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. 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.

  4. 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

  5. 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...

  6. 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.

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. Intellectual capital disclosure and dividend policy

    DEFF Research Database (Denmark)

    Nielsen, Christian; Farooq, Omar

    2015-01-01

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

  12. 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...

  13. 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.

  14. Media independence and dividend policy

    DEFF Research Database (Denmark)

    Farooq, Omar; Dandoune, Salma

    2012-01-01

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

  15. 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. 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.

  17. 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, ...

  18. 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

  19. 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.

  20. 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...

  1. 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

  2. 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...

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 46 CFR 283.3 - Dividend policy criteria.

    Science.gov (United States)

    2010-10-01

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

  9. 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.

  10. 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...

  11. 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...

  12. 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

  13. 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...

  14. 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...

  15. 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

  16. 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.

  17. 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...

  18. 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 ...

  19. 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...

  20. 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.

  1. 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 ...

  2. 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...

  3. 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...

  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. 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.

  6. Mutual fund performance: dividends do matter

    OpenAIRE

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

    2015-01-01

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

  7. 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...

  8. 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 ...

  9. 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 ...

  10. 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...

  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. 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.

  13. 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.

  14. 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.

  15. 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...

  16. 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.

  17. 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...

  18. 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.

  19. 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...

  20. 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 ...

  1. 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

  2. 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.

  3. 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...

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

  10. 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.

  11. 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...

  12. 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...

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

    African Journals Online (AJOL)

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

  14. 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

  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. 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.

  17. 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...

  18. 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.

  19. 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...

  20. 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

  1. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

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

  2. 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.

  3. 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.

  4. 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.

  5. 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...

  6. 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.

  7. 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...

  8. 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...

  9. 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...

  10. 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.

  11. 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...

  12. 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.

  13. 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...

  14. 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

  15. 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.

  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. 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%.

  18. 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 ...

  19. 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...

  20. 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.

  1. 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.

  2. 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...

  3. 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.

  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. 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

  6. 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.

  7. 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...

  8. 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.

  9. 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...

  10. 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....

  11. 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.

  12. 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...

  13. 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...

  14. 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...

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. 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

  2. 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...

  3. 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...

  4. 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

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

  10. 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

  11. 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...

  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. 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

  14. 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

  15. 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.

  16. 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.

  17. 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

  18. 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

  19. 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.

  20. 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.

  1. 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

  2. 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.

  3. 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

  4. 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.

  5. 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.

  6. 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.

  7. 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

  8. 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,

  9. 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.

  10. 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

  11. 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

  12. 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

  13. 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.

  14. 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.

  15. 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...

  16. 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.

  17. 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

  18. 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

  19. 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.

  20. 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.

  1. 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.

  2. 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...

  3. 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

  4. 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.

  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. 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.

  7. 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.

  8. 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.

  9. 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...

  10. 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...

  11. 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.

  12. 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 ...

  13. 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.

  14. 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.

  15. 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

  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. 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.

  18. 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.

  19. 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.

  20. 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

  1. 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.

  2. 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…

  3. 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 ...

  4. 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

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

    Directory of Open Access Journals (Sweden)

    Naoel Mezgani

    2013-11-01

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

  6. 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...

  7. 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

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    Iskandar Muda

    2017-05-01

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

  10. 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...

  11. 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

  12. 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

  13. 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.

  14. 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

  15. 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...

  16. 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...

  17. 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. ...

  18. 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. 

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. 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…

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

    OpenAIRE

    Hussain, Muhammad Asjad

    2016-01-01

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

  5. 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

  6. 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.

  7. 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...

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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

  13. 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 ...

  14. 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.

  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. 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...

  17. 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.

  18. \\"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.

  19. 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.

  20. 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...

  1. 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.

  2. 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.

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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.

  8. 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...

  9. 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...

  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. 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.

  12. 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.

  13. 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.

  14. 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)

  15. 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...

  16. 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.

  17. 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...

  18. 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.

  19. 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.

  20. 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

  1. 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.

  2. 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.

  3. 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...

  4. 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.

  5. 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...

  6. 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...

  7. 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....

  8. 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.

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

    Science.gov (United States)

    Cossiavelou, Vassiliki

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

  10. 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...

  11. 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。

  12. 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

  13. 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

  14. 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...

  15. 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.

  16. Volatility and dividend risk in perpetual American options

    Science.gov (United States)

    Montero, Miquel

    2007-04-01

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

  17. 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.

  18. 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

  19. 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...

  20. 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...

  1. 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

  2. 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.

  3. 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

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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...

  9. 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...

  10. 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...

  11. 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.

  12. 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)

  13. 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.

  14. 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.

  15. 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.

  16. 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)

  17. 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.

  18. 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...

  19. 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

  20. 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...

  1. SLOWLY ROTATING GAS-RICH GALAXIES IN MODIFIED NEWTONIAN DYNAMICS (MOND)

    International Nuclear Information System (INIS)

    Sánchez-Salcedo, F. J.; Martínez-García, E. E.; Hidalgo-Gámez, A. M.

    2013-01-01

    We have carried out a search for gas-rich dwarf galaxies that have lower rotation velocities in their outskirts than MOdified Newtonian Dynamics (MOND) predicts, so that the amplitude of their rotation curves cannot be fitted by arbitrarily increasing the mass-to-light ratio of the stellar component or by assuming additional undetected matter. With presently available data, the gas-rich galaxies UGC 4173, Holmberg II, ESO 245-G05, NGC 4861, and ESO 364-G029 deviate most from MOND predictions and, thereby, provide a sample of promising targets in testing the MOND framework. In the case of Holmberg II and NGC 4861, we find that their rotation curves are probably inconsistent with MOND, unless their inclinations and distances differ significantly from the nominal ones. The galaxy ESO 364-G029 is a promising target because its baryonic mass and rotation curve are similar to Holmberg II but presents a higher inclination. Deeper photometric and H I observations of ESO 364-G029, together with further decreasing systematic uncertainties, may provide a strong test to MOND.

  2. 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....

  3. 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.

  4. 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

  5. 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.

  6. 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.

  7. 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

  8. 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.

  9. 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....

  10. 26 CFR 1.419A(f)(6)-1 - Exception for 10 or more employer plan.

    Science.gov (United States)

    2010-04-01

    ... the participating employers, and those differences are not merely reflective of differences in current... current age, gender, geographic locale, number of covered dependents, and benefit terms) for the..., cash, dividends, rebates of contributions, property, promises to pay, or otherwise. (2) Benefits...

  11. 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…

  12. 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)

  13. 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.

  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. A design strategy of large grain lithium-rich layered oxides for lithium-ion batteries cathode

    International Nuclear Information System (INIS)

    Jiang, Xiong; Wang, Zhenhua; Rooney, David; Zhang, Xiaoxue; Feng, Jie; Qiao, Jinshuo; Sun, Wang; Sun, Kening

    2015-01-01

    Highlights: • Ultrasound-assisted mixing lithium was used to synthesize Lithium-rich layered oxides. • Lithium-rich layered oxides composed of large grain had high capacity and high cycling stability. • This unique large grain overcomes stress-induced structural collapse caused by Li-ion insertion/extraction and reduces dissolution of Mn ions. • A new strategy of large grain could be employed to synthesize the other complex architectures for various applications. - Abstract: Li-rich materials are considered the most promising for Li-ion battery cathodes, as high capacity can be achieved. However, poor cycling stability is a critical drawback that leads to poor capacity retention. Here a strategy is used to synthesize a large-grain lithium-rich layered oxides to overcome this difficulty without sacrificing rate capability. This material is designed with micron scale grain with a width of about 300 nm and length of 1–3 μm. This unique structure has a better ability to overcome stress-induced structural collapse caused by Li-ion insertion/extraction and reduce the dissolution of Mn ions, which enable a reversible and stable capacity. As a result, this cathode material delivered a highest discharge capacity of around 308 mAh g −1 at a current density of 30 mA g −1 with retention of 88.3% (according to the highest discharge capacity) after 100 cycles, 190 mAh g −1 at a current density of 300 mA g −1 and almost no capacity fading after 100 cycles. Therefore, Lithium-rich material of large-grain structure is a promising cathode candidate in Lithium-ion batteries with high capacity and high cycle stability for application. This strategy of large grain may furthermore open the door to synthesize the other complex architectures for various applications

  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. 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.

  18. Hydrogen production by catalytic processing of renewable methane-rich gases

    Energy Technology Data Exchange (ETDEWEB)

    Muradov, Nazim; Smith, Franklyn; T-Raissi, Ali [Florida Solar Energy Center, University of Central Florida, Cocoa, FL 32922-5703 (United States)

    2008-04-15

    Biomass-derived methane-rich gases such as landfill gas (LFG), biogas and digester gas are promising renewable resources for near-future production of hydrogen. The technical and economical feasibility of hydrogen production via catalytic reforming of LFG and other methane-rich gases is evaluated in this paper. The thermodynamic equilibrium calculations and experimental measurements of reformation of methane-rich CH{sub 4}-CO{sub 2} mixtures over Ni-based catalyst were conducted. The problems associated with the catalyst deactivation due to carbon lay down and effects of steam and oxygen on the process sustainability were explored. Two technological approaches distinguished by the mode of heat input to the endothermic process (i.e., external vs autothermal) were modeled using AspenPlus trademark chemical process simulator and validated experimentally. A 5 kW{sub th} pilot unit for hydrogen production from LFG-mimicking CH{sub 4}-CO{sub 2} mixture was fabricated and operated. A preliminary techno-economic assessment indicates that the liquid hydrogen production costs are in the range of 3.00-7.00 per kilogram depending upon the plant capacity, the process heat input option and whether or not carbon sequestration is included in the process. (author)

  19. 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).

  20. 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.

  1. 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...

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. Biodegradable electrospun nanofibers coated with platelet-rich plasma for cell adhesion and proliferation

    International Nuclear Information System (INIS)

    Diaz-Gomez, Luis; Alvarez-Lorenzo, Carmen; Concheiro, Angel; Silva, Maite; Dominguez, Fernando; Sheikh, Faheem A.; Cantu, Travis; Desai, Raj; Garcia, Vanessa L.; Macossay, Javier

    2014-01-01

    Biodegradable electrospun poly(ε-caprolactone) (PCL) scaffolds were coated with platelet-rich plasma (PRP) to improve cell adhesion and proliferation. PRP was obtained from human buffy coat, and tested on human adipose-derived mesenchymal stem cells (MSCs) to confirm cell proliferation and cytocompatibility. Then, PRP was adsorbed on the PCL scaffolds via lyophilization, which resulted in a uniform sponge-like coating of 2.85 (S.D. 0.14) mg/mg. The scaffolds were evaluated regarding mechanical properties (Young's modulus, tensile stress and tensile strain), sustained release of total protein and growth factors (PDGF-BB, TGF-β1 and VEGF), and hemocompatibility. MSC seeded on the PRP–PCL nanofibers showed an increased adhesion and proliferation compared to pristine PCL fibers. Moreover, the adsorbed PRP enabled angiogenesis features observed as neovascularization in a chicken chorioallantoic membrane (CAM) model. Overall, these results suggest that PRP–PCL scaffolds hold promise for tissue regeneration applications. - Highlights: • Platelet-rich plasma (PRP) can be adsorbed on electrospun fibers via lyophilization. • PRP coating enhanced mesenchymal stem cell adhesion and proliferation on scaffolds. • PRP-coated scaffolds showed sustained release of growth factors. • Adsorbed PRP provided angiogenic features. • PRP-poly(ε-caprolactone) scaffolds hold promise for tissue regeneration applications

  8. Biodegradable electrospun nanofibers coated with platelet-rich plasma for cell adhesion and proliferation

    Energy Technology Data Exchange (ETDEWEB)

    Diaz-Gomez, Luis [Departamento de Farmacia y Tecnología Farmacéutica, Facultad de Farmacia, Universidad de Santiago de Compostela, 15872 Santiago de Compostela (Spain); Instituto de Ortopedia y Banco de Tejidos Musculoesqueléticos, Universidad de Santiago de Compostela, 15872 Santiago de Compostela (Spain); Alvarez-Lorenzo, Carmen, E-mail: carmen.alvarez.lorenzo@usc.es [Departamento de Farmacia y Tecnología Farmacéutica, Facultad de Farmacia, Universidad de Santiago de Compostela, 15872 Santiago de Compostela (Spain); Concheiro, Angel [Departamento de Farmacia y Tecnología Farmacéutica, Facultad de Farmacia, Universidad de Santiago de Compostela, 15872 Santiago de Compostela (Spain); Silva, Maite [Instituto de Ortopedia y Banco de Tejidos Musculoesqueléticos, Universidad de Santiago de Compostela, 15872 Santiago de Compostela (Spain); Dominguez, Fernando [Fundación Publica Galega de Medicina Xenómica, Santiago de Compostela (Spain); Sheikh, Faheem A.; Cantu, Travis; Desai, Raj; Garcia, Vanessa L. [Department of Chemistry, University of Texas Pan American, Edinburg, TX 78541 (United States); Macossay, Javier, E-mail: jmacossay@utpa.edu [Department of Chemistry, University of Texas Pan American, Edinburg, TX 78541 (United States)

    2014-07-01

    Biodegradable electrospun poly(ε-caprolactone) (PCL) scaffolds were coated with platelet-rich plasma (PRP) to improve cell adhesion and proliferation. PRP was obtained from human buffy coat, and tested on human adipose-derived mesenchymal stem cells (MSCs) to confirm cell proliferation and cytocompatibility. Then, PRP was adsorbed on the PCL scaffolds via lyophilization, which resulted in a uniform sponge-like coating of 2.85 (S.D. 0.14) mg/mg. The scaffolds were evaluated regarding mechanical properties (Young's modulus, tensile stress and tensile strain), sustained release of total protein and growth factors (PDGF-BB, TGF-β1 and VEGF), and hemocompatibility. MSC seeded on the PRP–PCL nanofibers showed an increased adhesion and proliferation compared to pristine PCL fibers. Moreover, the adsorbed PRP enabled angiogenesis features observed as neovascularization in a chicken chorioallantoic membrane (CAM) model. Overall, these results suggest that PRP–PCL scaffolds hold promise for tissue regeneration applications. - Highlights: • Platelet-rich plasma (PRP) can be adsorbed on electrospun fibers via lyophilization. • PRP coating enhanced mesenchymal stem cell adhesion and proliferation on scaffolds. • PRP-coated scaffolds showed sustained release of growth factors. • Adsorbed PRP provided angiogenic features. • PRP-poly(ε-caprolactone) scaffolds hold promise for tissue regeneration applications.

  9. 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

  10. 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)

  11. Production of phenolic-rich bio-oil from catalytic fast pyrolysis of biomass using magnetic solid base catalyst

    International Nuclear Information System (INIS)

    Zhang, Zhi-bo; Lu, Qiang; Ye, Xiao-ning; Li, Wen-tao; Hu, Bin; Dong, Chang-qing

    2015-01-01

    Highlights: • Phenolic-rich bio-oil was selectively produced from catalytic fast pyrolysis of biomass using magnetic solid base catalyst. • The actual yield of twelve major phenolic compounds reached 43.9 mg/g. • The peak area% of all phenolics reached 68.5% at the catalyst-to-biomass ratio of 7. • The potassium phosphate/ferroferric oxide catalyst possessed promising recycling properties. - Abstract: A magnetic solid base catalyst (potassium phosphate/ferroferric oxide) was prepared and used for catalytic fast pyrolysis of poplar wood to selectively produce phenolic-rich bio-oil. Pyrolysis–gas chromatography/mass spectrometry experiments were conducted to investigate the effects of pyrolysis temperature and catalyst-to-biomass ratio on the product distribution. The actual yields of important pyrolytic products were quantitatively determined by the external standard method. Moreover, recycling experiments were performed to determine the re-utilization abilities of the catalyst. The results showed that the catalyst exhibited promising activity to selectively produce phenolic-rich bio-oil, due to its capability of promoting the decomposition of lignin to generate phenolic compounds and meanwhile inhibiting the devolatilization of holocellulose. The maximal phenolic yield was obtained at the pyrolysis temperature of 400 °C and catalyst-to-biomass ratio of 2. The concentration of the phenolic compounds increased monotonically along with the increasing of the catalyst-to-biomass ratio, with the peak area% value increasing from 28.1% in the non-catalytic process to as high as 68.5% at the catalyst-to-biomass ratio of 7. The maximal total actual yield of twelve quantified major phenolic compounds was 43.9 mg/g, compared with the value of 29.0 mg/g in the non-catalytic process. In addition, the catalyst could be easily recovered and possessed promising recycling properties.

  12. Characterization of Li-rich layered oxides by using transmission electron microscope

    Directory of Open Access Journals (Sweden)

    Hu Zhao

    2017-07-01

    Full Text Available Lithium-rich layered oxides (LrLOs deliver extremely high specific capacities and are considered to be promising candidates for electric vehicle and smart grid applications. However, the application of LrLOs needs further understanding of the structural complexity and dynamic evolution of monoclinic and rhombohedral phases, in order to overcome the issues including voltage decay, poor rate capability, initial irreversible capacity loss and etc. The development of aberration correction for the transmission electron microscope and concurrent progress in electron spectroscopy, have fueled rapid progress in the understanding of the mechanism of such issues. New techniques based on the transmission electron microscope are first surveyed, and the applications of these techniques for the study of the structure, migration of transition metal, and the activation of oxygen of LrLOs are then explored in detail, with a particular focus on the mechanism of voltage decay. Keywords: Lithium-ion battery, Transmission electron microscope, Lithium-rich layered oxide, Cathode material

  13. 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…

  14. Forms of Memory for Representation of Visual Objects

    Science.gov (United States)

    1991-04-15

    neuropsychological syndromes that involve disruption of perceptual representation systems should pay rich dividends for implicit memory research (Schacter et al...BLACKORDi. 1988b. Deficits in the implicit retention of new associations by alcoholic Korsakoff patients. Brain and Cognition 7: 145-156. COFER, C. C...MOREINES & N. BUTTERS. 1973. Retrieving information from Korsakoff patients: Effects of categorical cues and reference to the task. Cortex 9: 165

  15. 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.

  16. 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.

  17. Platelet rich fibrin (Prf) and β-tricalcium phosphate with coronally advanced flap for the management of grade-II furcation defect.

    Science.gov (United States)

    Sambhav, Jain; Rohit, Rai; Ranjana, Mohan; Shalabh, Mehrotra

    2014-07-01

    Multirooted teeth offer unique and challenging problems due to the furcation area, creates situations in which routine periodontal procedures are somewhat limited and special procedures are generally required. The present case was showing the management of grade II furcation defect by platelet rich fibrin (PRF) and β-Tricalcium phosphate with coronally advanced flap. Platelet rich fibrin and β-Tricalcium phosphate with coronally advanced flap have been shown to be a promising and successful approach for the treatment of furcation defect. Its gaining clinical attachment significantly manages both the gingival recession and furcation involvement simultaneously.

  18. Pengaruh Dividen Inisiasi dan Dividen Omisi terhadap Return Saham di Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Azizah Ayu Sielvia

    2011-03-01

    Full Text Available The objective of this study is to determine the effect of dividend initiations and dividend omission of stock returns in Indonesia Stock Exchange (BEI. Variables in this study consist of dividends, dividend announcements, and a significant stock return on dividend announcement reflected the presence of abnormal return during the event period. This study employs the company's shares listed on Indonesia Stock Exchange and are actively traded. Samples used as many as 50 companies, where 37 companies as a dividend initiation and 13 companies as a dividend omission. The sample selection was done by purposive sampling method that is research based on certain criteria. Results of analysis testing the effect of the abnormal return of dividend announcements indicate a significant influence. Announcements of dividend initiations have significant positive influence, while the announcements of dividend omissions have significant negative market reaction. That means the announcement of dividend initiations have a signal or a specific information content that causes the market to react more than normal state of the information, while the announcement of dividend omissions affect investors to remove their stock price moves down or there is a significant abnormal return.Keywords: dividend initiation, dividend omission, dividend announcement, stock return

  19. The effect of peatland drainage and restoration on Odonata species richness and abundance.

    Science.gov (United States)

    Elo, Merja; Penttinen, Jouni; Kotiaho, Janne S

    2015-04-09

    Restoration aims at reversing the trend of habitat degradation, the major threat to biodiversity. In Finland, more than half of the original peatland area has been drained, and during recent years, restoration of some of the drained peatlands has been accomplished. Short-term effects of the restoration on peatland hydrology, chemistry and vegetation are promising but little is known about how other species groups apart from vascular plants and bryophytes respond to restoration efforts. Here, we studied how abundance and species richness of Odonata (dragonflies and damselflies) respond to restoration. We sampled larvae in three sites (restored, drained, pristine) on each of 12 different study areas. We sampled Odonata larvae before restoration (n = 12), during the first (n = 10) and the third (n = 7) year after restoration and used generalized linear mixed models to analyze the effect of restoration. Drained sites had lower abundance and species richness than pristine sites. During the third year after restoration both abundance and species richness had risen in restored sites. Our results show that Odonata suffer from drainage, but seem to benefit from peatland restoration and are able to colonize newly formed water pools already within three years after restoration.

  20. 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.

  1. Improvement in high-voltage and high rate cycling performance of nickel-rich layered cathode materials via facile chemical vapor deposition with methane

    International Nuclear Information System (INIS)

    Hyuk Son, In; Park, Kwangjin; Hwan Park, Jong

    2017-01-01

    Nickel-rich layered-oxide materials are considered promising candidates for application as cathode material in high-energy lithium ion batteries. However, their cycling performance at high voltages and rate conditions require further improvement for the purpose of commercialization. Here, we report on the facile surface modification of nickel-rich layered oxide by chemical vapor deposition with methane which yields a conductive and protective artificial solid electrolyte interphase layer consisting of amorphous carbon, alkyl lithium carbonate, and lithium carbonate. We examine the mechanism of the protective layer formation and structural deformation of the nickel-rich layered oxide during chemical vapor deposition with methane. Via optimizing the reaction conditions, we improve the electrical conductivity as well as the interfacial stability of the nickel-rich layered oxide without inducing structural deformation. The surface-modified nickel-rich layered oxide exhibits an improved performance due to the resulting enhanced rate capability, high initial efficiency, and long cycle life at high voltage (>4.5 V).

  2. 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.

  3. 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.

  4. Platelet growth factors from allogeneic platelet-rich plasma for clinical improvement in split-thickness skin graft.

    Science.gov (United States)

    Sonker, Atul; Dubey, Anju; Bhatnagar, Ankur; Chaudhary, Rajendra

    2015-01-01

    Platelets are a source of numerous growth factors which facilitate repair and healing. Thus platelet rich plasma has been increasingly used as a treatment modality in the field of reconstructive surgeries for wound healing. This preliminary study was carried out to explore whether platelet growth factors from platelet rich plasma could be used for enhancement of split thickness skin graft survival. Twenty patients (13 males and 7 females) requiring split thickness skin graft for various clinical reasons were enrolled in the study. Platelet rich plasma was collected by apheresis and frozen at -80° C. It was thawed at room temperature immediately before its intended application. PRP was applied only on one half of the wound, while another half served as control. Patient was followed for 6 weeks. The effect was assessed at first dressing in terms of graft uptake and subsequently as time taken for complete healing. There was 100% uptake of the graft in the area where platelet rich plasma was applied. In the control area, there was complete graft loss in 4 cases, partial loss in 7 cases and complete uptake in 9 cases. This study demonstrated promising results on application of PRP to split thickness skin grafts. Further randomized studies with greater sample size may be undertaken to establish platelet rich plasma as a validated treatment modality.

  5. Anti-Atherosclerotic Effects of a Phytoestrogen-Rich Herbal Preparation in Postmenopausal Women

    Directory of Open Access Journals (Sweden)

    Veronika A. Myasoedova

    2016-08-01

    7.1% in placebo recipients (NS. The differences between lipid changes in the isoflavonoid-rich herbal preparation and placebo recipients did not reach statistical significance (p > 0.05. Nevertheless, the mean cIMT progression was significantly lower in isoflavonoid-rich herbal preparation recipients as compared to the placebo group (6 μm, or <1%, versus 100 μm, or 13%; p < 0.001 for the difference. The growth of existing atherosclerotic plaques in isoflavonoid-rich herbal preparation recipients was inhibited by 1.5-fold (27% versus 41% in the placebo group. The obtained results demonstrate that the use of isoflavonoid-rich herbal preparation in postmenopausal women may suppress the formation of new atherosclerotic lesions and reduce the progression of existing ones, thus promising new drug for anti-atherosclerotic therapy. Nevertheless, further studies are required to confirm these findings.

  6. 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.

  7. 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.

  8. Funds from non-renewable energy resources: Policy lessons from Alaska and Alberta

    International Nuclear Information System (INIS)

    Baena, César; Sévi, Benoît; Warrack, Allan

    2012-01-01

    We document the use of energy natural resource funds in Alaska and Alberta and analyze theirs characteristics for further implementation in resource-rich countries. Such funds allow dealing theoretically with intergenerational equity issues, corruption, and more general institutional problems. The performance of both funds is very different, depending on the management and composition choices but some policy lessons can be drawn from these two examples. Importantly, the role of a public dividend policy is highlighted as a way to bypass corrupted institutions and to enhance quality of life for poorest people. We also emphasize the need to deal with inflation to make the fund sustainable. - Highlights: ► We document the optimal intergenerational energy resource management using funds. ► We use Alaskan and Albertan experiences to provide policy lessons for future implementation of such funds. ► We emphasize the role of a public dividend policy

  9. 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.

  10. 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.

  11. Effect of carbo-nitride-rich and oxide-rich inclusions on the pitting susceptibility of depleted uranium

    International Nuclear Information System (INIS)

    Pu, Zhen; Chen, Xianglin; Meng, Xiandong; Wu, Yanping; Shen, Liang; Wang, Qingfu; Liu, Tianwei; Shuai, Maobing

    2017-01-01

    Highlights: •The Volta potential differences relative to the matrix are positive for both types of inclusions. •Both types of inclusions are cathodic in the “inclusion/matrix” microgalvanic couples. •The oxide-rich inclusions show a larger Volta potential value of about 115 mV than the carbo-nitride-rich inclusions. •The oxide-rich inclusions give stronger local galvanic coupling with the matrix. •The oxide-rich inclusions are more predisposed to initiate pitting corrosion. -- Abstract: The effects of carbo-nitride-rich and oxide-rich inclusions on the pitting susceptibility of depleted uranium were investigated by electrochemical corrosion measurements, optical microscopy, scanning Kelvin probe force microscopy (SKPFM), and SEM. The results of the potentiodynamic polarization tests suggest that oxide-rich inclusions are more likely to induce pitting corrosion than carbo-nitride-rich inclusions. This enhanced corrosion may be explained by the strong local galvanic coupling between the oxide-rich inclusion and the surrounding matrix, which, from the sight of SKPFM analysis, exhibits a 115 V higher Volta potential than the coupling between the carbo-nitride-rich inclusions and the matrix, respectively.

  12. 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.

  13. 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...

  14. Dissolution and oxidation behaviour of various austenitic steels and Ni rich alloys in lead-bismuth eutectic at 520 °C

    Energy Technology Data Exchange (ETDEWEB)

    Roy, Marion, E-mail: marion.roy@cea.fr [CEA, DEN, DPC, SCCME, Laboratoire d’Etude de la Corrosion Non Aqueuse, F-91191 Gif-sur-Yvette (France); Martinelli, Laure, E-mail: laure.martinelli@cea.fr [CEA, DEN, DPC, SCCME, Laboratoire d’Etude de la Corrosion Non Aqueuse, F-91191 Gif-sur-Yvette (France); Ginestar, Kevin, E-mail: kevin.ginestar@cea.fr [CEA, DEN, DPC, SCCME, Laboratoire d’Etude de la Corrosion Non Aqueuse, F-91191 Gif-sur-Yvette (France); Favergeon, Jérôme, E-mail: jerome.favergeon@utc.fr [Laboratoire Roberval, UMR 7337, Université de Technologie de Compiègne, Centre de Recherche de Royallieu, CS 60319, 60203 Compiègne Cedex (France); Moulin, Gérard [Laboratoire Roberval, UMR 7337, Université de Technologie de Compiègne, Centre de Recherche de Royallieu, CS 60319, 60203 Compiègne Cedex (France)

    2016-01-15

    Ten austenitic steels and Ni rich alloys were tested in static lead-bismuth eutectic (LBE) at 520 °C in order to obtain a selection of austenitic steels having promising corrosion behaviour in LBE. A test of 1850 h was carried out with a dissolved oxygen concentration between 10{sup −9} and 5 10{sup −4} g kg{sup −1}. The combination of thermodynamic of the studied system and literature results leads to the determination of an expression of the dissolved oxygen content in LBE as a function of temperature: RT(K)ln[O](wt%) = −57584/T(K) −55.876T(K) + 254546 (R is the gas constant in J mol{sup −1} K{sup −1}). This relation can be considered as a threshold of oxygen content above which only oxidation is observed on the AISI 316L and AISI 304L austenitic alloys in static LBE between 400 °C and 600 °C. The oxygen content during the test leads to both dissolution and oxidation of the samples during the first 190 h and leads to pure oxidation for the rest of the test. Results of mixed oxidation and dissolution test showed that only four types of corrosion behaviour were observed: usual austenitic steels and Ni rich alloys behaviour including the reference alloy 17Cr-12Ni-2.5Mo (AISI 316LN), the 20Cr-31Ni alloy one, the Si containing alloy one and the Al containing alloy one. According to the proposed criteria of oxidation and dissolution kinetics, silicon rich alloys and aluminum rich alloy presented a promising corrosion behaviour. - Highlights: • 10 austenitic steels and Ni rich alloys were tested in LBE at 520 °C with dissolved oxygen content between 10{sup -9} and 5 10{sup -4} wt%. • It is shown that only thermodynamics cannot explain the Ni rich alloys corrosion behaviour in LBE. • The role of oxygen on corrosion behaviour in LBE was highlighted. • An equilibrium line was defined above which only oxidation has occurred on 316L: RTln[O](wt%) = -57584/T(K)-55.876T(K)+254546. • 18Cr-15Ni-3.7Si, 21Cr-11Ni-1.6Si and 14Cr-25Ni-3.5Al

  15. Mitigating Voltage Decay of Li-Rich Cathode Material via Increasing Ni Content for Lithium-Ion Batteries.

    Science.gov (United States)

    Shi, Ji-Lei; Zhang, Jie-Nan; He, Min; Zhang, Xu-Dong; Yin, Ya-Xia; Li, Hong; Guo, Yu-Guo; Gu, Lin; Wan, Li-Jun

    2016-08-10

    Li-rich layered materials have been considered as the most promising cathode materials for future high-energy-density lithium-ion batteries. However, they suffer from severe voltage decay upon cycling, which hinders their further commercialization. Here, we report a Li-rich layered material 0.5Li2MnO3·0.5LiNi0.8Co0.1Mn0.1O2 with high nickel content, which exhibits much slower voltage decay during long-term cycling compared to conventional Li-rich materials. The voltage decay after 200 cycles is 201 mV. Combining in situ X-ray diffraction (XRD), ex situ XRD, ex situ X-ray photoelectron spectroscopy, and scanning transmission electron microscopy, we demonstrate that nickel ions act as stabilizing ions to inhibit the Jahn-Teller effect of active Mn(3+) ions, improving d-p hybridization and supporting the layered structure as a pillar. In addition, nickel ions can migrate between the transition-metal layer and the interlayer, thus avoiding the formation of spinel-like structures and consequently mitigating the voltage decay. Our results provide a simple and effective avenue for developing Li-rich layered materials with mitigated voltage decay and a long lifespan, thereby promoting their further application in lithium-ion batteries with high energy density.

  16. 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...

  17. 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.

  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. 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.

  20. 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.

  1. A PUFA-rich diet improves fat oxidation following saturated fat-rich meal.

    Science.gov (United States)

    Stevenson, Jada L; Miller, Mary K; Skillman, Hannah E; Paton, Chad M; Cooper, Jamie A

    2017-08-01

    To determine substrate oxidation responses to saturated fatty acid (SFA)-rich meals before and after a 7-day polyunsaturated fatty acid (PUFA)-rich diet versus control diet. Twenty-six, normal-weight, adults were randomly assigned to either PUFA or control diet. Following a 3-day lead-in diet, participants completed the pre-diet visit where anthropometrics and resting metabolic rate (RMR) were measured, and two SFA-rich HF meals (breakfast and lunch) were consumed. Indirect calorimetry was used to determine fat oxidation (Fox) and energy expenditure (EE) for 4 h after each meal. Participants then consumed a PUFA-rich diet (50 % carbohydrate, 15 % protein, 35 % fat, of which 21 % of total energy was PUFA) or control diet (50 % carbohydrate, 15 % protein, 35 % fat, of which 7 % of total energy was PUFA) for the next 7 days. Following the 7-day diet, participants completed the post-diet visit. From pre- to post-PUFA-rich diet, there was no change in RMR (16.3 ± 0.8 vs. 16.4 ± 0.8 kcal/20 min) or in incremental area under the curve for EE (118.9 ± 20.6-126.9 ± 14.1 kcal/8h, ns). Fasting respiratory exchange ratio increased from pre- to post-PUFA-rich diet only (0.83 ± 0.1-0.86 ± 0.1, p diet (0.03 ± 0.1-0.23 ± 0.1 g/15 min for cumulative Fox; p diet initiates greater fat oxidation after eating occasional high SFA meals compared to a control diet, an effect achieved in 7 days.

  2. 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.

  3. 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.

  4. 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...

  5. Moving Beyond Outsourcing

    DEFF Research Database (Denmark)

    Rai, Sudhanshu

    markets is the key driver. This does not imply that outsourcing will disappear but it does mean that firms will engage in globalization using innovative mix of business models and technical platforms. We discuss the implication of this slow transformation to co-creation of innovation for the global...... outsourcing industry. The key thesis of this paper is to discuss co-creation as a form of innovation and how such a form of innovation is likely to bring Indian companies rich dividends....

  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. DETERMINAN KEBIJAKAN DIVIDEN

    Directory of Open Access Journals (Sweden)

    Nurani Puspa Ningrum

    2017-12-01

    Full Text Available Abstract: Determinant of Dividend Policy. This study would examine the determinants of dividend policy based on profitability and leverage by using moderation of managerial and liquidity ownership. Multiple regression analysis was used as a method. This study showed that the amount of profit is very decisive dividend distribution, whereas the presence or absence of debt restrictions were not able to affect dividends. In contrast, managerial ownership decreased the amount of dividends when the share ownership by the manager was high enough, and liquidity wass not able to increase or decrease the amount of dividends because of the high liquidity would increase the agency conflicts.

  8. 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.

  9. 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.

  10. 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...

  11. Quantifying the environmental impact of a Li-rich high-capacity cathode material in electric vehicles via life cycle assessment.

    Science.gov (United States)

    Wang, Yuqi; Yu, Yajuan; Huang, Kai; Chen, Bo; Deng, Wensheng; Yao, Ying

    2017-01-01

    A promising Li-rich high-capacity cathode material (xLi 2 MnO 3 ·(1-x)LiMn 0.5 Ni 0.5 O 2 ) has received much attention with regard to improving the performance of lithium-ion batteries in electric vehicles. This study presents an environmental impact evaluation of a lithium-ion battery with Li-rich materials used in an electric vehicle throughout the life cycle of the battery. A comparison between this cathode material and a Li-ion cathode material containing cobalt was compiled in this study. The battery use stage was found to play a large role in the total environmental impact and high greenhouse gas emissions. During battery production, cathode material manufacturing has the highest environmental impact due to its complex processing and variety of raw materials. Compared to the cathode with cobalt, the Li-rich material generates fewer impacts in terms of human health and ecosystem quality. Through the life cycle assessment (LCA) results and sensitivity analysis, we found that the electricity mix and energy efficiency significantly influence the environmental impacts of both battery production and battery use. This paper also provides a detailed life cycle inventory, including firsthand data on lithium-ion batteries with Li-rich cathode materials.

  12. 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.

  13. Is torrefaction of polysaccharides-rich biomass equivalent to carbonization of lignin-rich biomass?

    Science.gov (United States)

    Bilgic, E; Yaman, S; Haykiri-Acma, H; Kucukbayrak, S

    2016-01-01

    Waste biomass species such as lignin-rich hazelnut shell (HS) and polysaccharides-rich sunflower seed shell (SSS) were subjected to torrefaction at 300°C and carbonization at 600°C under nitrogen. The structural variations in torrefied and carbonized biomasses were compared. Also, the burning characteristics under dry air and pure oxygen (oxy-combustion) conditions were investigated. It was concluded that the effects of carbonization on HS are almost comparable with the effects of torrefaction on SSS in terms of devolatilization and deoxygenation potentials and the increases in carbon content and the heating value. Consequently, it can be proposed that torrefaction does not provide efficient devolatilization from the lignin-rich biomass while it is relatively more efficient for polysaccharides-rich biomass. Heat-induced variations in biomass led to significant changes in the burning characteristics under both burning conditions. That is, low temperature reactivity of biomass reduced considerably and the burning shifted to higher temperatures with very high burning rates. Copyright © 2015 Elsevier Ltd. All rights reserved.

  14. THE RECENCY EFFECT OF ACCOUNTING INFORMATION

    Directory of Open Access Journals (Sweden)

    Jogiyanto Hartono

    2012-01-01

    Full Text Available This study tests the joint effects of dividend and earnings information. A study of joint effects is justified for the following reasons. First, dividends and earnings are considered two of the most important signaling devices (Aharony and Swary 1980 that investors use in evaluating stock prices. Second, dividends and earnings are 'garbled' information (Ohlson 1989. Dividends and earnings may contain corroborating or disconfirming news. Third, investors may be have with memory, revising beliefs in complex ways in evaluating a sequence of information. Prior dividend studies that controlling for earnings announcement effects do not address these possibilities. Using Hogarth and Einhorn's (1992 belief-adjustment theory, this study models the behavior of investor reactions to joint dividend and earnings surprises. The theory predicts that order and timing of dividend and earnings surprises have different effects on stock returns. When dividend and earnings surprises have opposite signs (mixedevidence, the theory predicts that later surprises have a larger impact on stock returns than do earlier surprises (the recency effect hypothesis. The evidence for the recency  effect hypotheses is relatively strong. In three out of four cases of mixed evidence (positive earnings, negative earnings and positive dividend surprises, the recency effect hypotheses are supported.

  15. 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.

  16. Natural Proline-Rich Cyclopolypeptides from Marine Organisms: Chemistry, Synthetic Methodologies and Biological Status.

    Science.gov (United States)

    Fang, Wan-Yin; Dahiya, Rajiv; Qin, Hua-Li; Mourya, Rita; Maharaj, Sandeep

    2016-10-26

    Peptides have gained increased interest as therapeutics during recent years. More than 60 peptide drugs have reached the market for the benefit of patients and several hundreds of novel therapeutic peptides are in preclinical and clinical development. The key contributor to this success is the potent and specific, yet safe, mode of action of peptides. Among the wide range of biologically-active peptides, naturally-occurring marine-derived cyclopolypeptides exhibit a broad range of unusual and potent pharmacological activities. Because of their size and complexity, proline-rich cyclic peptides (PRCPs) occupy a crucial chemical space in drug discovery that may provide useful scaffolds for modulating more challenging biological targets, such as protein-protein interactions and allosteric binding sites. Diverse pharmacological activities of natural cyclic peptides from marine sponges, tunicates and cyanobacteria have encouraged efforts to develop cyclic peptides with well-known synthetic methods, including solid-phase and solution-phase techniques of peptide synthesis. The present review highlights the natural resources, unique structural features and the most relevant biological properties of proline-rich peptides of marine-origin, focusing on the potential therapeutic role that the PRCPs may play as a promising source of new peptide-based novel drugs.

  17. An In Vitro Investigation of Platelet-Rich Plasma-Gel as a Cell and Growth Factor Delivery Vehicle for Tissue Engineering

    OpenAIRE

    Jalowiec, Jagoda M.; D'Este, Matteo; Bara, Jennifer Jane; Denom, Jessica; Menzel, Ursula; Alini, Mauro; Verrier, Sophie; Herrmann, Marietta

    2015-01-01

    Platelet-rich plasma (PRP) has been used for different applications in human and veterinary medicine. Many studies have shown promising therapeutic effects of PRP; however, there are still many controversies regarding its composition, properties, and clinical efficacy. The aim of this study was to evaluate the influence of different platelet concentrations on the rheological properties and growth factor (GF) release profile of PRP-gels. In addition, the viability of incorporated bone marrow-d...

  18. 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…

  19. PENGARUH PREMANAGED EARNINGS DAN DIVIDEN YANG DIHARAPKAN TERHADAP PRAKTIK MANAJEMEN LABA

    Directory of Open Access Journals (Sweden)

    Rosalia Anita Wibiksono

    2015-06-01

    Full Text Available This study aims to determine whether the companies paying dividend in the previous year (payers are more likely to perform earnings management than companies that do not (non-payers in order to meet the expected dividend. The study also examines the impact of premanaged earnings and expected dividend on earnings management practices. Sample used in this research are manufacturing companies listed in Indonesia Stock Exchange in 2010-2012. The findings suggest that there is a significant negative relationship between premanaged earnings and discretionary accruals, and a significant positive relationship between the expected dividends and discretionary accruals. This study concludes that dividend is important determinant of earnings thresholds. However, dividend is not a unique motivation to perform earnings management.

  20. 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,

  1. 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,

  2. Micro-arc oxidation as a tool to develop multifunctional calcium-rich surfaces for dental implant applications

    Energy Technology Data Exchange (ETDEWEB)

    Ribeiro, A.R., E-mail: arribeiro@inmetro.gov.br [Department of Periodontology, Araraquara Dental School, University Estadual Paulista, Rua Humaitá 1680, 14801-903 Araraquara, São Paulo (Brazil); Directory of Metrology Applied to Life Science, National Institute of Metrology Quality and Technology, Av. N. S. das Graças 50, Xerém, Duque de Caxias, Rio de Janeiro (Brazil); Brazilian Branch of Institute of Biomaterials, Tribocorrosion and Nanomedicine (IBTN/Br) (Brazil); Oliveira, F., E-mail: fernando@dem.uminho.pt [Brazilian Branch of Institute of Biomaterials, Tribocorrosion and Nanomedicine (IBTN/Br) (Brazil); Centre for Mechanical and Materials Technologies, University of Minho, Campus de Azurém, 4800-058 Guimarães (Portugal); Boldrini, L.C., E-mail: lcboldrini@inmetro.gov.br [Directory of Metrology Applied to Life Science, National Institute of Metrology Quality and Technology, Av. N. S. das Graças 50, Xerém, Duque de Caxias, Rio de Janeiro (Brazil); Leite, P.E., E-mail: leitepec@gmail.com [Directory of Metrology Applied to Life Science, National Institute of Metrology Quality and Technology, Av. N. S. das Graças 50, Xerém, Duque de Caxias, Rio de Janeiro (Brazil); Falagan-Lotsch, P., E-mail: prifalagan@gmail.com [Directory of Metrology Applied to Life Science, National Institute of Metrology Quality and Technology, Av. N. S. das Graças 50, Xerém, Duque de Caxias, Rio de Janeiro (Brazil); Linhares, A.B.R., E-mail: adrianalinhares@hotmail.com [Clinical Research Unit, Antonio Pedro Hospital, Fluminense Federal University, Niterói (Brazil); and others

    2015-09-01

    Titanium (Ti) is commonly used in dental implant applications. Surface modification strategies are being followed in last years in order to build Ti oxide-based surfaces that can fulfill, simultaneously, the following requirements: induced cell attachment and adhesion, while providing a superior corrosion and tribocorrosion performance. In this work micro-arc oxidation (MAO) was used as a tool for the growth of a nanostructured bioactive titanium oxide layer aimed to enhance cell attachment and adhesion for dental implant applications. Characterization of the surfaces was performed, in terms of morphology, topography, chemical composition and crystalline structure. Primary human osteoblast adhesion on the developed surfaces was investigated in detail by electronic and atomic force microscopy as well as immunocytochemistry. Also an investigation on the early cytokine production was performed. Results show that a relatively thick hybrid and graded oxide layer was produced on the Ti surface, being constituted by a mixture of anatase, rutile and amorphous phases where calcium (Ca) and phosphorous (P) were incorporated. An outermost nanometric-thick amorphous oxide layer rich in Ca was present in the film. This amorphous layer, rich in Ca, improved fibroblast viability and metabolic activity as well as osteoblast adhesion. High-resolution techniques allowed to understand that osteoblasts adhered less in the crystalline-rich regions while they preferentially adhere and spread over in the Ca-rich amorphous oxide layer. Also, these surfaces induce higher amounts of IFN-γ cytokine secretion, which is known to regulate inflammatory responses, bone microarchitecture as well as cytoskeleton reorganization and cellular spreading. These surfaces are promising in the context of dental implants, since they might lead to faster osseointegration. - Highlights: • A nanometric-structured calcium-rich amorphous layer with improved bioactivity was produced on titanium surfaces.

  3. Micro-arc oxidation as a tool to develop multifunctional calcium-rich surfaces for dental implant applications

    International Nuclear Information System (INIS)

    Ribeiro, A.R.; Oliveira, F.; Boldrini, L.C.; Leite, P.E.; Falagan-Lotsch, P.; Linhares, A.B.R.

    2015-01-01

    Titanium (Ti) is commonly used in dental implant applications. Surface modification strategies are being followed in last years in order to build Ti oxide-based surfaces that can fulfill, simultaneously, the following requirements: induced cell attachment and adhesion, while providing a superior corrosion and tribocorrosion performance. In this work micro-arc oxidation (MAO) was used as a tool for the growth of a nanostructured bioactive titanium oxide layer aimed to enhance cell attachment and adhesion for dental implant applications. Characterization of the surfaces was performed, in terms of morphology, topography, chemical composition and crystalline structure. Primary human osteoblast adhesion on the developed surfaces was investigated in detail by electronic and atomic force microscopy as well as immunocytochemistry. Also an investigation on the early cytokine production was performed. Results show that a relatively thick hybrid and graded oxide layer was produced on the Ti surface, being constituted by a mixture of anatase, rutile and amorphous phases where calcium (Ca) and phosphorous (P) were incorporated. An outermost nanometric-thick amorphous oxide layer rich in Ca was present in the film. This amorphous layer, rich in Ca, improved fibroblast viability and metabolic activity as well as osteoblast adhesion. High-resolution techniques allowed to understand that osteoblasts adhered less in the crystalline-rich regions while they preferentially adhere and spread over in the Ca-rich amorphous oxide layer. Also, these surfaces induce higher amounts of IFN-γ cytokine secretion, which is known to regulate inflammatory responses, bone microarchitecture as well as cytoskeleton reorganization and cellular spreading. These surfaces are promising in the context of dental implants, since they might lead to faster osseointegration. - Highlights: • A nanometric-structured calcium-rich amorphous layer with improved bioactivity was produced on titanium surfaces.

  4. 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....

  5. 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...

  6. 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...

  7. Meta-analysis on Methane Mitigating Properties of Saponin-rich Sources in the Rumen: Influence of Addition Levels and Plant Sources

    Directory of Open Access Journals (Sweden)

    Anuraga Jayanegara

    2014-10-01

    Full Text Available Saponins have been considered as promising natural substances for mitigating methane emissions from ruminants. However, studies reported that addition of saponin-rich sources often arrived at contrasting results, i.e. either it decreased methane or it did not. The aim of the present study was to assess ruminal methane emissions through a meta-analytical approach of integrating related studies from published papers which described various levels of different saponin-rich sources being added to ruminant feed. A database was constructed from published literature reporting the addition of saponin-rich sources at various levels and then monitoring ruminal methane emissions in vitro. Accordingly, levels of saponin-rich source additions as well as different saponin sources were specified in the database. Apart from methane, other related rumen fermentation parameters were also included in the database, i.e. organic matter digestibility, gas production, pH, ammonia concentration, short-chain fatty acid profiles and protozoal count. A total of 23 studies comprised of 89 data points met the inclusion criteria. The data obtained were subsequently subjected to a statistical meta-analysis based on mixed model methodology. Accordingly, different studies were treated as random effects whereas levels of saponin-rich source additions or different saponin sources were considered as fixed effects. Model statistics used were p-value and root mean square error. Results showed that an addition of increasing levels of a saponin-rich source decreased methane emission per unit of substrate incubated as well as per unit of total gas produced (ptea>quillaja, statistically they did not differ each other. It can be concluded that methane mitigating properties of saponins in the rumen are level- and source-dependent.

  8. 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.

  9. Atomic-scale understanding of non-stoichiometry effects on the electrochemical performance of Ni-rich cathode materials

    Science.gov (United States)

    Kong, Fantai; Liang, Chaoping; Longo, Roberto C.; Zheng, Yongping; Cho, Kyeongjae

    2018-02-01

    As the next-generation high energy capacity cathode materials for Li-ion batteries, Ni-rich oxides face the problem of obtaining near-stoichiometric phases due to excessive Ni occupying Li sites. These extra-Ni-defects drastically affect the electrochemical performance. Despite of its importance, the fundamental correlation between such defects and the key electrochemical properties is still poorly understood. In this work, using density-functional-theory, we report a comprehensive study on the effects of non-stoichiometric phases on properties of Ni-rich layered oxides. For instance, extra-Ni-defects trigger charge disproportionation reaction within the system, alleviating the Jahn-Teller distortion of Ni3+ ions, which constitutes an important reason for their low formation energies. Kinetic studies of these defects reveal their immobile nature, creating a "pillar effect" that increases the structural stability. Ab initio molecular dynamics revealed Li depletion regions surrounding extra-Ni-defects, which are ultimate responsible for the arduous Li diffusion and re-intercalation, resulting in poor rate performance and initial capacity loss. Finally, the method with combination of high valence cation doping and ion-exchange synthesis is regarded as the most promising way to obtain stoichiometric oxides. Overall, this work not only deepens our understanding of non-stoichiometric Ni-rich layered oxides, but also enables further optimizations of high energy density cathode materials.

  10. FAKTOR PENENTU DIVIDEN DAN BIAYA KEAGENAN SERTA PENGARUHNYA PADA NILAI PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Isti Fadah

    2017-03-01

    Full Text Available The goals of the research were to know about ownership structure, cash dividend policy and agency cost, toknow the effect of ownership structure, risk and free cash flow to cash dividend and agency cost and to knowthe effect of cash dividend and agency cost to corporate value in Indonesian Stock Exchange. To find thebest measurement of latent variable used was confirmatory analysis. To test causality relationship, it usedstructural equation model. The result of confirmatory analysis showed that the best measurement of cashdividend policy variable was dividend payout ratio while for agency cost was selling and general administrativeratio. Before millennium era, risk had a significant effect to cash dividend. Risk had a significanteffect to agency cost and a significant effect to firm value. In Millennium era, risk had a significant effectto cash dividend. Risk had a significant effect to agency cost and cash dividend had a significant effect tofirm value. The test result on two different time horizons had a consistency result. It could be seen on test ofgoodness of fit and path analysis gave a consistent result.

  11. 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.

  12. 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.

  13. Citizen Science for Urban Forest Management? Predicting the Data Density and Richness of Urban Forest Volunteered Geographic Information

    Directory of Open Access Journals (Sweden)

    Alec Foster

    2017-09-01

    Full Text Available Volunteered geographic information (VGI has been heralded as a promising new data source for urban planning and policymaking. However, there are also concerns surrounding uneven levels of participation and spatial coverage, despite the promotion of VGI as a means to increase access to geographic knowledge production. To begin addressing these concerns, this research examines the spatial distribution and data richness of urban forest VGI in Philadelphia, Pennsylvania and San Francisco, California. Using ordinary least squares (OLS, general linear models (GLM, and spatial autoregressive models, our findings reveal that sociodemographic and environmental indicators are strong predictors of both densities of attributed trees and data richness. Although recent digital urban tree inventory applications present significant opportunities for collaborative data gathering, innovative research, and improved policymaking, asymmetries in the quantity and quality of the data may undermine their effectiveness. If these incomplete and uneven datasets are used in policymaking, environmental justice issues may arise.

  14. Synthesis of Three-Dimensional Nanoporous Li-Rich Layered Cathode Oxides for High Volumetric and Power Energy Density Lithium-Ion Batteries.

    Science.gov (United States)

    Qiu, Bao; Yin, Chong; Xia, Yonggao; Liu, Zhaoping

    2017-02-01

    As rechargeable Li-ion batteries have expanded their applications into on-board energy storage for electric vehicles, the energy and power must be increased to meet the new demands. Li-rich layered oxides are one of the most promising candidate materials; however, it is very difficult to make them compatible with high volumetric energy density and power density. Here, we develop an innovative approach to synthesize three-dimensional (3D) nanoporous Li-rich layered oxides Li[Li 0.144 Ni 0.136 Co 0.136 Mn 0.544 ]O 2 , directly occurring at deep chemical delithiation with carbon dioxide. It is found that the as-prepared material presents a micrometer-sized spherical structure that is typically composed of interconnected nanosized subunits with narrow distributed pores at 3.6 nm. As a result, this unique 3D micro-/nanostructure not only has a high tap density over 2.20 g cm -3 but also exhibits excellent rate capability (197.6 mA h g -1 at 1250 mA g -1 ) as an electrode. The excellent electrochemical performance is ascribed to the unique nanoporous micro-nanostructures, which facilitates the Li + diffusion and enhances the structural stability of the Li-rich layered cathode materials. Our work offers a comprehensive designing strategy to construct 3D nanoporous Li-rich layered oxides for both high volumetric energy density and power density in Li-ion batteries.

  15. 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...

  16. Micro-arc oxidation as a tool to develop multifunctional calcium-rich surfaces for dental implant applications.

    Science.gov (United States)

    Ribeiro, A R; Oliveira, F; Boldrini, L C; Leite, P E; Falagan-Lotsch, P; Linhares, A B R; Zambuzzi, W F; Fragneaud, B; Campos, A P C; Gouvêa, C P; Archanjo, B S; Achete, C A; Marcantonio, E; Rocha, L A; Granjeiro, J M

    2015-09-01

    Titanium (Ti) is commonly used in dental implant applications. Surface modification strategies are being followed in last years in order to build Ti oxide-based surfaces that can fulfill, simultaneously, the following requirements: induced cell attachment and adhesion, while providing a superior corrosion and tribocorrosion performance. In this work micro-arc oxidation (MAO) was used as a tool for the growth of a nanostructured bioactive titanium oxide layer aimed to enhance cell attachment and adhesion for dental implant applications. Characterization of the surfaces was performed, in terms of morphology, topography, chemical composition and crystalline structure. Primary human osteoblast adhesion on the developed surfaces was investigated in detail by electronic and atomic force microscopy as well as immunocytochemistry. Also an investigation on the early cytokine production was performed. Results show that a relatively thick hybrid and graded oxide layer was produced on the Ti surface, being constituted by a mixture of anatase, rutile and amorphous phases where calcium (Ca) and phosphorous (P) were incorporated. An outermost nanometric-thick amorphous oxide layer rich in Ca was present in the film. This amorphous layer, rich in Ca, improved fibroblast viability and metabolic activity as well as osteoblast adhesion. High-resolution techniques allowed to understand that osteoblasts adhered less in the crystalline-rich regions while they preferentially adhere and spread over in the Ca-rich amorphous oxide layer. Also, these surfaces induce higher amounts of IFN-γ cytokine secretion, which is known to regulate inflammatory responses, bone microarchitecture as well as cytoskeleton reorganization and cellular spreading. These surfaces are promising in the context of dental implants, since they might lead to faster osseointegration. Copyright © 2015 Elsevier B.V. All rights reserved.

  17. A Point-of-Purchase Intervention Using Grocery Store Tour Podcasts About Omega-3s Increases Long-Term Purchases of Omega-3-Rich Food Items.

    Science.gov (United States)

    Bangia, Deepika; Shaffner, Donald W; Palmer-Keenan, Debra M

    2017-06-01

    To assess the impacts associated with a grocery store tour point-of-purchase intervention using podcasts about omega-3 fatty acid (n-3)-rich food items. A repeated-measures secondary data analysis of food purchase records obtained from a convenience sample of shoppers' loyalty cards. Shoppers (n = 251) who had listened to podcasts regarding n-3-rich foods while shopping. The number of omega-3-rich food purchases made according to food or food category by participants determined via spreadsheets obtained from grocery store chain. Descriptive statistics were performed on demographic characteristics. Wilcoxon signed-rank tests were used to assess whether food purchases increased from 6 months before to 6 months after intervention. Correlations assessed the relationship between intentions to purchase n-3-rich foods expressed on the intervention day with actual long-term n-3-rich food purchases. Nonparametric Kruskal-Wallis ANOVAs and Wilcoxon signed-rank tests were used to analyze differences between changes made and demographic variables (ie, participants' gender, race, and education levels). Most shoppers (59%) increased n-3-rich food purchases, with significant mean purchase changes (t[172] = -6.9; P < .001; pre = 0.2 ± 0.7; post = 3.6 ± 5.1). Podcasts are promising nutrition education tools. Longer studies could assess whether lasting change results from podcast use. Copyright © 2017 Society for Nutrition Education and Behavior. Published by Elsevier Inc. All rights reserved.

  18. A facile cathode design combining Ni-rich layered oxides with Li-rich layered oxides for lithium-ion batteries

    Energy Technology Data Exchange (ETDEWEB)

    Song, Bohang; Li, Wangda; Yan, Pengfei; Oh, Seung-Min; Wang, Chong-Min; Manthiram, Arumugam

    2016-09-01

    A facile synthesis method was developed to prepare xLi2MnO3·(1-x)LiNi0.7Co0.15Mn0.15O2 (x = 0, 0.03, 0.07, 0.10, 0.20, and 0.30 as molar ratio) cathode materials, combining the advantages of high specific capacity from Ni-rich layered phase and surface chemical stability from Li-rich layered phase. X-ray diffraction (XRD), high resolution transmission electron microscope (HRTEM) and electrochemical charge/discharge performance confirm the formation of a Li-rich layered phase with C2/m symmetry. Most importantly, high-angle annular dark-field (HAADF) scanning transmission electron microscopy (STEM) reveals a spatial relationship that Li-rich nano-domain islands are integrated into a conventional Ni-rich layered matrix (R$\\bar{3}$m). This is the first time that Li-rich phase has been directly observed inside a particle at the nano-scale, when the overall composition of layered compounds (Li1+δNixMnyM1-x-y-δO2, M refers to transition metal elements) is Ni-rich (x > 0.5) rather than Mn-rich (y > 0.5). Remarkably, xLi2MnO3·(1-x)LiNi0.7Co0.15Mn0.15O2 cathode with optimized x value shows superior electrochemical performance at C/3, i.e., 170 mA h g-1 with 90.3 % of capacity retention after 400 cycles at 25 °C and 164 mA h g-1 with 81.3 % capacity retention after 200 cycles at 55 °C.

  19. Stock Return and Cash Flow Predictability: The Role of Volatility Risk

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

  20. Evaluating patient and stakeholder engagement in research: moving from theory to practice.

    Science.gov (United States)

    Esmail, Laura; Moore, Emily; Rein, Alison

    2015-03-01

    Despite the growing demand for research that engages stakeholders, there is limited evidence in the literature to demonstrate its value - or return on investment. This gap indicates a general lack of evaluation of engagement activities. To adequately inform engagement activities, we need to further investigate the dividends of engaged research, and how to evaluate these effects. This paper synthesizes the literature on hypothesized impacts of engagement, shares what has been evaluated and identifies steps needed to reduce the gap between engagement's promises and the underlying evidence supporting its practice. This assessment provides explicit guidance for better alignment of engagement's promised benefits with evaluation efforts and identifies specific areas for development of evaluative measures and better reporting processes.

  1. 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.

  2. 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'.

  3. 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)

  4. 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.

  5. 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.

  6. Kinerja Keuangan dan Ukuran Perusahaan terhadap Harga Saham dengan Kebijakan Dividen sebagai Variabel Intervening

    Directory of Open Access Journals (Sweden)

    Rico Wijaya Z

    2017-07-01

    Full Text Available This was research conducted to examine the effect of the leverage ratio, activity ratio, and size firm on stock price with dividend policy as a mediating variable the companies listed in Indonesia Stock Exchange 2012-2014. This research has a total number of samples 141 samples and using purposive sampling with criteria declare a dividend payout for 3 consecutive years, and the debt to equity ratio, total asset turnover, which is positive. The first result is total asset turnover, Ln_total asset have positive effect on dividend payout ratio, and debt to equity don’t have positive effect on dividend payout ratio. The second result is total asset turnover, Ln_total assets, and dividend payout ratio have positive effect on Ln_stock prices and debt to equity don’t have positive effect on Ln_stock prices. Test results mediating dividend payout ratio is not proven mediates the relationship debt to equity, total asset turn over, and Ln_total asset on Ln_stock prices. The result of this research proves that there is no influence of dividend policy in relation of financial performance to stock price.

  7. HUBUNGAN STRUKTUR KEPEMILIKAN, TINGKAT UTANG, DIVIDEN, DAN NILAI PERUSAHAAN DALAM MENGURANGI KONFLIK KEAGENAN DI INDONESIA

    Directory of Open Access Journals (Sweden)

    Sri Dwi Ari Ambarwati

    2017-03-01

    Full Text Available This research tried to analyze substitution relationship among debt policy, dividend and insider ownershipstructure as the agency control mechanism on manufacturing firms in period 2005-2009. The hypothesisproposed in this paper were there was a substitution relationship between insider’s ownership and debt policyin reducing agency conflict, there was a substitution relationship between debt and dividend policy in reducingagency conflict and there was substitution relationship between insider’s ownership and dividend policyin reducing agency conflict. This research used purposive sampling method to determine samples and therewere 42 firms as the samples. The analysis instrument used was simultaneous equation model by using twostages least square method. These empirical results verified that debt and dividend policy was determined bysimultaneous, while insider ownership did not influence debt policy. Hypothesis test showed that there was nosubstitution relationship between insider’s ownership and debt policy in reducing agency conflict, there wassubstitution relationship between debt and dividend policy in reducing agency conflict and there was substitutionrelationship between insider’s ownership and dividend policy in reducing agency conflict. Because as awhole, eventhough not fully, there was simultaneity among debt policy, insider’s ownership and dividend itwas expected to increase firm value.

  8. Odroczenie wypłat dywidendy a koszt kapitału własnego spółki

    OpenAIRE

    Zimny, Artur

    2007-01-01

    The subject of this paper is Dividend Discount Model used in calculation of company’s equity cost. The paper shows that the model is inadequate to companies that do not pay dividend, which happens often in the emerging countries like Poland. The purpose of this paper is a presentation of arguments showing that not paying dividend can not be permanent, the analysis of the construction of Dividend Discount Model, a proposal of supplementing the model with formula, which enables c...

  9. Platelet-rich plasma, an adjuvant biological therapy to assist peripheral nerve repair

    Directory of Open Access Journals (Sweden)

    Mikel Sánchez

    2017-01-01

    Full Text Available Therapies such as direct tension-free microsurgical repair or transplantation of a nerve autograft, are nowadays used to treat traumatic peripheral nerve injuries (PNI, focused on the enhancement of the intrinsic regenerative potential of injured axons. However, these therapies fail to recreate the suitable cellular and molecular microenvironment of peripheral nerve repair and in some cases, the functional recovery of nerve injuries is incomplete. Thus, new biomedical engineering strategies based on tissue engineering approaches through molecular intervention and scaffolding offer promising outcomes on the field. In this sense, evidence is accumulating in both, preclinical and clinical settings, indicating that platelet-rich plasma products, and fibrin scaffold obtained from this technology, hold an important therapeutic potential as a neuroprotective, neurogenic and neuroinflammatory therapeutic modulator system, as well as enhancing the sensory and motor functional nerve muscle unit recovery.

  10. GLOBAL JOURNAL OF SOCIAL SCIENCES VOL 8, NO

    African Journals Online (AJOL)

    Ada

    ABSTRACT. This study attempt to evaluate the observed dividend policy of a cross section of 27 Nigeria quoted companies using theories tested to explain dividend behavior of those firms. ... explaining and predicting their dividend decision within the period under review. ..... regression equation is quite high; the implication.

  11. 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.

  12. 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…

  13. 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).

  14. 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

  15. 75 FR 56631 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-09-16

    ... conditions to cease adjusting for recurring cash dividends previously deemed to be non-ordinary dividends. II..., which provides that non-ordinary (as determined by OCC) cash dividends or distributions of an issuer... expense of liquidity for options with non-standard strikes. \\8\\ The OCC Roundtable is an OCC sponsored...

  16. Fixing the system: An analysis of alternative proposals for the reform of international tax

    OpenAIRE

    Grubert, Harry; Altshuler, Rosanne

    2013-01-01

    We evaluate proposals for the reform of the U.S. system of taxing cross-border income including dividend exemption, full current inclusion, a Japanese type version of dividend exemption with an effective tax rate test subject to an exception for an active business, dividend exemption combined with a minimum tax, and repeal of check-the-box. We consider two versions of dividend exemption with a minimum tax: one in which the minimum tax is imposed on a country by country basis and another in wh...

  17. Synthesis and study of neutron-rich nuclides

    International Nuclear Information System (INIS)

    Luo Yixiao

    1995-01-01

    During the past few years our understanding of the decay properties and nuclear structure has been extended in a systematic fashion for the neutron-rich nuclei. This review will first sketch the production and identification of the neutron-rich nuclei throughout the whole mass region, and will then discuss the impressive progress in the studies of the exotic decay properties and nuclear structure of neutron-rich nuclei. Their astrophysical implications will also be outlined

  18. High-Temperature Nucleosynthesis Processes on the Proton-Rich Side of Stability: the Alpha-Rich Freezeout and the rp^2-Process

    Science.gov (United States)

    Meyer, Bradley S.

    2001-10-01

    Nucleosynthesis on the proton-rich side of stability has at least two intriguing aspects. First, the most abundant of the stable iron-group isotopes, such as ^48Ti, ^52Cr, and ^56,57Fe, are synthesized as proton-rich, radioactive parents in alpha-rich freezeouts from equilibrium. The production of these radioactive progenitors depends in large measure on reactions on the proton-rich side of stability. The second intriguing aspect is that explosive nucleosynthesis in a hydrogen-rich environment (namely, the rp-process) may be associated with exotic astrophysical settings, such as x-ray bursts, and may be responsible for production of some of the light p-process nuclei (for example, ^92,94Mo and ^96,98Ru). We have developed web-based tools to help nuclear physicists determine which nuclear reactions on the proton-rich side of stability govern the nucleosynthesis in these processes. For the alpha-rich freezeout, one may determine the effect of any one of 2,140 reactions on the yield of any isotope in the nuclear reaction network with the web calculator. As a relevant example, I will discuss the governing role of ^57Ni (n,p)^57Co in the synthesis of the important astronomical observable ^57Co. As for explosive, proton-rich burning, I will discuss the synthesis of p-process nuclei in the repetitive rp-process (the rp^2-process). movies/rp.html>Movies of the rp^2-process illustrate its important features and give some indications of the important nuclear reactions.

  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. 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

  1. Antimicrobial effect of platelet-rich plasma and platelet-rich fibrin.

    Science.gov (United States)

    Badade, Pallavi S; Mahale, Swapna A; Panjwani, Alisha A; Vaidya, Prutha D; Warang, Ayushya D

    2016-01-01

    Platelet concentrates have been extensively used in a variety of medical fields to promote soft- and hard-tissue regeneration. The significance behind their use lies in the abundance of growth factors (GFs) in platelets α-granules that promote wound healing. Other than releasing a pool of GFs upon activation, platelets also have many features that indicate their role in the anti-infective host defense. The aim of this study is to evaluate the antimicrobial activities of platelet-rich plasma (PRP) and platelet-rich fibrin (PRF) against periodontal disease-associated bacteria. Blood samples were obtained from ten adult male patients. PRP and PRF were procured using centrifugation. The antimicrobial activity of PRP and PRF was evaluated by microbial culturing using bacterial strains of Porphyromonas gingivalis and Aggregatibacter actinomycetemcomitans. P. gingivalis and A. actinomycetemcomitans were inhibited by PRP but not by PRF. PRP is a potentially useful substance in the fight against periodontal pathogens. This might represent a valuable property in adjunct to the enhancement of tissue regeneration.

  2. Impaired rich club and increased local connectivity in children with traumatic brain injury: Local support for the rich?

    Science.gov (United States)

    Verhelst, Helena; Vander Linden, Catharine; De Pauw, Toon; Vingerhoets, Guy; Caeyenberghs, Karen

    2018-03-12

    Recent evidence has shown the presence of a "rich club" in the brain, which constitutes a core network of highly interconnected and spatially distributed brain regions, important for high-order cognitive processes. This study aimed to map the rich club organization in 17 young patients with moderate to severe TBI (15.71 ± 1.75 years) in the chronic stage of recovery and 17 age- and gender-matched controls. Probabilistic tractography was performed on diffusion weighted imaging data to construct the edges of the structural connectomes using number of streamlines as edge weight. In addition, the whole-brain network was divided into a rich club network, a local network and a feeder network connecting the latter two. Functional outcome was measured with a parent questionnaire for executive functioning. Our results revealed a significantly decreased rich club organization (p values < .05) and impaired executive functioning (p < .001) in young patients with TBI compared with controls. Specifically, we observed reduced density values in all three subnetworks (p values < .005) and a reduced mean strength in the rich club network (p = .013) together with an increased mean strength in the local network (p = .002) in patients with TBI. This study provides new insights into the nature of TBI-induced brain network alterations and supports the hypothesis that the local subnetwork tries to compensate for the biologically costly subnetwork of rich club nodes after TBI. © 2018 Wiley Periodicals, Inc.

  3. Nutrition and Healthy Ageing: Calorie Restriction or Polyphenol-Rich “MediterrAsian” Diet?

    Directory of Open Access Journals (Sweden)

    Kathrin Pallauf

    2013-01-01

    Full Text Available Diet plays an important role in mammalian health and the prevention of chronic diseases such as cardiovascular disease (CVD. Incidence of CVD is low in many parts of Asia (e.g., Japan and the Mediterranean area (e.g., Italy, Spain, Greece, and Turkey. The Asian and the Mediterranean diets are rich in fruit and vegetables, thereby providing high amounts of plant bioactives including polyphenols, glucosinolates, and antioxidant vitamins. Furthermore, oily fish which is rich in omega-3 fatty acids is an important part of the Asian (e.g., Japanese and also of the Mediterranean diets. There are specific plant bioactives which predominantly occur in the Mediterranean (e.g., resveratrol from red wine, hydroxytyrosol, and oleuropein from olive oil and in the Asian diets (e.g., isoflavones from soybean and epigallocatechin gallate from green tea. Interestingly, when compared to calorie restriction which has been repeatedly shown to increase healthspan, these polyphenols activate similar molecular targets such as Sirt1. We suggest that a so-called “MediterrAsian” diet combining sirtuin-activating foods (= sirtfoods of the Asian as well as Mediterranean diet may be a promising dietary strategy in preventing chronic diseases, thereby ensuring health and healthy ageing. Future (human studies are needed which take the concept suggested here of the MediterrAsian diet into account.

  4. The source rock characters of U-rich granite

    Energy Technology Data Exchange (ETDEWEB)

    Mingyue, Feng; Debao, He [CNNC Key Laboratory of Uranium Resources Exploration and Evaluation Technology, Beijing Research Institute of Uranium Geology (China)

    2012-03-15

    This paper discusses the stratum composition, lithological association, uranium content of crust and the activation, migration, concentration of uranium at each tectonic cycle in South China. The authors point out that the source rock of U-rich granite is U-rich continental crust which is rich in Si, Al and K. The lithological association is mainly composed of terrestrial clastic rocks formation of mudstone and sandstone, mingled with intermediate-acidic, mafic pyroclastic rocks and carbonate rocks formation. During tectonic movements, the rocks had undergone regional metamorphism, migmatitization, granitization, and formed U-rich granites finally. (authors)

  5. The source rock characters of U-rich granite

    International Nuclear Information System (INIS)

    Feng Mingyue; He Debao

    2012-01-01

    This paper discusses the stratum composition, lithological association, uranium content of crust and the activation, migration, concentration of uranium at each tectonic cycle in South China. The authors point out that the source rock of U-rich granite is U-rich continental crust which is rich in Si, Al and K. The lithological association is mainly composed of terrestrial clastic rocks formation of mudstone and sandstone, mingled with intermediate-acidic, mafic pyroclastic rocks and carbonate rocks formation. During tectonic movements, the rocks had undergone regional metamorphism, migmatitization, granitization, and formed U-rich granites finally. (authors)

  6. Which Types of Firms React More to a Tax Cut?

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    The agency model of Chetty and Saez (2010) predicts that firms with stronger corporate governance are more responsive to a dividend tax cut in their dividend and investment policies. We test these predictions by exploiting the sudden and significant dividend tax cut following the Jobs and Growth...... Tax Relief Reconciliation Act of 2003 and the pre-tax cut variation in corporate governance standards across firms. We find that firms with stronger corporate governance raise dividends and reduce investment in response to the tax cut significantly more than firms with weaker corporate governance...

  7. Young children mostly keep, and expect others to keep, their promises.

    Science.gov (United States)

    Kanngiesser, Patricia; Köymen, Bahar; Tomasello, Michael

    2017-07-01

    Promises are speech acts that create an obligation to do the promised action. In three studies, we investigated whether 3- and 5-year-olds (N=278) understand the normative implications of promising in prosocial interactions. In Study 1, children helped a partner who promised to share stickers. When the partner failed to uphold the promise, 3- and 5-year-olds protested and referred to promise norms. In Study 2, when children in this same age range were asked to promise to continue a cleaning task-and they agreed-they persisted longer on the task and mentioned their obligation more frequently than without such a promise. They also persisted longer after a promise than after a cleaning reminder (Study 3). In prosocial interactions, thus, young children feel a normative obligation to keep their promises and expect others to keep their promises as well. Copyright © 2017 Elsevier Inc. All rights reserved.

  8. 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.

  9. Plasma Rich in Growth Factors Induces Cell Proliferation, Migration, Differentiation, and Cell Survival of Adipose-Derived Stem Cells.

    Science.gov (United States)

    Mellado-López, Maravillas; Griffeth, Richard J; Meseguer-Ripolles, Jose; Cugat, Ramón; García, Montserrat; Moreno-Manzano, Victoria

    2017-01-01

    Adipose-derived stem cells (ASCs) are a promising therapeutic alternative for tissue repair in various clinical applications. However, restrictive cell survival, differential tissue integration, and undirected cell differentiation after transplantation in a hostile microenvironment are complications that require refinement. Plasma rich in growth factors (PRGF) from platelet-rich plasma favors human and canine ASC survival, proliferation, and delaying human ASC senescence and autophagocytosis in comparison with serum-containing cultures. In addition, canine and human-derived ASCs efficiently differentiate into osteocytes, adipocytes, or chondrocytes in the presence of PRGF. PRGF treatment induces phosphorylation of AKT preventing ASC death induced by lethal concentrations of hydrogen peroxide. Indeed, AKT inhibition abolished the PRGF apoptosis prevention in ASC exposed to 100  μ M of hydrogen peroxide. Here, we show that canine ASCs respond to PRGF stimulus similarly to the human cells regarding cell survival and differentiation postulating the use of dogs as a suitable translational model. Overall, PRGF would be employed as a serum substitute for mesenchymal stem cell amplification to improve cell differentiation and as a preconditioning agent to prevent oxidative cell death.

  10. Kebijakan Dividen dari Perspektive Agency Cost Model (Studi Kasus Perusahaan yang Terdaftar di Bursa Efek Indonesia periode 2011-2013

    Directory of Open Access Journals (Sweden)

    Akhmad Hitten

    2016-04-01

    Full Text Available The paper examines the influence of agency theory on dividend policies with free cash flow,maturity, capital structure, and ownership dividend variables. The sample used in this research isIndonesian listed companies with observation period from 2010 to 2013, and the data collectiontechnique used is data pooling or merging data. The data is analyzed with multiple linearregression analysis in SPSS program. The result of this study indicates that free cash flow,maturity, and ownership structure do not influence devidend policies, however capital structureinfluences dividend policies in Indonesian listed companies. The research also implies thatagency cost theory, as the main model of relevance dividend preposition, cannot explaindividend policies in Indonesian Companies. The investors cannot rely solely on dividend policiesin term of investment decisions in the future.

  11. 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...

  12. Associations between reported intakes of carotenoid-rich foods and concentrations of carotenoids in plasma: a validation study of a web-based food recall for children and adolescents.

    Science.gov (United States)

    Medin, Anine Christine; Carlsen, Monica Hauger; Andersen, Lene Frost

    2016-12-01

    To validate estimated intakes of carotenoid-rich foods from a web-based food recall (WebFR) using carotenoids in blood as an objective reference method. Cross-sectional validation study using carotenoids in plasma to evaluate estimated intakes of selected carotenoid-rich foods. Participants recorded their food intake in the WebFR and plasma concentrations of β-carotene, α-carotene, β-cryptoxanthin, lycopene, lutein and zeaxanthin were measured. Schools and homes of families in a suburb of the capital of Norway. A total of 261 participants in the age groups 8-9 and 12-14 years. Spearman's rank correlation coefficients ranged from 0·30 to 0·44, and cross-classification showed that 71·6-76·6 % of the participants were correctly classified, when comparing the reported intakes of carotenoid-rich foods and concentrations of the corresponding carotenoids in plasma, not including lutein and zeaxanthin. Correlations were acceptable and cross-classification analyses demonstrated that the WebFR was able to rank participants according to their reported intake of foods rich in α-carotene, β-carotene, β-cryptoxanthin and lycopene. The WebFR is a promising tool for dietary assessment among children and adolescents.

  13. 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…

  14. 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)

  15. Esso Imperial Oil annual report to shareholders 2003 : sustaining growth in shareholder value

    International Nuclear Information System (INIS)

    2004-01-01

    Financial information from Esso Imperial Oil, one of Canada's largest producers of crude oil and natural gas, was presented and a review of their 2003 operations was made available for the benefit of shareholders. In 2003, the total return on Imperial shares including capital appreciation and dividends was more than 30 per cent (TSX), and about 58 per cent (AMEX). In the past decade, the total return on Imperial's shares has averaged more than 18 per cent per year. Dividend payments have been paid every year for more than a century, and regular dividend payments have increased in each of the past 9 years. Since 1995, nearly 220 million shares have been purchased, reducing the number of outstanding shares by 38 per cent, representing a total distribution to shareholders of about $6 billion over this period. Major projects in natural resources have included expansion at Syncrude, increased production at Cold Lake, progress in the project to develop natural gas resources in the Mackenzie Delta, and plans to develop Kearl oil sands properties near Fort McMurray, Alberta. There were also promising exploration opportunities off Canada's east coast. Employee safety performance in 2003 was the best on record. This report summarized the company's energy resource activities and presented an operations review as well as consolidated financial statements, and common share information. This included the accounts of Imperial Oil Inc. and its subsidiaries and the company's proportionate share of the assets, liabilities, revenues, expenses and cash flows of joint ventures. Revenue and expenditure statements were summarized by source. tabs., figs

  16. 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

  17. INTERDEPENDENSI ANTARA KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN DAN KEPUTUSAN DIVIDEN

    Directory of Open Access Journals (Sweden)

    Linda Purnamasari

    2017-03-01

    Full Text Available This paper examined a comprehensive test of the interdependencies amonginvestment decisions, financing decisions and dividend decisions. Three simultaneous equationmodels were used. By applying Two Stage Least Square (2-SLS technique to 122 firms listed onIndonesian Stock Exchange, it was found out that there was no significant interdepenciesamong firm’s investment decisions, financing decisions and dividend decisions. Our resultsuggested the causality flow between firm’s investment decisions and dividend decisions wasbidirectional and positive, the causality flow between investment and financing decisions wasbidirectional and positive, while the causality flow between financing and dividend decisionswas bidirectional and negative.

  18. MUATAN INFORMASI (INFORMATION CONTENTS DARI KEBIJAKAN DIVIDEN

    Directory of Open Access Journals (Sweden)

    Endang Raino Wirjono

    2016-11-01

    Full Text Available This article has objective to describe information content of dividend policy, especially to foretell earnings growth. It has been oberved that an increase in the price of a stock, while a dividend cut generally leads to a stock price decline. However, many market observers point to the very high fraction of earnings retained (or low dividend payout ratio as a sign that future earnings growth will be well above historical norm. In the real world, many complications exist that could confound the expected inverse relationship between current payouts and future earnings growth. Keywords: dividend policy, earnings growth, payout ratio

  19. Investment Opportunity Set (IOS Berbasis Pertumbuhan Perusahaan dan Kaitannya Dengan Upaya Peningkatan Nilai Perusahaan

    Directory of Open Access Journals (Sweden)

    Eka Handriani

    2016-06-01

    Full Text Available This research aims to develop theoretical approach to complete the conceptual controversy regarding the research results on the investment policy and firm value. This research employs firm value, investment opportunity set (IOS, funding and dividend as variables. Dividends in the research proxied by dividend pay out ratio (DPR, funding proxied by DER and firm value indicated by Tobin’s q, which are mediated by IOS. The sample are taken from 154 manufacturing company financial statements during 2010 to 2012. The data were tested using path analysis. The research found that dividend and funding policy positively influence IOS. Investment opportunity (IOS positively influences the firm value. IOS was able to mediate the effect of dividends to the firm value, and also the influence of funding decisions to firm value.

  20. 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...

  1. PENGARUH STRUKTUR KEPEMILIKAN, LEVERAGE, PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP MANAJEMEN LABA DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI

    Directory of Open Access Journals (Sweden)

    Ayu Dwi Hasty

    2017-10-01

    Full Text Available This study aims to examine the effect of ownership structure, leverage, profitability and dividend policy on earnings management. In addition, this study wanted to test audit quality as a moderating variable on the relationship between ownership structure, leverage, profitability and dividend policy on earnings management. Independent variables used in this research are managerial ownership, leverage, profitability, and dividend policy. Dependent variable used in this research is earnings management. While the moderation variable used in this research is audit quality. The sample in this research is a manufacturing company listed on Indonesia Stock Exchange in the period 2013-2015. The total sample used was 99 for three consecutive years, taken through purposive sampling. The method of analysis of this research using multiple linear regression analysis. The results of this study indicate that managerial ownership negatively affect earnings management, leverage and profitability have a positive effect on earnings management, while dividend policy has no positive effect on earnings management for model 1. As for model 2 shows that managerial ownership has a significant negative effect on earnings management, leverage, profitability and dividend policy have a positive effect on earnings management. Audit quality is not able to moderate the relationship between managerial ownership, leverage, profitability, dividend policy on earnings management. Keywords: managerial ownership, leverage, profitability, dividend policy, earnings management, audit quality

  2. 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.

  3. 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.

  4. Geomorphic controls on elevational gradients of species richness.

    Science.gov (United States)

    Bertuzzo, Enrico; Carrara, Francesco; Mari, Lorenzo; Altermatt, Florian; Rodriguez-Iturbe, Ignacio; Rinaldo, Andrea

    2016-02-16

    Elevational gradients of biodiversity have been widely investigated, and yet a clear interpretation of the biotic and abiotic factors that determine how species richness varies with elevation is still elusive. In mountainous landscapes, habitats at different elevations are characterized by different areal extent and connectivity properties, key drivers of biodiversity, as predicted by metacommunity theory. However, most previous studies directly correlated species richness to elevational gradients of potential drivers, thus neglecting the interplay between such gradients and the environmental matrix. Here, we investigate the role of geomorphology in shaping patterns of species richness. We develop a spatially explicit zero-sum metacommunity model where species have an elevation-dependent fitness and otherwise neutral traits. Results show that ecological dynamics over complex terrains lead to the null expectation of a hump-shaped elevational gradient of species richness, a pattern widely observed empirically. Local species richness is found to be related to the landscape elevational connectivity, as quantified by a newly proposed metric that applies tools of complex network theory to measure the closeness of a site to others with similar habitat. Our theoretical results suggest clear geomorphic controls on elevational gradients of species richness and support the use of the landscape elevational connectivity as a null model for the analysis of the distribution of biodiversity.

  5. Environmental heterogeneity–species richness relationships from a global perspective

    Directory of Open Access Journals (Sweden)

    Anke Stein

    2016-01-01

    Full Text Available Spatial environmental heterogeneity (EH is considered one of the most important factors promoting species richness, but no general consent about the EH–richness relationship exists so far. This is because research methods and study settings vary widely, and because non-significant and negative associations have also been reported. My thesis provides a comprehensive review of the different measurements and terminologies of EH used in the literature, and presents strong quantitative evidence of a generally positive relationship between biotic and abiotic EH and species richness of terrestrial plants and animals from landscape to global extents. In a meta-analysis and a subsequent case study comparing multiple EH measures and their association with mammal species richness worldwide, I furthermore reveal that the outcome of EH–richness studies depends strongly on study design, including both the EH measure chosen and spatial scale. My research contributes to a better understanding of the EH–richness relationship, while identifying future research needs.

  6. IMPROVEMENT OF THE RICHNESS ESTIMATES OF maxBCG CLUSTERS

    International Nuclear Information System (INIS)

    Rozo, Eduardo; Rykoff, Eli S.; Koester, Benjamin P.; Hansen, Sarah; Becker, Matthew; Bleem, Lindsey; McKay, Timothy; Hao Jiangang; Evrard, August; Wechsler, Risa H.; Sheldon, Erin; Johnston, David; Annis, James; Scranton, Ryan

    2009-01-01

    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 X -richness relation, from σ lnLx 2 = (0.86±0.02) 2 to σ lnLx 2 = (0.69±0.02) 2 . Relative to the maxBCG richness estimate, it also removes the strong redshift dependence of the L X -richness scaling relations, and is significantly more robust to photometric and redshift errors. These improvements are largely due to the better treatment of galaxy color data. We also demonstrate the scatter in the L X -richness relation depends on the aperture used to estimate cluster richness, and introduce a novel approach for optimizing said aperture which can easily be generalized to other mass tracers.

  7. 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.

  8. 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.

  9. PENGARUH KEBIJAKAN DEVIDEN TERHADAP LABA SATU TAHUN KE DEPAN

    Directory of Open Access Journals (Sweden)

    Temy Setiawan

    2017-02-01

    Full Text Available Earning growth is one of the company’s goals in accounting report. Dividend payment is assumed to have a link in the change of the profit in the following year. Pecking Order Theory revealed that a change in dividend will give a negative impact towards profit change. However, this statement contradicts to Zhou and Rulland’s research (2006 which showed that dividend payout has a positive impact towards profit change in the following year. This research is in accordance with signaling theory which describes that dividend is a reflection of a good performance from the company, thus, it will invite investors to increase their investment share. With the increase in the investment, the company is expected to expand and increase its profit. The research is conducted in Indonesia towards all emitents in the manufactory sub sector by taking 95 research samples from companies that paid dividend in 2007, 2008,2009, and 2010. The research type is quantitative research with double regression analysis instrument. The dependent variable is the change of profit while the independent variable is dividend payout. Variable controls in this research are ROA, leverage, and size.The result of the research shows that dividend payout does not significantly influence the change of profit even though the number of co-efficient regression is positive. ROA and leverage variables significantly influence the change of profit while Size variable does not significantly influence it. In the maturity and stable level, the company will find it hard to increase the profit even though dividend payment is high. Keywords: Earning growth,Profit,  ROA, Leverage and Size.

  10. Modelo de política óptima de dividendos.

    Directory of Open Access Journals (Sweden)

    Jorge Nunez Perez

    2013-07-01

    Full Text Available This research addresses one of the fundamental decisions of corporate finance: the dividend policy. It is formulated a model whose building blocks are the theory of irrelevance of the dividends of Modigliani and Miller (as a general context, the signaling model of John Lintner, and the model of Michael S. Rozzef of minimization of agency cost and transaction costs. The construction of the theoretical model of optimal dividend policy proposed here highlights the advantages of the axiomatic definition of the theory of Modigliani and Miller, by its logical contribution, and intends to propose a new formulation with respect to the determination of level of payment of dividends in the corporations. Therefore we relax the assumptions specified by Modigliani and Miller related to liquidity indifference, absence of uncertainty, agency costs and transaction cost, also we explore the possibility of presence of asymmetric information. In such circumstances, for the model exposed here and by means of a binary logistic regression analysis is tested the influence of profits, the information content of dividends, the clientele effect and agency costs to define policy dividends of the corporations in Mexico.

  11. AGENCY COST TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR DAN JASA YANG GO PUBLIC DI INDONESIA

    Directory of Open Access Journals (Sweden)

    Triani Pujiastuti

    2017-03-01

    Full Text Available This analysis developed to reach empirical evidence of the effect of agency costfactors toward evidence policy. In another hand this analysis wished to prove whether theagency problem able to be decreased through dividend payment mechanism withinmanufactures and services company in BEI, Indonesia, in 2000-2005. Agency cost variable hasbeing represented by Insider Ownership, Shareholder dispersion, Collateral Assets, debt andFree Cash Flow. The model which ran in this analysis was Multiple Linier Regressions. Theresult of analysis showed that agency problem able to be decreased through dividend paymentmechanism, from Insider Ownership which gives negative effect, Shareholders Dispersion whichgives positive effect, and Debt which gives negative effect toward dividend policy, whilecollateral assets and free cash flow not significant affecting to dividend policy within agencyconflict. Agency cost variable significant affected the dividend policy within agency conflictsimultaneously, with the sum of the effect was 18%.

  12. 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...

  13. 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.

  14. Testing the Relationships between Diversification, Species Richness, and Trait Evolution.

    Science.gov (United States)

    Kozak, Kenneth H; Wiens, John J

    2016-11-01

    Understanding which traits drive species diversification is essential for macroevolutionary studies and to understand patterns of species richness among clades. An important tool for testing if traits influence diversification is to estimate rates of net diversification for each clade, and then test for a relationship between traits and diversification rates among clades. However, this general approach has become very controversial. Numerous papers have now stated that it is inappropriate to analyze net diversification rates in groups in which clade richness is not positively correlated with clade age. Similarly, some have stated that variation in net diversification rates does not explain variation in species richness patterns among clades across the Tree of Life. Some authors have also suggested that strong correlations between richness and diversification rates are a statistical artifact and effectively inevitable. If this latter point is true, then correlations between richness and diversification rates would be uninformative (or even misleading) for identifying how much variation in species richness among clades is explained by variation in net diversification rates. Here, we use simulations (based on empirical data for plethodontid salamanders) to address three main questions. First, how is variation in net diversification rates among clades related to the relationship between clade age and species richness? Second, how accurate are these net diversification rate estimators, and does the age-richness relationship have any relevance to their accuracy? Third, is a relationship between species richness and diversification rates an inevitable, statistical artifact? Our simulations show that strong, positive age-richness relationships arise when diversification rates are invariant among clades, whereas realistic variation in diversification rates among clades frequently disrupts this relationship. Thus, a significant age-richness relationship should not be a

  15. A Widely Applicable Silver Sol for TLC Detection with Rich and Stable SERS Features

    Science.gov (United States)

    Zhu, Qingxia; Li, Hao; Lu, Feng; Chai, Yifeng; Yuan, Yongfang

    2016-04-01

    Thin-layer chromatography (TLC) coupled with surface-enhanced Raman spectroscopy (SERS) has gained tremendous popularity in the study of various complex systems. However, the detection of hydrophobic analytes is difficult, and the specificity still needs to be improved. In this study, a SERS-active non-aqueous silver sol which could activate the analytes to produce rich and stable spectral features was rapidly synthesized. Then, the optimized silver nanoparticles (AgNPs)-DMF sol was employed for TLC-SERS detection of hydrophobic (and also hydrophilic) analytes. SERS performance of this sol was superior to that of traditional Lee-Meisel AgNPs due to its high specificity, acceptable stability, and wide applicability. The non-aqueous AgNPs would be suitable for the TLC-SERS method, which shows great promise for applications in food safety assurance, environmental monitoring, medical diagnoses, and many other fields.

  16. 配当政策における包括利益と純利益の役割

    OpenAIRE

    森脇 輝行

    2018-01-01

     This study examines the relation among dividends, comprehensive income and net income after displaying comprehensive income.  Other comprehensive income separates by plus and minus group. When other comprehensive income is minus, this study is verified that other comprehensive income has a relation with dividends after 2010. As result, when other comprehensive income is minus and plus, dividends have a relation with other comprehensive income.

  17. Ultraviolet electroluminescence from Au/MgO/MgxZn1−xO heterojunction diodes and the observation of Zn-rich cluster emission

    International Nuclear Information System (INIS)

    Liu, C.Y.; Xu, H.Y.; Sun, Y.; Zhang, C.; Ma, J.G.; Liu, Y.C.

    2014-01-01

    In this work, ultraviolet (UV) electroluminescence (EL) is achieved from Au/MgO/Mg x Zn 1−x O heterojunction diodes. The EL mechanism and laser forming process are discussed based on the energy band diagram, impact-ionization process and disordered optical structure. For ZnO and low Mg-content MgZnO devices, their EL spectra show single near-band-edge (NBE) emission. While in high Mg-content MgZnO devices, the emission from self-formed Zn-rich MgZnO clusters is observed and also contribute to the UV EL band. These Zn-rich clusters can act as thermally-stable luminescence centers, suggesting a promising route for developing MgZnO-based UV light-emitting devices. -- Highlights: • A series of Au/MgO/Mg x Zn 1−x O heterojunction diodes with multiple Mg compositions are fabricated and ultraviolet electroluminescence is achieved. • EL mechanism and laser forming process are discussed based on energy band diagram, impact-ionization process and disordered optical structure. • The transition from spontaneous to stimulated emission is observed in these heterojunctions, and the lasing mode is random laser. • In high Mg-content MgZnO devices, the emission from self-formed Zn-rich clusters is observed, which are thermally stable luminescence centers

  18. 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

  19. THE REACH AND RICHNESS OF WIKINOMICS: IS THE FREE WEB-BASED ENCYCLOPEDIA WIKIPEDIA ONLY FOR RICH COUNTRIES?

    DEFF Research Database (Denmark)

    Rask, Morten

    2007-01-01

    In this article, a model of the patterns of correlation in Wikipedia, reach and richness, lays the foundation for studying whether the free Web-based encyclopedia Wikipedia is only for developed countries. Based on data from 12 different Wikipedia language editions, the author finds that the cent......In this article, a model of the patterns of correlation in Wikipedia, reach and richness, lays the foundation for studying whether the free Web-based encyclopedia Wikipedia is only for developed countries. Based on data from 12 different Wikipedia language editions, the author finds...... that the central structural effect is on the level of human development in the current country. In other words, Wikipedia is in general more for rich countries than for less developed countries. It is suggested that policy makers make investments in increasing the general level of literacy, education, and standard...

  20. arXiv The Future of RICH Detectors through the Light of the LHCb RICH

    CERN Document Server

    D'Ambrosio, C.; Easo, S.; Petrolini, A.; Ullaland, O.

    2017-12-21

    The limitations in performance of the present RICH system in the LHCb experiment are given by the natural chromatic dispersion of the gaseous Cherenkov radiator, the aberrations of the optical system and the pixel size of the photon detectors. Moreover, the overall PID performance can be affected by high detector occupancy as the pattern recognition becomes more difficult with high particle multiplicities. This paper shows a way to improve performance by systematically addressing each of the previously mentioned limitations. These ideas are applied in the present and future upgrade phases of the LHCb experiment. Although applied to specific circumstances, they are used as a paradigm on what is achievable in the development and realisation of high precision RICH detectors.

  1. Partitioning sources of variation in vertebrate species richness

    Science.gov (United States)

    Boone, R.B.; Krohn, W.B.

    2000-01-01

    Aim: To explore biogeographic patterns of terrestrial vertebrates in Maine, USA using techniques that would describe local and spatial correlations with the environment. Location: Maine, USA. Methods: We delineated the ranges within Maine (86,156 km2) of 275 species using literature and expert review. Ranges were combined into species richness maps, and compared to geomorphology, climate, and woody plant distributions. Methods were adapted that compared richness of all vertebrate classes to each environmental correlate, rather than assessing a single explanatory theory. We partitioned variation in species richness into components using tree and multiple linear regression. Methods were used that allowed for useful comparisons between tree and linear regression results. For both methods we partitioned variation into broad-scale (spatially autocorrelated) and fine-scale (spatially uncorrelated) explained and unexplained components. By partitioning variance, and using both tree and linear regression in analyses, we explored the degree of variation in species richness for each vertebrate group that Could be explained by the relative contribution of each environmental variable. Results: In tree regression, climate variation explained richness better (92% of mean deviance explained for all species) than woody plant variation (87%) and geomorphology (86%). Reptiles were highly correlated with environmental variation (93%), followed by mammals, amphibians, and birds (each with 84-82% deviance explained). In multiple linear regression, climate was most closely associated with total vertebrate richness (78%), followed by woody plants (67%) and geomorphology (56%). Again, reptiles were closely correlated with the environment (95%), followed by mammals (73%), amphibians (63%) and birds (57%). Main conclusions: Comparing variation explained using tree and multiple linear regression quantified the importance of nonlinear relationships and local interactions between species

  2. 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

  3. 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

  4. Polymorphisms in leucine-rich repeat genes are associated with autism spectrum disorder susceptibility in populations of European ancestry

    Directory of Open Access Journals (Sweden)

    Sousa Inês

    2010-03-01

    Full Text Available Abstract Background Autism spectrum disorders (ASDs are a group of highly heritable neurodevelopmental disorders which are characteristically comprised of impairments in social interaction, communication and restricted interests/behaviours. Several cell adhesion transmembrane leucine-rich repeat (LRR proteins are highly expressed in the nervous system and are thought to be key regulators of its development. Here we present an association study analysing the roles of four promising candidate genes - LRRTM1 (2p, LRRTM3 (10q, LRRN1 (3p and LRRN3 (7q - in order to identify common genetic risk factors underlying ASDs. Methods In order to gain a better understanding of how the genetic variation within these four gene regions may influence susceptibility to ASDs, a family-based association study was undertaken in 661 families of European ancestry selected from four different ASD cohorts. In addition, a case-control study was undertaken across the four LRR genes, using logistic regression in probands with ASD of each population against 295 ECACC controls. Results Significant results were found for LRRN3 and LRRTM3 (P LRRTM3. Conclusions Overall, our findings implicate the neuronal leucine-rich genes LRRN3 and LRRTM3 in ASD susceptibility.

  5. Plasma Rich in Growth Factors Induces Cell Proliferation, Migration, Differentiation, and Cell Survival of Adipose-Derived Stem Cells

    Directory of Open Access Journals (Sweden)

    Maravillas Mellado-López

    2017-01-01

    Full Text Available Adipose-derived stem cells (ASCs are a promising therapeutic alternative for tissue repair in various clinical applications. However, restrictive cell survival, differential tissue integration, and undirected cell differentiation after transplantation in a hostile microenvironment are complications that require refinement. Plasma rich in growth factors (PRGF from platelet-rich plasma favors human and canine ASC survival, proliferation, and delaying human ASC senescence and autophagocytosis in comparison with serum-containing cultures. In addition, canine and human-derived ASCs efficiently differentiate into osteocytes, adipocytes, or chondrocytes in the presence of PRGF. PRGF treatment induces phosphorylation of AKT preventing ASC death induced by lethal concentrations of hydrogen peroxide. Indeed, AKT inhibition abolished the PRGF apoptosis prevention in ASC exposed to 100 μM of hydrogen peroxide. Here, we show that canine ASCs respond to PRGF stimulus similarly to the human cells regarding cell survival and differentiation postulating the use of dogs as a suitable translational model. Overall, PRGF would be employed as a serum substitute for mesenchymal stem cell amplification to improve cell differentiation and as a preconditioning agent to prevent oxidative cell death.

  6. Disturbance alters local-regional richness relationships in appalachian forests

    Science.gov (United States)

    Belote, R.T.; Sanders, N.J.; Jones, R.H.

    2009-01-01

    Whether biological diversity within communities is limited by local interactions or regional species pools remains an important question in ecology. In this paper, we investigate how an experimentally applied tree-harvesting disturbance gradient influenced local-regional richness relationships. Plant species richness was measured at three spatial scales (2 ha = regional; 576 m2 and 1 m2 = local) on three occasions (one year pre-disturbance, one year post-disturbance, and 10 years post-disturbance) across five disturbance treatments (uncut control through clearcut) replicated throughout the southern Appalachian Mountains, USA. We investigated whether species richness in 576-m2 plots and 1-m2 subplots depended on species richness in 2-ha experimental units and whether this relationship changed through time before and after canopy disturbance. We found that, before disturbance, the relationship between local and regional richness was weak or nonexistent. One year after disturbance local richness was a positive function of regional richness, because local sites were colonized from the regional species pool. Ten years after disturbance, the positive relationship persisted, but the slope had decreased by half. These results suggest that disturbance can set the stage for strong influences of regional species pools on local community assembly in temperate forests. However, as time since disturbance increases, local controls on community assembly decouple the relationships between regional and local diversity. ?? 2009 by the Ecological Society of America.

  7. Synthesis and study of neutron-rich nuclides

    International Nuclear Information System (INIS)

    Luo, Y.X.

    1995-01-01

    During the past few years our understanding of the decay properties and nuclear structure has been extended in a systematic fashion for the neutron-rich nuclei. This review will discuss the impressive progress in the studies of the exotic decay properties and nuclear structure of n-rich nuclei. Their astrophysical implications will also be outlined. ((orig.))

  8. 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.

  9. SINYAL PROFITABILITAS DAN REAKSI PASAR MODAL TERKAIT PENINGKATAN DIVIDEN SAAT LABA MENINGKAT

    Directory of Open Access Journals (Sweden)

    Tarsisius Renald Suganda

    2017-03-01

    Full Text Available Dividend policy was a topic that still caused the pros and cons. Based on signaling theory, the announcementof dividend would be reacted by the market. The purposes of this study were to investigate the effect of thecompany’s profitability as a result of dividend announcement, to examine the market reaction (using abnormalreturn and trading volume activity as the indicators toward the announcement of dividend increase when theearning or profit was increasing. Event study method was used to answer the research questions. The resultshowed that there was a significant ROE decreasing in a year after the announcement. The market reactionshowed that there was a negative abnormal return during the period of the announcement of dividend increasewhen the earning or profit was increasing. The study also showed that the average trading volume wasinsignificantly increasing after the announcement. This study showed that the announcement indicated a badsignal for the Indonesian market. However, the findings of the research gave some suggestions for the sameresearches in Indonesia capital market.

  10. KEBIJAKAN DIVIDEN DAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN UTANG: SEBUAH PERSPEKTIF AGENCY THEORY

    Directory of Open Access Journals (Sweden)

    Abdullah W. Djabid

    2017-03-01

    Full Text Available Abstract: This study aimed to analyze whether the dividend policy, managerial and institutionalownership had impact toward debt policy. The populations of this study were the go publicmanufacturers in BEI. The sample technique used was purposive sampling, and the analysismethod used was multiple regression method. The result showed that the dividend policy hadno impact toward the debt policy. This study failed to support statement that one of thealternatives could be chosen to reduce the agency conflict by increasing the dividend payoutratio. It was because there might be another factor influenced it, for example, the companyimplemented a stable dividend sharing policy which meant that the company should still paythe dividend although it was losing out or had debts. The managerial and institutional ownershiphad no impact toward the debt policy. Thus, this study failed to support a statement thatalternatives that could be chosen to reduce the agency conflict by increasing the management’sstockholding, and by increasing the institutional party’s stockholding.

  11. Substitution Relationship Between The Agency Problem Control Mechanisms in Malaysia: Simultaneous Equation Analysis

    Directory of Open Access Journals (Sweden)

    D. Agus Harjito

    2009-05-01

    Full Text Available This study investigates the substitution relationship (substitutability between debt policy, insider ownership, and dividend policy as the agency problem control mechanism in Malaysia. If the substitution relationship exists between the agency control mechanisms, the agency problem can be reduced through this relationship. Reducing the agency problem as a result can increase the firm value proxied by Tobin’s Q. This study employs 396 firms sample listed on Malaysian Bourse from 2001 to 2004. To achieves the objectives, this study uses two-stage least square method. The results of this study indicate that the substitutability between debt policy, insider ownership, and dividend policy as agency problem control mechanism does not fully exist in Malaysia. Apparently the substitutability only exists for debt policy and dividend. There is no substitution between debt policy and insider ownership as well as between dividend policy and insider ownership. Key words: debt policy, insider ownership, dividend policy, agency problem, firm value

  12. A novel platform based on defect-rich knotted graphene nanotubes for detection of small biomolecules

    International Nuclear Information System (INIS)

    Lan, Shumin; Song, Yingpan; Chen, Qidi; Guo, Zhiyong; Zhan, Hongbing

    2016-01-01

    Highlights: • Curvature of the SC-CNTs’ cavities had more local pressure, leading to form k-GNTs. • k-GNTs are divided into sections by knots with abundant edge-plane sites/defects. • k-GNTs exhibited excellent catalytic activity, sensitivity and reproducibility. - Abstract: Detection of disease-related small biomolecules was of great significance for clinical diagnostics and treatment. In this work, we synthesized defect-rich knotted graphene nanotubes (k-GNTs) via chemical oxidative etching of stacked-up carbon nanotubes (SC-CNTs) followed by chemical reduction, to detect disease-related small biomolecules. We further studied the electrochemical properties using three representative redox probes and analyzed their biosensitivity using five biomolecules. The k-GNT-modified electrodes exhibited excellent electrochemical response, with the lowest ΔE p and the highest k 0 . Besides, the modified electrodes could simultaneously detect and discriminate between dopamine (DA), ascorbic acid and uric acid (UA), as well as differentiate phenethylamine (PEA) and epinephrine (EP) existed in newborn rat serum, providing the wide linear detection ranges with high sensitivities for DA, UA, PEA, and EP. These excellent electrocatalytic properties could be ascribe to the unique knotted graphene nanotube structure with high proportion of defect/edge sites, large, accessible, three-dimensional, accessible surface area, fewer oxygen-containing groups and doped N atoms. Our work reveals defect-rich k-GNTs as a promising platform for further applications in electrochemical biosensing and electrocatalysis.

  13. Dividendová strategie – součást behaviorální ekonomie

    Directory of Open Access Journals (Sweden)

    Kateřina Fojtů

    2014-03-01

    Full Text Available Purpose of the article: Purpose of this paper is criticaly analyse the role of dividend by using knowledge from the field of behavioral economics. Concepts such as moral hazard and asymmetric information are associated with behavioral finance and decision-making processes of companies. Behavioral economics sees the individual as irrational man who does not try to maximize his/her benefit, but mainly to minimize the risk in decision making. Against the background of the analyzed issue is made specific comparisons of dividend investment strategies with neutral/market strategies. Methods: Primary and secondary research was used in this article. Secondary research was based on a search of scientific articles and literature on the theory of dividend, shares and behavioral economics. Data from two previously conducted studies were used. Primary research was conducted on two stock indexes (dividend strategy vs. neutral/market strategy using selected statistical methods, and then the connection was sought between dividend policy and the return that these strategies bring. Scientific aim: The aim of this paper was to make a critical analysis of investment dividend strategy compared with a neutral/market strategies using statistical methods. Findings: It can be concluded that long-term investing in dividend stocks gives the investor a slightly higher valuation, at about the same risk than investing in stocks covering the whole market. Conclusions: Based on the results of studies conducted by Credist Suisse, Professor Siegel and based on our research can be identified dividend strategy. This strategy provides one of the best conditions return and risk, both in the development of the medium-term and long-term trend. This strategy follows the newly formed STOXX indexes, DJ, MSCI, S & P or WisdomTree.

  14. The cysteine-rich core domain of REIC/Dkk-3 is critical for its effect on monocyte differentiation and tumor regression.

    Science.gov (United States)

    Kinoshita, Rie; Watanabe, Masami; Huang, Peng; Li, Shun-Ai; Sakaguchi, Masakiyo; Kumon, Hiromi; Futami, Junichiro

    2015-06-01

    Reduced expression in immortalized cells (REIC)/Dickkopf (Dkk)-3 is a tumor-suppressor gene and has been studied as a promising therapeutic gene for cancer gene therapy. Intratumoral injection of an adenovirus vector carrying the human REIC/Dkk-3 gene (Ad-REIC) elicits cancer cell-specific apoptosis and anticancer immune responses. The cytokine-like effect of secretory REIC/Dkk-3 on the induction of dendritic cell (DC)-like cell differentiation from monocytes plays a role in systemic anticancer immunity. In the present study, we generated recombinant full-length and N-terminally truncated REIC/Dkk-3 to characterize the biological activity of the protein. During the purification procedure, we identified a 17 kDa cysteine-rich stable product (C17-REIC) showing limited degradation. Further analysis showed that the C17-REIC domain was sufficient for the induction of DC-like cell differentiation from monocytes. Concomitant with the differentiation of DCs, the REIC/Dkk-3 protein induced the phosphorylation of glycogen synthase kinase 3β (GSK-3β) and signal transducers and activators of transcription (STAT) at a level comparable to that of granulocyte/macrophage colony-stimulating factor. In a mouse model of subcutaneous renal adenocarcinoma, intraperitoneal injection of full-length and C17-REIC proteins exerted anticancer effects in parallel with the activation of immunocompetent cells such as DCs and cytotoxic T lymphocytes in peripheral blood. Taken together, our results indicate that the stable cysteine-rich core region of REIC/Dkk-3 is responsible for the induction of anticancer immune responses. Because REIC/Dkk-3 is a naturally circulating serum protein, the upregulation REIC/Dkk-3 protein expression could be a promising option for cancer therapy.

  15. Relativistic mean field calculations in neutron-rich nuclei

    Energy Technology Data Exchange (ETDEWEB)

    Gangopadhyay, G.; Bhattacharya, Madhubrata [Department of Physics, University of Calcutta, 92 Acharya Prafulla Chandra Road, Kolkata 700 009 (India); Roy, Subinit [Saha Institute of Nuclear Physics, Block AF, Sector 1, Kolkata- 700 064 (India)

    2014-08-14

    Relativistic mean field calculations have been employed to study neutron rich nuclei. The Lagrange's equations have been solved in the co-ordinate space. The effect of the continuum has been effectively taken into account through the method of resonant continuum. It is found that BCS approximation performs as well as a more involved Relativistic Continuum Hartree Bogoliubov approach. Calculations reveal the possibility of modification of magic numbers in neutron rich nuclei. Calculation for low energy proton scattering cross sections shows that the present approach reproduces the density in very light neutron rich nuclei.

  16. DIVIDEN, HUTANG, DAN KEPEMILIKAN INSTITUSIONAL DI PASAR MODAL INDONESIA: PENGUJIAN TEORI KEAGENAN

    Directory of Open Access Journals (Sweden)

    Teguh Prasetyo

    2013-03-01

    Full Text Available This study aims to test theagency theory in Indonesian capital market wasproxiedbythe theagency conflicts controlling mechanism which are dividends, debtand institution alownership.The data is pooled data with the observation period from the year 2004-2010. The method of analysis used in this study is multiple regression analysis, and Two-Stages Least Square (2SLS. The results showthe dividend has a positive effect on performance an debt has negative effect. More over, institution alownership has a positive effect on performance. Meanwhile, Simultaneously relationship between the three models are not significant. However, the relationship between dividends and debt significant. It means that dividends can replace debt andvice versato control the agency conflict.

  17. DIVIDENDOS E EFEITO CLIENTELA: EVIDÊNCIAS NO MERCADO BRASILEIRO

    Directory of Open Access Journals (Sweden)

    Antonio Carlos Dias Coelho

    2012-07-01

    Full Text Available We investigated whether characteristics other than corporate operation, a proxy for clientele effect, marginally differentiated the dividend policies of 401 firms (2339 firm/years traded on BM&Fbovespa in the period 1998-2010. A statistically significant association between the decision to declare dividends (and amounts and the clientele effect was hypothesized. Following testing with logistic and TOBIT regressions, the hypothesis could not be conclusively rejected. The dividend policies of Brazilian firms to some extent support Miller and Modigliani’s (1961 proposition concerning the clientele effect and dividend decision. The impact of the latter is probably due to corporate governance issues and related to predominant mechanisms of financing in the Brazilian financial market.

  18. Economic benefits of commercial space activities

    Science.gov (United States)

    Stone, Barbara A.

    Space is not only an endless frontier for exploration, but also a potentially rich arena for profitable commerce to benefit all mankind. Access to the unique environment of space provides opportunities for unprecedented kinds of research to develop new products and services. This research can lead to commercially viable enterprises, which will become permanent businesses, which will provide good jobs for workers, pay taxes to their governments, and return dividends to their investors. Seeking superior products and processes is vital if the economy is to grow and prosper. This paper discusses the current and potential impact on the economy of selected private sector space activities.

  19. Differences in species richness patterns between unicellular and multicellular organisms.

    Science.gov (United States)

    Hillebrand, Helmut; Watermann, Frank; Karez, Rolf; Berninger, Ulrike-G

    2001-01-01

    For unicellular organisms, a lack of effects of local species richness on ecosystem function has been proposed due to their locally high species richness and their ubiquitous distribution. High dispersal ability and high individual numbers may enable unicellular taxa to occur everywhere. Using our own and published data sets on uni- and multicellular organisms, we conducted thorough statistical analyses to test whether (1) unicellular taxa show higher relative local species richness compared to multicellular taxa, (2) unicellular taxa show lower slopes of the species:area relationships and species:individuals relationships, and (3) the species composition of unicellular taxa is less influenced by geographic distance compared to multicellular taxa. We found higher local species richness compared to the global species pool for unicellular organisms than for metazoan taxa. The difference was significant if global species richness was conservatively estimated but not if extrapolated, and therefore higher richness estimates were used. Both microalgae and protozoans showed lower slopes between species richness and sample size (area or individuals) compared to macrozoobenthos, also indicating higher local species richness for unicellular taxa. The similarity of species composition of both benthic diatoms and ciliates decreased with increasing geographic distance. This indicated restricted dispersal ability of protists and the absence of ubiquity. However, a steeper slope between similarity and distance was found for polychaetes and corals, suggesting a stronger effect of distance on the dispersal of metazoans compared to unicellular taxa. In conclusion, we found partly different species richness patterns among uni- and multicellular eukaryotes, but no strict ubiquity of unicellular taxa. Therefore, the effect of local unicellular species richness on ecosystem function has to be reanalyzed. Macroecological patterns suggested for multicellular organisms may differ in

  20. PENGARUH KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, KEBIJAKAN DIVIDENTERHADAP KINERJA KEUANGAN DAN BIAYA AGENSI (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Yuni Kusuma Arumsari

    2016-04-01

    Full Text Available This  study  aims  to  analyze  and  explain  the  effect  of  managerial  ownership, debt  policy,  dividend  policy  on  fi nancial  performance  and  agency  costs  in manufacturing companies in Indonesia. This study used quantitative methods with positivism approach. 20 research object manufacturing company. Collecting data using secondary data from annual reports and fi nancial statements. Data were analyzed using path analysis.  The analysis showed that managerial ownership, debt policy, dividend policy affect the fi nancial performance; managerial ownership, debt policy, dividend policy, and fi nancial performance affects the agency costs. The implication of this research is a manufacturing company needs to continue to pay attention to the shares owned by the portion of managerial control in the company, debt mana gement and distribution of large dividends. Thirdly it will lead to improved fi nancial performance so that confl icts of interest and agency costs will decrease.  managerial  ownership,  debt  policy,  dividend  policy,  fi nancial  performance, agency costs  Keywords : Managerial  ownership,  debt  policy,  dividend  policy,  fi nancial  performance, agency costs

  1. PENGARUH KEBIJAKAN DEVIDEN TERHADAP KINERJA KEUANGAN: RASIO AKTIVITAS SEBAGAI VARIABEL MODERATING

    Directory of Open Access Journals (Sweden)

    Magdalena Nany

    2012-03-01

    Full Text Available Pembagian dividen yang lebih rendah akan meningkatkan laba yang ditahan. Tapi aset yang lebih tinggi tidak akan meningkatkan kinerja keuangan kecuali aset dikelola dengan baik. Tujuan dari penelitian ini adalah untuk menguji dampak perubahan rasio aktivitas pada hubungan antara perubahan kebijakan dividen dan perubahan kinerja keuangan. Lima puluh sembilan perusahaan yang terdaftar di Bursa Efek Jakarta pada akhir tahun 2004 dan yang sudah mendistribusikan dividennya untuk tahun 2004 dan 2005, dianalisis dengan uji residu. Hasil penelitian menunjukkan bahwa aktivitas rasio perubahan tidak berdampak pada hubungan antara perubahan kebijakan dividen dan perubahan kinerja keuangan. AbstractLower dividend distribution will increase retained earnings. However higher assets will not increase the financial performance unless the assets are well managed. The objective of this research is to examine the impact of activity ratio changes on the correlation between dividend policy changes and financial performance changes. Fifty nine companies listed at Jakarta Stock Exchange at the end of 2004 and have distributed their dividends for 2004 and 2005, were analyzed by residual test. The results show that activity ratio changes have no impact on the association between dividend policy changes and financial performance changes.Keywords: dividend distribution; dividend policy; activity ratio; financial performance

  2. 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

  3. Post-IR IRSL290 dating of K-rich feldspar sand grains in a wind-dominated system on Sardinia

    DEFF Research Database (Denmark)

    Andreucci, S.; Sechi, D.; Buylaert, Jan-Pieter

    2017-01-01

    The reliability of a post-IR elevated temperature IRSL (290 °C; pIRIR290) is tested on wind-blown, sand-sized (180–250 μm) K-rich feldspar grains. The pIRIR290 ages were compared with quartz SAR-OSL data, other independent age controls and historical information. Three study areas along the coast....... The pIRIR290 ages indicate an offset up to ∼1000 years. We can conclude that the pIRIR290 method on sand-sized K-feldspar grains shows great promise for samples at or beyond the quartz OSL age limit but should not be applied to Late Holocene or modern deposits....

  4. Butterfly Species Richness in Selected West Albertine Rift Forests

    Directory of Open Access Journals (Sweden)

    Patrice Kasangaki

    2012-01-01

    Full Text Available The butterfly species richness of 17 forests located in the western arm of the Albertine Rift in Uganda was compared using cluster analysis and principal components analysis (PCA to assess similarities among the forests. The objective was to compare the butterfly species richness of the forests. A total of 630 butterfly species were collected in 5 main families. The different species fell into 7 ecological groupings with the closed forest group having the most species and the swamp/wetland group with the fewest number of species. Three clusters were obtained. The first cluster had forests characterized by relatively high altitude and low species richness despite the big area in the case of Rwenzori and being close to the supposed Pleistocene refugium. The second cluster had forests far away from the supposed refugium except Kisangi and moderate species richness with small areas, whereas the third cluster had those forests that were more disturbed, high species richness, and low altitudinal levels with big areas.

  5. LHCB : The upgraded LHCb RICH detector: status and perspectives

    CERN Multimedia

    Cardinale, Roberta

    2015-01-01

    The LHCb experiment is designed to perform high-precision measurements of CP violation and search for New Physics using the enormous flux of beauty and charmed hadrons produced at the Large Hadron Collider (LHC). The two RICH detectors installed in LHCb have performed successfully during the 2010-2012 data taking period. The data from these detectors were essential to most of the physics results published by LHCb. In order to extend its potential for discovery and study of new phenomena it is planned to upgrade the LHCb experiment in 2018 with a 40MHz readout and a much more flexible software-based triggering system. This would increase the readout rate and occupancies for the RICH detectors. The RICH detector will require new photon detectors and modifications of the optics of the upstream RICH detector. Tests of the complete opto-electronic chain have been performed during testbeam sessions in autumn 2014. The status and perspectives of the RICH upgrade project will be presented.

  6. Richness of endophytic fungi isolated from Opuntia ficus-indica Mill. (Cactaceae) and preliminary screening for enzyme production.

    Science.gov (United States)

    Bezerra, J D P; Santos, M G S; Svedese, V M; Lima, D M M; Fernandes, M J S; Paiva, L M; Souza-Motta, C M

    2012-05-01

    Opuntia ficus-indica Mill. (forage cactus) is farmed with relative success in the semi-arid region of the Brazilian northeast for commercial purposes, particularly as forage and food. Endophytic microorganisms are those that can be isolated inside plant tissues and can be a new source to production of enzymes with different potentialities. The objective of this study was to describe the richness of endophytic fungi from O. ficus-indica and to detect the capacity of these species to produce extracellular hydrolytic enzymes. Forty-four endophytic fungi species were isolated. Among them, the most commonly found were Cladosporium cladosporioides (20.43%) and C. sphaerospermum (15.99%). Acremonium terricola, Monodictys castaneae, Penicillium glandicola, Phoma tropica and Tetraploa aristata are being reported for the first time as endophytic fungi for Brazil. The majority of isolated fungi exhibited enzymatic potential. Aspergillus japonicus and P. glandicola presented pectinolytic activity. Xylaria sp. was the most important among the other 14 species with positive cellulase activity. All 24 isolates analysed were xylanase-positive. Protease was best produced by isolate PF103. The results indicate that there is a significant richness of endophytic fungi in O. ficus-indica, and that these isolates indicate promising potential for deployment in biotechnological processes involving production of pectinases, cellulases, xylanases and proteases.

  7. Nitrogen and oxygen co-doped carbon nanofibers with rich sub-nanoscale pores as self-supported electrode material of high-performance supercapacitors

    International Nuclear Information System (INIS)

    Li, Qun; Xie, Wenhe; Liu, Dequan; Wang, Qi; He, Deyan

    2016-01-01

    Self-supported porous carbon nanofibers (CNFs) network has been prepared by electrospinning technology assisted with template method. The as-prepared material is rich in sub-nanoscale pores and nitrogen and oxygen functional groups, which can serve as a fast conductive network with abundant electrochemical active sites and greatly facilitates the transport of electrons and ions. When the porous CNFs network is used as an electrode for supercapacitor in a three electrode system, it displays a high capacitance of 233.1 F/g at 0.2 A/g, and a capacitance of 130.2 F/g even at 14 A/g. It maintains a capacitance of 154.0 F/g with 90.17% retention after 4000 cycles at 2 A/g. Moreover, the assembled symmetric supercapacitor not only exhibits excellent rate capability and cycle performance, but also delivers an energy density of 4.17 Wh/kg and a power density of 2500 W/kg. The experimental results demonstrate that the prepared N, O co-doped carbon nanofibers with rich sub-nanoscale pores are a promising electrode material for high-performance supercapacitors.

  8. Pengaruh Kebijakan Dividen, Earning Volatility, dan Leverage terhadap Volatilitas Harga Saham pada Perusahaan Non-financing yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014

    OpenAIRE

    Jannah, Raudhatul; Haridhi, Musfiari

    2016-01-01

    The research examines the effect of dividend policy, earnings volatility, and leverage on share price volatility of non financing companies listed in Indonesia Stock Exchange in 2010-2014. Dividend policy variabel using dividend payout ratio and leverage variabel using debt to equity ratio. Secondary data were sourced from the financial statements, published by the capital market reference center at the Indonesia Stock Exchange. The research type used in this research is hypothesis testing, b...

  9. 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

  10. 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.

  11. The effect of platelet-rich plasma on composite graft survival.

    Science.gov (United States)

    Jeon, Yeo Reum; Kang, Eun Hye; Yang, Chae Eun; Yun, In Sik; Lee, Won Jai; Lew, Dae Hyun

    2014-08-01

    Composite grafts are suitable for facial reconstruction because of good color matching, low donor-site morbidity, acceptable texture, and easy surgical techniques. However, their use is limited to small defects and by unpredictable survival rates. As platelet-rich plasma contains large numbers of growth factors and has been widely used for tissue regeneration, this study aimed to investigate platelet-rich plasma as an adjuvant to enhance composite graft survival. Twenty New Zealand White rabbits were used, and chondrocutaneous composite grafts were applied to their ears. The grafts were then returned to their original positions after rotation to block the original circulation from the base of the graft. Each of the individual ears was assigned randomly into one of two groups: experimental (n=20; platelet-rich plasma group) or control (n=20; control group). The surrounding skin of the composite graft was injected with either 1.0 ml of platelet-rich plasma derived from autologous whole blood in the platelet-rich plasma group or normal saline in the control group. Graft survival, cutaneous blood flow, CD31-stained vessels, and vascular endothelial growth factor protein levels were examined. Twelve days after surgery, graft viability in the platelet-rich plasma group was higher than in the control group. Blood perfusion was also higher in the platelet-rich plasma group. Compared with the control group, the number of CD31 blood vessels and vascular endothelial growth factor expression levels were significantly increased in the platelet-rich plasma group. The authors' results suggest that platelet-rich plasma restores the perfusion of composite grafts by enhancing revascularization and may exert therapeutic effects on the survival of composite grafts.

  12. Small leucine-rich proteoglycans in the aging skeleton

    DEFF Research Database (Denmark)

    Young, M F; Bi, Y; Ameye, L

    2006-01-01

    Small Leucine-Rich Proteoglyans (SLRPs) are major skeletal extracellular matrix (ECM) components that comprise a family of 13 members containing repeats of a leucine-rich motif. To examine SLRP function, we generated mice deficient in one or more member and analyzed them at the tissue, cell...

  13. ANALYSIS OF THE INDICATORS SPECIFIC TO ENTITIES LISTED ON THE CAPITAL MARKET AND THEIR ROLE IN QUANTIFYING COMPANY PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Maria Daniela BONDOC

    2014-06-01

    Full Text Available The paper aims at presenting certain indicators specific to entities listed on the capital market and their analysis based on the financial statements of C.N.T.E.E. Transelectrica S.A., listed on the Bucharest Stock Exchange: growth stock exchange indices (market capitalization, earnings per share, price to book ratio, price to sales ratio, price earnings ratio, cash EPS and dividend stock exchange ratios (dividend per share, dividend yield, and dividend payout ratio. The research methodology involved studying the financial statements of the entity for the 2009-2013 period. The case study method was used to study the evolution of the stock exchange indices and opinions were formulated concerning the performance reflected by the analysed indices.

  14. Three-dimensional structure and cytokine distribution of platelet-rich fibrin.

    Science.gov (United States)

    Bai, Meng-Yi; Wang, Ching-Wei; Wang, Jyun-Yi; Lin, Ming-Fang; Chan, Wing P

    2017-02-01

    Previous reports have revealed that several cytokines (including platelet-derived growth factor-BB, transforming growth factors-β1 and insulin-like growth factor-1) can enhance the rate of bone formation and synthesis of extracellular matrix in orthopaedics or periodontology. This study aimed to determine the concentration of cytokines within platelet-rich fibrin microstructures and investigate whether there are differences in the different portions of platelet-rich fibrin, which has implications for proper clinical use of platelet-rich fibrin gel. Whole blood was obtained from six New Zealand rabbits (male, 7 to 39 weeks old, weight 2.7-4 kg); it was then centrifuged for preparation of platelet-rich fibrin gels and harvest of plasma. The resultant platelet-rich fibrin gels were used for cytokine determination, histological analyses and scanning electron microscopy. All plasmas obtained were subject to the same cytokine determination assays for the purpose of comparison. Cytokines platelet-derived growth factor-BB and transforming growth factor-β1 formed concentration gradients from high at the red blood cell end of the platelet-rich fibrin gel (p=1.88×10-5) to low at the plasma end (p=0.19). Insulin-like growth factor-1 concentrations were similar at the red blood cell and plasma ends. The porosities of the platelet-rich fibrin samples taken in sequence from the red blood cell end to the plasma end were 6.5% ± 4.9%, 24.8% ± 7.5%, 30.3% ± 8.5%, 41.4% ± 12.3%, and 40.3% ± 11.7%, respectively, showing a gradual decrease in the compactness of the platelet-rich fibrin network. Cytokine concentrations are positively associated with platelet-rich fibrin microstructure and portion in a rabbit model. As platelet-rich fibrin is the main entity currently used in regenerative medicine, assessing cytokine concentration and the most valuable portion of PRF gels is essential and recommended to all physicians.

  15. Three-dimensional structure and cytokine distribution of platelet-rich fibrin

    Directory of Open Access Journals (Sweden)

    Meng-Yi Bai

    Full Text Available OBJECTIVES: Previous reports have revealed that several cytokines (including platelet-derived growth factor-BB, transforming growth factors-β1 and insulin-like growth factor-1 can enhance the rate of bone formation and synthesis of extracellular matrix in orthopaedics or periodontology. This study aimed to determine the concentration of cytokines within platelet-rich fibrin microstructures and investigate whether there are differences in the different portions of platelet-rich fibrin, which has implications for proper clinical use of platelet-rich fibrin gel. METHODS: Whole blood was obtained from six New Zealand rabbits (male, 7 to 39 weeks old, weight 2.7-4 kg; it was then centrifuged for preparation of platelet-rich fibrin gels and harvest of plasma. The resultant platelet-rich fibrin gels were used for cytokine determination, histological analyses and scanning electron microscopy. All plasmas obtained were subject to the same cytokine determination assays for the purpose of comparison. RESULTS: Cytokines platelet-derived growth factor-BB and transforming growth factor-β1 formed concentration gradients from high at the red blood cell end of the platelet-rich fibrin gel (p=1.88×10-5 to low at the plasma end (p=0.19. Insulin-like growth factor-1 concentrations were similar at the red blood cell and plasma ends. The porosities of the platelet-rich fibrin samples taken in sequence from the red blood cell end to the plasma end were 6.5% ± 4.9%, 24.8% ± 7.5%, 30.3% ± 8.5%, 41.4% ± 12.3%, and 40.3% ± 11.7%, respectively, showing a gradual decrease in the compactness of the platelet-rich fibrin network. CONCLUSION: Cytokine concentrations are positively associated with platelet-rich fibrin microstructure and portion in a rabbit model. As platelet-rich fibrin is the main entity currently used in regenerative medicine, assessing cytokine concentration and the most valuable portion of PRF gels is essential and recommended to all physicians.

  16. NASA spinoffs to energy and the environment

    Science.gov (United States)

    Gilbert, Ray L.; Lehrman, Stephen A.

    1989-01-01

    Thousands of aerospace innovations have found their way into everyday use, and future National Aeronautics and Space Administration (NASA) missions promise to provide many more spinoff opportunities. Each spinoff has contributed some measure of benefit to the national economy, productivity, or lifestyle. In total, these spinoffs represent a substantial dividend on the national investment in aerospace research. Along with examples of the many terrestrial applications of NASA technology to energy and the environment, this paper presents the mechanisms by which NASA promotes technology transfer. Also discussed are new NASA initiatives in superconductivity research, global warming, and aeropropulsion.

  17. 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

  18. 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 ...

  19. ANALISIS KOMPERATIF PENGARUH LABA NETO DAN ARUS KAS MASUK TERHADAP DIVIDEN TUNAI PADA PERUSAHAAN MANUFAKTUR BARANG KONSUMSI DI BEI

    OpenAIRE

    Gen Norman T

    2014-01-01

    This study aims to comparatively analyze the relationship and effect of net income to cash dividend and the the relationship and effect of operating cashinflows to cash dividend on consumer goods manufacturing companies listed The Indonesia Stock Exchange. The method used is a quantitative method to test the hypothesis, and the hypothesis of the test is carried out a comparative analysis between net income and operating cash inflows to cash dividends. This study aims to analyze comparatively...

  20. Production of conjugated linoleic acid-rich potato chips.

    Science.gov (United States)

    Jain, Vishal P; Proctor, Andrew

    2007-01-01

    Conjugated linoleic acid (CLA) is found primarily in diary and beef products, but the health benefits of CLA can only be realized if they are consumed at much greater levels than a normal healthy dietary intake. We have recently shown that a CLA-rich soy oil can be produced by simple isomerization of linoleic acid in soy oil by photoirradiation. This oil may allow greatly increased dietary CLA without significantly elevating fat intake. The objective of this study was to prepare CLA-rich potato chips by frying in CLA-rich soy oil. Soy oil was photoisomerized in the presence of iodine catalyst with UV/visible light. The irradiated oil was clay processed to remove the residual iodine and this oil was then used to fry potato chips. Oil was extracted from fried chips and analyzed for its CLA content with gas chromatography. A 1-oz serving of CLA-rich potato chips contained approximately 2.4 g CLA as compared to 0.1 g CLA in 3-oz serving of steak fillet and 0.06 g CLA in 8-oz serving of whole milk. The peroxide value of the oil extracted from potato chips was found to be 1 meq/1000 g sample, which was within the acceptable commercial standards. This study may lead to the commercialization of CLA-rich food products.

  1. 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

  2. Current Understanding of Physicochemical Mechanisms for Cell Membrane Penetration of Arginine-rich Cell Penetrating Peptides: Role of Glycosaminoglycan Interactions.

    Science.gov (United States)

    Takechi-Haraya, Yuki; Saito, Hiroyuki

    2018-01-01

    Arginine-rich cell penetrating peptides (CPPs) are very promising drug carriers to deliver membrane-impermeable pharmaceuticals, such as siRNA, bioactive peptides and proteins. CPPs directly penetrate into cells across cell membranes via a spontaneous energy-independent process, in which CPPs appear to interact with acidic lipids in the outer leaflet of the cell membrane. However, acidic lipids represent only 10 to 20% of the total membrane lipid content and in mammalian cell membranes they are predominantly located in the inner leaflet. Alternatively, CPPs favorably bind in a charge density- dependent manner to negatively charged, sulfated glycosaminoglycans (GAGs), such as heparan sulfate and chondroitin sulfate, which are abundant on the cell surface and are involved in many biological functions. We have recently demonstrated that the interaction of CPPs with sulfated GAGs plays a critical role in their direct cell membrane penetration: the favorable enthalpy contribution drives the high-affinity binding of arginine-rich CPPs to sulfated GAGs, initiating an efficient cell membrane penetration. The favorable enthalpy gain is presumably mainly derived from a unique property of the guanidino group of arginine residues forming multidentate hydrogen bonding with sulfate and carboxylate groups in GAGs. Such interactions can be accompanied with charge neutralization of arginine-rich CPPs, promoting their partition into cell membranes. This review summarizes the current understanding of the physicochemical mechanism for lipid membrane penetration of CPPs, and discusses the role of the GAG interactions on the cell membrane penetration of CPPs. Copyright© Bentham Science Publishers; For any queries, please email at epub@benthamscience.org.

  3. Diversification rates and species richness across the Tree of Life.

    Science.gov (United States)

    Scholl, Joshua P; Wiens, John J

    2016-09-14

    Species richness varies dramatically among clades across the Tree of Life, by over a million-fold in some cases (e.g. placozoans versus arthropods). Two major explanations for differences in richness among clades are the clade-age hypothesis (i.e. species-rich clades are older) and the diversification-rate hypothesis (i.e. species-rich clades diversify more rapidly, where diversification rate is the net balance of speciation and extinction over time). Here, we examine patterns of variation in diversification rates across the Tree of Life. We address how rates vary across higher taxa, whether rates within higher taxa are related to the subclades within them, and how diversification rates of clades are related to their species richness. We find substantial variation in diversification rates, with rates in plants nearly twice as high as in animals, and rates in some eukaryotes approximately 10-fold faster than prokaryotes. Rates for each kingdom-level clade are then significantly related to the subclades within them. Although caution is needed when interpreting relationships between diversification rates and richness, a positive relationship between the two is not inevitable. We find that variation in diversification rates seems to explain most variation in richness among clades across the Tree of Life, in contrast to the conclusions of previous studies. © 2016 The Author(s).

  4. Building Honeycomb-Like Hollow Microsphere Architecture in a Bubble Template Reaction for High-Performance Lithium-Rich Layered Oxide Cathode Materials.

    Science.gov (United States)

    Chen, Zhaoyong; Yan, Xiaoyan; Xu, Ming; Cao, Kaifeng; Zhu, Huali; Li, Lingjun; Duan, Junfei

    2017-09-13

    In the family of high-performance cathode materials for lithium-ion batteries, lithium-rich layered oxides come out in front because of a high reversible capacity exceeding 250 mAh g -1 . However, the long-term energy retention and high energy densities for lithium-rich layered oxide cathode materials require a stable structure with large surface areas. Here we propose a "bubble template" reaction to build "honeycomb-like" hollow microsphere architecture for a Li 1.2 Mn 0.52 Ni 0.2 Co 0.08 O 2 cathode material. Our material is designed with ca. 8-μm-sized secondary particles with hollow and highly exposed porous structures that promise a large flexible volume to achieve superior structure stability and high rate capability. Our preliminary electrochemical experiments show a high capacity of 287 mAh g -1 at 0.1 C and a capacity retention of 96% after 100 cycles at 1.0 C. Furthermore, the rate capability is superior without any other modifications, reaching 197 mAh g -1 at 3.0 C with a capacity retention of 94% after 100 cycles. This approach may shed light on a new material engineering for high-performance cathode materials.

  5. Functional richness: Overview of indices and underlying concepts

    Science.gov (United States)

    Legras, G.; Loiseau, N.; Gaertner, J.-C.

    2018-02-01

    Functional richness, currently defined as the amount of niche space occupied by the species within a community, is one of the three major components of functional diversity. Different indices have been developed in order to quantify this component. However, the range of indices available for assessing functional richness, often mathematically complex and based on different rationales, can cause confusion for field ecologists and lead to misinterpretation of the results obtained. In this context, we have provided the first study exclusively focused on the comparison of the definitions, advantages and drawbacks of a large set of functional richness indices. The first part of this work is focused on four indices (FDP&G, FRic, TOP and N-hypervolumes indices) that are currently the most commonly used for assessing functional richness. We have completed our study by including recently developed indices that enable us to take into account the intraspecific trait variability (i.e. FRim index and TDP framework), because there is currently a growing scientific consensus regarding the necessity of including this aspect in the assessment of the functional diversity of communities. We demonstrate that although authors have argued that their index describes the functional richness, each of them describes only part of it, and this part may strongly differ from one index to another. Rather than advocating the general use of a single index and/or systematically avoiding others, our study highlights the need for selecting indices in close relation with the context, the available data and the aims of each study. Such a strategy is an essential preliminary step for preventing misunderstanding and artefactual controversies. Along these lines, we propose some guidelines to help users in selecting the most appropriate indices according both to the facet of functional richness on which they wish to focus and to the characteristics of the available data.

  6. Species richness inside and outside long-term exclosures

    Science.gov (United States)

    W. A. Laycock; D. L. Bartos; K. D. Klement

    2004-01-01

    Recent environmental literature contains claims that livestock grazing has caused reduction in species diversity on Western rangelands. Data of species richness (number of species) is presented from inside and outside 24 long-term exclosures in Montana, Utah, and Wyoming. For the average of all exclosures there was no difference between species richness inside and...

  7. 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 ...

  8. An Ecofeminist Approach to Adrienne Rich's Poem "Diving into the Wreck" Adrienne

    OpenAIRE

    ERKAN, Ayça Ülker

    2012-01-01

    This study examines Adrienne Rich\\'s poem “Diving into the Wreck” (1973) through ecofeminist criticism. Rich\\'s ecopoetry questions assumptions about feminine subjectivity and female consciousness, patriarchal abuse, and indifference regarding women. With the androgynous persona in the poem “I”, Rich moves beyond the limits of gender and sexes to give room to form female subjectivity. Persona in the poem starts to explore and express her feminine identity and sexuality by figuratively “diving...

  9. UOP FIN 571 Final Exam Guide New

    OpenAIRE

    ADMIN

    2018-01-01

    UOP FIN 571 Final Exam Guide New Check this A+ tutorial guideline at http://www.fin571assignment.com/fin-571-uop/fin-571-final-exam-guide -latest For more classes visit http://www.fin571assignment.com Question 1 The underlying assumption of the dividend growth model is that a stock is worth: A. An amount computed as the next annual dividend divided by the required rate of return. B. An amount computed as the next annual dividend divided by the ma...

  10. Antinociceptive Activity of the Chloroform Fraction of Dioclea virgata (Rich. Amshoff (Fabaceae in Mice

    Directory of Open Access Journals (Sweden)

    Vanine Gomes Mota

    2011-01-01

    Full Text Available Acute treatment with the chloroform fraction of Dioclea virgata (Rich. Amshoff (CFDv in mice produced decreased ambulation and sedation in the behavioral pharmacological screening. Doses of 125 and 250 mg/kg CFDv decreased latency of sleep onset in the test of sleeping time potentiation. In the open field, animals treated with CFDv reduced ambulation and rearing (250 mg/kg, as well as defecation (125; 250 mg/kg. Regarding the antinociceptive activity, CFDv (125, 250, 500 mg/kg increased latency to first writhing and decreased the number of writhings induced by acetic acid. In the formalin test, CFDv (250 mg/kg decreased paw licking time in the first and second phases indicating antinociceptive activity that can be mediated both peripherally and at the central level. CFDv did not affect motor coordination until 120 minutes after treatment. CFDv shows psychopharmacological effects suggestive of CNS-depressant drugs with promising antinociceptive activity.

  11. Multiscale assessment of patterns of avian species richness

    DEFF Research Database (Denmark)

    Rahbek, C; Graves, G R

    2001-01-01

    at continental scales. We used a database of the geographic ranges of 2,869 species of birds breeding in South America (nearly a third of the world's living avian species) to explore the influence of climate, quadrat area, ecosystem diversity, and topography on species richness gradients at 10 spatial scales...... (quadrat area, approximately 12,300 to approximately 1,225,000 km(2)). Topography, precipitation, topography x latitude, ecosystem diversity, and cloud cover emerged as the most important predictors of regional variability of species richness in regression models incorporating 16 independent variables...... the hypothesis that terrestrial species richness from the equator to the poles is ultimately governed by a synergism between climate and coarse-scale topographic heterogeneity....

  12. 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...

  13. 12 CFR 745.200 - General.

    Science.gov (United States)

    2010-01-01

    ... the failure to post dividends earned or accrued was due to the fraud, embezzlement or accounting..., dividends earned in the ordinary course of business and posted to share accounts for any prior accounting or...

  14. Value-Added Products from FGD Sulfite-Rich Scrubber Materials

    Energy Technology Data Exchange (ETDEWEB)

    Vivak Malhotra

    2010-01-31

    According to the American Coal Ash Association, about 29.25 million tons of flue gas desulfurization (FGD) byproducts were produced in the USA in 2003. Out of 29.25 million tons, 17.35 million tons were sulfite-rich scrubber materials. At present, unlike its cousin FGD gypsum, the prospect for effective utilization of sulfite-rich scrubber materials is not bright. In fact, almost 16.9 million tons are leftover every year. In our pursuit to mitigate the liability of sulfite-rich FGD scrubber materials' disposal, we are attempting to develop value-added products that can commercially compete. More specifically, for this Innovative Concept Phase I project, we have the following objectives: to characterize the sulfite-rich scrubber material for toxic metals; to optimize the co-blending and processing of scrubber material and natural byproducts; to formulate and develop structural composites from sulfite-rich scrubber material; and to evaluate the composites' mechanical properties and compare them with current products on the market. After successfully demonstrating the viability of our research, a more comprehensive approach will be proposed to take these value-added materials to fruition.

  15. O QUE REVELAM OS ESTUDOS REALIZADOS NO BRASIL SOBRE POLÍTICA DE DIVIDENDOS?

    Directory of Open Access Journals (Sweden)

    Andressa Iovine Martins

    2012-01-01

    Full Text Available This paper consists of a review of the literature about dividend policy in Brazil, focusing on the empirical studies conducted from 1990 to 2010 that were published in major Brazilian administration, accounting and finance journals and major conference proceedings on this subject. The analyzed sample comprised 39 studies using various methods and conducted in various periods. Based on the model of Harris and Raviv (1991, this paper grouped studies according to model type, and it found five main categories. We were able to find some tendencies, such as: dividend policy relevance in the Brazilian market; confirmation of existence of agency problems; conflicting findings regarding the clientele hypothesis; tax signaling in, and tax impact on, defining dividend policy; non-conflicting findings regarding key factors of dividend policy.

  16. Triazine containing N-rich microporous organic polymers for CO2 capture and unprecedented CO2/N2 selectivity

    International Nuclear Information System (INIS)

    Bhunia, Subhajit; Bhanja, Piyali; Das, Sabuj Kanti; Sen, Tapas; Bhaumik, Asim

    2017-01-01

    Targeted synthesis of microporous adsorbents for CO 2 capture and storage is very challenging in the context of remediation from green house gases. Herein we report two novel N-rich microporous networks SB-TRZ-CRZ and SB-TRZ-TPA by extensive incorporation of triazine containing tripodal moiety in the porous polymer framework. These materials showed excellent CO 2 storage capacities: SB-TRZ-CRZ displayed the CO 2 uptake capacity of 25.5 wt% upto 1 bar at 273 K and SB-TRZ-TPA gave that of 16 wt% under identical conditions. The substantial dipole quadruple interaction between network (polar triazine) and CO 2 boosts the selectivity for CO 2 /N 2 . SB-TRZ-CRZ has this CO 2 /N 2 selectivity ratio of 377, whereas for SB-TRZ-TPA it was 97. Compared to other porous polymers, these materials are very cost effective, scalable and very promising material for clean energy application and environmental issues. - Graphical abstract: We report two novel N-rich microporous polymeric materials by doping of triazine containing tripodal dopant in the organic framework. These materials showed excellent CO 2 storage capacities as high as 25.5 wt% under 1 bar pressure with exceptional CO 2 /N 2 selectivity of 377. - Highlights: • Triazine containing trimodal moiety incorporated in polycarbazolic and poly triphenylamine networks. • N-rich crosslinked polymers with high BET surface area and 1.5–1.7 nm size large micropores. • CO 2 uptake capacity of 25.5 wt% upto 1 bar at 273 K. • These crosslinked porous polymers showed exceptional CO 2 /N 2 selectivity.

  17. Vertebrate richness and biogeography in the Big Thicket of Texas

    Science.gov (United States)

    Michael H MacRoberts; Barbara R. MacRoberts; D. Craig Rudolph

    2010-01-01

    The Big Thicket of Texas has been described as rich in species and a “crossroads:” a place where organisms from many different regions meet. We examine the species richness and regional affiliations of Big Thicket vertebrates. We found that the Big Thicket is neither exceptionally rich in vertebrates nor is it a crossroads for vertebrates. Its vertebrate fauna is...

  18. Platelet-rich plasma, plasma rich in growth factors and simvastatin in the regeneration and repair of alveolar bone.

    Science.gov (United States)

    Rivera, César; Monsalve, Francisco; Salas, Juan; Morán, Andrea; Suazo, Iván

    2013-12-01

    Platelet preparations promote bone regeneration by inducing cell migration, proliferation and differentiation in the area of the injury, which are essential processes for regeneration. In addition, several studies have indicated that simvastatin (SIMV), widely used for the treatment of hypercholesterolemia, stimulates osteogenesis. The objective of this study was to evaluate the effects of treatment with either platelet-rich plasma (PRP) or plasma rich in growth factors (PRGF) in combination with SIMV in the regeneration and repair of alveolar bone. The jaws of Sprague Dawley rats (n=18) were subjected to rotary instrument-induced bone damage (BD). Animals were divided into six groups: BD/H 2 O (n=3), distilled water without the drug and alveolar bone damage; BD/H 2 O/PRP (n=3), BD and PRP; BD/H 2 O/PRGF (n=3), BD and PRGF; BD/SIMV (n=3), BD and water with SIMV; BD/SIMV/PRP (n=3), BD, PRP and SIMV; and BD/SIMV/PRGF (n=3), BD, PRGF and SIMV. Conventional histological analysis (hematoxylin and eosin staining) revealed that the BD/SIMV group showed indicators for mature bone tissue, while the BD/SIMV/PRP and BD/SIMV/PRGF groups showed the coexistence of indicators for mature and immature bone tissue, with no statistical differences between the platelet preparations. Simvastatin did not improve the effect of platelet-rich plasma and plasma rich in growth factors. It was not possible to determine which platelet preparation produced superior effects.

  19. Platelet-rich fibrin or platelet-rich plasma – which one is better? an opinion

    Directory of Open Access Journals (Sweden)

    Shweta Bansal

    2017-01-01

    Full Text Available The healing of hard and soft tissue in mediated by a wide range of intracellular and extracellular events that are regulated by signaling proteins. Platelets can play a crucial role in periodontal regeneration as they are the reservoirs of growth factors and cytokines which are the key factors for regeneration of bone and maturation of soft tissue. Platelet-rich plasma (PRP is first generation platelet concentrate. However, the short duration of cytokine release and its poor mechanical properties have resulted in search of new material. Platelet-rich fibrin (PRF is a natural fibrin-based biomaterial prepared from an anticoagulant-free blood harvest without any artificial biochemical modification (no bovine thrombin is required that allows obtaining fibrin membranes enriched with platelets and growth factors. The slow polymerization during centrifugation, fibrin-based structure, ease of preparation, minimal expense makes PRF somewhat superior in some aspect to PRP.

  20. 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.