from traditional clinical epidemiology. Big data technology has many areas of application in healthcare, such as predictive modeling and clinical decision support, disease or safety surveillance, public health, and research. Big data analytics frequently exploits analytic methods developed in data mining, including classification, clustering, and regression. Medical big data analyses are complicated by many technical issues, such as missing values, curse of dimensionality, and bias control, and share the inherent limitations of observation study, namely the inability to test causality resulting from residual confounding and reverse causation. Recently, propensity score analysis and instrumental variable analysis have been introduced to overcome these limitations, and they have accomplished a great deal. Many challenges, such as the absence of evidence of practical benefits of big data, methodological issues including legal and ethical issues, and clinical integration and utility issues, must be overcome to realize the promise of medical big data as the fuel of a continuous learning healthcare system that will improve patient outcome and reduce waste in areas including nephrology.

  2. Bioavailability of curcumin: problems and promises.

    Science.gov (United States)

    Anand, Preetha; Kunnumakkara, Ajaikumar B; Newman, Robert A; Aggarwal, Bharat B

    2007-01-01

    Curcumin, a polyphenolic compound derived from dietary spice turmeric, possesses diverse pharmacologic effects including anti-inflammatory, antioxidant, antiproliferative and antiangiogenic activities. Phase I clinical trials have shown that curcumin is safe even at high doses (12 g/day) in humans but exhibit poor bioavailability. Major reasons contributing to the low plasma and tissue levels of curcumin appear to be due to poor absorption, rapid metabolism, and rapid systemic elimination. To improve the bioavailability of curcumin, numerous approaches have been undertaken. These approaches involve, first, the use of adjuvant like piperine that interferes with glucuronidation; second, the use of liposomal curcumin; third, curcumin nanoparticles; fourth, the use of curcumin phospholipid complex; and fifth, the use of structural analogues of curcumin (e.g., EF-24). The latter has been reported to have a rapid absorption with a peak plasma half-life. Despite the lower bioavailability, therapeutic efficacy of curcumin against various human diseases, including cancer, cardiovascular diseases, diabetes, arthritis, neurological diseases and Crohn's disease, has been documented. Enhanced bioavailability of curcumin in the near future is likely to bring this promising natural product to the forefront of therapeutic agents for treatment of human disease.

  3. Conservation and Biodiversity of Rich Fens

    DEFF Research Database (Denmark)

    Andersen, Dagmar Kappel

    2014-01-01

    Rich fen is a habitat type dependent on a constant supply of nutrient poor, calcium rich groundwater. A high, stable groundwater table, relatively high pH combined with nutrient poor conditions support a special and very species rich vegetation including many rare and threatened plant species. In...

  4. A PROMISING MECHANISM FOR FINANCING THE NATIONAL ECONOMY, SECURITY AND DEFENSE OF UKRAINE

    OpenAIRE

    Dmitry Klinovoi, Peter Rogov

    2017-01-01

    The principles of the permanent financing of necessities of state development, national safety and defensive due to forming of legal institute of civil property on natural resources and mechanisms of the sovereign financing by receivabless from natural rent are grounded here. The description of sovereign fund and fund of civil dividends as institutes of accumulation of state facilities and management of assets is given here.

  5. Honoring and Building on the Rich Literacy Practices of Young Bilingual and Multilingual Learners

    Science.gov (United States)

    Souto-Manning, Mariana

    2016-01-01

    In this article, the author invites teachers of children who are bilingual, multilingual, and at promise for bi-/multilingualism to honor and build on their rich literacy practices. To do so, she challenges ideas and labels that continuously disempower bilingual and multilingual learners. Souto-Manning establishes the understanding that education…

  6. The epigenetic promise for prostate cancer diagnosis.

    Science.gov (United States)

    Van Neste, Leander; Herman, James G; Otto, Gaëtan; Bigley, Joseph W; Epstein, Jonathan I; Van Criekinge, Wim

    2012-08-01

    Prostate cancer is the most common cancer diagnosis in men and a leading cause of death. Improvements in disease management would have a significant impact and could be facilitated by the development of biomarkers, whether for diagnostic, prognostic, or predictive purposes. The blood-based prostate biomarker PSA has been part of clinical practice for over two decades, although it is surrounded by controversy. While debates of usefulness are ongoing, alternatives should be explored. Particularly with recent recommendations against routine PSA-testing, the time is ripe to explore promising biomarkers to yield a more efficient and accurate screening for detection and management of prostate cancer. Epigenetic changes, more specifically DNA methylation, are amongst the most common alterations in human cancer. These changes are associated with transcriptional silencing of genes, leading to an altered cellular biology. One gene in particular, GSTP1, has been widely studied in prostate cancer. Therefore a meta-analysis has been conducted to examine the role of this and other genes and the potential contribution to prostate cancer management and screening refinement. More than 30 independent, peer reviewed studies have reported a consistently high sensitivity and specificity of GSTP1 hypermethylation in prostatectomy or biopsy tissue. The meta-analysis combined and compared these results. GSTP1 methylation detection can serve an important role in prostate cancer managment. The meta-analysis clearly confirmed a link between tissue DNA hypermethylation of this and other genes and prostate cancer. Detection of DNA methylation in genes, including GSTP1, could serve an important role in clinical practice. Copyright © 2011 Wiley Periodicals, Inc.

  7. Candida Biofilms: Threats, Challenges, and Promising Strategies

    Directory of Open Access Journals (Sweden)

    Mafalda Cavalheiro

    2018-02-01

    Full Text Available Candida species are fungal pathogens known for their ability to cause superficial and systemic infections in the human host. These pathogens are able to persist inside the host due to the development of pathogenicity and multidrug resistance traits, often leading to the failure of therapeutic strategies. One specific feature of Candida species pathogenicity is their ability to form biofilms, which protects them from external factors such as host immune system defenses and antifungal drugs. This review focuses on the current threats and challenges when dealing with biofilms formed by Candida albicans, Candida glabrata, Candida tropicalis, and Candida parapsilosis, highlighting the differences between the four species. Biofilm characteristics depend on the ability of each species to produce extracellular polymeric substances (EPS and display dimorphic growth, but also on the biofilm substratum, carbon source availability and other factors. Additionally, the transcriptional control over processes like adhesion, biofilm formation, filamentation, and EPS production displays great complexity and diversity within pathogenic yeasts of the Candida genus. These differences not only have implications in the persistence of colonization and infections but also on antifungal resistance typically found in Candida biofilm cells, potentiated by EPS, that functions as a barrier to drug diffusion, and by the overexpression of drug resistance transporters. The ability to interact with different species in in vivo Candida biofilms is also a key factor to consider when dealing with this problem. Despite many challenges, the most promising strategies that are currently available or under development to limit biofilm formation or to eradicate mature biofilms are discussed.

  8. Enantioselectivity of mass spectrometry: challenges and promises.

    Science.gov (United States)

    Awad, Hanan; El-Aneed, Anas

    2013-01-01

    With the fast growing market of pure enantiomer drugs and bioactive molecules, new chiral-selective analytical tools have been instigated including the use of mass spectrometry (MS). Even though MS is one of the best analytical tools that has efficiently been used in several pharmaceutical and biological applications, traditionally MS is considered as a "chiral-blind" technique. This limitation is due to the MS inability to differentiate between two enantiomers of a chiral molecule based merely on their masses. Several approaches have been explored to assess the potential role of MS in chiral analysis. The first approach depends on the use of MS-hyphenated techniques utilizing fast and sensitive chiral separation tools such as liquid chromatography (LC), gas chromatography (GC), and capillary electrophoresis (CE) coupled to MS detector. More recently, several alternative separation techniques have been evaluated such as supercritical fluid chromatography (SFC) and capillary electrochromatography (CEC); the latter being a hybrid technique that combines the efficiency of CE with the selectivity of LC. The second approach is based on using the MS instrument solely for the chiral recognition. This method depends on the behavioral differences between enantiomers towards a foreign molecule and the ability of MS to monitor such differences. These behavioral differences can be divided into three types: (i) differences in the enantiomeric affinity for association with the chiral selector, (ii) differences of the enantiomeric exchange rate with a foreign reagent, and (iii) differences in the complex MS dissociation behaviors of the enantiomers. Most recently, ion mobility spectrometry was introduced to qualitatively and quantitatively evaluate chiral compounds. This article provides an overview of MS role in chiral analysis by discussing MS based methodologies and presenting the challenges and promises associated with each approach. © 2013 Wiley Periodicals, Inc.

  9. Bacteriophages show promise as antimicrobial agents.

    Science.gov (United States)

    Alisky, J; Iczkowski, K; Rapoport, A; Troitsky, N

    1998-01-01

    The emergence of antibiotic-resistant bacteria has prompted interest in alternatives to conventional drugs. One possible option is to use bacteriophages (phage) as antimicrobial agents. We have conducted a literature review of all Medline citations from 1966-1996 that dealt with the therapeutic use of phage. There were 27 papers from Poland, the Soviet Union, Britain and the U.S.A. The Polish and Soviets administered phage orally, topically or systemically to treat a wide variety of antibiotic-resistant pathogens in both adults and children. Infections included suppurative wound infections, gastroenteritis, sepsis, osteomyelitis, dermatitis, empyemas and pneumonia; pathogens included Staphylococcus, Streptococcus, Klebsiella, Escherichia, Proteus, Pseudomonas, Shigella and Salmonella spp. Overall, the Polish and Soviets reported success rates of 80-95% for phage therapy, with rare, reversible gastrointestinal or allergic side effects. However, efficacy of phage was determined almost exclusively by qualitative clinical assessment of patients, and details of dosages and clinical criteria were very sketchy. There were also six British reports describing controlled trials of phage in animal models (mice, guinea pigs and livestock), measuring survival rates and other objective criteria. All of the British studies raised phage against specific pathogens then used to create experimental infections. Demonstrable efficacy against Escherichia, Acinetobacter, Pseudomonas and Staphylococcus spp. was noted in these model systems. Two U.S. papers dealt with improving the bioavailability of phage. Phage is sequestered in the spleen and removed from circulation. This can be overcome by serial passage of phage through mice to isolate mutants that resist sequestration. In conclusion, bacteriophages may show promise for treating antibiotic resistant pathogens. To facilitate further progress, directions for future research are discussed and a directory of authors from the reviewed

  10. The leucine-rich repeat structure.

    Science.gov (United States)

    Bella, J; Hindle, K L; McEwan, P A; Lovell, S C

    2008-08-01

    The leucine-rich repeat is a widespread structural motif of 20-30 amino acids with a characteristic repetitive sequence pattern rich in leucines. Leucine-rich repeat domains are built from tandems of two or more repeats and form curved solenoid structures that are particularly suitable for protein-protein interactions. Thousands of protein sequences containing leucine-rich repeats have been identified by automatic annotation methods. Three-dimensional structures of leucine-rich repeat domains determined to date reveal a degree of structural variability that translates into the considerable functional versatility of this protein superfamily. As the essential structural principles become well established, the leucine-rich repeat architecture is emerging as an attractive framework for structural prediction and protein engineering. This review presents an update of the current understanding of leucine-rich repeat structure at the primary, secondary, tertiary and quaternary levels and discusses specific examples from recently determined three-dimensional structures.

  11. Structural elucidation, molecular representation and solvent interactions of vitrinite-rich and inertinite-rich South African coals

    Science.gov (United States)

    van Niekerk, Daniel

    the kinetic parameters and it was found that the swelling was governed by relaxation of the coal structure (super-Case II swelling). X-ray computed tomography was conducted confirming anisotropic swelling. The petrographic transitions (maceral-group composition and reflectance) with solvent swelling and extraction were quantified. No changes in the maceral compositions were found, but changes in some coal particles were observed. Random reflectance analysis showed that, for both vitrinite and inertinite, there is a decrease in reflectance values with solvent treatment. Vitrinite reflectograms showed a shift from the dominant reflecting V-types to lower V-types. The inertinite reflectograms exhibited an increase in number of I-types (broadening of reflectrograms). Molecular simulation and visualization approaches to solvent swelling and extraction were performed on the proposed molecular models of vitrinite-rich and inertinite-rich coals. A theoretical extraction yield was determined using solubility parameters and showed agreement with experimental extraction yield trends. Statistical Associating Fluid Theory (SAFT) modeling was explored to test whether this method could predict swelling extent. The predicted swelling trends of SAFT were comparable to that of the experimental swelling results. SAFT was found to be a promising tool for solvent-coal interaction predictions. Partially solvent swollen structures were constructed by the addition of solvent molecules to the original coal molecules using a amorphous building approach. This method showed that coal-coal non-bonding interaction changed with the introduction of solvent. A disruption in the van der Waals interaction energies and a change in hydrogen bond distributions were observed in the swollen coal models and quantified. It was concluded that small changes in coal structure translates to significant changes in solvent interaction behavior. These changes were successfully visualized and simulated using

  12. Green and social bonds - A promising tool

    International Nuclear Information System (INIS)

    Blanc, Dominique; Barochez, Aurelie de; Cozic, Aela

    2013-11-01

    Issues of green bonds, socially responsible bonds and climate bonds are on the rise. Novethic estimates that some Euro 5 billion in such bonds has been issued since the start of 2013 by development banks, the main issuers of this type of debt. The figure is equal to over half of their total issues since 2007. Including local authorities, corporations and banks, a total Euro 8 billion of these bonds has been issued thus far in 2013. Given the size of the bond market, which the OECD estimated at Euro 95,000 billion in 2011, green and social bonds are still something of a niche but have strong growth potential. A number of large issues, from Euro 500 million to Euro 1 billion, were announced at the end of the year. Unlike conventional bonds, green and social bonds are not intended to finance all the activities of the issuer or refinance its debt. They serve instead to finance specific projects, such as producing renewable energy or adapting to climate change, the risk of which is shouldered by the issuer. This makes them an innovative instrument, used to earmark investments in projects with a direct environmental or social benefit rather than simply on the basis of the issuer's sustainable development policy. With financing being sought for the ecological transition, green and social bonds are promising instruments, sketching out at global level the shape of tools adapted to the financing of a green economy. On the strength of these advantages, the interest of responsible investors - the main target of green and social bond issuers - is growing fast. Judging by issuer press releases and the most commonly used currencies, the main subscribers today are US investors, among them CalSTRS and fund managers like Calvert Investment Management and Trillium Asset Management. European asset owners are also starting to focus on green and social bonds. A Novethic survey shows that 13% of them have already subscribed to such an issue or plan to do so. The present study

  13. NATO Advanced Research Workshop on Boron Rich Solids Sensors for Biological and Chemical Detection, Ultra High Temperature Ceramics, Thermoelectrics, Armor

    CERN Document Server

    Orlovskaya, Nina

    2011-01-01

    The objective of this book is to discuss the current status of research and development of boron-rich solids as sensors, ultra-high temperature ceramics, thermoelectrics, and armor. Novel biological and chemical sensors made of stiff and light-weight boron-rich solids are very exciting and efficient for applications in medical diagnoses, environmental surveillance and the detection of pathogen and biological/chemical terrorism agents. Ultra-high temperature ceramic composites exhibit excellent oxidation and corrosion resistance for hypersonic vehicle applications. Boron-rich solids are also promising candidates for high-temperature thermoelectric conversion. Armor is another very important application of boron-rich solids, since most of them exhibit very high hardness, which makes them perfect candidates with high resistance to ballistic impact. The following topical areas are presented: •boron-rich solids: science and technology; •synthesis and sintering strategies of boron rich solids; •microcantileve...

  14. The NPT regime: Progress and promises

    International Nuclear Information System (INIS)

    Dhanapala, Jayantha

    2001-01-01

    Full text: Thesis. The 'NPT regime' has arrived at a fateful crossroads. Though extended indefinitely in 1995, its future is my no means secure. The future 'progress' of this treaty will depend upon whether the 'promises' of its States parties are fully implemented and, eventually, upon the treaty's success in achieving fully universal membership. Challenges The treaty faces many short-term and longer-term challenges: Short term - The first Preparatory Committee meeting for the 2005 Review Conference will meet next year. NNWS will want to see some evidence of progress on nuclear disarmament (Art. VI), along the lines prescribed in the 13 'practical steps' agreed at the last Review Conference. Yet progress has been set back by: uncertainties over the future of the ABM Treaty; the failure of START II and the CTBT to enter into force; the lack of a FISMAT treaty and a treaty establishing a NWFZ in Central Asia; continued qualitative improvements in nuclear weapons; hints that nuclear testing may one day resume; the persistence of doctrines of first-use, pre-emptive use, and use against states that use CBW. Other compliance-related questions will arise over safeguards (e.g. the inability of the IAEA to conduct inspections in the DPRK; signs of a breakdown of the norm of full-scope IAEA safeguards, e.g. in South Asia). There are also concerns over the implementation of non-proliferation commitments (e.g. persisting allegations about nuclear weapon programmes in existing NNWS). The terrorist attacks in New York and Washington, D.C. on 11 September should also serve as a reminder of the new terrorist dangers relating to the possible use of weapons of mass destruction and unorthodox delivery systems. Longer term - Selectivity in the enforcement of NPT norms; unilateralism; IAEA funding uncertainties and shortfalls; difficulties in reaching universal membership (India, Pakistan, and Israel); continuing compliance problems with respect to both non-proliferation and

  15. [Absorbable coronary stents. New promising technology].

    Science.gov (United States)

    Erbel, Raimund; Böse, Dirk; Haude, Michael; Kordish, Igor; Churzidze, Sofia; Malyar, Nasser; Konorza, Thomas; Sack, Stefan

    2007-06-01

    Coronary stent implantation started in Germany 20 years ago. In the beginning, the progress was very slow and accelerated 10 years later. Meanwhile, coronary stent implantation is a standard procedure in interventional cardiology. From the beginning of permanent stent implantation, research started to provide temporary stenting of coronary arteries, first with catheter-based systems, later with stent-alone technology. Stents were produced from polymers or metal. The first polymer stent implantation failed except the Igaki-Tamai stent in Japan. Newly developed absorbable polymer stents seem to be very promising, as intravascular ultrasound (IVUS) and optical coherence tomography have demonstrated. Temporary metal stents were developed based on iron and magnesium. Currently, the iron stent is tested in peripheral arteries. The absorbable magnesium stent (Biotronik, Berlin, Germany) was tested in peripheral arteries below the knee and meanwhile in the multicenter international PROGRESS-AMS (Clinical Performance and Angiographic Results of Coronary Stenting with Absorbable Metal Stents) study. The first magnesium stent implantation was performed on July 30, 2004 after extended experimental testing in Essen. The magnesium stent behaved like a bare-metal stent with low recoil of 5-7%. The stent struts were absorbed when tested with IVUS. Stent struts were not visible by fluoroscopy or computed tomography (CT) as well as magnetic resonance imaging (MRI). That means, that the magnesium stent is invisible and therefore CT and MRI can be used for imaging of interventions. Only using micro-CT the stent struts were visible. The absorption process could be demonstrated in a patient 18 days after implantation due to suspected acute coronary syndrome, which was excluded. IVUS showed a nice open lumen. Stent struts were no longer visible, but replaced by tissue indicating the previous stent location. Coronary angiography after 4 months showed an ischemia-driven target lesion

  16. Prosecuting the Leaders: Promises, Politics and Practicalities

    Directory of Open Access Journals (Sweden)

    Robert Cryer

    2009-02-01

    Full Text Available Given recent developments in relation to the prosecution of international crimes,  it might be thought that one of the last bastions of sovereignty has been breached, and international criminal law has not only entrenched itself in international law. Indeed further to this, it has assumed a supranational position that stands entirely above States, promising justice for all and as a trump card over depredations committed in the name of State sovereignty. After all, Charles Taylor from Liberia is standing trial before the Special Court for Sierra Leone, Slobodan Milošević only escaped judgment by the International Criminal Tribunal for the former

  17. Robust Optical Richness Estimation with Reduced Scatter

    Energy Technology Data Exchange (ETDEWEB)

    Rykoff, E.S.; /LBL, Berkeley; Koester, B.P.; /Chicago U. /Chicago U., KICP; Rozo, E.; /Chicago U. /Chicago U., KICP; Annis, J.; /Fermilab; Evrard, A.E.; /Michigan U. /Michigan U., MCTP; Hansen, S.M.; /Lick Observ.; Hao, J.; /Fermilab; Johnston, D.E.; /Fermilab; McKay, T.A.; /Michigan U. /Michigan U., MCTP; Wechsler, R.H.; /KIPAC, Menlo Park /SLAC

    2012-06-07

    Reducing the scatter between cluster mass and optical richness is a key goal for cluster cosmology from photometric catalogs. We consider various modifications to the red-sequence matched filter richness estimator of Rozo et al. (2009b), and evaluate their impact on the scatter in X-ray luminosity at fixed richness. Most significantly, we find that deeper luminosity cuts can reduce the recovered scatter, finding that {sigma}{sub ln L{sub X}|{lambda}} = 0.63 {+-} 0.02 for clusters with M{sub 500c} {approx}> 1.6 x 10{sup 14} h{sub 70}{sup -1} M{sub {circle_dot}}. The corresponding scatter in mass at fixed richness is {sigma}{sub ln M|{lambda}} {approx} 0.2-0.3 depending on the richness, comparable to that for total X-ray luminosity. We find that including blue galaxies in the richness estimate increases the scatter, as does weighting galaxies by their optical luminosity. We further demonstrate that our richness estimator is very robust. Specifically, the filter employed when estimating richness can be calibrated directly from the data, without requiring a-priori calibrations of the red-sequence. We also demonstrate that the recovered richness is robust to up to 50% uncertainties in the galaxy background, as well as to the choice of photometric filter employed, so long as the filters span the 4000 {angstrom} break of red-sequence galaxies. Consequently, our richness estimator can be used to compare richness estimates of different clusters, even if they do not share the same photometric data. Appendix A includes 'easy-bake' instructions for implementing our optimal richness estimator, and we are releasing an implementation of the code that works with SDSS data, as well as an augmented maxBCG catalog with the {lambda} richness measured for each cluster.

  18. The Promise of a College Scholarship Transforms a District

    Science.gov (United States)

    Ritter, Gary W.; Ash, Jennifer

    2016-01-01

    Promise programs are place-based scholarships, generally tied to a city or school district, offering near-universal access to all living in the "place." While Promise programs share some characteristics with other scholarship programs, they're unique because they seek to change communities and schools. Underlying such promise programs is…

  19. 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.

  20. An Empirical Research on the Correlation between Corporate Governance and Accounting Surplus Bonus-based Cash Dividends%公司治理与会计盈余分红相关性的实证研究

    Institute of Scientific and Technical Information of China (English)

    田慧勇; 于立新; 朱天星; 赵成

    2011-01-01

    股利政策是平衡上市公司税后收益和留存收益之间关系、进行投资者管理的重要手段。以中国上市A股2009年财务和公司治理数据为研究样本实证研究公司治理与会计盈余分红的关系,研究结果表明,在控制公司具体特征因素之后,公司会计盈余分红与控股股东比例、董事会规模、监事会规模呈正相关,与流通股比例呈负相关。因此,平衡上市公司税后收益和留存收益之间关系,实施投资者管理的重要股利政策包括优化股权结构,改革股东大会表决制度;细化强制分红、提高分红信息的透明度。%The dividend policy,which is usually adopted to balance the relationship between after-tax earnings and retained earnings of a listed company,is an important means to regulate investors.The correlation between corporate governance and accounting surplus bonus is empirically examined by using the finance and corporate governance datum in 2009 from a share in China as sample.The results show that the accounting surplus bonus assumes a positive correlation with the controlling shareholder's holding ratios,the Board Size and the supervisor board size while it takes on a negative correlation with the proportion of circulated shares.Therefore,in order to balance the relationship between the after-tax earnings and the retained earnings,and carry out the important investor-management-oriented dividend policy it is suggested that the equity structure be optimized;the voting system of shareholder meetings be reformed;the compelling dividend detailed;and the transparency of dividend information be strengthened.

  1. Uji Model Keseimbangan Teori Keagenan: Pengaruh Kebijakan Utang dan Kebijakan Dividen Terhadap Kepemilikan Manajerial [Testing a Model of Balance Agency Theory: The Influence of Policy Liabilities and Dividend Policy towards Managerial Ownership

    Directory of Open Access Journals (Sweden)

    Shiela Liviani

    2016-06-01

    Full Text Available This study aims to analyze the balancing model of agency theory in the effect of debt policy and dividend policy to managerial ownership in manufacture sector companies, which are listed in Indonesia Stock Exchange. Companies in Indonesia tend to have concentrated ownership structure. This condition is contradictory to the previous studies which mostly done in the widely ownership-dispersed countries. Balancing model argues that there is a trade-off between each monitoring and controlling mechanism, i.e. the effect of debt policy to managerial ownership and dividend policy to managerial ownership. This study uses a quantitative approach with fixed effect logistic regression model to analyze the data. Total sample of this study is 1,060 observations of 106 listed Indonesian manufacture firms during the period of 2004-2014. This study found debt policy to be a significant and negative determinant of the level of managerial ownership, as predicted by balancing model of agency theory. This study also found dividend policy has an insignificant positive effect to the level of managerial ownership, which rejected the balancing model of agency theory in the effect of dividend policy to managerial ownership. Penelitian ini bertujuan untuk menguji model keseimbangan teori keagenan pada pengaruh kebijakan utang dan kebijakan dividen terhadap kepemilikan manajerial dalam perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia. Struktur kepemilikan dalam perusahaan-perusahaan di Indonesia cenderung terkonsentrasi. Kondisi ini berbeda dengan penelitian terdahulu yang banyak dilakukan di negara yang struktur kepemilikannya cenderung tersebar. Model keseimbangan menyatakan bahwa terdapat trade-off antar suatu mekanisme pengawasan dan pengendalian dengan mekanisme lainnya, yaitu pengaruh kebijakan utang terhadap kepemilikan manajerial dan kebijakan dividen terhadap kepemilikan manajerial. Penelitian ini menggunakan pendekatan kuantitatif dengan fixed

  2. Proton-rich nuclear statistical equilibrium

    International Nuclear Information System (INIS)

    Seitenzahl, I.R.; Timmes, F.X.; Marin-Lafleche, A.; Brown, E.; Magkotsios, G.; Truran, J.

    2008-01-01

    Proton-rich material in a state of nuclear statistical equilibrium (NSE) is one of the least studied regimes of nucleosynthesis. One reason for this is that after hydrogen burning, stellar evolution proceeds at conditions of an equal number of neutrons and protons or at a slight degree of neutron-richness. Proton-rich nucleosynthesis in stars tends to occur only when hydrogen-rich material that accretes onto a white dwarf or a neutron star explodes, or when neutrino interactions in the winds from a nascent proto-neutron star or collapsar disk drive the matter proton-rich prior to or during the nucleosynthesis. In this Letter we solve the NSE equations for a range of proton-rich thermodynamic conditions. We show that cold proton-rich NSE is qualitatively different from neutron-rich NSE. Instead of being dominated by the Fe-peak nuclei with the largest binding energy per nucleon that have a proton-to-nucleon ratio close to the prescribed electron fraction, NSE for proton-rich material near freezeout temperature is mainly composed of 56Ni and free protons. Previous results of nuclear reaction network calculations rely on this nonintuitive high-proton abundance, which this Letter explains. We show how the differences and especially the large fraction of free protons arises from the minimization of the free energy as a result of a delicate competition between the entropy and nuclear binding energy.

  3. Stem cell therapy in spinal cord injury: Hollow promise or promising science?

    Directory of Open Access Journals (Sweden)

    Aimee Goel

    2016-01-01

    Full Text Available Spinal cord injury (SCI remains one of the most physically, psychologically and socially debilitating conditions worldwide. While rehabilitation measures may help limit disability to some extent, there is no effective primary treatment yet available. The efficacy of stem cells as a primary therapeutic option in spinal cord injury is currently an area under much scrutiny and debate. Several laboratory and some primary clinical studies into the use of bone marrow mesenchymal stem cells or embryonic stem cell-derived oligodentrocyte precursor cells have shown some promising results in terms of remyelination and regeneration of damaged spinal nerve tracts. More recently,laboratory and early clinical experiments into the use of Olfactory Ensheathing Cells, a type of glial cell derived from olfactory bulb and mucosa have provided some phenomenal preliminary evidence as to their neuroregenerative and neural bridging capacity. This report compares and evaluates some current research into selected forms of embryonic and mesenchymal stem cell therapy as well as olfactory ensheathing cell therapy in SCI, and also highlights some legal and ethical issues surrounding their use. While early results shows promise, more rigorous large scaleclinical trials are needed to shed light on the safety, efficacy and long term viability of stem cell and cellular transplant techniques in SCI.

  4. LHCb RICH1 Engineering Design Review Report

    CERN Document Server

    Brook, N; Metlica, F; Muir, A; Phillips, A; Buckley, A; Gibson, V; Harrison, K; Jones, C R; Katvars, S G; Lazzeroni, C; Storey, J; Ward, CP; Wotton, S; Alemi, M; Arnabaldi, C; Bellunato, T F; Calvi, M; Matteuzzi, C; Musy, M; Negri, P; Perego, D L; Pessina, G; Chamonal, R; Eisenhardt, S; Lawrence, J; McCarron, J; Muheim, F; Playfer, S; Walker, A; Cuneo, S; Fontanelli, F; Gracco, Valerio; Mini, G; Musico, P; Petrolini, A; Sannino, M; Bates, A; MacGregor, A; O'Shea, V; Parkes, C; Paterson, S; Petrie, D; Pickford, A; Rahman, M; Soler, F; Allebone, L; Barber, J H; Cameron, W; Clark, D; Dornan, Peter John; Duane, A; Egede, U; Hallam, R; Howard, A; Plackett, R; Price, D; Savidge, T; Vidal-Sitjes, G; Websdale, D M; Adinolfi, M; Bibby, J H; Cioffi, C; Gligorov, Vladimir V; Harnew, N; Harris, F; McArthur, I A; Newby, C; Ottewell, B; Rademacker, J; Senanayake, R; Somerville, L P; Soroko, A; Smale, N J; Topp-Jørgensen, S; Wilkinson, G; Yang, S; Benayoun, M; Khmelnikov, V A; Obraztsov, V F; Densham, C J; Easo, S; Franek, B; Kuznetsov, G; Loveridge, P W; Morrow, D; Morris, JV; Papanestis, A; Patrick, G N; Woodward, M L; Aglieri-Rinella, G; Albrecht, A; Braem, André; Campbell, M; D'Ambrosio, C; Forty, R W; Frei, C; Gys, Thierry; Jamet, O; Kanaya, N; Losasso, M; Moritz, M; Patel, M; Piedigrossi, D; Snoeys, W; Ullaland, O; Van Lysebetten, A; Wyllie, K

    2005-01-01

    This document describes the concepts of the engineering design to be adopted for the upstream Ring Imaging Cherenkov detector (RICH1) of the reoptimized LHCb detector. Our aim is to ensure that coherent solutions for the engineering design and integration for all components of RICH1 are available, before proceeding with the detailed design of these components.

  5. Island Species Richness Increases with Habitat Diversity

    NARCIS (Netherlands)

    Hortal, J.; Triantis, K.A.; Meiri, S.; Thebault, E.M.C.; Sfenthourakis, S.

    2009-01-01

    Species richness is commonly thought to increase with habitat diversity. However, a recent theoretical model aiming to unify niche and island biogeography theories predicted a hump-shaped relationship between richness and habitat diversity. Given the contradiction between model results and previous

  6. Platelet-rich fibrin: a boon in regenerative endodontics.

    Science.gov (United States)

    Rebentish, Priyanka D; Umashetty, Girish; Kaur, Harpreet; Doizode, Trupthi; Kaslekar, Mithun; Chowdhury, Shouvik

    2016-12-01

    Research into regenerative dentistry has contributed momentum to the field of molecular biology. Periapical surgery aims at removing periapical pathology to achieve complete wound healing and regeneration of bone and periodontal tissue. Regenerative endodontic procedures are widely being added to the current armamentarium of pulp therapy procedures. The regenerative potential of platelets has been deliberated. Platelet-rich fibrin (PRF) is a wonderful tissue-engineering product and has recently gained much popularity due its promising results in wound healing bone induction. The features of this product are an attribute of platelets which, after cellular interactions, release growth factors and have shown application in diverse disciplines of dentistry. This paper is intended to shed light onto the various prospects of PRF and to provide clinical insight into regenerative endodontic therapy.

  7. Neutron rich nuclei around 132Sn

    International Nuclear Information System (INIS)

    Bhattacharya, Sarmishtha

    2016-01-01

    The neutron rich nuclei with few particles or holes in 132 Sn have various experimental and theoretical interest to understand the evolution of nuclear structure around the doubly magic shell closure Z=50 and N=82. Some of the exotic neutron rich nuclei in this mass region are situated near waiting points in the r-process path and are of special astrophysical interest. Neutron rich nuclei near 132 Sn have been studied using fission fragment spectroscopy. The lifetime of low lying isomeric states have been precisely measured and the beta decay from the ground and isomeric states have been characterized using gamma-ray spectroscopy

  8. Firm size diversity, functional richness, and resilience

    Science.gov (United States)

    Garmestani, A.S.; Allen, Craig R.; Mittelstaedt, J.D.; Stow, C.A.; Ward, W.A.

    2006-01-01

    This paper applies recent advances in ecology to our understanding of firm development, sustainability, and economic development. The ecological literature indicates that the greater the functional richness of species in a system, the greater its resilience - that is, its ability to persist in the face of substantial changes in the environment. This paper focuses on the effects of functional richness across firm size on the ability of industries to survive in the face of economic change. Our results indicate that industries with a richness of industrial functions are more resilient to employment volatility. ?? 2006 Cambridge University Press.

  9. Local and global trust based on the concept of promises

    NARCIS (Netherlands)

    Bergstra, J.; Burgess, M.

    2009-01-01

    We use the notion of a promise to define local trust between agents possessing autonomous decision-making. An agent is trustworthy if it is expected that it will keep a promise. This definition satisfies most commonplace meanings of trust. Reputation is then an estimation of this expectation value

  10. The pragmatics of NPP presidential campaign promises in Ghana's ...

    African Journals Online (AJOL)

    The paper discusses election campaign promises under Commissives, an aspect of Speech Act Theory, and Political Discourse Analysis (PDA). It considers the importance of context and looks at the social settings that are connected with promises. It examines the semantics, pragmatics and the structure of campaign ...

  11. Solutions for Failing High Schools: Converging Visions and Promising Models.

    Science.gov (United States)

    Legters, Nettie; Balfanz, Robert; McPartland, James

    Promising solutions to the failings of traditional comprehensive high schools were reviewed to identify basic principles and strategies for improving high schools nationwide. Selected research studies, policy documents, and promising high school programs were reviewed. The review revealed the following principles for helping high schools better…

  12. Mathematical Profiles and Problem Solving Abilities of Mathematically Promising Students

    Science.gov (United States)

    Budak, Ibrahim

    2012-01-01

    Mathematically promising students are defined as those who have the potential to become the leaders and problem solvers of the future. The purpose of this research is to reveal what problem solving abilities mathematically promising students show in solving non-routine problems and type of profiles they present in the classroom and during problem…

  13. Nuclear transition moment measurements of neutron rich nuclei

    Science.gov (United States)

    Starosta, Krzysztof

    2009-10-01

    The Recoil Distance Method (RDM) and related Doppler Shift Attenuation Method (DSAM) are well-established tools for lifetime measurements following nuclear reactions near the Coulomb barrier. Recently, the RDM was implemented at National Superconducting Cyclotron Laboratory (NSCL) at Michigan State University using NSCL/K"oln plunger device and a unique combination of the state-of-the-art instruments available there. Doppler-shift lifetime measurements following Coulomb excitation, knock-out, and fragmentation at intermediate energies of ˜100 MeV/u hold the promise of providing lifetime information for excited states in a wide range of unstable nuclei. So far, the method was used to investigate the collectivity of the neutron-rich ^16,18,20C, ^62,64,66Fe, ^70,72Ni, ^110,114Pd isotopes and also of the neutron-deficient N=Z ^64Ge. A significant fraction of these experiments was performed using NSCL's Segmented Germanium Array instrumented with the Digital Data Acquisition System which enables gamma-ray tracking. The impact of GRETINA and gamma-ray tracking on RDM and DSAM studies of neutron-rich nuclei will be discussed.

  14. Thermodynamics of neutron-rich nuclear matter

    Energy Technology Data Exchange (ETDEWEB)

    López, Jorge A., E-mail: jorgelopez@utep.edu [Department of Physics, University of Texas at El Paso, El Paso, Texas 79968, U.S.A (United States); Porras, Sergio Terrazas, E-mail: sterraza@uacj.mx; Gutiérrez, Araceli Rodríguez, E-mail: al104010@alumnos.uacj.mx [Universidad Autónoma de Ciudad Juárez, Ciudad Juárez, Chihuahua, México (Mexico)

    2016-07-07

    This manuscript presents methods to obtain properties of neutron-rich nuclear matter from classical molecular dynamics. Some of these are bulk properties of infinite nuclear matter, phase information, the Maxwell construction, spinodal lines and symmetry energy.

  15. Leveraging data rich environments using marketing analytics

    OpenAIRE

    Holtrop, Niels

    2017-01-01

    With the onset of what is popularly known as “big data”, increased attention is being paid to creating value from these data rich environments. Within the field of marketing, the analysis of customer and market data supported by models is known as marketing analytics. The goal of these analyses is to enhance managerial decision making regarding marketing problems. However, before these data rich environments can be used to guide managerial decision making, firms need to grasp the process of d...

  16. Electrochemical study of lithium insertion into carbon-rich polymer-derived silicon carbonitride ceramics

    International Nuclear Information System (INIS)

    Kaspar, Jan; Mera, Gabriela; Nowak, Andrzej P.; Graczyk-Zajac, Magdalena; Riedel, Ralf

    2010-01-01

    This paper presents the lithium insertion into carbon-rich polymer-derived silicon carbonitride (SiCN) ceramic synthesized by the thermal treatment of poly(diphenylsilylcarbodiimide) at three temperatures, namely 1100, 1300, and 1700 o C under 0.1 MPa Ar atmosphere. At lower synthesis temperatures, the material is X-ray amorphous, while at 1700 o C, the SiCN ceramic partially crystallizes. Anode materials prepared from these carbon-rich SiCN ceramics without any fillers and conducting additives were characterized using cyclic voltammetry and chronopotentiometric charging/discharging. We found that the studied silicon carbonitride ceramics demonstrate a promising electrochemical behavior during lithium insertion/extraction in terms of capacity and cycling stability. The sample synthesized at 1300 o C exhibits a reversible capacity of 392 mAh g -1 . Our study confirms that carbon-rich SiCN phases are electrochemically active materials in terms of Li inter- and deintercalation.

  17. Establishing an ISO 10001-based promise in inpatients care.

    Science.gov (United States)

    Khan, Mohammad Ashiqur Rahman; Karapetrovic, Stanislav

    2015-01-01

    The purpose of this paper is to explore ISO 10001:2007 in planning, designing and developing a customer satisfaction promise (CSP) intended for inpatients care. Through meetings and interviews with research participants, who included a program manager, unit managers and registered nurses, information about potential promises and their implementation was obtained and analyzed. A number of promises were drafted and one was finally selected to be developed as a CSP. Applying the standard required adaptation and novel interpretation. Additionally, ISO 10002:2004 (Clause 7) was used to design the feedback handling activities. A promise initially chosen for development turned out to be difficult to implement, experience that helped in selecting and developing the final promise. Research participants found the ISO 10001-based method useful and comprehensible. This paper presents a specific health care example of how to adapt a standard's guideline in establishing customer promises. The authors show how a promise can be used in alleviating an existing issue (i.e. communication between carers and patients). The learning can be beneficial in various health care settings. To the knowledge, this paper shows the first example of applying ISO 10001:2007 in a health care case. A few activities suggested by the standard are further detailed, and a new activity is introduced. The integrated use of ISO 10001:2007 and 10002:2004 is presented and how one can be "augmented" by the other is demonstrated.

  18. Gravitational-wave astronomy: delivering on the promises

    Science.gov (United States)

    Schutz, B. F.

    2018-05-01

    Now that LIGO and Virgo have begun to detect gravitational-wave events with regularity, the field of gravitational-wave astronomy is beginning to realize its promise. Binary black holes and, very recently, binary neutron stars have been observed, and we are already learning much from them. The future, with improved sensitivity, more detectors and detectors like LISA in different frequency bands, has even more promise to open a completely hidden side of the Universe to our exploration. This article is part of a discussion meeting issue `The promises of gravitational-wave astronomy'.

  19. Gravitational-wave astronomy: delivering on the promises.

    Science.gov (United States)

    Schutz, B F

    2018-05-28

    Now that LIGO and Virgo have begun to detect gravitational-wave events with regularity, the field of gravitational-wave astronomy is beginning to realize its promise. Binary black holes and, very recently, binary neutron stars have been observed, and we are already learning much from them. The future, with improved sensitivity, more detectors and detectors like LISA in different frequency bands, has even more promise to open a completely hidden side of the Universe to our exploration.This article is part of a discussion meeting issue 'The promises of gravitational-wave astronomy'. © 2018 The Author(s).

  20. Self-Synchronization: Splendid Promise or Dangerous Delusion

    National Research Council Canada - National Science Library

    Hatter, Steven

    2000-01-01

    ... with extraordinary efficiency and precision. Proponents of Network-Centric Warfare build upon the optimism in JV 2010 by offering a war-fighting paradigm that promises "an information superiority enabled concept of operations that generates...

  1. Promise Zone Round 2 Applicant Geography and Goal Data

    Data.gov (United States)

    Department of Housing and Urban Development — This dataset includes Promise Zone initiative round II applicant project data from 111 urban, rural, and tribal communities who consented to share their application...

  2. Children's rights, international human rights and the promise of ...

    African Journals Online (AJOL)

    Children's rights, international human rights and the promise of Islamic legal theory. ... Law, Democracy & Development ... law but also religion and ethics, thus offering a multidimensional approach covering the total personality of the child.

  3. LITHIUM-RICH GIANTS IN GLOBULAR CLUSTERS

    Energy Technology Data Exchange (ETDEWEB)

    Kirby, Evan N.; Cohen, Judith G. [California Institute of Technology, 1200 E. California Boulevard, MC 249-17, Pasadena, CA 91125 (United States); Guhathakurta, Puragra [UCO/Lick Observatory and Department of Astronomy and Astrophysics, University of California, 1156 High Street, Santa Cruz, CA 95064 (United States); Zhang, Andrew J. [The Harker School, 500 Saratoga Avenue, San Jose, CA 95129 (United States); Hong, Jerry [Palo Alto High School, 50 Embarcadero Road, Palo Alto, CA, 94301 (United States); Guo, Michelle [Stanford University, 450 Serra Mall, Stanford, CA 94305 (United States); Guo, Rachel [Irvington High School, 41800 Blacow Road, Fremont, CA 94538 (United States); Cunha, Katia [Observatório Nacional, São Cristóvão Rio de Janeiro (Brazil)

    2016-03-10

    Although red giants deplete lithium on their surfaces, some giants are Li-rich. Intermediate-mass asymptotic giant branch (AGB) stars can generate Li through the Cameron–Fowler conveyor, but the existence of Li-rich, low-mass red giant branch (RGB) stars is puzzling. Globular clusters are the best sites to examine this phenomenon because it is straightforward to determine membership in the cluster and to identify the evolutionary state of each star. In 72 hours of Keck/DEIMOS exposures in 25 clusters, we found four Li-rich RGB and two Li-rich AGB stars. There were 1696 RGB and 125 AGB stars with measurements or upper limits consistent with normal abundances of Li. Hence, the frequency of Li-richness in globular clusters is (0.2 ± 0.1)% for the RGB, (1.6 ± 1.1)% for the AGB, and (0.3 ± 0.1)% for all giants. Because the Li-rich RGB stars are on the lower RGB, Li self-generation mechanisms proposed to occur at the luminosity function bump or He core flash cannot explain these four lower RGB stars. We propose the following origin for Li enrichment: (1) All luminous giants experience a brief phase of Li enrichment at the He core flash. (2) All post-RGB stars with binary companions on the lower RGB will engage in mass transfer. This scenario predicts that 0.1% of lower RGB stars will appear Li-rich due to mass transfer from a recently Li-enhanced companion. This frequency is at the lower end of our confidence interval.

  4. Unary probabilistic and quantum automata on promise problems

    OpenAIRE

    Gainutdinova, Aida; Yakaryilmaz, Abuzer

    2015-01-01

    We continue the systematic investigation of probabilistic and quantum finite automata (PFAs and QFAs) on promise problems by focusing on unary languages. We show that bounded-error QFAs are more powerful than PFAs. But, in contrary to the binary problems, the computational powers of Las-Vegas QFAs and bounded-error PFAs are equivalent to deterministic finite automata (DFAs). Lastly, we present a new family of unary promise problems with two parameters such that when fixing one parameter QFAs ...

  5. 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.

  6. 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

  7. Kerala reaps low fertility dividends.

    Science.gov (United States)

    1992-01-01

    Unlike much of India, the state of Kerala has promoted the development of human resources, resulting in lower fertility rates. If current UN projections are correct, India will overtake China as the most populous nation in the world by 2025. Within India, however, great differences exist in fertility rates, reflecting the level of commitment from state governments. In India, state governments control much of the policy and spending on health, education, etc. While the state of Kerala has been among the most committed to human resource development in the developing world, India's 5 northern states (Rajasthan, Uttar Pradesh, Madhya Pradesh, Bihar, and Orissa) have been among the least committed. As a result, Kerala's fertility rate has fallen to 2.3 children/women--a rate lower than that of Thailand, China, the formers USSR, or Ireland. Kerala has a contraceptive prevalence rate 3 times the national average and the lowest infant mortality rate in all of India--only 26/1000 live births (infant mortality is 4-5 times higher in the 5 northern states). Only 27% of Kerala's population lives in poverty, compared to 34-49.5% in the northern states. Real incomes and industrialization have been growing faster in Kerala. And industrialization does not appear to have come at the expense of the environment. 2 factors are responsible for Kerala' accomplishments: 1) State government support of human development--the state has invested in health, education, and has conducted a land reform benefiting 3 million landless peasants. 2) The status of women--in Kerala, women are viewed as an asset, not a liability (as in the north). Kerala's female literacy is 66%, compared to 11-21% in the northern states. Kerala also enjoys the highest level of female labor force participation (35%) anywhere in India.

  8. Modeling Aquatic Macroinvertebrate Richness Using Landscape Attributes

    Directory of Open Access Journals (Sweden)

    Marcia S. Meixler

    2015-01-01

    Full Text Available We used a rapid, repeatable, and inexpensive geographic information system (GIS approach to predict aquatic macroinvertebrate family richness using the landscape attributes stream gradient, riparian forest cover, and water quality. Stream segments in the Allegheny River basin were classified into eight habitat classes using these three landscape attributes. Biological databases linking macroinvertebrate families with habitat classes were developed using life habits, feeding guilds, and water quality preferences and tolerances for each family. The biological databases provided a link between fauna and habitat enabling estimation of family composition in each habitat class and hence richness predictions for each stream segment. No difference was detected between field collected and modeled predictions of macroinvertebrate families in a paired t-test. Further, predicted stream gradient, riparian forest cover, and total phosphorus, total nitrogen, and suspended sediment classifications matched observed classifications much more often than by chance alone. High gradient streams with forested riparian zones and good water quality were predicted to have the greatest macroinvertebrate family richness and changes in water quality were predicted to have the greatest impact on richness. Our findings indicate that our model can provide meaningful landscape scale macroinvertebrate family richness predictions from widely available data for use in focusing conservation planning efforts.

  9. Species richness, area and climate correlates

    DEFF Research Database (Denmark)

    Nogues, David Bravo; Bastos Araujo, Miguel

    2006-01-01

    affects: (1) the selection of climate variables entering a species richness model; and (2) the accuracy of models in predicting species richness in unsampled grid cells. Location Western Europe. Methods Models are developed for European plant, breeding bird, mammal and herptile species richness using...... seven climate variables. Generalized additive models are used to relate species richness, climate and area. Results We found that variation in the grid cell area was large (50 × 50 km: 8-3311 km2; 220 × 220: 193-55,100 km2), but this did not affect the selection of variables in the models. Similarly...... support the assumption that variation in near-equal area cells may be of second-order importance for models explaining or predicting species richness in relation to climate, although there is a possibility that drops in accuracy might increase with grid cell size. The results are, however, contingent...

  10. Structure of Light Neutron-rich Nuclei

    International Nuclear Information System (INIS)

    Dlouhy, Zdenek

    2007-01-01

    In this contribution we searched for irregularities in various separation energies in the frame of mass measurement of neutron-rich nuclei at GANIL. On this basis we can summarize that the new doubly magic nuclei are 8 He, 22 O and 24 O. They are characterized by extra stability and, except 24 O, they cannot accept and bind additional neutrons. However, if we add to these nuclei a proton we obtain 9 Li and 25 F which are the core for two-neutron halo nucleus 11 Li and enables that fluorine can bound even 6 more neutrons, respectively. In that aspect the doubly magic nuclei in the neutron-rich region can form the basis either for neutron halo or very neutron-rich nuclei. (Author)

  11. Origin of the latitudinal richness gradient

    DEFF Research Database (Denmark)

    Engemann, Kristine; Sandel, Brody Steven; Enquist, Brian J.

    2015-01-01

    Spatial variation in richness patterns must be due to variation in rates of speciation, extinction, immigration and emigration. Hotspots of diversity can occur either because they are hotspots of speciation (cradles) or cold spots of extinction (museums) – two major hypotheses that make contrasting...... predictions for the phylogenetic structure of communities. We test these hypotheses by comparing centers of species richness and phylogenetic clustering for vascular plants in the New World. Range maps for 88,417 plant species were extracted from the Botanical Information and Ecology Network (BIEN) database...... and combined with the BIEN mega phylogeny of >80,000 species. We calculated the Phylogenetic Diversity Index (PDI) and Net Relatedness Index (NRI) for each cell in a 100×100 km grid using a new computationally efficient algorithm. Species richness patterns were compared to patterns of PDI and NRI. We found...

  12. Platelet-Rich Plasma Increases Pigmentation.

    Science.gov (United States)

    Uysal, Cagri A; Ertas, Nilgun Markal

    2017-11-01

    Platelet-rich plasma (PRP) is an autologous solution of plasma containing 4 to 7 times the baseline concentration of human platelets. Platelet-rich plasma has been widely popular in facial rejuvenation to attenuate wrinkles and has been practically used. The authors have been encountering various patients of increased hiperpigmentation following PRP applications that were performed to attenuate the postinflammatory hiperpigmentation especially after laser treatment. The authors have been using PRP for facial rejuvenation in selected patients and in 1 patient the authors have encountered increased pigmentation over the pigmented skin lesions that were present before the application. The authors recommend that the PRP might increase pigmentation especially in the face region and precautions might be taken before and after the application. Platelet-rich plasma should not be used for the treatment of post inflammatory hiperpigmentation.

  13. Physicochemical Properties and Storage Stability of Microencapsulated DHA-Rich Oil with Different Wall Materials.

    Science.gov (United States)

    Chen, Wuxi; Wang, Haijun; Zhang, Ke; Gao, Feng; Chen, Shulin; Li, Demao

    2016-08-01

    This study aimed to evaluate the physicochemical properties and storage stability of microencapsulated DHA-rich oil spray dried with different wall materials: model 1 (modified starch, gum arabic, and maltodextrin), model 2 (soy protein isolate, gum arabic, and maltodextrin), and model 3 (casein, glucose, and lactose). The results indicated that model 3 exhibited the highest microencapsulation efficiency (98.66 %) and emulsion stability (>99 %), with a moisture content and mean particle size of 1.663 % and 14.173 μm, respectively. Differential scanning calorimetry analysis indicated that the Tm of DHA-rich oil microcapsules was high, suggesting that the entire structure of the microcapsules remained stable during thermal processing. A thermogravimetric analysis curve showed that the product lost 5 % of its weight at 172 °C and the wall material started to degrade at 236 °C. The peroxide value of microencapsulated DHA-rich oil remained at one ninth after accelerated oxidation at 45 °C for 8 weeks to that of the unencapsulated DHA-rich oil, thus revealing the promising oxidation stability of DHA-rich oil in microcapsules.

  14. 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

  15. Fast Photon Detection for COMPASS RICH1

    CERN Document Server

    Abbon, P; Angerer, H; Apollonio, M; Birsa, R; Bordalo, P; Bradamante, F; Bressan, A; Busso, L; Chiosso, M; Ciliberti, P; Colantoni, M L; Costa, S; Dibiase, N; Dafni, T; Dalla Torre, S; Diaz, V; Duic, v; Delagnes, E; Deschamps, H; Eyrich, W; Faso, D; Ferrero, A; Finger, M; Finger, M Jr; Fischer, H; Gerassimov, S; Giorgi, M; Gobbo, B; Hagemann, R; Von Harrach, D; Heinsius, F H; Joosten, R; Ketzer, B; Königsmann, K; Kolosov, V N; Konorov, I; Kramer, D; Kunne, F; Levorato, S; Maggiora, A; Magnon, A; Mann, A; Martin, A; Menon, G; Mutter, A; Nähle, O; Neyret, D; Nerling, F; Pagano, P; Paul, S; Panebianco, S; Panzieri, D; Pesaro, G; Pizzolotto, C; Polak, J; Rebourgeard, P; Rocco, E; Robinet, F; Schiavon, P; Schill, C; Schoenmeier, P; Silva, L; Slunecka, M; Steiger, L; Sozzi, F; Sulc, M; Svec, M; Tessarotto, F; Teufel, A; Wollny, H

    2006-01-01

    The new photon detection system for COMPASS RICH-1 has been designed to cope with the demanding requests of operation at high beam intensity and at high trigger rates. The detection technique in the central region of RICH-1 has been changed with a system based on multianode photomultipliers coupled to individual fused silica lens telescopes and to a fast, almost dead time free readout system based on the MAD-4 amplifier-discriminator and the F1 TDC-chip. The new photon detection system design and construction are described, as well as its first response in the experiment.

  16. Hamman-Rich syndrome in a goldsmith

    International Nuclear Information System (INIS)

    Kirchner, J.; Stein, A.; Jacobi, V.; Viel, K.

    1997-01-01

    We report the case of a 54-year-old goldsmith admitted because of dyspnea on exertion, persistent cough, and weakness under the suspicion of exogenous allergic alveolitis. He rapidly developed progressive lung fibrosis with exitus letalis 7 weeks after admission. Radiological examination (chest X-ray and HRCT) first showed ground glass opacities, and later rapid development of severe interstitial pattern with architectural distraction. The findings were similar to idiopathic lung fibrosis; however, the rare Hamman-Rich syndrome was confirmed by progressive course of the disease. Correlations between Hamann-Rich syndrome and idiopathic lung fibrosis are discussed. (orig.) [de

  17. Congestion Service Facilities Location Problem with Promise of Response Time

    Directory of Open Access Journals (Sweden)

    Dandan Hu

    2013-01-01

    Full Text Available In many services, promise of specific response time is advertised as a commitment by the service providers for the customer satisfaction. Congestion on service facilities could delay the delivery of the services and hurts the overall satisfaction. In this paper, congestion service facilities location problem with promise of response time is studied, and a mixed integer nonlinear programming model is presented with budget constrained. The facilities are modeled as M/M/c queues. The decision variables of the model are the locations of the service facilities and the number of servers at each facility. The objective function is to maximize the demands served within specific response time promised by the service provider. To solve this problem, we propose an algorithm that combines greedy and genetic algorithms. In order to verify the proposed algorithm, a lot of computational experiments are tested. And the results demonstrate that response time has a significant impact on location decision.

  18. Copenhagen's climate finance promise: six key questions

    Energy Technology Data Exchange (ETDEWEB)

    Roberts, J. Timmons [Brown University (United States); Stadelmann, Martin [University of Zurich (Switzerland); Huq, Saleemul

    2010-02-15

    One clear promise emerged from the confusion of the 2009 climate talks in Copenhagen. This was to provide short- and long-term 'climate finance' to help developing countries – especially the most vulnerable – adapt to climate impacts. The promise seemed simple enough: wealthier nations would pledge US$10 billion a year from 2010-2012, ramping up to US$100 billion a year starting in 2020. This was also touted as a way to help developing countries avoid high-carbon pathways of development by adopting lower-emitting power sources such as solar or natural gas. But a closer look at the Copenhagen promise unearths at least six big questions – any one of which could seriously challenge the trust these funds were designed to build.

  19. Promise-based management: the essence of execution.

    Science.gov (United States)

    Sull, Donald N; Spinosa, Charles

    2007-04-01

    Critical initiatives stall for a variety of reasons--employee disengagement, a lack of coordination between functions, complex organizational structures that obscure accountability, and so on. To overcome such obstacles, managers must fundamentally rethink how work gets done. Most of the challenges stem from broken or poorly crafted commitments. That's because every company is, at its heart, a dynamic network of promises made between employees and colleagues, customers, outsourcing partners, or other stakeholders. Executives can overcome many problems in the short-term and foster productive, reliable workforces for the long-term by practicing what the authors call "promise-based management," which involves cultivating and coordinating commitments in a systematic way. Good promises share five qualities: They are public, active, voluntary, explicit, and mission based. To develop and execute an effective promise, the "provider" and the "customer" in the deal should go through three phases of conversation. The first, achieving a meeting of minds, entails exploring the fundamental questions of coordinated effort: What do you mean? Do you understand what I mean? What should I do? What will you do? Who else should we talk to? In the next phase, making it happen, the provider executes on the promise. In the final phase, closing the loop, the customer publicly declares that the provider has either delivered the goods or failed to do so. Leaders must weave and manage their webs of promises with great care-encouraging iterative conversation and making sure commitments are fulfilled reliably. If they do, they can enhance coordination and cooperation among colleagues, build the organizational agility required to seize new business opportunities, and tap employees' entrepreneurial energies.

  20. Experiments with neutron-rich isomeric beams

    International Nuclear Information System (INIS)

    Rykaczewski, K.; Lewitowicz, M.; Pfuetzner, M.

    1998-01-01

    A review of experimental results obtained on microsecond-isomeric states in neutron-rich nuclei produced in fragmentation reactions and studied with SISSI-Alpha-LISE3 spectrometer system at GANIL Caen is given. The perspectives of experiments based on secondary reactions with isomeric beams are presented

  1. Development of a Rich Picture editor

    DEFF Research Database (Denmark)

    Valente, Andrea; Marchetti, Emanuela

    2010-01-01

    rich picture practice into software proved difficult, therefore, we decided to follow a user-centered approach: design and implement a prototype with basic functionalities, then run a usability test with a few students and professionals. The feedback collected in the test validated our hypothesis circa...

  2. Leveraging data rich environments using marketing analytics

    NARCIS (Netherlands)

    Holtrop, Niels

    2017-01-01

    With the onset of what is popularly known as “big data”, increased attention is being paid to creating value from these data rich environments. Within the field of marketing, the analysis of customer and market data supported by models is known as marketing analytics. The goal of these analyses is

  3. Proximity focusing RICH with TOF capabilities

    International Nuclear Information System (INIS)

    Korpar, S.; Adachi, I.; Fujita, K.; Fukushima, T.; Gorisek, A.; Hayashi, D.; Iijima, T.; Ikado, T.; Ishikawa, T.; Kawai, H.; Kozakai, Y.; Krizan, P.; Kuratani, A.; Mazuka, Y.; Nakagawa, T.; Nishida, S.; Ogawa, S.; Pestotnik, R.; Seki, T.; Sumiyoshi, T.; Tabata, M.; Unno, Y.

    2007-01-01

    A proximity focusing RICH counter with a multi-channel micro-channel plate (MCP) PMT was tested as a time-of-flight counter. Cherenkov photons emitted in the radiator medium as well as in the entrance window of the PMT were used for the time-of-flight measurement, and an excellent performance of the counter could be demonstrated

  4. Probing luminescence centers in Na rich feldspar

    DEFF Research Database (Denmark)

    Prasad, Amit Kumar; Lapp, Torben; Kook, Myung Ho

    2016-01-01

    our understanding of the luminescence mechanisms and recombination sites, in a sample of Na rich plagioclase feldspar (oligoclase). Both the UV and violet–blue emissions show resonant excitations arising from a distribution of energy levels. We propose, contrary to the general understanding...

  5. Technology-Rich Schools Up Close

    Science.gov (United States)

    Levin, Barbara B.; Schrum, Lynne

    2013-01-01

    This article observes that schools that use technology well have key commonalities, including a project-based curriculum and supportive, distributed leadership. The authors' research into tech-rich schools revealed that schools used three strategies to integrate technology successfully. They did so by establishing the vision and culture,…

  6. Platelet-rich fibrin: the benefits.

    Science.gov (United States)

    Kumar, Yuvika Raj; Mohanty, Sujata; Verma, Mahesh; Kaur, Raunaq Reet; Bhatia, Priyanka; Kumar, Varun Raj; Chaudhary, Zainab

    2016-01-01

    Current published data presents confusing results about the effects of platelet-rich fibrin on bone, and there is a need for studies that throw light on its effect. Our main objective therefore was to evaluate (by fractal analysis) osseous regeneration in extraction sockets with and without platelet-rich fibrin in a study with a substantial sample and a reliable technique to calibrate its effects on bone cells. We also assessed the soft tissue response. Thirty-four patients had their bilaterally impacted third molars (68 surgical sites) extracted in this split-mouth study, following which platelet-rich fibrin was placed in one of the sockets. Patients were followed up clinically and radiographically, and a pain score and fractal analysis were used to evaluate healing of soft tissue and bone, respectively. We conclude that platelet-rich fibrin improves healing of both soft and hard tissues. Although osseous healing did not differ significantly between the groups, healing of soft tissue as judged by the pain score was significantly better in the experimental group. Copyright © 2015 The British Association of Oral and Maxillofacial Surgeons. Published by Elsevier Ltd. All rights reserved.

  7. Power Divider for Waveforms Rich in Harmonics

    Science.gov (United States)

    Sims, William Herbert, III

    2005-01-01

    A method for dividing the power of an electronic signal rich in harmonics involves the use of an improved divider topology. A divider designed with this topology could be used, for example, to propagate a square-wave signal in an amplifier designed with a push-pull configuration to enable the generation of more power than could be generated in another configuration.

  8. Big data analytics in healthcare: promise and potential.

    Science.gov (United States)

    Raghupathi, Wullianallur; Raghupathi, Viju

    2014-01-01

    To describe the promise and potential of big data analytics in healthcare. The paper describes the nascent field of big data analytics in healthcare, discusses the benefits, outlines an architectural framework and methodology, describes examples reported in the literature, briefly discusses the challenges, and offers conclusions. The paper provides a broad overview of big data analytics for healthcare researchers and practitioners. Big data analytics in healthcare is evolving into a promising field for providing insight from very large data sets and improving outcomes while reducing costs. Its potential is great; however there remain challenges to overcome.

  9. Promising design options for the encapsulated nuclear heat source reactor

    Energy Technology Data Exchange (ETDEWEB)

    Conway, L.; Carelli, M.D.; Dzodzo, M. [Westinghouse Science and Technology, Pittsburgh, PA (United States); Hossain, Q.; Brown, N.W. [Lawrence Livermore National Lab., CA (United States); Wade, D.C.; Sienick, J.J. [Argonne National Lab., IL (United States); Greenspan, E.; Kastenberg, W.E.; Saphier, D. [University of California Dept of Nuclear Engineering, Berkeley, CA (United States)

    2001-07-01

    Promising design options for the Encapsulated Nuclear Heat Source (ENHS) liquid-metal cooled fast reactor were identified during the first year of the DOE NERI program sponsored feasibility study. Many opportunities for incorporation of innovations in design and fabrication were identified. Three of the innovations are hereby described: a novel IHX (intermediate heat exchanger) made of a relatively small number of rectangular channels, an ENHS module design featuring 100% natural circulation, and a novel conceptual design of core support and fuelling. As a result of the first year study the ENHS concept appears more practical and more promising than perceived at the outset of this study. (authors)

  10. Promising design options for the encapsulated nuclear heat source reactor

    International Nuclear Information System (INIS)

    Conway, L.; Carelli, M.D.; Dzodzo, M.; Hossain, Q.; Brown, N.W.; Wade, D.C.; Sienick, J.J.; Greenspan, E.; Kastenberg, W.E.; Saphier, D.

    2001-01-01

    Promising design options for the Encapsulated Nuclear Heat Source (ENHS) liquid-metal cooled fast reactor were identified during the first year of the DOE NERI program sponsored feasibility study. Many opportunities for incorporation of innovations in design and fabrication were identified. Three of the innovations are hereby described: a novel IHX (intermediate heat exchanger) made of a relatively small number of rectangular channels, an ENHS module design featuring 100% natural circulation, and a novel conceptual design of core support and fuelling. As a result of the first year study the ENHS concept appears more practical and more promising than perceived at the outset of this study. (authors)

  11. Penguin Promises: Encouraging Aquarium Visitors to Take Conservation Action

    Science.gov (United States)

    Mann, Judy Brenda; Ballantyne, Roy; Packer, Jan

    2018-01-01

    This study investigates the impact of an innovative conservation action campaign called "Penguin Promises" implemented at uShaka Sea World in Durban, South Africa. Communication tools included interpretive signage, exhibits with and without animals, presentations, and personal interactions, along with a specially designed postcard, on…

  12. 7 T renal MRI : challenges and promises

    NARCIS (Netherlands)

    de Boer, A.; Hoogduin, J.M.; Blankestijn, P.J.; Li, X.; Luijten, P.R.; Metzger, G.J.; Raaijmakers, A.J.E.; Umutlu, L.; Visser, F.; Leiner, T.

    The progression to 7 Tesla (7 T) magnetic resonance imaging (MRI) yields promises of substantial increase in signal-to-noise (SNR) ratio. This increase can be traded off to increase image spatial resolution or to decrease acquisition time. However, renal 7 T MRI remains challenging due to

  13. Vascular regenerative surgery : promised land for tissue engineers?

    NARCIS (Netherlands)

    Fortunato, T.M.; De Bank, P.A.; Pula, G.

    2017-01-01

    Cardiovascular cell therapy is a promising new eld for the development of treatments for cardiovascular diseases, which remain a major cause of mortality around the world. In this review, we highlight the options currently available for the development of speci c cell therapy approaches applied to

  14. Promising Practices in Drug Treatment: Findings from Southeast Asia

    Science.gov (United States)

    Libretto, Salvatore; Nemes, Susanna; Namur, Jenny; Garrett, Gerald; Hess, Lauren; Kaplan, Linda

    2005-01-01

    In a study to evaluate the drug treatment and aftercare efforts sponsored by the State Department's International Narcotics and Law Enforcement Affairs Bureau, residential Therapeutic Community (TC) treatment programs in three countries in Southeast Asia--Malaysia, Singapore, and Thailand--were examined to identify promising practices and to…

  15. Augmented Reality Based Doppler Lidar Data Visualization: Promises and Challenges

    Directory of Open Access Journals (Sweden)

    Cherukuru N. W.

    2016-01-01

    As a proof of concept, we used the lidar data from a recent field campaign and developed a smartphone application to view the lidar scan in augmented reality. In this paper, we give a brief methodology of this feasibility study, present the challenges and promises of using AR technology in conjunction with Doppler wind lidars.

  16. The Math Promise: Celebrating at Home and School

    Science.gov (United States)

    Legnard, Danielle; Austin, Susan

    2014-01-01

    The Math Promise is a contract that family members make with one another. They commit to spending mathematical time together; getting to know each other's mathematical thinking and understanding; and finding time to play math games, solve problems, and notice mathematics in their daily lives. Whether parents and children are cooking in the…

  17. Vachellia karroo leaf meal: a promising non-conventional feed ...

    African Journals Online (AJOL)

    Vachellia karroo leaf meal: a promising non-conventional feed resource for improving goat production in low-input farming systems of Southern Africa. ... Vachellia karroo possesses desirable fatty acid profiles, and high protein and mineral contents that can improve animal performance. Presently, the use of V. karroo for ...

  18. Alq3 nanorods: promising building blocks for optical devices.

    Science.gov (United States)

    Chen, Wei; Peng, Qing; Li, Yadong

    2008-07-17

    Monodisperse Alq3 nanorods with hexagonal-prism-like morphology are produced via a facile, emulsion based synthesis route. The photoluminescence of individual nanorods differs from the bulk material. These nanorods are promising building blocks for novel optical devices. Copyright © 2008 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.

  19. Understanding the promises and premises of online health platforms

    NARCIS (Netherlands)

    van Dijck, J.; Poell, T.

    2016-01-01

    This article investigates the claims and complexities involved in the platform-based economics of health and fitness apps. We examine a double-edged logic inscribed in these platforms, promising to offer personal solutions to medical problems while also contributing to the public good. On the one

  20. Toward a transnational history of technology : meanings, promises, pitfalls

    NARCIS (Netherlands)

    Vleuten, van der E.B.A.

    2008-01-01

    This essay investigates the possibility of a transnational history of technology. It takes the current, large scale research program Tensions of Europe: Technology and the Making of Europe, 1950–2000 as its point of departure. The grand promises of the recent transnational turn in historiography,

  1. Why do promises affect trustworthiness, or do they?

    NARCIS (Netherlands)

    Ismayilov, Huseyn; Potters, Jan

    2016-01-01

    We set out to test whether the effect of promises on trustworthiness derives from the fact that they are made (internal consistency) or that they are received (social obligation). The results of an experimental trust game appeared at first to support the former mechanism. Even when trustee messages

  2. Promising Teacher Practices: Students' Views about Their Science Learning

    Science.gov (United States)

    Moeed, Azra; Easterbrook, Matthew

    2016-01-01

    Internationally, conceptual and procedural understanding, understanding the Nature of Science, and scientific literacy are considered worthy goals of school science education in modern times. The empirical study presented here reports on promising teacher practices that in the students' views afford learning opportunities and support their science…

  3. EVALUATION OF SOME BASIC TRAITS OF A PROMISING ...

    African Journals Online (AJOL)

    User

    Green Dwarf crossed Vanuatu Tall (SGD x VTT) coconut hybrid as the most promising planting material in the context of ... The study indicated that the yield performance of the SGD x ... important crop in the economies of the coastal areas of ... In the Western Region, it is esti- ... Tall (WAT) which have varying levels of resis-.

  4. The Promise of Motivational Interviewing in School Mental Health

    Science.gov (United States)

    Frey, Andy J.; Cloud, Richard N.; Lee, Jon; Small, Jason W.; Seeley, John R.; Feil, Edward G.; Walker, Hill M.; Golly, Annemieke

    2011-01-01

    In recent years, the science of developing and implementing interventions addressing school-related risk factors has produced many advances. This article addresses the promise of a cross-disciplinary practice approach known as motivational interviewing in school settings. Specifically, the supporting evidence as well as the process and principles…

  5. Infliximab (Revellex(R)): a promise fulfilled?: medicine in practice ...

    African Journals Online (AJOL)

    Infliximab (Revellex(R)): a promise fulfilled?: medicine in practice. JP Wright. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · AJOL African Journals Online. HOW TO USE AJOL... for Researchers · for Librarians · for Authors · FAQ's · More about AJOL · AJOL's Partners ...

  6. Postmodernism and the need for story and promise: How Robert ...

    African Journals Online (AJOL)

    If this is true, it poses great challenges for the Christian faith to be communicated and accepted within this context. This article assesses how Jenson's theology attempts to address postmodernism's need for a new story and promise. It concludes that Jenson's theology, as a Trinitarian theology, forms a coherent answer to ...

  7. The Promised Savior in Pre-Islamic Great Religions

    Directory of Open Access Journals (Sweden)

    Mahin Arab

    2014-08-01

    Full Text Available Since the ancient times the belief in the rise of the Reformer has been a fundamental principle. Many of the holy prophets have announced the advent of new prophet. Moreover in the announcements and indications of predecessors there are always allusions to "the Last Promised" and "the Savior of Last Days" under such titles as "Kalki", "Fifth Buddha", "Soshyans", "Messiah", "The Son of Man" and so on and so forth. Of course there are different types of belief in the last reformer in religions. In one place the Savior is merely a social reformer while in another place he is only after the spiritual salvation of people and even sometimes he undertakes both tasks. On the other hand, the Last Promised is once nationalist and once seeks to save the whole world.    This essay seeks to assay the views of pre-Islamic great religions including Zoroastrianism, Judaism, Christianity, Hinduism and Buddhism as to the Promised Savior. This essay is an analytico-descriptive research which has based itself on the first hand works comprising the sacred scriptures of religions and proceeds through the typological analyses of idea of the Promised in religions.    Zoroastrianism: the idea of the Promised has been tied to the notion of Soshyant. Generally speaking, this notion alludes to a group of people who periodically emerge at the end of every millennium of the last three millennia of world's age so as to uproot evil and renew the world, the last one of these reformers is Soshyans. According to the aforementioned typology, Zoroastrian idea of Last Savior is among the Promised who saves the whole world. Moreover Zoroastrian Promised cannot be declared only a social savior as he is not wholly detached from people's spirituality too. From another point of view, Zoroastrian idea of the Promised represents a universal and not nationalist savior who is relatively a human and not divine entity who emerges in the last millennium of world's age.    Judaism: in the

  8. The Promised Savior in Pre-Islamic Great Religions

    Directory of Open Access Journals (Sweden)

    Mahin Arab

    2014-09-01

    Full Text Available Since the ancient times the belief in the rise of the Reformer has been a fundamental principle. Many of the holy prophets have announced the advent of new prophet. Moreover in the announcements and indications of predecessors there are always allusions to "the Last Promised" and "the Savior of Last Days" under such titles as "Kalki", "Fifth Buddha", "Soshyans", "Messiah", "The Son of Man" and so on and so forth. Of course there are different types of belief in the last reformer in religions. In one place the Savior is merely a social reformer while in another place he is only after the spiritual salvation of people and even sometimes he undertakes both tasks. On the other hand, the Last Promised is once nationalist and once seeks to save the whole world.    This essay seeks to assay the views of pre-Islamic great religions including Zoroastrianism, Judaism, Christianity, Hinduism and Buddhism as to the Promised Savior. This essay is an analytico-descriptive research which has based itself on the first hand works comprising the sacred scriptures of religions and proceeds through the typological analyses of idea of the Promised in religions.    Zoroastrianism: the idea of the Promised has been tied to the notion of Soshyant. Generally speaking, this notion alludes to a group of people who periodically emerge at the end of every millennium of the last three millennia of world's age so as to uproot evil and renew the world, the last one of these reformers is Soshyans. According to the aforementioned typology, Zoroastrian idea of Last Savior is among the Promised who saves the whole world. Moreover Zoroastrian Promised cannot be declared only a social savior as he is not wholly detached from people's spirituality too. From another point of view, Zoroastrian idea of the Promised represents a universal and not nationalist savior who is relatively a human and not divine entity who emerges in the last millennium of world's age.    Judaism: in the

  9. The HADES-RICH upgrade using Hamamatsu H12700 MAPMTs with DiRICH FEE + Readout

    Science.gov (United States)

    Patel, V.; Traxler, M.

    2018-03-01

    The High Acceptance Di-Electron Spectrometer (HADES) is operational since the year 2000 and uses a hadron blind RICH detector for electron identification. The RICH photon detector is currently replaced by Hamamatsu H12700 MAPMTs with a readout system based on the DiRICH front-end module. The electronic readout chain is being developed as a joint effort of the HADES-, CBM- and PANDA collaborations and will also be used in the photon detectors for the upcoming Compressed Baryonic Matter (CBM) and PANDA experiments at FAIR . This article gives a brief overview on the photomultipliers and their quality assurance test measurements, as well as first measurements of the new DiRICH front-end module in final configurations.

  10. Obtention of injectable platelets rich-fibrin (i-PRF) and its polymerization with bone graft: technical note.

    Science.gov (United States)

    Mourão, Carlos Fernando de Almeida Barros; Valiense, Helder; Melo, Elias Rodrigues; Mourão, Natália Belmock Mascarenhas Freitas; Maia, Mônica Diuana-Calasans

    2015-01-01

    The use of autologous platelet concentrates, represent a promising and innovator tools in the medicine and dentistry today. The goal is to accelerate hard and soft tissue healing. Among them, the platelet-rich plasma (PRP) is the main alternative for use in liquid form (injectable). These injectable form of platelet concentrates are often used in regenerative procedures and demonstrate good results. The aim of this study is to present an alternative to these platelet concentrates using the platelet-rich fibrin in liquid form (injectable) and its use with particulated bone graft materials in the polymerized form.

  11. Obtention of injectable platelets rich-fibrin (i-PRF and its polymerization with bone graft: technical note

    Directory of Open Access Journals (Sweden)

    Carlos Fernando de Almeida Barros Mourão

    Full Text Available The use of autologous platelet concentrates, represent a promising and innovator tools in the medicine and dentistry today. The goal is to accelerate hard and soft tissue healing. Among them, the platelet-rich plasma (PRP is the main alternative for use in liquid form (injectable. These injectable form ofplatelet concentrates are often used in regenerative procedures and demonstrate good results. The aim of this study is to present an alternative to these platelet concentrates using the platelet-rich fibrin in liquid form (injectable and its use with particulated bone graft materials in the polymerized form.

  12. RICH Detector for Jefferson Labs CLAS12

    Science.gov (United States)

    Trotta, Richard; Torisky, Ben; Benmokhtar, Fatiha

    2015-10-01

    Jefferson Lab (Jlab) is performing a large-scale upgrade to its Continuous Electron Beam Accelerator Facility (CEBAF) up to 12GeV beams. The Large Acceptance Spectrometer (CLAS12) in Hall B is being upgraded and a new hybrid Ring Imaging Cherenkov (RICH) detector is being developed to provide better kaon - pion separation throughout the 3 to 8 GeV/c momentum range. This detector will be used for a variety of Semi-Inclusive Deep Inelastic Scattering experiments. Cherenkov light can be accurately detected by a large array of sophisticated Multi-Anode Photomultiplier Tubes (MA-PMT) and heavier particles, like kaons, will span the inner radii. We are presenting our work on the creation of the RICH's geometry within the CLAS12 java framework. This development is crucial for future calibration, reconstructions and analysis of the detector.

  13. Attenuation of cigarette smoke-induced airway mucus production by hydrogen-rich saline in rats.

    Directory of Open Access Journals (Sweden)

    Yunye Ning

    Full Text Available BACKGROUND: Over-production of mucus is an important pathophysiological feature in chronic airway disease such as chronic obstructive pulmonary disease (COPD and asthma. Cigarette smoking (CS is the leading cause of COPD. Oxidative stress plays a key role in CS-induced airway abnormal mucus production. Hydrogen protected cells and tissues against oxidative damage by scavenging hydroxyl radicals. In the present study we investigated the effect of hydrogen on CS-induced mucus production in rats. METHODS: Male Sprague-Dawley rats were divided into four groups: sham control, CS group, hydrogen-rich saline pretreatment group and hydrogen-rich saline control group. Lung morphology and tissue biochemical changes were determined by immunohistochemistry, Alcian Blue/periodic acid-Schiff staining, TUNEL, western blot and realtime RT-PCR. RESULTS: Hydrogen-rich saline pretreatment attenuated CS-induced mucus accumulation in the bronchiolar lumen, goblet cell hyperplasia, muc5ac over-expression and abnormal cell apoptosis in the airway epithelium as well as malondialdehyde increase in the BALF. The phosphorylation of EGFR at Tyr1068 and Nrf2 up-regulation expression in the rat lungs challenged by CS exposure were also abrogated by hydrogen-rich saline. CONCLUSION: Hydrogen-rich saline pretreatment ameliorated CS-induced airway mucus production and airway epithelium damage in rats. The protective role of hydrogen on CS-exposed rat lungs was achieved at least partly by its free radical scavenging ability. This is the first report to demonstrate that intraperitoneal administration of hydrogen-rich saline protected rat airways against CS damage and it could be promising in treating abnormal airway mucus production in COPD.

  14. Ring recognition in the CBM RICH detector

    International Nuclear Information System (INIS)

    Lebedev, S.; Ososkov, G.; Hoehne, C.

    2007-01-01

    Two algorithms of ring recognition, a standalone ring finder (using only RICH information) and an algorithm based on the information from vertex tracks are described. The fake ring problem and its solution using a set of two-dimensional cuts or an artificial neural network are discussed. Results of a comparative study are given. All developed algorithms were tested on large statistics of simulated events and were then included into the CBM framework for common use

  15. Proton radioactivity from proton-rich nuclei

    International Nuclear Information System (INIS)

    Guzman, F.; Goncalves, M.; Tavares, O.A.P.; Duarte, S.B.; Garcia, F.; Rodriguez, O.

    1999-03-01

    Half-lives for proton emission from proton-rich nuclei have been calculated by using the effective liquid drop model of heavy-particle decay of nuclei. It is shown that this model is able to offer results or spontaneous proton-emission half-life-values in excellent agreement with the existing experimental data. Predictions of half-life-values for other possible proton-emission cases are present for null orbital angular momentum. (author)

  16. Fabrication of an Organic Light-Emitting Diode from New Host π Electron Rich Zinc Complex

    Science.gov (United States)

    Jafari, Mohammad Reza; Janghouri, Mohammad; Shahedi, Zahra

    2017-01-01

    A new π electron rich zinc complex was used as a fluorescent material in organic light-emitting diodes (OLEDs). Devices with a structure of indium tin oxide/poly (3,4-ethylenedi-oxythiophene):poly(styrenesulfonate) (PEDOT: PSS) (50 nm)/polyvinylcarbazole (60 nm)/Zn: %2 porphyrin derivatives (45 nm)/Al (150 nm) were fabricated. Porphyrin derivatives accounting for 2 wt.% in the π electron rich zinc complex were used as a host. The electroluminescence (EL) spectra of porphyrin derivatives indicated a red shift, as π electron rich zinc complex EL spectra. The device (4) has also a luminance of 3420 cd/m2 and maximum efficiency of 1.58 cd/A at 15 V, which are the highest values among four devices. The result of Commission International del'Eclairage (CIE) (X, Y) coordinate and EL spectrum of device (3) indicated that it is more red shifted compared to other devices. Results of this work indicate that π electron rich zinc complex is a promising host material for high efficiency red OLEDs and has a simple structure compared to Alq3-based devices.

  17. Image is more than a uniform: the promise of assurance.

    Science.gov (United States)

    Wocial, Lucia D; Sego, Kelly; Rager, Carrie; Laubersheimer, Shellee; Everett, Linda Q

    2014-05-01

    The purpose of this qualitative study was to explore the meaning of the phrase "image of the nurse" in the context of the desired brand experience of assurance. A brand is a promise that lives in the minds of consumers. Nurses play a key role in delivering on the brand promise of a hospital. Using focus groups, the authors applied a deductive approach to generate data. Discussion transcripts were analyzed by establishing codes and identifying themes. The most frequent comment from participants was that for nurses to communicate assurance, they must 1st be clean, well groomed, and understated in overall appearance. Nurse behaviors that reassure patients include being present with patients, helping patients know what to expect, and demonstrating a consistent team approach. Overall appearance and behaviors define the image of nurses and contribute significantly to the brand of assurance.

  18. Natural Flavonoids as Promising Analgesic Candidates: A Systematic Review.

    Science.gov (United States)

    Xiao, Xiao; Wang, Xiaoyu; Gui, Xuan; Chen, Lu; Huang, Baokang

    2016-11-01

    Due to the chemical structural diversity and various analgesic mechanisms, an increasing number of studies indicated that some flavonoids from medicinal plants could be promising candidates for new natural analgesic drugs, which attract high interests of advanced users and academic researchers. The aim of this systematic review is to report flavonoids and its derivatives as new analgesic candidates based on the pharmacological evidences. Sixty-four papers were found concerning the potential analgesic activity of 46 flavonoids. In this case, the evidence for analgesic activity of flavonoids and total flavonoids was investigated. Meanwhile, the corresponding analgesic mechanism of flavonoids was discussed by generalizing and analyzing the current publications. Based on this review, the conclusion can be drawn that some flavonoids are promising candidates for painful conditions and deserve particular attention in further research and development. © 2016 Wiley-VHCA AG, Zurich, Switzerland.

  19. Promise assessment: A corollary to risk assessment for characterizing benefits

    International Nuclear Information System (INIS)

    Sholtis, J.A. Jr.

    1993-01-01

    Decisions involving the use of hazardous technologies are often made based on risk-benefit considerations. This is the case for U.S. space mission use of nuclear power and propulsion systems, where launch decisions are made within the office of the President. A great deal of time and effort is spent characterizing the risk for each nuclear-powered space mission. However, this is not so for benefits, even though they are no less important. To correct this situation, a new technical term--promise--is defined, and a new methodology--promise assessment--is proposed. This paper introduces and advances this concept, addresses its future application, as a tool, can be developed sufficiently and applied to methodically identify and characterized benefits. Further, it can introduce a degree of balance when judgments concerning the use of hazardous technologies are involved

  20. Realising the promise of Tanzania’s wildlife management areas

    DEFF Research Database (Denmark)

    Homewood, Katherine; Lund, Jens Friis; Keane, Aidan

    2017-01-01

    Tanzania’s Community Wildlife Management Areas (CWMAs) – originally called Wildlife Management Areas (WMAs) – were intended to benefit both people and wildlife. However, for their first two decades, CWMAs have been characterised by land conflict, wildlife damage to people and crops, lack of tourism...... potential and high administration costs among other negative impacts. Can rethinking how CWMAs are run bring about the benefits once promised?...

  1. The Promise and Perils of Stem Cell Therapeutics

    OpenAIRE

    Daley, George Q.

    2012-01-01

    Stem cells are the seeds of tissue repair and regeneration and a promising source for novel therapies. However, apart from hematopoietic stem cell (HSC) transplantation for hematologic disease, essentially all other stem cell treatments remain experimental. High hopes have inspired numerous clinical trials, but it has been difficult to obtain unequivocal evidence for robust clinical benefit, likely owing to our primitive state of knowledge about therapeutic mechanisms. Outside the standard cl...

  2. KirCII- promising tool for polyketide diversification

    DEFF Research Database (Denmark)

    Musiol-Kroll, Ewa Maria; Härtner, Thomas; Kulik, Andreas

    2014-01-01

    Kirromycin is produced by Streptomyces collinus Tü 365. This compound is synthesized by a large assembly line of type I polyketide synthases and non-ribosomal peptide synthetases (PKS I/NRPS), encoded by the genes kirAI-kirAVI and kirB. The PKSs KirAI-KirAV have no acyltransferase domains integra...... introducing the non-native substrates in an in vivo context. Thus, KirCII represents a promising tool for polyketide diversification....

  3. Discovery and therapeutic promise of selective androgen receptor modulators.

    Science.gov (United States)

    Chen, Jiyun; Kim, Juhyun; Dalton, James T

    2005-06-01

    Androgens are essential for male development and the maintenance of male secondary characteristics, such as bone mass, muscle mass, body composition, and spermatogenesis. The main disadvantages of steroidal androgens are their undesirable physicochemical and pharmacokinetic properties. The recent discovery of nonsteroidal selective androgen receptor modulators (SARMs) provides a promising alternative for testosterone replacement therapies with advantages including oral bioavailability, flexibility of structural modification, androgen receptor specificity, tissue selectivity, and the lack of steroid-related side effects.

  4. Promising Themes for Antismoking Campaigns Targeting Youth and Young Adults.

    Science.gov (United States)

    Brennan, Emily; Gibson, Laura A; Kybert-Momjian, Ani; Liu, Jiaying; Hornik, Robert C

    2017-01-01

    Behavior change campaigns typically try to change beliefs that influence behaviors, with targeted beliefs comprising the campaign theme. We present an empirical approach for choosing among a large number of potential themes, and results from the implementation of this approach for campaigns aimed at 4 behavioral targets: (1) preventing smoking initiation among youth, and (2) preventing initiation, (3) stopping progression to daily smoking and (4) encouraging cessation among young adults. An online survey of 13- to 17-year-olds and 18- to 25-year-olds in the United States (US), in which 20 potential campaign themes were represented by 154 beliefs. For each behavioral target, themes were ranked based on the strength of belief-intention and belief-behavior associations and size of the population not already endorsing the beliefs. The most promising themes varied across behavioral targets but 3 were consistently promising: consequences of smoking for mood, social acceptance and social popularity. Using a robust and systematic approach, this study provides campaign developers with empirical data to inform their selection of promising themes. Findings related to the campaign to prevent initiation among youth informed the development of the US Food and Drug Administration's "The Real Cost" campaign.

  5. Seismic data are rich in information about subsurface formations and fluids

    Energy Technology Data Exchange (ETDEWEB)

    Farfour, Mohammed; Yoon, Wang Jung; Kim, Dongshin [Geophysical Prospecting Lab, Energy & Resources Eng., Dept., Chonnam National University, Gwangju (Korea, Republic of); Lee, Jeong-Hwan [Petroleum Engineering Lab, Energy & Resources Eng., Dept., Chonnam National University, Gwangju (Korea, Republic of)

    2016-06-08

    Seismic attributes are defined as any measured or computed information derived from seismic data. Throughout the last decades extensive work has been done in developing variety of mathematical approaches to extract maximum information from seismic data. Nevertheless, geoscientists found that seismic is still mature and rich in information. In this paper a new seismic attribute is introduced. Instantaneous energy seismic attribute is an amplitude based attribute that has the potential to emphasize anomalous amplitude associated with hydrocarbons. Promising results have been obtained from applying the attribute on seismic section traversing hydrocarbon filled sand from Alberta, Canada.

  6. Reconstruction and calibration strategies for the LHCb RICH detector

    CERN Multimedia

    2006-01-01

    - LHCb particle identification - LHCb ring pattern recognition algorithm requirements - RICH pattern recognition - Cherenkov angle reconstruction online - Online PID - Hough transform - Metropolis- Hastings Markov chains - PID online: physics performances - Rich PID Callibration

  7. Bar quenching in gas-rich galaxies

    Science.gov (United States)

    Khoperskov, S.; Haywood, M.; Di Matteo, P.; Lehnert, M. D.; Combes, F.

    2018-01-01

    Galaxy surveys have suggested that rapid and sustained decrease in the star-formation rate (SFR), "quenching", in massive disk galaxies is frequently related to the presence of a bar. Optical and near-IR observations reveal that nearly 60% of disk galaxies in the local universe are barred, thus it is important to understand the relationship between bars and star formation in disk galaxies. Recent observational results imply that the Milky Way quenched about 9-10 Gyr ago, at the transition between the cessation of the growth of the kinematically hot, old, metal-poor thick disk and the kinematically colder, younger, and more metal-rich thin disk. Although perhaps coincidental, the quenching episode could also be related to the formation of the bar. Indeed the transfer of energy from the large-scale shear induced by the bar to increasing turbulent energy could stabilize the gaseous disk against wide-spread star formation and quench the galaxy. To explore the relation between bar formation and star formation in gas rich galaxies quantitatively, we simulated gas-rich disk isolated galaxies. Our simulations include prescriptions for star formation, stellar feedback, and for regulating the multi-phase interstellar medium. We find that the action of stellar bar efficiently quenches star formation, reducing the star-formation rate by a factor of ten in less than 1 Gyr. Analytical and self-consistent galaxy simulations with bars suggest that the action of the stellar bar increases the gas random motions within the co-rotation radius of the bar. Indeed, we detect an increase in the gas velocity dispersion up to 20-35 km s-1 at the end of the bar formation phase. The star-formation efficiency decreases rapidly, and in all of our models, the bar quenches the star formation in the galaxy. The star-formation efficiency is much lower in simulated barred compared to unbarred galaxies and more rapid bar formation implies more rapid quenching.

  8. COMPASS mirror wall of RICH 1

    CERN Multimedia

    Patrice Loïez

    2001-01-01

    The COMPASS experiment uses ring imaging Cherenkov (RICH) counters to identify particles produced in high-energy muon collisions, to better understand the spin structure of the nucleon. Charged particles moving faster than the speed of light in the medium through which they are travelling emit a cone of Cherenkov radiation in the direction of their motion. The light in this cone is reflected from these mirrors onto a photo detector so that the size of the cone can be measured, which gives the energy of the particle.

  9. Modeling a neutron rich nuclei source

    Energy Technology Data Exchange (ETDEWEB)

    Mirea, M.; Bajeat, O.; Clapier, F.; Ibrahim, F.; Mueller, A.C.; Pauwels, N.; Proust, J. [Institut de Physique Nucleaire, IN2P3/CNRS, 91 - Orsay (France); Mirea, M. [Institute of Physics and Nuclear Engineering, Tandem Lab., Bucharest (Romania)

    2000-07-01

    The deuteron break-up process in a suitable converter gives rise to intense neutron beams. A source of neutron rich nuclei based on the neutron induced fission can be realised using these beams. A theoretical optimization of such a facility as a function of the incident deuteron energy is reported. The model used to determine the fission products takes into account the excitation energy of the target nucleus and the evaporation of prompt neutrons. Results are presented in connection with a converter-target specific geometry. (author000.

  10. HTML5 Designing Rich Internet Applications

    CERN Document Server

    David, Matthew

    2010-01-01

    Implement the powerful new multimedia and interactive capabilities offered by HTML5, including style control tools, illustration tools, video, audio, and rich media solutions. Understand how HTML5 is changing the Web development game with this full-color, project-based treatment that shows you-not just tells you-what HTML5 can do for your Web sites. Reinforce your practical understanding of the new standard with demo applications and tutorials, so that execution is one short step away. The companion website, visualizetheweb.com, is packed full of extra information, online code libraries, and

  11. How countries become rich and reduce poverty

    DEFF Research Database (Denmark)

    Whitfield, Lindsay

    2012-01-01

    For the sake of less developed countries, it is time to adjust the discussion of international development assistance on poverty reduction. This article attempts to do so by reviewing new and old literature explaining why some countries are rich and others are poor. History has repeatedly shown...... that building up capabilities in manufacturing and improving the productivity of agriculture are the keys to wealth creation and long-term sustained poverty reduction. Furthermore, industrialisation and increased agricultural productivity are interdependent processes. Discussion about ending world poverty needs...

  12. Mars: a water-rich planet

    International Nuclear Information System (INIS)

    Carr, M.H.

    1987-01-01

    Good geomorphic evidence is presented for a planet that was once water rich, and that a lower limit on the amount of water available for a given Martian watershed may be estimated by assuming that the volume of material eroded was equal to the volume of water available. This estimate, coupled with high latitude water estimates of 50 to 100 m gives a global inventory of about 500 m total water in the subsurface. It was emphasized that this is a lower limit as considerable water may be bound in weathered debris and in primary minerals

  13. Modeling a neutron rich nuclei source

    International Nuclear Information System (INIS)

    Mirea, M.; Bajeat, O.; Clapier, F.; Ibrahim, F.; Mueller, A.C.; Pauwels, N.; Proust, J.; Mirea, M.

    2000-01-01

    The deuteron break-up process in a suitable converter gives rise to intense neutron beams. A source of neutron rich nuclei based on the neutron induced fission can be realised using these beams. A theoretical optimization of such a facility as a function of the incident deuteron energy is reported. The model used to determine the fission products takes into account the excitation energy of the target nucleus and the evaporation of prompt neutrons. Results are presented in connection with a converter-target specific geometry. (authors)

  14. Structure of neutron-rich nuclei

    International Nuclear Information System (INIS)

    Nazarewicz, W.; Oak Ridge National Lab., TN; Warsaw Univ.

    1997-11-01

    One of the frontiers of today's nuclear science is the ''journey to the limits'': of atomic charge and nuclear mass, of neutron-to-proton ratio, and of angular momentum. The new data on exotic nuclei are expected to bring qualitatively new information about the fundamental properties of the nucleonic many-body system, the nature of the nuclear interaction, and nucleonic correlations at various energy-distance scales. In this talk, current developments in nuclear structure of neutron-rich nuclei are discussed from a theoretical perspective

  15. Rapidly involuting congenital hemangioma (RICH): a brief case report

    OpenAIRE

    Scalise, Robert; Bolton, Joanna; Gibbs, Neil F

    2014-01-01

    Congenital hemangiomas (CH) are benign vascular neoplasms that proliferate in utero and have completed development by birth. Two subtypes of CH are recognized: rapidly involuting congenital hemangiomas (RICH) and non-involuting congenital hemangiomas (NICH). Involution of the RICH subtype often begins in the first weeks of life. NICH does not involute, allowing the distinction between RICH and NICH. We report a case of an infant with RICH occurring on the scalp, examined at birth and followed...

  16. Mixed Media Richness and Computer-Mediated Communications

    OpenAIRE

    Atkins, Anthony B.

    2006-01-01

    Mixed richness communications occur when a participant in a conversation receives a different media or combination of media than they transmit. Mixed richness communications occur in the workplace when technical, physiological or practical limitations prevent the use of the same media on both ends of a conversation. Prior research in CMC has focused on same-richness communications, and the design guidelines that are available for same-richness communications may not be applicable to mixed-r...

  17. Design, challenge, and promise of stimuli-responsive nanoantibiotics

    Science.gov (United States)

    Edson, Julius A.; Kwon, Young Jik

    2016-10-01

    Over the past few years, there have been calls for novel antimicrobials to combat the rise of drug-resistant bacteria. While some promising new discoveries have met this call, it is not nearly enough. The major problem is that although these new promising antimicrobials serve as a short-term solution, they lack the potential to provide a long-term solution. The conventional method of creating new antibiotics relies heavily on the discovery of an antimicrobial compound from another microbe. This paradigm of development is flawed due to the fact that microbes can easily transfer a resistant mechanism if faced with an environmental pressure. Furthermore, there has been some evidence to indicate that the environment of the microbe can provide a hint as to their virulence. Because of this, the use of materials with antimicrobial properties has been garnering interest. Nanoantibiotics, (nAbts), provide a new way to circumvent the current paradigm of antimicrobial discovery and presents a novel mechanism of attack not found in microbes yet; which may lead to a longer-term solution against drug-resistance formation. This allows for environment-specific activation and efficacy of the nAbts but may also open up and create new design methods for various applications. These nAbts provide promise, but there is still ample work to be done in their development. This review looks at possible ways of improving and optimizing nAbts by making them stimuli-responsive, then consider the challenges ahead, and industrial applications.[Figure not available: see fulltext.

  18. Conversion of cellulose rich municipal solid waste blends using ionic liquids: Feedstock convertibility and process scale-up

    OpenAIRE

    Liang, L; Li, C; Xu, F; He, Q; Yan, J; Luong, T; Simmons, BA; Pray, TR; Singh, S; Thompson, VS; Sun, N

    2017-01-01

    © 2017 The Royal Society of Chemistry. Sixteen cellulose rich municipal solid waste (MSW) blends were developed and screened using an acid-assisted ionic liquid (IL) deconstruction process. Corn stover and switchgrass were chosen to represent herbaceous feedstocks; non-recyclable paper (NRP) and grass clippings (GC) collected from households were chosen as MSW candidates given their abundance in municipal waste streams. The most promising MSW blend: corn stover/non-recyclable paper (CS/NRP) a...

  19. Effects of platelet rich plasma and chondrocyte co-culture on MSC chondrogenesis, hypertrophy and pathological responses

    OpenAIRE

    Ramezanifard, Rouhallah; Kabiri, Mahboubeh; Hanaee Ahvaz, Hana

    2017-01-01

    Regarding the inadequate healing capability of cartilage tissue, cell-based therapy is making the future of cartilage repair and regeneration. Mesenchymal stem cells (MSC) have shown great promise in cartilage regeneration. However, a yet-unresolved issue is the emergence of hypertrophic and pathologic markers during in vitro MSC chondrogenesis. Articular chondrocytes (AC) can suppress the undesired hypertrophy when co-cultured with MSC. On the other hand, platelet rich plasma (PRP), is consi...

  20. eHealth Applications Promising Strategies for Behavior Change

    CERN Document Server

    Noar, Seth M

    2012-01-01

    eHealth Applications: Promising Strategies for Behavior Change provides an overview of technological applications in contemporary health communication research, exploring the history and current uses of eHealth applications in disease prevention and management. This volume focuses on the use of these technology-based interventions for public health promotion and explores the rapid growth of an innovative interdisciplinary field. The chapters in this work discuss key eHealth applications by presenting research examining a variety of technology-based applications. Authors Seth M. Noar and Nancy

  1. New NOx cleaning technology helps the government fulfil promise

    International Nuclear Information System (INIS)

    2006-01-01

    The Norwegian, Bergen-based company ECO Energy has recently launched a new cleaning technology halving NO x emissions from industry plants without requiring large investments. Thus, governmental promises to finance NO x cleaning equipment for Norwegian industry have become a less expensive to reach. ECO Energy has ensured world patent on the 'stopNOx' technology. Its method consists of adding water and urea to oil before the combustion process. The technology has been applied in Italy, reducing NO x emissions from industry in average with above 50 percent (ml)

  2. Fuel cells show promise as vehicle power source

    International Nuclear Information System (INIS)

    Anon.

    1980-01-01

    Fuel-cell-powered vehicles appear to offer great promise for energy-saving, high-efficiency transportation. Fuel cells are both highly efficient (50% thermal efficiency has been demonstrated by some) and non-polluting (water being the main by-product). Dramatic improvements in performance have occurred recently due to aerospace and utility RandD efforts. The primary vehicle considered at workshops of laboratory and industrial investigators was a fuel cell/battery hybrid, in which fuel cells are paralleled by batteries. Fuel cells are used for cruising power and battery recharge, while batteries supply transient power for acceleration and starting

  3. The microeconomics of personalized medicine: today's challenge and tomorrow's promise.

    Science.gov (United States)

    Davis, Jerel C; Furstenthal, Laura; Desai, Amar A; Norris, Troy; Sutaria, Saumya; Fleming, Edd; Ma, Philip

    2009-04-01

    'Personalized medicine' promises to increase the quality of clinical care and, in some cases, decrease health-care costs. Despite this, only a handful of diagnostic tests have made it to market, with mixed success. Historically, the challenges in this field were scientific. However, as discussed in this article, with the maturation of the '-omics' sciences, it now seems that the major barriers are increasingly related to economics. Overcoming the poor microeconomic alignment of incentives among key stakeholders is therefore crucial to catalysing the further development and adoption of personalized medicine, and we propose several actions that could help achieve this goal.

  4. Investigation of new superhard carbon allotropes with promising electronic properties

    Energy Technology Data Exchange (ETDEWEB)

    Kvashnina, Yulia A.; Kvashnin, Alexander G. [Technological Institute for Superhard and Novel Carbon Materials, 7a Centralnaya Street, Troitsk, Moscow 142190 (Russian Federation); Moscow Institute of Physics and Technology, 9 Institutsky Lane, 141700 Dolgoprudny (Russian Federation); Sorokin, Pavel B., E-mail: psorokin@iph.krasn.ru [Technological Institute for Superhard and Novel Carbon Materials, 7a Centralnaya Street, Troitsk, Moscow 142190 (Russian Federation); Moscow Institute of Physics and Technology, 9 Institutsky Lane, 141700 Dolgoprudny (Russian Federation); Emanuel Institute of Biochemical Physics of RAS, 4 Kosigina St., Moscow 119334 (Russian Federation)

    2013-11-14

    During the systematic search for a new superhard carbon allotrope, we predicted three structures with promising physical properties. Our electronic structure calculations show that these materials have a semiconducting band gap and a high carrier mobility comparable with diamond. The simulated x-ray diffraction patterns of the proposed materials are in a good agreement with the experimental X-ray spectra. Evaluated phase transition pressures from graphite to the new proposed carbon phases are smaller than 25 GPa and close to the experimental values.

  5. Tradeoffs in fuel cycle performance for most promising options - 15346

    International Nuclear Information System (INIS)

    Taiwo, T.; Kim, T.K.; Feng, B.; Stauff, N.; Hoffman, E.; Ganda, F.; Todosow, M.; Brown, N.; Raitses, G.; Gehin, J.; Powers, J.; Youinou, G.; Hiruta, H.; Wigeland, R.

    2015-01-01

    A recent Evaluation and Screening (E/S) study of nuclear fuel cycle options was conducted by grouping all potential options into 40 Evaluation Groups (EGs) based on similarities in fundamental physics characteristics and fuel cycle performance. Through a rigorous evaluation process considering benefit and challenge metrics, 4 of these EGs were identified by the E/S study as 'most promising'. All 4 involve continuous recycle of U/Pu or U/TRU with natural uranium feed in fast critical reactors. However, these most promising EGs also include fuel cycle groups with variations on feed materials, neutron spectra, and reactor criticality. Therefore, the impacts of the addition of natural thorium fuel feed to a system that originally only used natural uranium fuel feed, using an intermediate spectrum instead of a fast spectrum, and using externally-driven systems versus critical reactors were evaluated. It was found that adding thorium to the natural uranium feed mixture leads to lower burnup, higher mass flows, and degrades fuel cycle benefit metrics (waste management, resource utilization, etc.) for fuel cycles that continuously recycle U/Pu or U/TRU. Adding thorium results in fissions of 233 U instead of just 239 Pu and in turn results in a lower average number of neutrons produced per absorption (η) for the fast reactor system. For continuous recycling systems, the lower η results in lower excess reactivity and subsequently lower achievable fuel burnup. This in turn leads to higher mass flows (fabrication, reprocessing, disposal, etc.) to produce a given amount of energy and subsequent lower metrics performance. The investigated fuel cycle options with intermediate spectrum reactors also exhibited degraded performance in the benefit metrics compared to fast spectrum reactors. Similarly, this is due to lower η values as the spectrum softens. The best externally-driven systems exhibited similar performance as fast critical reactors in terms of mass flows

  6. Dimeric Surfactants: Promising Ingredients of Cosmetics and Toiletries

    Directory of Open Access Journals (Sweden)

    Naveen Kumar

    2013-11-01

    Full Text Available Surfactants are an essential ingredient for cosmetic, toiletries and personal care products for enhancing their performance. Dimeric surfactants demonstrate superiority compared to conventional surfactants in all areas of application. Dimeric surfactants are extremely promising for utilization in various cosmetic formulations viz. shampoo, lotions, creams, conditioners etc. These surfactants possess extremely unique surface properties viz. lower surface tension, unique micellization, low critical micelle concentration (CMC and antimicrobial activity, higher solubilization etc. Dimerics enhance the performances of cosmetics in an extraordinary manner and provide eco-friendly preparations for human epidermis.

  7. N-cinnamoylated aminoquinolines as promising antileishmanial agents.

    Science.gov (United States)

    Vale-Costa, S; Costa-Gouveia, J; Pérez, B; Silva, T; Teixeira, C; Gomes, P; Gomes, M S

    2013-10-01

    A series of cinnamic acid conjugates of primaquine and chloroquine were evaluated for their in vitro antileishmanial activities. Although primaquine derivatives had modest activity, chloroquine conjugates exhibited potent activity against both promastigotes (50% inhibitory concentration [IC50] = 2.6 to 21.8 μM) and intramacrophagic amastigotes (IC50 = 1.2 to 9.3 μM) of Leishmania infantum. Both the high activity of these chloroquine analogues and their mild-to-low toxicity toward host cells make them promising leads for the discovery of new antileishmanial agents.

  8. The promises and facts of emergent strategy in public management

    DEFF Research Database (Denmark)

    Aagaard, Peter

    Public managers are experiencing a growing demand for innovation. One of the promising approaches to instigating innovation is that of emergent strategic patterns (ESPs). According to the literature, the institutional barriers and drivers of ESPs are shaped by the two dominant public management...... models, NPM (the barriers) and governance (the drivers). However, based on an empirical case study of the institutional barriers and drivers for ESPs in the Danish Crime Prevention Council, this article concludes that ESPs are in fact enabled by a much more mixed management model....

  9. Citizen Science in the Classroom: Perils and Promise of the New Web

    Science.gov (United States)

    Loughran, T.; Dirksen, R.

    2010-12-01

    Classroom citizen science projects invite students to generate, curate, post, query, and analyze data, publishing and discussing results in potentially large collaborative contexts. The new web offers a rich palette of such projects for any STEM educator to select from or create. This easy access to citizen science in the classroom is full of both promise and peril for science education. By offering examples of classroom citizen science projects in particle physics, earth and environmental sciences, each supported by a common mashup of technologies available to ordinary users, we will illustrate something of the promise of these projects for science education, and point to some of the challenges and failure modes--the peril--raised by easy access and particularly easy publication of data. How one sensibly responds to this promise and peril depends on how one views the goals of science (or more broadly, STEM) education: either as the equipping of individual students with STEM knowledge and skills so as to empower them for future options, or as the issuing of effective invitations into STEM communities. Building on the claim that these are complementary perspectives, both of value, we will provide an example of a classroom citizen science project analyzed from both perspectives. The BOSCO classroom-to-classroom water source mapping project provides students both in Northern Uganda and in South Dakota a collaborative platform for analyzing and responding to local water quality concerns. Students gather water quality data, use Google Forms embedded in a project wiki to enter data in a spreadsheet, which then automatically (through Mapalist, a free web service) gets posted to a Google Map, itself embedded in the project wiki. Using these technologies, data is thus collected and posted for analysis in a collaborative environment: the stage is set for classroom citizen science. In the context of this project we will address the question of how teachers can take advantage

  10. Exploring N-Rich Phases in Li(x)N(y) Clusters for Hydrogen Storage at Nanoscale.

    Science.gov (United States)

    Bhattacharya, Amrita; Bhattacharya, Saswata

    2015-09-17

    We have performed cascade genetic algorithm and ab initio atomistic thermodynamics under the framework of first-principles-based hybrid density functional theory to study the (meta-)stability of a wide range of Li(x)N(y) clusters. We found that hybrid xc-functional is essential to address this problem as a local/semilocal functional simply fails even to predict a qualitative prediction. Most importantly, we find that though in bulk lithium nitride, the Li-rich phase, that is, Li3N, is the stable stoichiometry; in small Li(x)N(y) clusters, N-rich phases are more stable at thermodynamic equilibrium. We further show that these N-rich clusters are promising hydrogen storage material because of their easy adsorption and desorption ability at respectively low (≤300 K) and moderately high temperature (≥600 K).

  11. Microalgal biofactories: a promising approach towards sustainable omega-3 fatty acid production

    Directory of Open Access Journals (Sweden)

    Adarme-Vega T

    2012-07-01

    Full Text Available Abstract Omega-3 fatty acids eicosapentaenoic acid (EPA and docosahexaenoic acid (DHA provide significant health benefits and this has led to an increased consumption as dietary supplements. Omega-3 fatty acids EPA and DHA are found in animals, transgenic plants, fungi and many microorganisms but are typically extracted from fatty fish, putting additional pressures on global fish stocks. As primary producers, many marine microalgae are rich in EPA (C20:5 and DHA (C22:6 and present a promising source of omega-3 fatty acids. Several heterotrophic microalgae have been used as biofactories for omega-3 fatty acids commercially, but a strong interest in autotrophic microalgae has emerged in recent years as microalgae are being developed as biofuel crops. This paper provides an overview of microalgal biotechnology and production platforms for the development of omega-3 fatty acids EPA and DHA. It refers to implications in current biotechnological uses of microalgae as aquaculture feed and future biofuel crops and explores potential applications of metabolic engineering and selective breeding to accumulate large amounts of omega-3 fatty acids in autotrophic microalgae.

  12. Extending emotion and decision-making beyond the laboratory: The promise of palliative care contexts.

    Science.gov (United States)

    Ferrer, Rebecca A; Padgett, Lynne; Ellis, Erin M

    2016-08-01

    Although laboratory-based research on emotion and decision-making holds the distinct advantage of rigorous experimental control conditions that allow causal inferences, the question of how findings in a laboratory generalize to real-world settings remains. Identifying ecologically valid, real-world opportunities to extend laboratory findings is a valuable means of advancing this field. Palliative care-or care intended to provide relief from serious illness and aging-related complications during treatment or at the end of life-provides a particularly rich opportunity for such work. Here, we present an overview of palliative care, summarize existing research on emotion and palliative care decision-making, highlight challenges associated with conducting such research, outline examples of collaborative projects leveraging palliative care as a context for generating fundamental knowledge about emotion and decision-making, and describe the resources and collaborations necessary to conduct this type of research. In sum, palliative care holds unique promise as an emotionally laden context in which to answer fundamental questions about emotion and decision-making that extends our theoretical understanding of the role of emotion in high-stakes decision-making while simultaneously generating knowledge that can improve palliative care implementation. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

  13. Domain walls collision in Fe-rich and Co-rich glass covered microwires

    Directory of Open Access Journals (Sweden)

    Gonzalez J.

    2013-01-01

    Full Text Available We report the results of the investigation of domain walls propagation in Fe-rich and Co-rich microwires performed using Sixtus-Tonks and magneto-optical Kerr effect techniques. It was found that under certain experimental conditions we are able to create the regime of the motion of two domain walls moving to opposite directions which terminates by the collision of the domain walls. Also the domain walls collision was visualized using magneto-optical Kerr effect microscope when the surface giant Barkhausen jump induced by circular magnetic field has been observed.

  14. Community Monitoring for REDD+: International Promises and Field Realities

    Directory of Open Access Journals (Sweden)

    Finn Danielsen

    2013-09-01

    Full Text Available Will community monitoring assist in delivering just and equitable REDD+? We assessed whether local communities can effectively estimate carbon stocks in some of the world's most carbon rich forests, using simple field protocols, and we reviewed whether community monitoring exists in current REDD+ pilots. We obtained similar results for forest carbon when measured by communities and professional foresters in 289 vegetation plots in Southeast Asia. Most REDD+ monitoring schemes, however, contain no community involvement. To close the gulf between United Nations Framework Convention on Climate Change texts on involving communities and field implementation realities, we propose greater embedding of community monitoring within national REDD+ pilot schemes, which we argue will lead to a more just REDD+.

  15. OSTEOARTHRITIS: CURRENT CLINICAL CONCEPT AND SOME PROMISING THERAPEUTIC APPROACHES

    Directory of Open Access Journals (Sweden)

    A. E. Karateev

    2018-01-01

    Full Text Available In recent years, there has been a trend toward changing the clinical concept of osteoarthritis (OA. This disease has been considered as an age-related disease and the long-term result of a current pathological process for a very long time. However, many experts are now inclined to consider it necessary to identify the early, pre-X-ray stage of OA, when adequate treatment may not only halt the progression, but also achieve the regression of joint structural changes. This review deals with a number of pathogenetic and clinical aspects of the early stages of OA, which are important for timely diagnosis and pathogenetic therapy choice. It also considers some therapeutic approaches, both a "classic" and recently actively discussed methods for using platelet-rich plasma and autologous chondrocyte transplantation.

  16. Silkworm: A Promising Model Organism in Life Science.

    Science.gov (United States)

    Meng, Xu; Zhu, Feifei; Chen, Keping

    2017-09-01

    As an important economic insect, silkworm Bombyx mori (L.) (Lepidoptera: Bombycidae) has numerous advantages in life science, such as low breeding cost, large progeny size, short generation time, and clear genetic background. Additionally, there are rich genetic resources associated with silkworms. The completion of the silkworm genome has further accelerated it to be a modern model organism in life science. Genomic studies showed that some silkworm genes are highly homologous to certain genes related to human hereditary disease and, therefore, are a candidate model for studying human disease. In this article, we provided a review of silkworm as an important model in various research areas, including human disease, screening of antimicrobial agents, environmental safety monitoring, and antitumor studies. In addition, the application potentiality of silkworm model in life sciences was discussed. © The Author 2017. Published by Oxford University Press on behalf of Entomological Society of America.

  17. Magnesium-rich Basalts on Mercury

    Science.gov (United States)

    Martel, L. M. V.

    2013-05-01

    X-ray and gamma-ray spectrometers on NASA's MESSENGER spacecraft are making key measurements regarding the composition and properties of the surface of Mercury, allowing researchers to more clearly decipher the planet's formation and geologic history. The origin of the igneous rocks in the crust of Mercury is the focus of recent research by Karen Stockstill-Cahill and Tim McCoy (National Museum of Natural History, Smithsonian Institution), along with Larry Nittler and Shoshana Weider (Carnegie Institution of Washington) and Steven Hauck II (Case Western Reserve University). Using the well-known MELTS computer code Stockstill-Cahill and coauthors worked with MESSENGER-derived and rock-analog compositions to constrain petrologic models of the lavas that erupted on the surface of Mercury. Rock analogs included a partial melt of the Indarch meteorite and a range of Mg-rich terrestrial rocks. Their work shows the lavas on Mercury are most similar to terrestrial magnesian basalt (with lowered FeO content). The implications of the modeling are that Mg-rich lavas came from high-temperature sources in Mercury's mantle and erupted at high temperature with exceptionally low viscosity into thinly bedded and laterally extensive flows, concepts open to further evaluation by laboratory experiments and by geologic mapping of Mercury's surface using MESSENGER's imaging system and laser altimeter to document flow features and dimensions.

  18. Habitability constraints on water-rich exoplanets

    Science.gov (United States)

    Noack, Lena; Höning, Dennis; Rivoldini, Attilio; Heistracher, Clemens; Zimov, Nastasia; Journaux, Baptiste; Lammer, Helmut; Van Hoolst, Tim; Hendrik Bredehöft, Jan

    2016-04-01

    This research addresses the characterization, modelling, thermal evolution and possible habitability of water-rich exoplanets. Water is necessary for the origin and survival of life as we know it. In the search for habitable worlds, water-rich planets therefore seem obvious candidates. The water layer on such planets could be hundreds of kilometers deep. Depending on the temperature profile and the pressure gradient, it is likely that at great depths a significant part of the water layer is solid high pressure ice. Whether the solid ice layer extends to the bottom of the water layer, or if a shallow lower ocean forms above the silicate mantle, depends amongst others on the thermal state of the planet. We therefore model the thermal evolution of water-rich planets with a 1D parameterized model. Depth-dependent profiles for thermodynamic properties as well as pressure and gravity are obtained by solving the Poisson equation for the gravity and the hydrostatic pressure equation for pre-defined mass and composition (in terms of iron, silicates and water) [1]. For density, equations of state are applied. For the simulation of the thermal evolution of water-rich planets, several parameters (as initial temperatures or layer thicknesses) are unknown. We therefore employ a quantitatve study with more than 20'000 simulations, where we investigated which parameters have the largest influence on the appearance of a lower ocean, i.e. the possible melting of high-pressure ice by heat flowing out of the silicate mantle [2]. We find that the surface temperature has the largest influence on the thickness of water layers, for which a lower ocean can still form between the high-pressure ice layer and the silicate mantle. For higher surface temperatures, not only entirely liquid oceans are possible for deeper water shells, also a liquid ocean can form under high-pressure ice layers of hundreds of kilometer thickness (for a 1 Earth-mass planet). Deeper down, the lower ocean can still

  19. Treatment results of combined platelet-rich plasma and fat injection in patients with velopharyngeal insufficiency

    Directory of Open Access Journals (Sweden)

    Hamid Reza Fathi

    2013-10-01

    Full Text Available Background: Velopharyngeal insufficiency causes hypernasal vocal quality and can also result in audible nasal air emission and difficulty in producing pressure consonants. The resulting speech is often socially unacceptable and can be difficult to understand. Platelet-rich plasma is an autologous derivative of whole blood. Today, the importance of clinical use of Platelet-rich plasma in the plastic surgery is considered. This study was designed to evaluate the effectiveness of combined Platelet-rich plasma and fat injection in the treatment of velopharyngeal insufficiency. Methods: In this prospective clinicaltrial study, of 15 patients including 9 males and 6 females and aged 15-20 years with mild/ moderate velopharyngeal insufficiency who were injected with 5 mL of combined Platelet-rich plasma (1 mL and fat (4 mL in the front volume in the posterior pharyngeal wall in the pre-vertebral fascia under sedation. Speech samples were recorded by nasoendoscopy before the injection, and at 6 weeks and 6 months after the injection. Assessment of pathologic speech was done by speech therapist. Results: Velar displacement showed significantly increased at 6 weeks after the injection (P=0.049. Velopharyngeal gap disappeared in 60% of patients at 6 weeks after the injection (P=0.019. Lateral pharyngeal wall movement showed significantly increased in 73.3% of the patients at 6 months after the injection (P=0.04. After the treatment, aerodynamic assessment showed significantly decreased in nasal air escape during phonation and repeat the words (P<0.05. Assessment speech therapist showed significantly improve quality of phonation in these patients (P<0.05. Conclusion: It seems that, combined Platelet-rich plasma and fat injection lead to improve voice resonance and reduce nasal air escape in all treated cases. It can be a promising alternative to major procedures, such as velopharyngoplasties, for the treatment of mild/ moderate velopharyngeal insufficiency.

  20. 7 T renal MRI: challenges and promises.

    Science.gov (United States)

    de Boer, Anneloes; Hoogduin, Johannes M; Blankestijn, Peter J; Li, Xiufeng; Luijten, Peter R; Metzger, Gregory J; Raaijmakers, Alexander J E; Umutlu, Lale; Visser, Fredy; Leiner, Tim

    2016-06-01

    The progression to 7 Tesla (7 T) magnetic resonance imaging (MRI) yields promises of substantial increase in signal-to-noise (SNR) ratio. This increase can be traded off to increase image spatial resolution or to decrease acquisition time. However, renal 7 T MRI remains challenging due to inhomogeneity of the radiofrequency field and due to specific absorption rate (SAR) constraints. A number of studies has been published in the field of renal 7 T imaging. While the focus initially was on anatomic imaging and renal MR angiography, later studies have explored renal functional imaging. Although anatomic imaging remains somewhat limited by inhomogeneous excitation and SAR constraints, functional imaging results are promising. The increased SNR at 7 T has been particularly advantageous for blood oxygen level-dependent and arterial spin labelling MRI, as well as sodium MR imaging, thanks to changes in field-strength-dependent magnetic properties. Here, we provide an overview of the currently available literature on renal 7 T MRI. In addition, we provide a brief overview of challenges and opportunities in renal 7 T MR imaging.