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...

Aluminum alloy impact sparkling

Directory of Open Access Journals (Sweden)

M. Dudyk

2008-08-01

Full Text Available The cast machine parts are widely used in many branches of industry. A very important issue is gaining the appropriate knowledge relating to the application of castings in places of explosion risks including but not limited to mining, chemical industry and rescue works. A possibility of explosion risks occurrence following the impact sparkling of the cast metal parts is still not solved problem in scientific research. In relation to this issue, in this article, the results of the study are presented, and relating to the tendency to impact sparkling of the aluminium alloys used in machine building. On the grounds of the results obtained, it was demonstrated that the registered impact sparkles bunches of feathers from the analyzed alloys: AlSi7Mg, (AK7; AlSi9Mg, (AK9; AlSi6Cu4, (AK64 and AlSi11, (AK11 show significant differences between each other. The quantitative analysis of the temperature distribution and nuclei surface area performed on the example of the alloy AK9 (subjected to defined period of corrosion allows for the statement that they are dangerous in conditions of explosion risk. Following this fact, designers and users of machine parts made from these materials should not use them in conditions where the explosive mixtures occur.

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...

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.

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

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...

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.

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.

Radiocarbon 14C differentiation of sparkling and carbonated wines

International Nuclear Information System (INIS)

Martin, G.E.; Krueger, H.W.; Burggraff, J.M.

1985-01-01

Specific 14 C-activities, percent of modern 14 C-activity, and calculated percent of fermentation CO 2 are presented for CO 2 contained in commercial sparkling wines, labeled as champagne or produced by the bulk (charmat) process. These data are given for the production years 1976-1982. The survey encompassed effervescent wines produced in Spain, Italy, West Germany, California, and New York. Addition of synthetic CO 2 to approximately 40 samples represented as sparkling wines was indicated by low 14 C-activities of CO 2 in these wines. Data for 14 C-activity were also presented for the ethanol distilled from sparkling wines for the years 1977-1980. In all cases, the 14 C-activity of ethanol was appropriate to the year of vintage

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...

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...

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...

Torulaspora delbrueckii for secondary fermentation in sparkling wine production.

Science.gov (United States)

Canonico, Laura; Comitini, Francesca; Ciani, Maurizio

2018-09-01

In the search for the desired oenological features and flavour complexity of wines, there is growing interest in the potential use of non-Saccharomyces yeast that are naturally present in the winemaking environment. Torulaspora delbrueckii is one such yeast that has seen profitable use in mixed fermentations with Saccharomyces cerevisiae and with different grape varieties. T. delbrueckii can have positive and distinctive impacts on the overall aroma of wines, and has also been used at an industrial level. Here, T. delbrueckii was successfully used in pure and mixed secondary fermentations for sparkling wine. The two selected T. delbrueckii strains used completed the secondary fermentation 'prise de mousse' in these pure and mixed fermentations. The sparkling wines obtained with T. delbrueckii showed different aromatic compositions and sensory profiles to those of S. cerevisiae. T. delbrueckii strain DiSVA 130 showed high esters production and significantly high scores for some of the aromatic descriptors that positively influence the sensory profile of sparkling wine. Thus, the use of T. delbrueckii in pure and mixed fermentations is a suitable strategy to further develop the flavour complexity during secondary fermentation of sparkling wines. Copyright © 2018 Elsevier Ltd. All rights reserved.

Market Segmentation in Business Technology Base: The Case of Segmentation of Sparkling

Directory of Open Access Journals (Sweden)

Valéria Riscarolli

2014-08-01

Full Text Available A common market segmentation premise for products and services rules consumer behavior as the segmentation center piece. Would this be the logic for segmentation used by small technology based companies? In this article we target at determining the principles of market segmentation used by a vitiwinery company, as research object. This company is recognized by its products excellence, either in domestic as well as in the foreign market, among 13 distinct countries. The research method used is a case study, through information from the company’s CEOs and crossed by primary information from observation and formal registries and documents of the company. In this research we look at sparkling wines market segmentation. Main results indicate that the winery studied considers only technological elements as the basis to build a market segment. One may conclude that a market segmentation for this company is based upon technological dominion of sparkling wines production, aligned with a premium-price policy. In the company, directorship believes that as sparkling wines market is still incipient in the country, sparkling wine market segments will form and consolidate after the evolution of consumers tasting preferences, depending on technologies that boost sparkling wines quality. 

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.

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...

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.

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.

Visco-capillarity in Sparkling Fireworks

Science.gov (United States)

Inoue, Chihiro; Villermaux, Emmanuel; Utokyo Team; Irphe Team

2015-11-01

A unique toy firework called sparkling fireworks is popular in Japan for 400 years, but the physics behind the beauty remains a hidden mystery. Sparkling fireworks are made by a twisted paper simply wrapping 0.1g of black powder at the lower end. Ignited there, the powder melts in a fireball of molten salts, and streaks of light are ejected. The beautiful fragile streaks are visible from the black body radiation of the hot surface of the ejected droplets. The droplets suddenly fragment up to ten times successively and their light streaks traces are like pine needles. We have already clarified why the droplets are ejected through the bursting of a gas bubble on the mother fireball, leading to successive fragmentations by micro explosions. To quantify phenomenon, we measure the diameter and the ejection velocity of the droplets. It is found that not only inertia and capillarity of the liquid matter, but also its viscosity is important (the Ohnesorge number is about 0.1). The droplets ejection velocity is determined by the liquid surface tension and viscosity, and separate from the mother drop on a visco-capillarity time scale.

Chemical compounds and mechanisms involved in the formation and stabilization of foam in sparkling wines.

Science.gov (United States)

Kemp, Belinda; Condé, Bruna; Jégou, Sandrine; Howell, Kate; Vasserot, Yann; Marchal, Richard

2018-02-08

The visual properties of sparkling wine including foam and bubbles are an indicator of sparkling wine quality. Foam properties, particularly foam height (FH) and foam stability (TS), are significantly influenced by the chemical composition of the wine. This review investigates our current knowledge of specific chemical compounds and, the mechanisms by which they influence the foam properties of sparkling wines. Grape and yeast proteins, amino acids, polysaccharides, phenolic compounds, organic acids, fatty acids, ethanol and sugar are examined with respect to their contribution to foam characteristics in sparkling wines made with the Traditional, Transfer, and Charmat and carbonation methods. Contradictory results have been identified that appear to be due to the analytical methods used to measure and quantify compounds and foam. Biopolymer complexes are discussed and absent knowledge with regards to thaumatin-like proteins (TLPs), polysaccharides, amino acids, oak-derived phenolic compounds and organic acids are identified. Future research is also likely to concentrate on visual analysis of sparkling wines by in-depth imaging analysis and specific sensory analysis techniques.

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, ...

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

Sparkle/PM7 Lanthanide Parameters for the Modeling of Complexes and Materials.

Science.gov (United States)

Dutra, José Diogo L; Filho, Manoel A M; Rocha, Gerd B; Freire, Ricardo O; Simas, Alfredo M; Stewart, James J P

2013-08-13

The recently published Parametric Method number 7, PM7, is the first semiempirical method to be successfully tested by modeling crystal structures and heats of formation of solids. PM7 is thus also capable of producing results of useful accuracy for materials science, and constitutes a great improvement over its predecessor, PM6. In this article, we present Sparkle Model parameters to be used with PM7 that allow the prediction of geometries of metal complexes and materials which contain lanthanide trications. Accordingly, we considered the geometries of 224 high-quality crystallographic structures of complexes for the parameterization set and 395 more for the validation of the parameterization for the whole lanthanide series, from La(III) to Lu(III). The average unsigned error for Sparkle/PM7 for the distances between the metal ion and its coordinating atoms is 0.063Å for all lanthanides, ranging from a minimum of 0.052Å for Tb(III) to 0.088Å for Ce(III), comparable to the equivalent errors in the distances predicted by PM7 for other metals. These distance deviations follow a gamma distribution within a 95% level of confidence, signifying that they appear to be random around a mean, confirming that Sparkle/PM7 is a well-tempered method. We conclude by carrying out a Sparkle/PM7 full geometry optimization of two spatial groups of the same thulium-containing metal organic framework, with unit cells accommodating 376 atoms, of which 16 are Tm(III) cations; the optimized geometries were in good agreement with the crystallographic ones. These results emphasize the capability of the use of the Sparkle Model for the prediction of geometries of compounds containing lanthanide trications within the PM7 semiempirical model, as well as the usefulness of such semiempirical calculations for materials modeling. Sparkle/PM7 is available in the software package MOPAC2012, at no cost for academics and can be obtained from http://openmopac.net.

Yeast Autolysis in Sparkling Wine Aging: Use of Killer and Sensitive Saccharomyces cerevisiae Strains in Co-Culture.

Science.gov (United States)

Lombardi, Silvia Jane; De Leonardis, Antonella; Lustrato, Giuseppe; Testa, Bruno; Iorizzo, Massimo

2015-01-01

Sparkling wines produced by traditional method owe their characteristics to secondary fermentation and maturation that occur during a slow ageing in bottles. Yeast autolysis plays an important role during the sparkling wine aging. Using a combination of killer and sensitive yeasts is possible to accelerate yeast autolysis and reduce maturing time. killer and sensitive Saccharomyces cerevisiae strains, separately and in co-cultures, were inoculated in base wine and bottled on pilot-plant scale. Commercial Saccaromyces bayanus strain was also investigated. Protein free amino acid and polysaccharides contents and sensory analysis were determined on the wine samples at 3, 6 and 9 months of aging. Yeast autolysis that occurs during the production of sparkling wines, obtained with co-cultures of killer and sensitive strains, has influenced free amino acids, total protein and polysaccharides content after 3 months aging time: sparkling wines, produced without the use of these yeasts, have reached the same results only after 9 months aging time. These results demonstrate that killer and sensitive yeasts in co-culture can accelerate the onset of autolysis in enological conditions, and has a positive effect on the quality of the aroma and flavor of sparkling wine. This paper offers an interesting biotechnological method to reduce production time of sparkling wine with economical benefits for the producers. We revised all patents relating to sparkling wine considering only those of interest for our study.

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.

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...

Influence of the yeast autolysates addition on the volatile compounds of sparkling white wines

Directory of Open Access Journals (Sweden)

Pérez-Magariño Silvia

2014-01-01

Full Text Available During sparkling wine aging, different compounds such as polysaccharides can be released due to yeast autolysis that can cause important changes in wine composition. Yeast autolysis is a slow natural process that takes long time, and the addition of some products could improve the quality of these wines. The aim of this work was to study the effect of the addition of several commercial yeast autolysates on the volatile composition of white sparkling wines (Godello and Verdejo, and aged on lees for 9 months. The discriminant analyses indicated that the sparkling wines treated with PCP2 showed the highest differences in the volatile composition of both sparkling wines studied, being the ethyl esters, terpenes, decanoic acid and some alcohols, the compounds that were affected in a greater extent. This fact could be due to PCP2 presenting the highest mannoprotein percentage that can interact with volatile compounds, modulating their volatility and perception.

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.

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.

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.

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.

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.

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.

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...

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...

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.

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...

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...

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

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...

Validation and applicability of the 3D core kinetics and thermal hydraulics coupled code SPARKLE

International Nuclear Information System (INIS)

Miyata, Manabu; Maruyama, Manabu; Ogawa, Junto; Otake, Yukihiko; Miyake, Shuhei; Tabuse, Shigehiko; Tanaka, Hirohisa

2009-01-01

The SPARKLE code is a coupled code system based on three individual codes whose physical models have already been verified and validated. Mitsubishi Heavy Industries (MHI) confirmed the coupling calculation, including data transfer and the total reactor coolant system (RCS) behavior of the SPARKLE code. The confirmation uses the OECD/NEA MSLB benchmark problem, which is based on Three Mile Island Unit 1 (TMI-1) nuclear power plant data. This benchmark problem has been used to verify coupled codes developed and used by many organizations. Objectives of the benchmark program are as follows. Phase 1 is to compare the results of the system transient code using point kinetics. Phase 2 is to compare the results of the coupled three-dimensional (3D) core kinetics code and 3D core thermal-hydraulics (T/H) code, and Phase 3 is to compare the results of the combined coupled system transient code, 3D core kinetics code, and 3D core T/H code as a total validation of the coupled calculation. The calculation results of the SPARKLE code indicate good agreement with other benchmark participants' results. Therefore, the SPARKLE code is validated through these benchmark problems. In anticipation of applying the SPARKLE code to licensing analyses, MHI and Japanese PWR utilities have established a safety analysis method regarding the calculation conditions such as power distributions, reactivity coefficients, and event-specific features. (author)

Sparkle/PM3 for the modeling of europium(III), gadolinium(III), and terbium(III) complexes

International Nuclear Information System (INIS)

Freire, Ricardo O.; Rocha, Gerd B.; Simas, Alfredo M.

2009-01-01

The Sparkle/PM3 model is extended to europium(III), gadolinium(III), and terbium(III) complexes. The validation procedure was carried out using only high quality crystallographic structures, for a total of ninety-six Eu(III) complexes, seventy Gd(III) complexes, and forty-two Tb(III) complexes. The Sparkle/PM3 unsigned mean error, for all interatomic distances between the trivalent lanthanide ion and the ligand atoms of the first sphere of coordination, is: 0.080 A for Eu(III); 0.063 A for Gd(III); and 0.070 A for Tb(III). These figures are similar to the Sparkle/AM1 ones of 0.082 A, 0.061 A, and 0.068 A respectively, indicating they are all comparable parameterizations. Moreover, their accuracy is similar to what can be obtained by present-day ab initio effective core potential full geometry optimization calculations on such lanthanide complexes. Finally, we report a preliminary attempt to show that Sparkle/PM3 geometry predictions are reliable. For one of the Eu(III) complexes, BAFZEO, we created hundreds of different input geometries by randomly varying the distances and angles of the ligands to the central Eu(III) ion, which were all subsequently fully optimized. A significant trend was unveiled, indicating that more accurate local minima geometries cluster at lower total energies, thus reinforcing the validity of sparkle model calculations. (author)

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...

The physics behind the fizz in champagne and sparkling wines

Science.gov (United States)

Liger-Belair, G.

2012-02-01

Bubbles in a glass of champagne may seem like the acme of frivolity to most of people, but in fact they may rather be considered as a fantastic playground for any physicist. Actually, the so-called effervescence process, which enlivens champagne and sparkling wines tasting, is the result of the fine interplay between CO2 dissolved gas molecules, tiny air pockets trapped within microscopic particles during the pouring process, and some both glass and liquid properties. Results obtained concerning the various steps where the CO2 molecule plays a role (from its ingestion in the liquid phase during the fermentation process to its progressive release in the headspace above the tasting glass as bubbles collapse) are gathered and synthesized to propose a self-consistent and global overview of how gaseous and dissolved CO2 impact champagne and sparkling wine science. Physicochemical processes behind the nucleation, rise, and burst of gaseous CO2 bubbles found in glasses poured with champagne and sparkling wines are depicted. Those phenomena observed in close-up through high-speed photography are often visually appealing. I hope that your enjoyment of champagne will be enhanced after reading this fully illustrated review dedicated to the science hidden right under your nose each time you enjoy a glass of champagne.

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

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.

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...

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 ...

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...

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.

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 ...

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...

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...

'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

A novel preparation technique of red (sparkling wine for protein analysis

Directory of Open Access Journals (Sweden)

Elisabeth I. Vogt

2016-06-01

Full Text Available Despite their low concentration, proteins can influence several key enological parameters such as foam stability or haze formation in (sparkling wine. Most studies focus on white (sparkling wine since the higher content of phenolic compounds in red wines impairs proteomic research. The aim of the study was the development of a method for the preparation of red (sparkling wine proteins for proteomic analysis. Three methods of sample preparation were assessed on silver stained SDS-PAGE gels and with MALDI-TOF MS. Our new method was highly suitable for the preparation of proteins for the aforementioned applications. The results showed a substantial increase in signal intensity with a simultaneous decrease in background noise. The preparation protocol consists of (i dialysis and freeze drying of the sample, (ii removal of phenolic compounds by water-saturated phenol and (iii protein precipitation by addition of ammonium acetate. Employment of this method followed by SDS-PAGE analysis allowed for silver stained gels with diminished background or streaking and clearly resolved protein bands. Analysis of spectra obtained from samples prepared according to the proposed protocol showed increased intensity and signal-to-noise ratio in MALDI-TOF MS. Furthermore it was demonstrated that this method can be applied to various kinds of grape products.

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.

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...

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 ...

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 ...

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...

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.

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.

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.

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...

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.

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...

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.

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 ...

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

Trained and consumer panel evaluation of sparkling wines sweetened to brut or demi sec residual sugar levels with three different sugars.

Science.gov (United States)

McMahon, Kenneth M; Diako, Charles; Aplin, Jesse; Mattinson, D Scott; Culver, Caleb; Ross, Carolyn F

2017-09-01

The dosage liquid, added at the final stage of sparkling wine production, imparts residual sweetness to the wine. No study has yet analyzed the influence of dosage composition on the final wine's sensory profile or consumer acceptance. In this study, dosage composition was altered through the addition of different sugar types (ST; fructose, glucose, or sucrose) to produce seven sparkling wines of varying residual sugar levels (RSL), including no sugar added, brut (5.3-8.4gST/L) or demi sec (34.9-37.8gST/L). As evaluated by a trained panel (n=9), the interaction between ST and RSL influenced the perception of caramelized/vanilla/honey (CVH) flavor, sweet taste, and sour taste attributes (pConsumers (n=126) also evaluated the sparkling wines and ST, RSL, and their interaction influenced consumer acceptance of different attributes, as well as the perception of the "refreshing" aspect of the wine (pconsumer acceptance of sparkling wines was highly correlated (r 2 ≤0.88) to CVH, floral, and fruity flavors, as well as sweet taste and creamy mouthfeel. External preference mapping revealed two clusters of consumers. Both consumer clusters liked wines sweetened with fructose, but Cluster 1 liked the demi sec sparkling wine sweetened with fructose (32.8g/L fructose) while Cluster 2 preferred the brut wine sweetened with fructose (8.4g/L fructose). These results suggest that consumer preference for sparkling wine was segmented based on sweetness preference. The results of this study offer winemakers knowledge about the influence of dosage composition on the sensory profile of sparkling wine. Copyright © 2017 Elsevier Ltd. All rights reserved.

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.

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.

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.

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

Effect of sequential inoculation (Torulaspora delbrueckii/Saccharomyces cerevisiae in the first fermentation on the foam properties of sparkling wine (Cava

Directory of Open Access Journals (Sweden)

Medina-Trujillo Laura

2016-01-01

Full Text Available In a previous study we reported that sequential inoculation of Torulaspora delbrueckii and Saccharomyces cerevisiae during the first fermentation increased the protein concentration and improved the foaming properties of a base wine. Since effervescence and foam of sparkling wines are key quality factors, the interest of this practice for sparkling wine industry is obvious. In this paper we study whether the foaming properties of the sparkling wines produced from the base wines obtained by sequential inoculation with T. delbrueckii and S. cerevisiae remains better than those of their controls produced from base wines fermented only with S. cerevisiae. The obtained results confirmed that sequential inoculation in the production of the base wine originated sparkling wines with significantly higher maximum heights of foam than conventional inoculation, probably because autolysis of the T. delbrueckii cells in the base wine released higher amounts of proteins, especially of the low molecular weight fraction.

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.

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.

Kinetics of browning, phenolics, and 5-hydroxymethylfurfural in commercial sparkling wines.

Science.gov (United States)

Serra-Cayuela, A; Jourdes, M; Riu-Aumatell, M; Buxaderas, S; Teissedre, P-L; López-Tamames, E

2014-02-05

We analyzed the degree of browning (absorbance at 420 nm), the phenolics, and the 5-hydroxymethylfurfural (5-HMF) content in six sparkling wines series kept at three temperatures (4, 16, and 20 °C) for over 2 years. Caffeic acid, trans-coutaric acid, p-coumaric acid, and 5-HMF were the compounds with the greatest correlation with browning and time. 5-HMF was the only compound that evolved linearly at all temperatures. We propose that 5-HMF is a better time-temperature marker than the A₄₂₀ parameter or phenolics, because it shows higher linearity with time at all temperatures, is more sensitive to temperature changes, and has lower variability. The kinetics of 5-HMF was studied showing a zero-order behavior. We propose mathematical models that wineries can use to predict the browning shelf life of their sparkling wines as a function of the storage time and temperature.

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

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.

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.

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...

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...

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 ...

How Relevant is Dividend Policy under Low Shareholder Protection?

NARCIS (Netherlands)

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

2006-01-01

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

18 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...

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.

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...

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.

The role of production process and information on quality expectations and perceptions of sparkling wines.

Science.gov (United States)

Vecchio, Riccardo; Lisanti, Maria Tiziana; Caracciolo, Francesco; Cembalo, Luigi; Gambuti, Angelita; Moio, Luigi; Siani, Tiziana; Marotta, Giuseppe; Nazzaro, Concetta; Piombino, Paola

2018-05-28

The present research aims to analyse, by combining sensory and experimental economics techniques, to what extent production process, and the information about it, may affect consumer preferences. Sparkling wines produced by Champenoise and Charmat methods were the object of the study. A quantitative descriptive sensory analysis with a trained panel and non-hypothetical auctions combined with hedonic ratings involving young wine consumers (N=100), under different information scenarios(Blind, Info and Info Taste), were performed. Findings show that the production process impacts both the sensory profile of sparkling wines and consumer expectations. In particular, the hedonic ratings revealed that when tasting the products, both with no information on the production process (Blind) and with such information (Info Taste), the consumers preferred the Charmat wines. On the contrary, when detailed information on the production methods was given without tasting (Info), consumers liked more the two Champenoise wines. It can be concluded that sensory and non-sensory attributes of sparkling wines affect consumers' preferences. Specifically, the study suggests that production process information strongly impacts liking expectations, while not affecting informed liking. This article is protected by copyright. All rights reserved. This article is protected by copyright. All rights reserved.

Headspace solid-phase microextraction coupled to gas chromatography-tandem mass spectrometry for the determination of haloanisoles in sparkling (cava and cider) and non-sparkling (wine) alcoholic beverages.

Science.gov (United States)

Ruiz-Delgado, Ana; Arrebola-Liébanas, Francisco Javier; Romero-González, Roberto; López-Ruiz, Rosalía; Garrido Frenich, Antonia

2016-10-01

A highly sensitive analytical method was developed to determine 2,4,6-trichloroanisole (TCA), 2,3,4,6-tetrachloroanisole (TeCA), 2,4,6-tribromoanisole (TBA) and 2,3,4,5,6-pentachloroanisole (PCA) in sparkling alcoholic beverages. The method was based on the use of headspace solid-phase microextraction (HS-SPME) using a polydimethylsiloxane (PDMS) fibre. It was coupled to gas chromatography-triple quadrupole tandem mass spectrometry (GC-QqQ-MS/MS) for the detection and quantification of the target haloanisoles. The method was fully automated and no sample preparation was needed. The method was validated for alcoholic beverages. The influence of CO 2 on the extraction efficiency was also evaluated for the studied sparkling drinks (cava and cider). All the calibration curves showed good linearity (R 2  > 0.98) within the tested range (1-50 ng l -1 ). Recoveries were evaluated at three different levels (1, 5 and 50 ng l -1 ) and were always between 71% and 119%. Precision was expressed as relative standard deviation (RSD), and was evaluated as intra- and inter-day precisions, with values ≤ 22% in both cases. Limits of quantitation (LOQs) were ≤ 0.91 ng l -1 , which are below the sensory threshold levels for such compounds in humans. The validated method was applied to commercial samples, 10 cavas and 10 ciders, but it was also used for the analysis of nine red wines and four white wines, demonstrating the further applicability of the proposed method to non-sparkling beverages. TCA was detected in most samples at up to 0.45 ng l -1 .

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...

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

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....

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.

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.

Characterization of specialized flocculent yeasts to improve sparkling wine fermentation.

Science.gov (United States)

Tofalo, R; Perpetuini, G; Di Gianvito, P; Arfelli, G; Schirone, M; Corsetti, A; Suzzi, G

2016-06-01

Flocculent wine yeasts were characterized for the expression of FLO1, FLO5, FLO8, AMN1 and RGA1 genes, growth kinetics and physicochemical properties of the cell surface during a 6-month sparkling wine fermentation period. The expression of FLO1, FLO5, FLO8, AMN1 and RGA1 genes was determined by RT-qPCR. The physicochemical characterization of yeast surface properties was evaluated by the microbial adhesion to solvents method. FLO5 gene was the most expressed one and a linear correlation with the flocculent degree was found. Flocculent strains were more hydrophobic than the commercial wine strain EC1118. Gene expressions and the ability to face secondary wine fermentation conditions were strain dependent. The importance of FLO5 gene in developing the high flocculent characteristic of wine yeasts was highlighted. Cell surface properties depended on the time of fermentation. Better knowledge about the expression of some genes encoding the flocculent phenotype which could be useful to select suitable starter cultures to improve sparkling wine technology was achieved. A step forward in understanding the complexity and strain-specific nature of flocculation phenotype was done. © 2016 The Society for Applied Microbiology.

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.

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...

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.

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...

GasBench/isotope ratio mass spectrometry: a carbon isotope approach to detect exogenous CO(2) in sparkling drinks.

Science.gov (United States)

Cabañero, Ana I; San-Hipólito, Tamar; Rupérez, Mercedes

2007-01-01

A new procedure for the determination of carbon dioxide (CO(2)) (13)C/(12)C isotope ratios, using direct injection into a GasBench/isotope ratio mass spectrometry (GasBench/IRMS) system, has been developed to improve isotopic methods devoted to the study of the authenticity of sparkling drinks. Thirty-nine commercial sparkling drink samples from various origins were analyzed. Values of delta(13)C(cava) ranged from -20.30 per thousand to -23.63 per thousand, when C3 sugar addition was performed for a second alcoholic fermentation. Values of delta(13)C(water) ranged from -5.59 per thousand to -6.87 per thousand in the case of naturally carbonated water or water fortified with gas from the spring, and delta(13)C(water) ranged from -29.36 per thousand to -42.09 per thousand when industrial CO(2) was added. It has been demonstrated that the addition of C4 sugar to semi-sparkling wine (aguja) and industrial CO(2) addition to sparkling wine (cava) or water can be detected. The new procedure has advantages over existing methods in terms of analysis time and sample treatment. In addition, it is the first isotopic method developed that allows (13)C/(12)C determination directly from a liquid sample without previous CO(2) extraction. No significant isotopic fractionation was observed nor any influence by secondary compounds present in the liquid phase. Copyright (c) 2007 John Wiley & Sons, Ltd.

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...

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.

Influence of Production Method on the Chemical Composition, Foaming Properties, and Quality of Australian Carbonated and Sparkling White Wines.

Science.gov (United States)

Culbert, Julie A; McRae, Jacqui M; Condé, Bruna C; Schmidtke, Leigh M; Nicholson, Emily L; Smith, Paul A; Howell, Kate S; Boss, Paul K; Wilkinson, Kerry L

2017-02-22

The chemical composition (protein, polysaccharide, amino acid, and fatty acid/ethyl ester content), foaming properties, and quality of 50 Australian sparkling white wines, representing the four key production methods, that is, Méthode Traditionelle (n = 20), transfer (n = 10), Charmat (n = 10), and carbonation (n = 10), were studied. Méthode Traditionelle wines were typically rated highest in quality and were higher in alcohol and protein contents, but lower in residual sugar and total phenolics, than other sparkling wines. They also exhibited higher foam volume and stability, which might be attributable to higher protein concentrations. Bottle-fermented Méthode Traditionelle and transfer wines contained greater proportions of yeast-derived mannoproteins, whereas Charmat and carbonated wines were higher in grape-derived rhamnogalacturonans; however, total polysaccharide concentrations were not significantly different between sparkling wine styles. Free amino acids were most abundant in carbonated wines, which likely reflects production via primary fermentation only and/or the inclusion of nontraditional grape varieties. Fatty acids and their esters were not correlated with foaming properties, but octanoic and decanoic acids and their ethyl esters were present in Charmat and carbonated wines at significantly higher concentrations than in bottle-fermented wines and were negatively correlated with quality ratings. Research findings provide industry with a better understanding of the compositional factors driving the style and quality of sparkling white wine.

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...

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.

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...

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

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.

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.

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%.

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 ...

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...

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.

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.

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...

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.

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...

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

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.

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...

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.

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...

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....

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.

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...

The Impact of Wine Style and Sugar Addition in liqueur d’expedition (dosage Solutions on Traditional Method Sparkling Wine Composition

Directory of Open Access Journals (Sweden)

Belinda Kemp

2017-01-01

Full Text Available The purpose of this study was to investigate the effect of wine style and cane sugar addition in the liqueur d’expedition (dosage solution on volatile aroma compounds (VOCs in traditional method sparkling wine. There were 24 bottles of each treatment produced. Treatments were sparkling wine zero dosage (ZD; NV sparkling wine + sugar (BS; unoaked still Chardonnay wine + sugar (UC; Pinot noir 2009 sparkling wine + sugar (PN; Niagara produced Brandy + sugar (B and Icewine (IW. The control treatment in the sensory analysis was an oaked still Chardonnay wine + sugar (OC because the zero-dosage wine was not suitable for a difference test that compared wines with sugar to one without. Standard wine chemical parameters were analysed before disgorging and after liqueur d’expedition was added and included; pH, titratable acidity (TA g/L, alcohol (v/v %, residual sugar (RS g/L, free and total SO2 and total phenolics (A.U.. Volatile aroma compounds (VOCs analysed by Headspace Solid- Phase Micro-Extraction Gas Chromatography-Mass Spectrometry (HS-SPME-GC-MS included two alcohols, and six ethyl esters. ZD wines had the highest foam height and highest dissolved oxygen level. Sugar affected VOC concentrations in all treatments at five weeks post-disgorging, but by 15 weeks after liqueur d’expedition addition, the wine with added sugar had similar VOC concentrations to the ZD wines. The type of wines used in the dosage solutions had more influence on VOC concentrations than sugar addition.

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...

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...

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.

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.

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.

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.

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.

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...

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

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...

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...

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

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.

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.

Volatile profile characterisation of Chilean sparkling wines produced by traditional and Charmat methods via sequential stir bar sorptive extraction.

Science.gov (United States)

Ubeda, C; Callejón, R M; Troncoso, A M; Peña-Neira, A; Morales, M L

2016-09-15

The volatile compositions of Charmat and traditional Chilean sparkling wines were studied for the first time. For this purpose, EG-Silicone and PDMS polymeric phases were compared and, afterwards, the most adequate was selected. The best extraction method turned out to be a sequential extraction in the headspace and by immersion using two PDMS twisters. A total of 130 compounds were determined. In traditional Chilean sparkling wines, ethyl esters were significantly higher, while acetic esters and ketones were predominant in the Charmat wines. PCA and LDA confirmed the differences in the volatile profiles between the production methods (traditional vs. Charmat). Copyright © 2016 Elsevier Ltd. All rights reserved.

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.

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

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.

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

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

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...

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...

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

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

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.

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.

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

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

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.

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.

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

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.

Sparkle lamp ingestion: a rare cause of death.

Science.gov (United States)

Grundlingh, Johann; Dargan, Paul; Gokmen, Refik; Nair, Rajesh

2010-10-01

A 51-year-old man was brought to the emergency department after he had drunk 200 mL of fluid from a decorative sparkle lamp. His calcium level was 4.99 mmol/L with a blood gas pH of 7.21. His calcium levels were corrected and his acidosis improved, but his stay in the intensive care department was complicated on day 10 by upper gastrointestinal hemorrhage because of caustic erosions in his stomach. Ten days after admission, he had an emergency right hemicolectomy during which residual luminescent particles were found to have eroded through his cecal mucosa. He eventually died 15 days after admission because of disseminated intravascular coagulopathy and refractory septic shock. This case demonstrates the potential for fatal toxicity associated with ingestion of a common household item.

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.

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.

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.

Sparkle/PM7 Lanthanide Parameters for the Modeling of Complexes and Materials

OpenAIRE

Dutra, José Diogo L.; Filho, Manoel A. M.; Rocha, Gerd B.; Freire, Ricardo O.; Simas, Alfredo M.; Stewart, James J. P.

2013-01-01

The recently published Parametric Method number 7, PM7, is the first semiempirical method to be successfully tested by modeling crystal structures and heats of formation of solids. PM7 is thus also capable of producing results of useful accuracy for materials science, and constitutes a great improvement over its predecessor, PM6. In this article, we present Sparkle Model parameters to be used with PM7 that allow the prediction of geometries of metal complexes and materials which contain lanth...

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

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,

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.

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

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

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

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.

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.

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...

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.

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

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

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.

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

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.

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.

Biodiversity of autolytic ability in flocculent Saccharomyces cerevisiae strains suitable for traditional sparkling wine fermentation.

Science.gov (United States)

Perpetuini, Giorgia; Di Gianvito, Paola; Arfelli, Giuseppe; Schirone, Maria; Corsetti, Aldo; Tofalo, Rosanna; Suzzi, Giovanna

2016-07-01

Yeasts involved in secondary fermentation of traditional sparkling wines should show specific characteristics, such as flocculation capacity and autolysis. Recently it has been postulated that autophagy may contribute to the outcome of autolysis. In this study, 28 flocculent wine Saccahromyces cerevisiae strains characterized by different flocculation degrees were studied for their autolytic and autophagic activities. Autolysis was monitored in synthetic medium through the determination of amino acid nitrogen and total proteins released. At the same time, novel primer sets were developed to determine the expression of the genes ATG1, ATG17 and ATG29. Twelve strains were selected on the basis of their autolytic rate and ATG gene expressions in synthetic medium and were inoculated in a base wine. After 30, 60 and 180 days the autolytic process and ATG gene expressions were evaluated. The obtained data showed that autolysis and ATG gene expressions differed among strains and were independent of the degree of flocculation. This biodiversity could be exploited to select new starter stains to improve sparkling wine production. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

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...

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

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.

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

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.

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...

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...

Effervescence in champagne and sparkling wines: From bubble bursting to droplet evaporation

Science.gov (United States)

Séon, T.; Liger-Belair, G.

2017-01-01

When a bubble reaches an air-liquid interface, it ruptures, projecting a multitude of tiny droplets in the air. Across the oceans, an estimated 1018 to 1020 bubbles burst every second, and form the so called sea spray, a major player in earth's climate system. At a smaller scale, in a glass of champagne about a million bubbles nucleate on the wall, rise towards the surface and burst, giving birth to a particular aerosol that holds a concentrate of wine aromas. Based on the model experiment of a single bubble bursting in simple liquids, we depict each step of this effervescence, from bubble bursting to drop evaporation. In particular, we propose simple scaling laws for the jet velocity and the top drop size. We unravel experimentally the intricate roles of bubble shape, capillary waves, gravity, and liquid properties in the jet dynamics and the drop detachment. We demonstrate how damping action of viscosity produces faster and smaller droplets and more generally how liquid properties enable to control the bubble bursting aerosol characteristics. In this context, the particular case of Champagne wine aerosol is studied in details and the key features of this aerosol are identified. We demonstrate that compared to a still wine, champagne fizz drastically enhances the transfer of liquid into the atmosphere. Conditions on bubble radius and wine viscosity that optimize aerosol evaporation are provided. These results pave the way towards the fine tuning of aerosol characteristics and flavor release during sparkling wine tasting, a major issue of the sparkling wine industry.

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.

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 ...

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.

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.

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

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.

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.

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.

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.

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

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.

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…

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 ...

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

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.

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...

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

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.

Model of acceptance of a new type of beverage: application to natural sparkling red wine

OpenAIRE

Cristina Olarte; Jorge Pelegrín; Eva Reinares

2017-01-01

Wine is a traditional beverage with a saturated market, in which consumers are open to innovation. In this context, an innovative experience was launched to create a new natural sparkling red wine with a view to diversifying production and studying its acceptance. This paper uses an original acceptance model for new foods called the Cognitive-Affective-Normative (CAN) model. The model was tested on a sample of 500 Spanish consumers in a real-world test context and explains 64.1% of the intent...

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.

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...

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

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

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.

Polyphenols-enriched Chardonnay white wine and sparkling Pinot Noir red wine identically prevent early atherosclerosis in hamsters.

Science.gov (United States)

Auger, Cyril; Rouanet, Jean-Max; Vanderlinde, Regina; Bornet, Aurélie; Décordé, Kelly; Lequeux, Nadine; Cristol, Jean-Paul; Teissedre, Pierre-Louis

2005-12-14

The effects of a white wine enriched with polyphenols (PEWW) from Chardonnay grapes and of a sparkling red wine (SRW) from Pinot Noir and Chardonnay grapes were studied for the first time on early atherosclerosis in hamsters. Animals were fed an atherogenic diet for 12 weeks. They received by force-feeding PEWW, SRW, ethanol 12% (ETH), or water as control (mimicking a moderate consumption of approximately 2 red wine glasses per meal for a 70 kg human). Plasma cholesterol concentrations were lower in groups that consumed PEWW and SRW accompanied by an increase in the ratio apo A-1/apo B. Liver-specific activities of superoxide dismutase and catalase were significantly increased by PEWW (38 and 16%, respectively) and by SRW (48 and 15%, respectively). PEWW and ETH significantly increased plasma antioxidant capacity and vitamin A concentrations. Aortic fatty streak area (AFSA) was significantly strongly reduced in the groups receiving PEWW (85%) and SRW (89%) in comparison with the control. AFSA was reduced by ethanol to a lesser extent (58%). These data suggest that tannins from the phenolics-enriched white wine induce a protective effect against early atherosclerosis comparable to that produced by sparkling red wine containing tanins and anthocyanins and dissociated from the antioxidant action of these compounds.

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...

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. ...

Evaluation of methods for the microbiological control of natural corks for sparkling wine bottles.

Science.gov (United States)

Centeno, S; Calvo, M A

2000-01-01

The various parameters proposed in Norm 0.20/95 of Catalunya (Spain) for the microbiological analysis of natural corks for sparkling wines were evaluated. The best results were obtained through the use of 1/4 Ringer's solution or saline for rinsing with an agitation time of 30 min, and an agitation speed of 150-200 rpm. Tryptone soya agar (TSA) and Sabouraud dextrose agar (SDA) were used as a culture medium for the bacteria and fungi, respectively, and a cultivation time of 48 h and incubation temperatures of 37 +/- 2 degrees C for bacteria and 28 degrees C for yeast and filamentous fungi.

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. 

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.

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.

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.

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.

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…

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...

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

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.

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...

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.

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

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.

System for automatic checking of nuclear radiation detectors of sparkle type

International Nuclear Information System (INIS)

Gutierrez O, E.; Vilchis P, A.; Romero G, M.; Torres B, M.A.; Garcia H, J.M.

2001-01-01

In this work an automatic system of checking of nuclear detectors of sparkle type is described. This system is used in laboratory for the checking of the parameters which define the reliable operation of each detector, also it compares the obtained results with those proportionated by the manufacturer for the operator can emit the acceptance or rejection criteria. The checking system consists of an acquisition data card with a digital signal processor (DSP) as central device, a programmable high voltage source and an insertion and conversion module. These components interact with a personal computer to provide to the operator the energy spectra, the nuclear pulse form and the merit figure. The obtained results are showed in graphic form and/or numerical values and it is possible store them in a data file and/or in printed form. For facilitating the interaction of the computer with the user, the system software was realized with a commercial language of graphic programming (virtual instrumentation). (Author)

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

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 ...

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.

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.

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...

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.

\\"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.

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.

Efficacy of the semiempirical sparkle model as compared to ECP ab-initio calculations for the prediction of ligand field parameters of europium (III) complexes

International Nuclear Information System (INIS)

Freire, Ricardo O.; Rocha, Gerd B.; Albuquerque, Rodrigo Q.; Simas, Alfredo M.

2005-01-01

The second version of the sparkle model for the calculation of lanthanide complexes (SMLC II) as well as ab-initio calculations (HF/STO-3G and HF/3-21G) have been used to calculate the geometries of a series of europium (III) complexes with different coordination numbers (CN=7, 8 and 9), ligating atoms (O and N) and ligands (mono, bi and polydentate). The so-called ligand field parameters, Bqk's, have been calculated from both SMLC II and ab-initio optimized structures and compared to the ones calculated from crystallographic data. The results show that the SMLC II model represents a significant improvement over the previous version (SMLC) and has given good results when compared to ab-initio methods, which demand a much higher computational effort. Indeed, ab-initio methods take around a hundred times more computing time than SMLC. As such, our results indicate that our sparkle model can be a very useful and a fast tool when applied to the prediction of both ground state geometries and ligand field parameters of europium (III) complexes

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...

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.

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.

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...

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...

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...

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...

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.

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...

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

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.

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.

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.

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.

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)

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...

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.

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...

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.

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.

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

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.

Effervescence in champagne and sparkling wines: From grape harvest to bubble rise

Science.gov (United States)

Liger-Belair, Gérard

2017-01-01

Bubbles in a glass of champagne may seem like the acme of frivolity to most of people, but in fact they may rather be considered as a fantastic playground for any fluid physicist. Under standard tasting conditions, about a million bubbles will nucleate and rise if you resist drinking from your flute. The so-called effervescence process, which enlivens champagne and sparkling wines tasting, is the result of the complex interplay between carbon dioxide (CO2) dissolved in the liquid phase, tiny air pockets trapped within microscopic particles during the pouring process, and some both glass and liquid properties. In this tutorial review, the journey of yeast-fermented CO2 is reviewed (from its progressive dissolution in the liquid phase during the fermentation process, to its progressive release in the headspace above glasses). The most recent advances about the physicochemical processes behind the nucleation, and rise of gaseous CO2 bubbles, under standard tasting conditions, have been gathered hereafter. Let's hope that your enjoyment of champagne will be enhanced after reading this tutorial review dedicated to the unsuspected physics hidden right under your nose each time you enjoy a glass of bubbly.

Sparkling extreme-ultraviolet bright dots observed with Hi-C

International Nuclear Information System (INIS)

Régnier, S.; Alexander, C. E.; Walsh, R. W.; Winebarger, A. R.; Cirtain, J.; Golub, L.; Korreck, K. E.; Weber, M.; Mitchell, N.; Platt, S.; De Pontieu, B.; Title, A.; Kobayashi, K.; Kuzin, S.; DeForest, C. E.

2014-01-01

Observing the Sun at high time and spatial scales is a step toward understanding the finest and fundamental scales of heating events in the solar corona. The high-resolution coronal (Hi-C) instrument has provided the highest spatial and temporal resolution images of the solar corona in the EUV wavelength range to date. Hi-C observed an active region on 2012 July 11 that exhibits several interesting features in the EUV line at 193 Å. One of them is the existence of short, small brightenings 'sparkling' at the edge of the active region; we call these EUV bright dots (EBDs). Individual EBDs have a characteristic duration of 25 s with a characteristic length of 680 km. These brightenings are not fully resolved by the SDO/AIA instrument at the same wavelength; however, they can be identified with respect to the Hi-C location of the EBDs. In addition, EBDs are seen in other chromospheric/coronal channels of SDO/AIA, which suggests a temperature between 0.5 and 1.5 MK. Based on their frequency in the Hi-C time series, we define four different categories of EBDs: single peak, double peak, long duration, and bursty. Based on a potential field extrapolation from an SDO/HMI magnetogram, the EBDs appear at the footpoints of large-scale, trans-equatorial coronal loops. The Hi-C observations provide the first evidence of small-scale EUV heating events at the base of these coronal loops, which have a free magnetic energy of the order of 10 26 erg.

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...

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.

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...

Os dividendos como estratégia de investimentos em ações

Directory of Open Access Journals (Sweden)

Artur Franco Bueno

2002-04-01

Full Text Available Na Teoria de Finanças, o papel dos dividendos nas cotações é um tema controverso, uma vez que há diferentes teorias que abordam sua relevância para o valor das ações e, em conseqüência, para a riqueza dos acionistas. Além disso, as descobertas empíricas que originaram a Hipótese de Mercado Eficiente de Capitais (HME não apenas contradizem a Análise Técnica, mas também impõem um desafio à declarada habilidade superior da Análise Fundamentalista em gerar retornos superiores, com base em fatores ou variáveis contábeis, financeiros e econômicos, tais como o dividend yield (retorno em dividendos. A fim de se verificar a relação entre dividend yields e as taxas de retornos das ações, bem como a viabilidade de uma estratégia baseada em dividend yields históricos de "bater" o mercado, foram construídas, mensalmente, durante o período que vai do Plano Real em julho de 1994 a dezembro de 1999, três diferentes carteiras (alto, baixo e zero. Seus riscos, retornos e indicadores de desempenho ajustados ao risco foram calculados e comparados entre si e com seu paradigma (benchmark, o Índice da Bolsa de Valores de São Paulo - Ibovespa. A evidência empírica é incapaz de sugerir que as ações de altos dividend yield tendem a possuir maiores ou menores taxas de retorno do que as ações de baixo ou zero yield. Ademais, as evidências sugerem que não é possível demonstrar, usando o método empírico aplicado, uma clara associação entre dividend yield e taxas de retorno das ações.In Finance Theory, the role of dividends in stock prices is a controversial issue, considering the different theories that exist on their relevance for stock value and, consequently, for shareholders' wealth. Furthermore, empirical findings that have originated the Efficient Market Hypothesis (EMH not only contradict Technical Analysis, but also pose a challenge to the Fundamental Analysis' supposedly superior ability to generate higher returns

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...

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.

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.

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...

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...

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 �

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。

Changes in sparkling wine aroma during the second fermentation under CO2 pressure in sealed bottle.

Science.gov (United States)

Martínez-García, Rafael; García-Martínez, Teresa; Puig-Pujol, Anna; Mauricio, Juan Carlos; Moreno, Juan

2017-12-15

High quality sparkling wine made by the traditional method requires a second alcoholic fermentation of a base wine in sealed bottles, followed by an aging time in contact with yeast lees. The CO 2 overpressure released during this second fermentation has an important effect on the yeast metabolism and therefore on the wine aroma composition. This study focuses on the changes in chemical composition and 43 aroma compounds released by yeast during this fermentation carried out under two pressure conditions. The data were subjected to statistical analysis allowing differentiating between the base wine and the wine samples taken in the middle and at the end of fermentation. The differentiation among wines obtained to the end of fermentation with or without CO 2 pressure is only achieved by a principal component analysis of 15 selected minor compounds (mainly ethyl dodecanoate, ethyl tetradecanoate, hexyl acetate, ethyl butanoate and ethyl isobutanoate). Copyright © 2017 Elsevier Ltd. All rights reserved.

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

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...

The booster linac of the Sparkle Company 18 MeV Cyclotron: main design elements

International Nuclear Information System (INIS)

Picardi, L.; Ronsivalle, C.

2009-01-01

The Sparkle Company (Casarano, Le) that is setting up a centre for production and research on radioisotopes for medical use, has requested to the ENEA Accelerator Laboratory a specific design of a linear accelerator for boosting the energy of its commercial cyclotron from 18 to 24 MeV, with the aim of implementing a small proton irradiation facility for radiobiology studies. This is the first case of coupling a cyclotron beam to a linac, that, if successful, can give rise to a new class of accelerators for proton therapy. The linac can accelerate only a very small portion of the cyclotron beam, due to the intrinsic mismatching of the two kind of accelerators both in the vertical and in the longitudinal phase planes. A beam transport line has been studied that besides matching at best the beam to the linac in the transverse plane, is equipped with a chopping system to lower drastically the primary beam power in order to protect the linac structure. The linac is SCDTL type, and operates at 3 GHz. In the following the results of the design are presented. [it

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.

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.

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.

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...

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...

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.

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

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.

Integration Versus Segmentation: The Istanbul Stock Exchange

OpenAIRE

Suleyman Gokçen; Ahu Ozturkmen

1997-01-01

The purpose of this paper is to analyse the integration versus segmentation issue for the Istanbul Stock Exchange vis-a-vis global developed markets. Two different classes of information variables are used. These are global and local variables. Global variables are the return of the world market portfolio, dividend yield of S&P 500 stock index, U.S. term structure premia and U.S. default risk yield spread. Local variables are the returns, price earning ratios and dividend yields of the Istanb...

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.

Inflation and Stock Prices: No Illusion

OpenAIRE

Chao Wei

2007-01-01

Campbell and Vuolteenaho (2004) use VAR results to advocate inflation illusion as the explanation for the positive association between inflation and the dividend yield. Contrary to their results, we find that a fully rational dynamic general equilibrium model can generate a positive correlation between the dividend yield and inflation of comparable size to its data counterpart. The model results support a proxy hypothesis, according to which, a third factor, which in our model represents tech...

Option Pricing and Momentum

NARCIS (Netherlands)

Rodriguez, J.C.

2007-01-01

If managers are reluctant to fully adjust dividends to changes in earnings, stock returns and changes in the dividend yield will tend to be negatively correlated. When this is the case, stock returns will exhibit positive autocorrelation, or mo- mentum. This paper studies the pricing of options in

Domestic Environmental Policy and International Factor Mobility: A General Equilibrium Analysis

OpenAIRE

Stefan Felder; Reto Schleiniger

1995-01-01

This paper studies the conditions under which a green tax reform not only benefits the environment but also enhances the efficiency of the tax system. The focus is on the consequences of international factor mobility for the scope of a double dividend. The investigation of the double-dividend claim is based on a general equilibrium model of a stylised small open economy. The simulations of equal-yield tax reform scenarios indicate that an environmental tax on consumption yields a double divid...

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...

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...

Linkages among U.S. Treasury Bond Yields, Commodity Futures and Stock Market Implied Volatility: New Nonparametric Evidence

Directory of Open Access Journals (Sweden)

Vychytilova Jana

2015-09-01

Full Text Available This paper aims to explore specific cross-asset market correlations over the past fifteen- yearperiod-from January 04, 1999 till April 01, 2015, and within four sub-phases covering both the crisis and the non-crisis periods. On the basis of multivariate statistical methods, we focus on investigating relations between selected well-known market indices- U.S. treasury bond yields- the 30-year treasury yield index (TYX and the 10-year treasury yield (TNX; commodity futures the TR/J CRB; and implied volatility of S&P 500 index- the VIX. We estimate relative logarithmic returns by using monthly close prices adjusted for dividends and splits and run normality and correlation analyses. This paper indicates that the TR/J CRB can be adequately modeled by a normal distribution, whereas the rest of benchmarks do not come from a normal distribution. This paper, inter alia, points out some evidence of a statistically significant negative relationship between bond yields and the VIX in the past fifteen years and a statistically significant negative linkage between the TR/J CRB and the VIX since 2009. In rather general terms, this paper thereafter supports the a priori idea- financial markets are interconnected. Such knowledge can be beneficial for building and testing accurate financial market models, and particularly for the understanding and recognizing market cycles.

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.

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)

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.

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.

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.

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.

Model of acceptance of a new type of beverage: application to natural sparkling red wine

Directory of Open Access Journals (Sweden)

Cristina Olarte

2017-04-01

Full Text Available Wine is a traditional beverage with a saturated market, in which consumers are open to innovation. In this context, an innovative experience was launched to create a new natural sparkling red wine with a view to diversifying production and studying its acceptance. This paper uses an original acceptance model for new foods called the Cognitive-Affective-Normative (CAN model. The model was tested on a sample of 500 Spanish consumers in a real-world test context and explains 64.1% of the intention to consume the new wine.  The results showed the importance of the cognitive factor in consumer intention. In particular, sensory and price benefits were found to be the key criteria explaining the intention to consume (41.34%. The results also confirmed the usefulness of expanding the factors that determine new food acceptance to include the emotional and normative dimensions of consumer behaviour. The social norm (18.54% and affective factors (4.2% contributed to the explanation of the underlying reasons influencing consumers’ assessments of the product. It is proposed that efforts focus on new visual, olfactory and taste-related sensations with a view to producing an appetising product that offers good value for money. Research and development institutes should innovate towards products that highlight these sensations. Therefore, attention should be drawn to the importance of acting on potential consumers’ reference groups and membership groups, with a view to involving them in recommending the product. Managers should focus on measuring and influencing social opinion, working on marketing communication to achieve acceptance.

Model of acceptance of a new type of beverage: application to natural sparkling red wine

International Nuclear Information System (INIS)

Olarte, C.; Pelegrín, J.; Reinares, E.

2017-01-01

Wine is a traditional beverage with a saturated market, in which consumers are open to innovation. In this context, an innovative experience was launched to create a new natural sparkling red wine with a view to diversifying production and studying its acceptance. This paper uses an original acceptance model for new foods called the Cognitive-Affective-Normative (CAN) model. The model was tested on a sample of 500 Spanish consumers in a real-world test context and explains 64.1% of the intention to consume the new wine. The results showed the importance of the cognitive factor in consumer intention. In particular, sensory and price benefits were found to be the key criteria explaining the intention to consume (41.34%). The results also confirmed the usefulness of expanding the factors that determine new food acceptance to include the emotional and normative dimensions of consumer behaviour. The social norm (18.54%) and affective factors (4.2%) contributed to the explanation of the underlying reasons influencing consumers’ assessments of the product. It is proposed that efforts focus on new visual, olfactory and taste-related sensations with a view to producing an appetising product that offers good value for money. Research and development institutes should innovate towards products that highlight these sensations. Therefore, attention should be drawn to the importance of acting on potential consumers’ reference groups and membership groups, with a view to involving them in recommending the product. Managers should focus on measuring and influencing social opinion, working on marketing communication to achieve acceptance.

Model of acceptance of a new type of beverage: application to natural sparkling red wine

Energy Technology Data Exchange (ETDEWEB)

Olarte, C.; Pelegrín, J.; Reinares, E.

2017-09-01

Wine is a traditional beverage with a saturated market, in which consumers are open to innovation. In this context, an innovative experience was launched to create a new natural sparkling red wine with a view to diversifying production and studying its acceptance. This paper uses an original acceptance model for new foods called the Cognitive-Affective-Normative (CAN) model. The model was tested on a sample of 500 Spanish consumers in a real-world test context and explains 64.1% of the intention to consume the new wine. The results showed the importance of the cognitive factor in consumer intention. In particular, sensory and price benefits were found to be the key criteria explaining the intention to consume (41.34%). The results also confirmed the usefulness of expanding the factors that determine new food acceptance to include the emotional and normative dimensions of consumer behaviour. The social norm (18.54%) and affective factors (4.2%) contributed to the explanation of the underlying reasons influencing consumers’ assessments of the product. It is proposed that efforts focus on new visual, olfactory and taste-related sensations with a view to producing an appetising product that offers good value for money. Research and development institutes should innovate towards products that highlight these sensations. Therefore, attention should be drawn to the importance of acting on potential consumers’ reference groups and membership groups, with a view to involving them in recommending the product. Managers should focus on measuring and influencing social opinion, working on marketing communication to achieve acceptance.

PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA

Directory of Open Access Journals (Sweden)

Sri Isworo Ediningsih

2017-03-01

Full Text Available A valuation model was a mechanism that converted a set of forecast, a series of company and economic variablesinto a forecast of market value for the company’s stock. The purpose of this study was to examine relevance amongdividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in theIndonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchangeperiod 2008–2011 and divided dividend. The results showed that few of samples were undervalue and the otherswere overvalue. It meant valuation model could be applicated in the Indonesian stock exchange. By using multipleregressions, this study found that: valuation model relevans used in investment decission in manufacturefirms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book valueand total debt had significant effect to stock price and partially dividend yield had no significant effect to stockprice and whereas retained earnings, book value and total debt had significant effect in partial to stock price.

The enhancement of environmental literacy of High School students within the Sparkling Science project "Traisen w3"

Science.gov (United States)

Poppe, Michaela; Zitek, Andreas; Böck, Kerstin; Scheikl, Sigrid; Heidenreich, Andrea; Kurz-Aigner, Roman; Schrittwieser, Martin; Muhar, Susanne

2015-04-01

Environmental literacy is the knowledge necessary to understand the environment as an ecological system. It comprises the insight in the impact of human behaviour on the natural world and the disposition and motivation to apply ones knowledge, skills and insight in order to make environmentally beneficial decisions as rational citizen. The United Nations Environmental Programme states that young people will face major challenges in providing sufficient water and food, generating energy and adapting to climate change in future. Dealing with these challenges will require a major contribution from science and technology. But even more important, it is an issue of education to transfer the required system understanding as a basis to take informed decisions. In this way an education towards environmental literacy contributes significantly to the personal, social, and professional lives of young people, plays therefore a central role in young person`s "preparedness for life", and is a major prerequisite for sustainable development. For the purpose of developing new and engaging forms of learning, "Sparkling Science" projects are funded by the Federal Ministry of Science, Research and Economy in Austria. These projects target at integrating science with school learning by involving young people into scientific research. Within the Sparkling Science Projects "FlussAu:WOW" and" "Traisen.w3" scientists work together with 15-18-year-old students of an Austrian High School over four years. The projects aim to assess and evaluate crucial functions and processes of riverine landscapes particularly considering the floodplain area in near natural and anthropogenically changed landscapes. Within the first project "FlussAu:WOW" (2012-2014), students and scientists elaborated on indicators for assessing and evaluating the ecological functionality of floodplains and rivers. In a case study in the "Traisen.w3" project (2014-2016), scientists and students will focus at the catchment

Determination of the answer function and the efficiency of a sparkle detector with a NaI(Ti) crystal for photons with energy lesser than 2 MeV -simulation by Monte Carlo vs experimental measuring

International Nuclear Information System (INIS)

Mainegra, E.; Capote, R.

1997-01-01

A methodology was developed for the characterization of sparkle detectors with crystal of NaI (Ti), from simulation by Monte Carlo with the Electron-Gamma-Shower system version 4. In the simulation it considered the aluminum cover of the crystal and the armor protector, of the detection system. The experimental spectrum was reproduced with precision, except for energies smaller than the peak of re tro dispersion. This divergence is explained for the non consideration of the real dimensions of the fountain and hence of the dispersion of the gamma radiation in the same one. (author) [es

LGBQ-Specific Elderly Housing as a "Sparkling Sanctuary": Boundary Work on LGBQ Identity and Community in Relationship to Potential LGBQ-Specific Elderly Housing in Sweden.

Science.gov (United States)

Rosenberg, Lena; Kottorp, Anders; Johansson, Karin

2017-09-08

This study explored how boundaries in relationship to community and identity were created and negotiated among lesbian, gay, bisexual, and queer (LGBQ) people within the framework of picturing LGBQ-specific elderly housing as a housing alternative in older age, by applying focus group methodology. "An island as a sparkling sanctuary" was identified as a metaphor for how symbolic resources defining the LGBQ community can be manifested in LGBQ-specific qualities of elderly housing. The boundary work underlying this manifestation included elaborations on the dilemma between exclusiveness and normality. The findings illustrate further how symbolic resources and collective identities were developed through dialectic interplay between internal and external definitions. Further, the findings show how boundary work generated shared feelings of similarity and group membership. The associated symbolic and social resources not only served to deal with difficult situations but also to manifest LGBQ identity and sense of community as a "gold medal."

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)

Will Carbon Tax Yield Employment Double Dividend for China?

Directory of Open Access Journals (Sweden)

Jinghua Zhang

2013-07-01

Full Text Available Carbon tax is an important economic means to reduce carbon emission. This paper establishes a Computable General Equilibrium (CGE model to reflect China’s resource environment where economic growth and employment play a role by analyzing impacts of carbon tax on employment. The CGE model measures short and long-term impacts of carbon tax on employment, and examines whether the employment “double dividend” would be possible. The analysis shows that the demand for employment tends to decrease as a whole, but different groups of employees would be affected in various ways. “Double dividend” will be possible if appropriate carbon tax cycle is in place.

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...

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

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...

Takeover Deterrent Effect of On-market Share Buyback in Australia

Directory of Open Access Journals (Sweden)

Dong Hai Trieu Doan

2011-12-01

Full Text Available This study examines whether Australian firms use on-market share buybacks to deter unwanted takeover risk. We found a statistically significant and positive relationship between a firm’s ex-ante takeover probability and its on-market share buyback activities. Our result is robust to alternative modelling techniques, namelyTOBIT and Censored Quantile Regressions. This paper found evidence that in a dividend imputation credit taxation system the yield of share buyback is positively related to dividend payments. However, on-market share buyback activity is closely related to temporary cash flows rather than to permanent operating cash flows. This might indicate that, besides dividend payments, Australian firms take advantage of the financial flexibility that comes with share buybacks to redistribute nonpermanent cash flows to their shareholders.

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

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.

Learning effects of active involvement of secondary school students in scientific research within the Sparkling Science project "FlussAu:WOW!"

Science.gov (United States)

Poppe, Michaela; Zitek, Andreas; Scheikl, Sigrid; Heidenreich, Andrea; Kurz, Roman; Schrittwieser, Martin; Muhar, Susanne

2014-05-01

Due to immense technological and economic developments, human activities producing greenhouse gases, destructing ecosystems, changing landscapes and societies are influencing the world to such a degree, that the environment and human well-being are significantly affected. This results in a need to educate citizens towards a scientific understanding of complex socio-environmental systems. The OECD programme for international student assessment (PISA - http://www.pisa.oecd.org) investigated in detail the science competencies of 15-year-old students in 2006. The report documented that teenagers in OECD countries are mostly well aware of environmental issues but often know little about their causes or options to tackle these challenges in the future. For the integration of science with school learning and involving young people actively into scientific research Sparkling Science projects are funded by the Federal Ministry of Science and Research in Austria. Within the Sparkling Science Project "FlussAu:WOW!" (http://www.sparklingscience.at/de/projekte/574-flussau-wow-/) scientists work together with 15 to 18-year-old students of two Austrian High Schools over two years to assess the functions and processes in near natural and anthropogenically changed river floodplains. Within the first year of collaboration students, teachers and scientists elaborated on abiotic, biotic and spatial indicators for assessing and evaluating the ecological functionality of riverine systems. After a theoretical introduction students formulated research questions, hypotheses and planned and conducted field work in two different floodplain areas in Lower Austria. From the second year on, students are going to develop qualitative models on processes in river floodplain systems by means of the learning software "DynaLearn". The "DynaLearn" software is an engaging, interactive, hierarchically structured learning environment that was developed within the EU-FP7 project "DynaLearn" (http

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.

Influence of Grape Berry Maturity on Juice and Base Wine Composition and Foaming Properties of Sparkling Wines from the Champagne Region.

Science.gov (United States)

Liu, Pin-He; Vrigneau, Céline; Salmon, Thomas; Hoang, Duc An; Boulet, Jean-Claude; Jégou, Sandrine; Marchal, Richard

2018-06-06

In sparkling wine cool-climate regions like Champagne, it is sometimes necessary to pick the healthy grape clusters that have a relatively low maturity level to avoid the deleterious effects of Botrytis cinerea . In such conditions, we know that classical oenological parameters (sugars, pH, total acidity) may change but there is little information concerning the impact of grape berry maturity on wine proteins and foaming properties. Therefore, healthy grapes (Chardonnay and Pinot meunier) in 2015 and 2016 were picked at different maturity levels within the range of common industrial maturity for potential alcohol content 8⁻11% v/v in the Champagne region. Base wine protein content and foamability, and oenological parameters in grape juice and their corresponding base wines, were investigated. The results showed that base wine protein contents (analyzed by the Bradford method and by electrophoresis) and foamability were higher when the grapes were riper. The Pearson’s correlation test found significant positive correlations ( r = 0.890⁻0.997, p < 0.05) between Chardonnay grape berry maturity degree (MD) and base wine foamability in both vintages. Strong correlations between MD and most of the oenological parameters in grape juice and base wine were also found for the two cultivars. Under the premise of guaranteed grape health, delaying harvest date is an oenological decision capable of improving base wine protein content and foamability.

Theoretical and experimental spectroscopic studies of the first highly luminescent binuclear hydrocinnamate of Eu(III), Tb(III) and Gd(III) with bidentate 2,2'-bipyridine ligand

Energy Technology Data Exchange (ETDEWEB)

Marques, Lippy F.; Correa, Charlane C.; Garcia, Humberto C. [Departamento de Química-ICE, Universidade Federal de Juiz de Fora, Juiz de Fora-MG 36036-330 (Brazil); Martins Francisco, Thiago [Departamento de Física-ICEx, Universidade Federal de Minas Gerais, Pampulha, Belo Horizonte-MG 30123-970 (Brazil); Ribeiro, Sidney J.L. [Instituto de Química, Universidade Estadual Paulista Júlio de Mesquita Filho-UNESP, CP 355, Araraquara-SP 14801-970 (Brazil); Dutra, José Diogo L.; Freire, Ricardo O. [Pople Computational Chemistry Laboratory, Departamento de Química, Universidade Federal de Sergipe, São Cristóvão-SE 49100-000 (Brazil); Machado, Flávia C., E-mail: flavia.machado@ufjf.edu.br [Departamento de Química-ICE, Universidade Federal de Juiz de Fora, Juiz de Fora-MG 36036-330 (Brazil)

2014-04-15

In this paper, the synthesis of three new binuclear lanthanide (III) complexes [Ln{sub 2}(cin){sub 6}(bpy){sub 2}] (Ln=Eu (1), Tb (2), Gd (3), cin=hydrocinnamate anion; bpy=2,2'-bipyridine), and their complete characterization, including single crystal X-ray diffraction, FTIR spectroscopy and thermal analysis (TGA/DTA) are reported. In especial, photophysical properties of Eu(III) complex have been studied in detail via both theoretical and experimental approaches. Crystal structures of 1–3 reveal that all compounds are isostructural and that each lanthanide ion is nine-coordinated by oxygen and nitrogen atoms in an overall distorted tricapped trigonal-prismatic geometry. Eu(III) complex structure was also calculated using the Sparkle model for lanthanide complexes and the intensity parameters (Ω{sub 2}, Ω{sub 4}, and Ω{sub 6}), calculated from the experimental data and from Sparkle/PM3 model. The theoretical emission quantum efficiencies obtained for Sparkle/PM3 structures are in excellent agreement with the experimental values, clearly attesting to the efficacy of the theoretical models. The theoretical procedure applied here shows that the europium binuclear compound displays a quantum yield about 65% suggesting that the system can be excellent for the development of efficient luminescent devices. Highlights: • First binuclear Ln{sup 3+}-hydrocinnamate have been synthesized and characterized. • Eu{sup 3+}, Tb{sup 3+} and Gd{sup 3+} complexes photoluminescence properties were investigated. • Theoretical approaches for Eu{sup 3+} complex luminescence has been performed. • An energy level diagram is used to establish the ligand-to-metal energy transfer. • 65% Quantum yield suggests an excellent system for luminescent devices.

27 CFR 24.278 - Tax credit for certain small domestic producers.

Science.gov (United States)

2010-04-01

... champagne and other sparkling wine) removed during that year for consumption or sale. This credit applies... gallons of wine (other than champagne and other sparkling wine) removed for consumption or sale by an... production of formula wine. Production of champagne and other sparkling wines is included for purposes of...

Pengaruh Kebijakan Pendanaan, Deviden dan Profitabilitas Perusahaan terhadap Set Kesempatan Investasi (IOS

Directory of Open Access Journals (Sweden)

Akhmad Adi Saputro

2015-12-01

Full Text Available The objective this research is to examine financing policy, dividend policy and profitability of the  firm association investment  opportunity set. The sample of this study consist  of 28 firm in Jakarta Stock Exchange period 1999-2004. Common factor analysis is conducted to constructcomposite  measures then ranked to classify the growth of sampling firm. To examine the impact of the financing policy, dividend policy, and profitability to the  investment opportunity set of the high and low growth firm is used logit regression analysis. The result indicates that the impact between  financing policy, proxied  by Book value  of debt  to equity, Market value of debt to equity to investment  opportunity set, is significantly negative. The impact between  dividend policy  proxied  by dividend yield  and investment opportunity set is significantly negative, but dividen pay out ratio is not  significant. The impact of profitability, proxied  by return on assets to investment opportunity set is significantly positive. 

System understanding as a basis for sustainable decision-making. A science - school collaboration within the Sparkling Science project "Traisen w3"

Science.gov (United States)

Poppe, Michaela; Böck, Kerstin; Loach, Andreas; Scheikl, Sigrid; Zitek, Andreas; Heidenreich, Andrea; Kurz-Aigner, Roman; Schrittwieser, Martin; Muhar, Susanne

2016-04-01

Equipping young people with the skills to participate successfully in increasingly complex environments and societies is a central issue of policy makers around the world. Only the understanding of complex socio-environmental systems establishes a basis for making decisions leading to sustainable development. However, OECD Pisa studies indicated, that only a low percentage of 15-year-old students was able to solve straightforward problems. Additionally, students get less interested in natural science education. In Austria "Sparkling Science" projects funded by the Federal Ministry of Science, Research and Economy in Austria target at integrating science with school learning by involving young people into scientific research for the purpose of developing new and engaging forms of interactive, meaningful learning. Within the Sparkling Science Project "Traisen.w3" scientists work together with 15 to 18-year-old students of an Austrian Secondary School over two years to identify and evaluate ecosystem services within the catchment of the river Traisen. One of the aims of the project is to foster system understanding of the youths by multi-modal school activities. To support the development of causal systems thinking, students developed qualitative causal models on processes in the catchment of the river Traisen with an interactive, hierarchically structured learning environment that was developed within the EU-FP7 project "DynaLearn" (http://www.dynalearn.eu) based on qualitative reasoning. Students worked in small groups and were encouraged to interlink entities, processes and simulate the results of the proposed interactions of hydrological, biological, ecological, spatial and societal elements. Within this setting collaborative problem solving competency through sharing knowledge, understanding and different perspectives was developed. Additionally, in several school workshops the ecosystem services concept was used as communication tool to show the

ANALISIS VARIABEL YANG BERPENGARUH TERHADAP SPREAD HARGA SAHAM PADA INDUSTRI MANUFAKTUR DI BURSA EFEK JAKARTA

Directory of Open Access Journals (Sweden)

SRI UTAMI ADY

2012-05-01

Full Text Available ABSTRAK Spread adalah selisih harga jual dan harga beli saham di pasar modal. Harga jual dan harga beli ditentukan oleh Broker. Besar kecilnya spread dipengaruhi oleh dua faktor yaitu ketidakseimbangan informasi dan persaingan di antara pelaku pasar. Semakin tinggi ketidakseimbangan informasi diantara pelaku pasar maka semakin besar spread. Dan semakin kuat persaingan di pasar modal maka harga jual semakin rendah dan harga beli semakin tinggi sehingga spread mengecil. Pengumuman dividen diharapkan dapat memberikan informasi ke pasar modal dan mengurangi informasi asimetri sehingga spread mengecil. Sebagai proxy dari informasi digunakan variabel kapitalisasi pasar dan lama terdaftar. Tujuan penelitian ini adalah untuk mengetahui : (1 pengaruh dari variabel-variabel dividend yield, volume perdagangan, varian return, harga saham, kapitalisasi pasar dan lama terdaftar terhadap spread baik secara simultan ataupun parsial. (2 Manakah diantara variabel-variabel tersebut yang paling berpengaruh terhadap spread Penelitian dilakukan pada 25 perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta (BEJ sebagai sampel penelitian. Teknik pengambilan sampel yang digunakan adalah purposive, yaitu pada perusahaan manufaktur yang membayarkan cash dividend dan aktif diperdagangkan pada tahun 1999. Penelitian menggunakan data harian saham di Bursa Efek Jakarta (BEJ pada periode Januari sampai dengan Desember 1999, metode analisis yang digunakan adalah Regresi Linier Berganda. Hasil penelitian menyimpulkan bahwa : (1 Variabel dividend yield dan volume perdagangan mempunyai pengaruh negatif signifikan, varian return berpengaruh positif signifikan. (2 Harga saham berpengaruh negatif tidak signifikan dan lama terdaftar berpengaruh positif signifikan. (3 Terdapat multikolinier antara volume perdagangan dan kapitalisasi pasar sehingga kapitalisasi pasar dikeluarkan dari model. (4 Varian return adalah variabel yang paling berpengaruh terhadap spread. Kemungkinan hasil

KEBIJAKAN PENDANAAN DAN DIVIDEN DENGAN PENDEKATAN INVESTMENT OPPORTUNITY SET

Directory of Open Access Journals (Sweden)

Christian Herdinata

2017-03-01

Full Text Available This research aimed to identify policy difference of debt and dividend policy amongcompanies having potency high and low growth with approach of investment opportunity setin Indonesia Stock Exchange (BEI. To classify company growth, it was applied five proxiesInvestment Opportunity Set (IOS that was market to book of asset ratio (MVE/BE, price earningratio (PER, value book of plant, property, and equipment to asset ratio ( PPE/BVA and capitaladdition to book of asset ratio (CAP/BVA. The variables were analyzed using common factoranalysis. In identifying debt policy to apply proxy debt equity ratio and dividend policy, proxydividend yield was applied, then it was analyzed using difference test mean and test u mannwhitney. The empirical results showed that company having potency to grow high had higherdebt and lower dividend payment than companies having potency to grow low.

Laplace transforms and the American straddle

Directory of Open Access Journals (Sweden)

G. Alobaidi

2002-01-01

partial Laplace transform techniques due to Evans et al. (1950 to derive a pair of integral equations giving the locations of the optimal exercise boundaries for an American straddle option with a constant dividend yield.

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)

J.O. Famakinwa Gyekye's Moderate Communitarianism pp.65-77

African Journals Online (AJOL)

J.O. Famakinwa Gyekye

his major book, Tradition and Modernity (1997), Gyekye presents arguments for his version of ..... ought to yield some economic or non-economic dividends later in life degrades the initial duty. .... Cambridge: Harvard University Press. Sandel ...

Stock price dynamics and option valuations under volatility feedback effect

Science.gov (United States)

Kanniainen, Juho; Piché, Robert

2013-02-01

According to the volatility feedback effect, an unexpected increase in squared volatility leads to an immediate decline in the price-dividend ratio. In this paper, we consider the properties of stock price dynamics and option valuations under the volatility feedback effect by modeling the joint dynamics of stock price, dividends, and volatility in continuous time. Most importantly, our model predicts the negative effect of an increase in squared return volatility on the value of deep-in-the-money call options and, furthermore, attempts to explain the volatility puzzle. We theoretically demonstrate a mechanism by which the market price of diffusion return risk, or an equity risk-premium, affects option prices and empirically illustrate how to identify that mechanism using forward-looking information on option contracts. Our theoretical and empirical results support the relevance of the volatility feedback effect. Overall, the results indicate that the prevailing practice of ignoring the time-varying dividend yield in option pricing can lead to oversimplification of the stock market dynamics.

Borrowing green : economic and environmental effects of green fiscal policy in the Netherlands

NARCIS (Netherlands)

Scholtens, B.

2001-01-01

This paper analyzes the economic and environmental impact of a policy instrument that is related to the tax deductibility of interest returns and dividend yields from specified 'green' projects. We investigate this so-called 'Green Project Facility' (Regeling Groenprojecten) in the Netherlands

PENGARUH STRUKTUR MODAL, KEBIJAKAN DIVIDEN DAN SIZE TERHADAP NILAI PERUSAHAAN(Studi Pada Perusahaan Properti Di Bursa Efek Indonesia

Directory of Open Access Journals (Sweden)

Zainal Abidin

2016-04-01

Full Text Available Company has a normative goal to maximize the value of the companies, which aims to maximize shareholder wealth. This study aims to analyze the factors that value effect of the company. The variables used in this study are the Debt to Equity Ratio (DER, Dividend Yield (DYD and Size. The research was conducted on property companies listed on the Stock Exchange, period from 2009 to 2011. The dependent variable in this study is measured by the value of the company’s, Price to Book Value (PBV. The independent variable in this study is capital structure is measured by Debt to Equity Ratio (DER, dividend policy as measured by Dividend Yield (DYD and Size. Sampling was conducted using purposive sampling method which produces 17 companies as the  study  of  a  population  sample  of  52  companies.  The  method  used  in  this research is the analysis of linier regression. This  result  showed  by  together  DER,  DYD  and  Size  has  effect  on  PBV.  The partially  DER  indicated  positive  and  significant  effect  of  PBV.  Size  had  no significant positive effect on PBV. DYD has significant effects and negatively to PBV. Keyword : Debt  to  Equity  Ratio  (DER,  Divident  Yield  (DYD,  Size  and  Proce  to  Book Value (PBV

Analysis of the Effects of Introduction of an Additional Carbon Tax on the Slovenian Economy Considering Different Forms of Recycling

Directory of Open Access Journals (Sweden)

Matjaž Koman

2014-12-01

Full Text Available This paper outlines some of the environmental and economic implications of an additional CO2 tax of EUR 15/tCO2 in Slovenia in the period 2012-2030 in order to determine whether it yield a double dividend. Authors analyze (using E3ME model different forms of revenue recycling by reducing the social security contributions of either the employers or the employees or by reducing the public deficit, in order to identify the optimal fiscal instrument for improving the environmental and economic welfare (double dividend. In this policy orientated paper authors argue that a reduction of employee social security contributions has more favourable effect than a reduction in employers' social security contributions.

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.

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

経営財務における会計保守主義の機能

OpenAIRE

眞鍋, 和弘; Manabe, Kazuhiro

2010-01-01

This Paper examines the attributes of conservatism in accounting. Despite the unquestionable of conservatism, disagreement remains about what lead accounting conservatism. Also, Considerable controversy remains whether accounting conservatism yields any real economic benefit to firm. We argue that conservatism mitigates conflicts of interest over dividend policy between shareholders and bondholders.

Relevance of a Hypersaline Sodium-Rich Naturally Sparkling Mineral Water to the Protection against Metabolic Syndrome Induction in Fructose-Fed Sprague-Dawley Rats: A Biochemical, Metabolic, and Redox Approach

Directory of Open Access Journals (Sweden)

Cidália Dionísio Pereira

2014-01-01

Full Text Available The Metabolic Syndrome increases the risk for atherosclerotic cardiovascular disease and type 2 Diabetes Mellitus. Increased fructose consumption and/or mineral deficiency have been associated with Metabolic Syndrome development. This study aimed to investigate the effects of 8 weeks consumption of a hypersaline sodium-rich naturally sparkling mineral water on 10% fructose-fed Sprague-Dawley rats (Metabolic Syndrome animal model. The ingestion of the mineral water (rich in sodium bicarbonate and with higher potassium, calcium, and magnesium content than the tap water used as control reduced/prevented not only the fructose-induced increase of heart rate, plasma triacylglycerols, insulin and leptin levels, hepatic catalase activity, and organ weight to body weight ratios (for liver and both kidneys but also the decrease of hepatic glutathione peroxidase activity and oxidized glutathione content. This mineral-rich water seems to have potential to prevent Metabolic Syndrome induction by fructose. We hypothesize that its regular intake in the context of modern diets, which have a general acidic character interfering with mineral homeostasis and are poor in micronutrients, namely potassium, calcium, and magnesium, could add surplus value and attenuate imbalances, thus contributing to metabolic and redox health and, consequently, decreasing the risk for atherosclerotic cardiovascular disease.

Dividend yield strategies: Dogs of the Dow and Hounds of the Bay

OpenAIRE

Kapur, Ratul; Suryavanshi, Saurabh

2006-01-01

Over the years ‘Dogs of The Dow’ strategy has become an increasingly popular and intensely argued subject for both practitioners and academicians. This thesis examines the multifarious aspects of the ‘Dogs of The Dow’ (DoD) strategy and highlights both the euphemism of the believers and reservations of the skeptics. Further on, we empirically test the DoD strategy over a 16-year period from 1990 to 2005. A parallel study, Hounds of The Bay (HoB) is also carried out for the Canadian markets, o...

The Application of Dividend Yield Based Investment Strategy in Indonesian Stock Exchange

OpenAIRE

Ekaputra, Adriansyah; Sukarno, Subiakto

2012-01-01

Stock market development in Indonesia is growing rapidly, coupled with the increase of Indonesia's investment rating by investment research and rating companies such as Moody's and S&P, it makes Indonesian stock market look sexy in the eyes of investors from various countries. The investment strategy that simple and applicable is often sought by investors to maximize the investors' portfolio. One investment strategy is evolving but still not widely used in Indonesia is an investment strat...

27 CFR 4.21 - The standards of identity.

Science.gov (United States)

2010-04-01

... of the wine within a closed container, tank or bottle. (2) Champagne is a type of sparkling light... characteristics attributed to champagne as made in the champagne district of France. (3)(i) A sparkling light wine having the taste, aroma, and characteristics generally attributed to champagne but not otherwise...

Brazilian Soybean Yields and Yield Gaps Vary with Farm Size

Science.gov (United States)

Jeffries, G. R.; Cohn, A.; Griffin, T. S.; Bragança, A.

2017-12-01

Understanding the farm size-specific characteristics of crop yields and yield gaps may help to improve yields by enabling better targeting of technical assistance and agricultural development programs. Linking remote sensing-based yield estimates with property boundaries provides a novel view of the relationship between farm size and yield structure (yield magnitude, gaps, and stability over time). A growing literature documents variations in yield gaps, but largely ignores the role of farm size as a factor shaping yield structure. Research on the inverse farm size-productivity relationship (IR) theory - that small farms are more productive than large ones all else equal - has documented that yield magnitude may vary by farm size, but has not considered other yield structure characteristics. We examined farm size - yield structure relationships for soybeans in Brazil for years 2001-2015. Using out-of-sample soybean yield predictions from a statistical model, we documented 1) gaps between the 95th percentile of attained yields and mean yields within counties and individual fields, and 2) yield stability defined as the standard deviation of time-detrended yields at given locations. We found a direct relationship between soy yields and farm size at the national level, while the strength and the sign of the relationship varied by region. Soybean yield gaps were found to be inversely related to farm size metrics, even when yields were only compared to farms of similar size. The relationship between farm size and yield stability was nonlinear, with mid-sized farms having the most stable yields. The work suggests that farm size is an important factor in understanding yield structure and that opportunities for improving soy yields in Brazil are greatest among smaller farms.

The Determinant Factors of Real Estate Investment Trust (REIT’s Performance: Evidence from Asian REITs

Directory of Open Access Journals (Sweden)

Nor Edi Azhar Binti Mohamad

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;} This paper investigates the factors that can influence the Real Estate Investment Trust (REIT’s performance, paying particular attention to the listed REIT’s in Asian.  Samples of 45 Asian listed REITs are selected from five different countries namely Taiwan, Thailand, Malaysia, Hong Kong, Japan and Singapore for 5 years basis from 2007 to 2011 with 225 observations. Study used Net Asset value (NAV and Return as the proxy for REITs performance while risk, dividend yield, net income and size to represent the determinants variable. Applying correlations and multiple regression analysis, the results provide evidence on the association between NAV and return with risk, dividend yield, net income and size of REITs. Results of this study are hoped to help the investors and portfolio managers to deepen their understanding of the dependence factors that might influence the performance of REITs in Asian. Keywords: Net asset value (NAV, Real Estate Investment Trust (REITs, Risk and Dividend Yield.

Managing the Endowment

Science.gov (United States)

Ellis, R. L.

1975-01-01

The treasurer of Smith College describes their use of the unit method of investment, in which each endowment is given shares in the total investment pool, and the total return concept, which emphasizes the use of a modest portion of investment appreciation for operating purposes to supplement the yield from interest and dividends. (JT)

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...

Company Value with Ruin Constraint in a Discrete Model

Directory of Open Access Journals (Sweden)

Christian Hipp

2018-01-01

Full Text Available Optimal dividend payment under a ruin constraint is a two objective control problem which—in simple models—can be solved numerically by three essentially different methods. One is based on a modified Bellman equation and the policy improvement method (see Hipp (2003. In this paper we use explicit formulas for running allowed ruin probabilities which avoid a complete search and speed up and simplify the computation. The second is also a policy improvement method, but without the use of a dynamic equation (see Hipp (2016. It is based on closed formulas for first entry probabilities and discount factors for the time until first entry. Third a new, faster and more intuitive method which uses appropriately chosen barrier levels and a closed formula for the corresponding dividend value. Using the running allowed ruin probabilities, a simple test for admissibility—concerning the ruin constraint—is given. All these methods work for the discrete De Finetti model and are applied in a numerical example. The non stationary Lagrange multiplier method suggested in Hipp (2016, Section 2.2.2, also yields optimal dividend strategies which differ from those in all other methods, and Lagrange gaps are present here.

Optimizing rice yields while minimizing yield-scaled global warming potential.

Science.gov (United States)

Pittelkow, Cameron M; Adviento-Borbe, Maria A; van Kessel, Chris; Hill, James E; Linquist, Bruce A

2014-05-01

To meet growing global food demand with limited land and reduced environmental impact, agricultural greenhouse gas (GHG) emissions are increasingly evaluated with respect to crop productivity, i.e., on a yield-scaled as opposed to area basis. Here, we compiled available field data on CH4 and N2 O emissions from rice production systems to test the hypothesis that in response to fertilizer nitrogen (N) addition, yield-scaled global warming potential (GWP) will be minimized at N rates that maximize yields. Within each study, yield N surplus was calculated to estimate deficit or excess N application rates with respect to the optimal N rate (defined as the N rate at which maximum yield was achieved). Relationships between yield N surplus and GHG emissions were assessed using linear and nonlinear mixed-effects models. Results indicate that yields increased in response to increasing N surplus when moving from deficit to optimal N rates. At N rates contributing to a yield N surplus, N2 O and yield-scaled N2 O emissions increased exponentially. In contrast, CH4 emissions were not impacted by N inputs. Accordingly, yield-scaled CH4 emissions decreased with N addition. Overall, yield-scaled GWP was minimized at optimal N rates, decreasing by 21% compared to treatments without N addition. These results are unique compared to aerobic cropping systems in which N2 O emissions are the primary contributor to GWP, meaning yield-scaled GWP may not necessarily decrease for aerobic crops when yields are optimized by N fertilizer addition. Balancing gains in agricultural productivity with climate change concerns, this work supports the concept that high rice yields can be achieved with minimal yield-scaled GWP through optimal N application rates. Moreover, additional improvements in N use efficiency may further reduce yield-scaled GWP, thereby strengthening the economic and environmental sustainability of rice systems. © 2013 John Wiley & Sons Ltd.

Machine to harvest slash, brush, and thinnings for fuel and fiber- a concept

Science.gov (United States)

P. Koch; D.W. McKenzie

1976-01-01

It is proposed that biomass from noncommercial thinnings, and from logging slash residual after harvest, be hogged and recovered for fuel and fiber. Such a procedure might yield two dividends of biomass totalling as much as 90,000 kg per ha (40 tons per acre, green weight basis) from each rotation of southern pine. For sites deficient in organic matter, it is...

Effect of Integrated Nutrient Management on Yield and Yield ...

African Journals Online (AJOL)

Declining soil fertility is one of the major problems causing yield reduction of barley ... (VC) with inorganic NP on growth, yield and yield components of food barley. ... The experiments were laid out in a randomized complete block design with ...

Yield trends and yield gap analysis of major crops in the world

OpenAIRE

Hengsdijk, H.; Langeveld, J.W.A.

2009-01-01

This study aims to quantify the gap between current and potential yields of major crops in the world, and the production constraints that contribute to this yield gap. Using an expert-based evaluation of yield gaps and the literature, global and regional yields and yield trends of major crops are quantified, yield gaps evaluated by crop experts, current yield progress by breeding estimated, and different yield projections compared. Results show decreasing yield growth for wheat and rice, but ...

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.

Pruning management of Chardonnay grapevines at high altitude in Brazilian southeast

Directory of Open Access Journals (Sweden)

Tania dos Reis Mendonça

2016-03-01

Full Text Available ABSTRACT The agronomical responses of Chardonnay, a variety indicated for sparkling wine production, is influenced by the vineyard management and the edaphoclimatic conditions of the region. The objective of this study was to evaluate the effects of two pruning types (Royat and double Guyot on vegetative and reproductive development of Chardonnay vine growing at high altitude in the Brazilian southeastern region. The experiment was carried out in a commercial vineyard located at 1,280 m of altitude in Divinolândia, São Paulo State, Brazil. The Chardonnay vines (clone 96, grafted onto 1103 Paulsen rootstock and trained in a vertical shoot positioning trellis system, were assessed. Vegetative vigor, bud fruitfulness, production and physicochemical composition of grapes were evaluated during 2014 and 2015 growing seasons. The Royat pruning induced higher vegetative vigor and increased the bud fruitfulness, the cluster number and the productivity of Chardonnay vine when compared to Guyot pruning. Even though the increase on yield was observed, there was no effect of pruning type on grape final quality. Therefore, the choice of pruning method in function of variety genetic characteristics and their interaction with environment can optimize the vineyard profitability. In the Brazilian southeast, the Royat system is the most suitable one to grow Chardonnay for sparkling wines production.

Semi-Analytical method for the pricing of barrier options in case of time-dependent parameters (with Matlab® codes

Directory of Open Access Journals (Sweden)

Guardasoni C.

2018-03-01

Full Text Available A Semi-Analytical method for pricing of Barrier Options (SABO is presented. The method is based on the foundations of Boundary Integral Methods which is recast here for the application to barrier option pricing in the Black-Scholes model with time-dependent interest rate, volatility and dividend yield. The validity of the numerical method is illustrated by several numerical examples and comparisons.

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.

Yield, yield components and dry matter digestibility of alfalfa experimental populations

Directory of Open Access Journals (Sweden)

Katić Slobodan

2010-01-01

Full Text Available Alfalfa is the most important forage crop grown in the temperate regions. It is cultivated for production of vegetative aerial mass used fresh or as hay, and recently as haylage and silage. In many centres worldwide, efforts are made to breed and create new alfalfa cultivars with both higher yields and of higher nutritional value. The aim of this paper was to determine yield and digestibility of 12 experimental populations of alfalfa, and to compare their results to the yields of well-known domestic alfalfa commercial cultivars. The results show significant differences in yield of green forage and dry matter among alfalfa populations, as well as in yield components, height, proportion of leaves in yield and growth rate (tab. 1, 2 and 3. Differences between in vitro digestible dry matter (% and yields of in vitro digestible dry matter (t ha-1 were also significant (tab. 5 and 6. Yield and quality of experimental populations were at the same level or higher than of control cultivars. Synthetic SINUSA exceeded the control cutivars (NS Mediana ZMS V and Banat VS in yield and quality of dry matter. .

Slope Controls Grain Yield and Climatic Yield in Mountainous Yunnan province, China

Science.gov (United States)

Duan, X.; Rong, L.; Gu, Z.; Feng, D.

2017-12-01

Mountainous regions are increasingly vulnerable to food insecurity because of limited arable land, growing population pressure, and climate change. Development of sustainable mountain agriculture will require an increased understanding of the effects of environmental factors on grain and climatic yields. The objective of this study was to explore the relationships between actual grain yield, climatic yield, and environmental factors in a mountainous region in China. We collected data on the average grain yield per unit area in 119 counties in Yunnan province from 1985 to 2012, and chose 17 environmental factors for the same period. Our results showed that actual grain yield ranged from 1.43 to 6.92 t·ha-1, and the climatic yield ranged from -0.15 to -0.01 t·ha-1. Lower climatic yield but higher grain yield was generally found in central areas and at lower slopes and elevations in the western and southwestern counties of Yunnan province. Higher climatic yield but lower grain yield were found in northwestern parts of Yunnan province on steep slopes. Annual precipation and temperature had a weak influence on the climatic yield. Slope explained 44.62 and 26.29% of the variation in grain yield and climatic yield. The effects of topography on grain and climatic yields were greater than climatic factors. Slope was the most important environmental variable for the variability in climatic and grain yields in the mountainous Yunnan province due to the highly heterogeneous topographic conditions. Conversion of slopes to terraces in areas with higher climatic yields is an effective way to maintain grain production in response to climate variability. Additionally, soil amendments and soil and water conservation measures should be considered to maintain soil fertility and aid in sustainable development in central areas, and in counties at lower slopes and elevations in western and southwestern Yunnan province.

Yield trends and yield gap analysis of major crops in the world

NARCIS (Netherlands)

Hengsdijk, H.; Langeveld, J.W.A.

2009-01-01

This study aims to quantify the gap between current and potential yields of major crops in the world, and the production constraints that contribute to this yield gap. Using an expert-based evaluation of yield gaps and the literature, global and regional yields and yield trends of major crops are

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.

On yield gaps and yield gains in intercropping

NARCIS (Netherlands)

Gou, Fang; Yin, Wen; Hong, Yu; Werf, van der Wopke; Chai, Qiang; Heerink, Nico; Ittersum, van Martin K.

2017-01-01

Wheat-maize relay intercropping has been widely used by farmers in northwest China, and based on field experiments agronomists report it has a higher productivity than sole crops. However, the yields from farmers’ fields have not been investigated yet. Yield gap analysis provides a framework to

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.

Balance in Representation - More Than One Way to Tip the Scales

Science.gov (United States)

Rowell, D. S.; Carlis, D. L.

2017-12-01

Too often diversity balance is seen as purely a numbers issue - one of influx and totals. And thus recruiting and retention being two sides of the same valuable coin. However, balance is not just numbers. There is more than one means to add diversity value to an organization. Numbers is one, but power is another. `Balance' is also reached through empowerment and voice. Whereas recruiting and retention can be seen as hard currency buying balanced demographics, empowerment is an investment that takes various forms and yields various dividends. Empowerment includes investment in people, and training, and systems, and pays dividends in performance, and voice, and careers, and service. In this way space is created for the benefits of diversity even where numbers and composition is statically unyielding. Equilibrium comes from tipping the scales with involvement, impact and affect. And finally in coming back full circle, empowerment has a bonus direct effect on the numbers, as it does improve diverse recruiting and retention. This presentation places a focus on balance in terms of gender efficacy. It will highlight the requirements to grow and mature gender empowerment investments and show how these investments have diversity dividends. And finally the presentation will note how NWS is taking a multi-faceted approach to diversity to achieve `balance' through empowerment, involvement, (gender) mainstreaming, training, etc…, and of course recruiting and retention.

VARIABILITY OF YIELD AND YIELD COMPONENTS IN “EGUSI ...

African Journals Online (AJOL)

journal

Estimate of expected genetic advance in seed yield plant-1 ranged between. 25.90-48.40%. ..... values in fruit and seed yield characters have been reported in culinary melon, ... and Khund, A. 2004. Extent of heterosis and heritability in some.

Fission product yields

International Nuclear Information System (INIS)

Valenta, V.; Hep, J.

1978-01-01

Data are summed up necessary for determining the yields of individual fission products from different fissionable nuclides. Fractional independent yields, cumulative and isobaric yields are presented here for the thermal fission of 235 U, 239 Pu, 241 Pu and for fast fission (approximately 1 MeV) of 235 U, 238 U, 239 Pu, 241 Pu; these values are included into the 5th version of the YIELDS library, supplementing the BIBFP library. A comparison is made of experimental data and possible improvements of calculational methods are suggested. (author)

yield and yield componemts of extra early maize (zea mays l.)

African Journals Online (AJOL)

SHARIFAI

maize crop and improve the soil structures and chemical nutrients of the soil. The significant interaction between intra-row spacing and poultry manure on cob diameter, 100 grain weight and grain yield showed the importance of poultry manure on yield and yield components of maize crop. Poultry manure increases both ...

An adapted yield criterion for the evolution of subsequent yield surfaces

Science.gov (United States)

Küsters, N.; Brosius, A.

2017-09-01

In numerical analysis of sheet metal forming processes, the anisotropic material behaviour is often modelled with isotropic work hardening and an average Lankford coefficient. In contrast, experimental observations show an evolution of the Lankford coefficients, which can be associated with a yield surface change due to kinematic and distortional hardening. Commonly, extensive efforts are carried out to describe these phenomena. In this paper an isotropic material model based on the Yld2000-2d criterion is adapted with an evolving yield exponent in order to change the yield surface shape. The yield exponent is linked to the accumulative plastic strain. This change has the effect of a rotating yield surface normal. As the normal is directly related to the Lankford coefficient, the change can be used to model the evolution of the Lankford coefficient during yielding. The paper will focus on the numerical implementation of the adapted material model for the FE-code LS-Dyna, mpi-version R7.1.2-d. A recently introduced identification scheme [1] is used to obtain the parameters for the evolving yield surface and will be briefly described for the proposed model. The suitability for numerical analysis will be discussed for deep drawing processes in general. Efforts for material characterization and modelling will be compared to other common yield surface descriptions. Besides experimental efforts and achieved accuracy, the potential of flexibility in material models and the risk of ambiguity during identification are of major interest in this paper.

Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

Directory of Open Access Journals (Sweden)

Edward Lehner

2017-12-01

Full Text Available Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

Inheritance of grain yield and its correlation with yield components in ...

African Journals Online (AJOL)

SAM

2014-03-19

Mar 19, 2014 ... 7 × 7 incomplete diallel cross of seven wheat parents during the crop season of 2009 to 2010. Mean square of general ... Genetic background and yield traits of the seven parents. Parent. Pedigree. Released year ..... Correlation and path analysis for yield and yield contributing characters in wheat (Triticum ...

Effects of cutting frequency on alfalfa yield and yield components in ...

African Journals Online (AJOL)

Effects of cutting frequency on alfalfa yield and yield components in Songnen Plain, Northeast China. J Chen, F Tang, R Zhu, C Gao, G Di, Y Zhang. Abstract. The productivity and quality of alfalfa (Medicago sativa L.) is strongly influenced by cutting frequency (F). To clarify that the yield and quality of alfalfa if affected by F, ...

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.

Servis a výroba sektov

OpenAIRE

Nagy, Filip

2014-01-01

This work dealt with the issue of making sparkling wine. History of production of sparkling wine and Champagne wines, classical methods with modern technology, new trends and practices which are brought into practice. Also focuses on other than the traditional me-ods and the Charm Russian transfer method and a continuous method. This introductions of how the wine is produced and it follows how the wine based on historical developments should be well served. A detailed description of the servi...

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.

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.

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...

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.

Bond yield curve construction

Directory of Open Access Journals (Sweden)

Kožul Nataša

2014-01-01

Full Text Available In the broadest sense, yield curve indicates the market's view of the evolution of interest rates over time. However, given that cost of borrowing it closely linked to creditworthiness (ability to repay, different yield curves will apply to different currencies, market sectors, or even individual issuers. As government borrowing is indicative of interest rate levels available to other market players in a particular country, and considering that bond issuance still remains the dominant form of sovereign debt, this paper describes yield curve construction using bonds. The relationship between zero-coupon yield, par yield and yield to maturity is given and their usage in determining curve discount factors is described. Their usage in deriving forward rates and pricing related derivative instruments is also discussed.

7755 EFFECT OF NPK FERTILIZER ON FRUIT YIELD AND YIELD ...

African Journals Online (AJOL)

Win7Ent

2013-06-03

Jun 3, 2013 ... peasant farmers in Nigeria. With the increased ... did not significantly (p=0.05) increase the fruit yield nor the seed yield. Key words: NPK fertilizer, Fruit ..... SAS (Statistical Analysis System) Version 9.1. SAS Institute Inc., Cary, ...

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...

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...

Response of Yield and Yield Components of Tef [Eragrostis Tef ...

African Journals Online (AJOL)

The partial budget analysis also indicates that applications of 46 kg. N ha-1 and 10 kg P ha-1 are ..... (1994) indicated that where the grain yield response is negative, yield reduction is primarily caused by a .... An Economic Training. Manual.

Correlation and path-cofficient analysis of seed yield and yield ...

African Journals Online (AJOL)

This study was undertaken in order to determine the association among yield components and their direct and indirect effects on the seed yield of confectionery sunflower. 36 confectionery sunflower populations originated from different regions of Northwest Iran were characterized using 11 agromorphological traits ...

A Change for the Better

DEFF Research Database (Denmark)

Rozendal, Arjan; Lim, Eric T. K.; Tan, Chee-Wee

2015-01-01

argues for effective change management as a means for organizations to realize business-IT alignment. Findings from a grounded theory study revealed that having clear assessment criteria, promoting information exchange, getting managers to act as role models, expanding the involvement and participation......Investments in information technology will only yield dividends whenever technological spending complements corporate objectives, a phenomenon termed as business-IT alignment within extant literature. Synthesizing extant literature on business-IT alignment and organizational change, this paper...

Soviet test yields

Science.gov (United States)

Vergino, Eileen S.

Soviet seismologists have published descriptions of 96 nuclear explosions conducted from 1961 through 1972 at the Semipalatinsk test site, in Kazakhstan, central Asia [Bocharov et al., 1989]. With the exception of releasing news about some of their peaceful nuclear explosions (PNEs) the Soviets have never before published such a body of information.To estimate the seismic yield of a nuclear explosion it is necessary to obtain a calibrated magnitude-yield relationship based on events with known yields and with a consistent set of seismic magnitudes. U.S. estimation of Soviet test yields has been done through application of relationships to the Soviet sites based on the U.S. experience at the Nevada Test Site (NTS), making some correction for differences due to attenuation and near-source coupling of seismic waves.

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...

Effects of phosphorus and zinc applications on the yields and yields ...

African Journals Online (AJOL)

Effects of phosphorus and zinc applications on the yields and yields components of sole early maturing maize ( Zea mays ) and bambaranut ( Vigna subterranean Thour. ) and in intercrop under southern guinea savannah ecology zone.

Structure, ferroelectric ordering, and semiempirical quantum calculations of lanthanide based metal-organic framework: [Nd(C4H5O6)(C4H4O6)][3H2O

Science.gov (United States)

Ahmad, Bhat Zahoor; Want, Basharat

2016-04-01

We investigate the structure and ferroelectric behavior of a lanthanide based metal-organic framework (MOF), [Nd(C4H5O6)(C4H4O6)][3H2O]. X-ray crystal structure analyses reveal that it crystallizes in the P41212 space group with Nd centres, coordinated by nine oxygen atoms, forming a distorted capped square antiprismatic geometry. The molecules, bridged by tartrate ligands, form a 2D chiral structure. The 2D sheets are further linked into a 3D porous framework via strong hydrogen-bonding scheme (O-H…O ≈ 2.113 Å). Dielectric studies reveal two anomalies at 295 K and 185 K. The former is a paraelectric-ferroelectric transition, and the later is attributed to the freezing down of the motion of the hydroxyl groups. The phase transition is of second order, and the spontaneous polarization in low temperature phase is attributed to the ordering of protons of hydroxyl groups. The dielectric nonlinearity parameters have been calculated using Landau- Devonshire phenomenological theory. In addition, the most recent semiempirical models, Sparkle/PM7, Sparkle/RM1, and Sparkle/AM1, are tested on the present system to assay the accuracy of semiempirical quantum approaches to predict the geometries of solid MOFs. Our results show that Sparkle/PM7 model is the most accurate to predict the unit cell structure and coordination polyhedron geometry. The semiempirical methods are also used to calculate different ground state molecular properties.

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.

6 Grain Yield

African Journals Online (AJOL)

create a favourable environment for rice ... developing lines adaptable to many ... have stable, not too short crop duration with ..... Analysis of variance of the effect of site and season on maturity, grain yield and plant ..... and yield components.

Using normalized difference vegetation index (NDVI) to estimate sugarcane yield and yield components

Science.gov (United States)

Sugarcane (Saccharum spp.) yield and yield components are important traits for growers and scientists to evaluate and select cultivars. Collection of these yield data would be labor intensive and time consuming in the early selection stages of sugarcane breeding cultivar development programs with a ...

Potato yield and yield structure depending on irrigation

Directory of Open Access Journals (Sweden)

Milić Stanko

2010-01-01

Full Text Available In the agroclimatic conditions of the Vojvodina Province, the application of an economic water regime and modern technology is necessary for stable and intensive potato production. A two-year experiment on calcareous chernozem was carried out to determine how irrigation and different pre-irrigation soil moisture affect potato yield and distribution of tuber fraction in the potato yield. The block-design trial had four replicates and was adapted for sprinkler irrigation conditions. It included four treatments: irrigation with pre-irrigation moisture levels of 60 % of field water capacity (FC, irrigation with pre-irrigation moisture levels of 70 % (FC, irrigation with pre-irrigation moisture levels of 80% (FC, and a non-irrigated control treatment. Irrigation significantly increased the yield of potato, which increased from 37.27 % to 75.86 %. Under irrigation, the percentage of small fractions decreased in favour of the 55 mm one, or fractions above the 45-55 mm range. On average, irrigated treatments produced significantly more tubers than the conditions of natural water supply. .

Comparing predicted yield and yield stability of willow and Miscanthus across Denmark

DEFF Research Database (Denmark)

Larsen, Søren; Jaiswal, Deepak; Bentsen, Niclas Scott

2016-01-01

was 12.1 Mg DM ha−1 yr−1 for willow and 10.2 Mg DM ha−1 yr−1 for Miscanthus. Coefficent of variation as a measure for yield stability was poorest on the sandy soils of northern and western Jutland and the year-to-year variation in yield was greatest on these soils. Willow was predicted to outyield...... Miscanthus on poor, sandy soils whereas Miscanthus was higher yielding on clay-rich soils. The major driver of yield in both crops was variation in soil moisture, with radiation and precipitation exerting less influence. This is the first time these two major feedstocks for northern Europe have been compared....... The semi-mechanistic crop model BioCro was used to simulate the production of both short rotation coppice (SRC) willow and Miscanthus across Denmark. Predictions were made from high spatial resolution soil data and weather records across this area for 1990-2010. The potential average, rain-fed mean yield...

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.

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

Global evaluation of a semiempirical model for yield anomalies and application to within-season yield forecasting.

Science.gov (United States)

Schauberger, Bernhard; Gornott, Christoph; Wechsung, Frank

2017-11-01

Quantifying the influence of weather on yield variability is decisive for agricultural management under current and future climate anomalies. We extended an existing semiempirical modeling scheme that allows for such quantification. Yield anomalies, measured as interannual differences, were modeled for maize, soybeans, and wheat in the United States and 32 other main producer countries. We used two yield data sets, one derived from reported yields and the other from a global yield data set deduced from remote sensing. We assessed the capacity of the model to forecast yields within the growing season. In the United States, our model can explain at least two-thirds (63%-81%) of observed yield anomalies. Its out-of-sample performance (34%-55%) suggests a robust yield projection capacity when applied to unknown weather. Out-of-sample performance is lower when using remote sensing-derived yield data. The share of weather-driven yield fluctuation varies spatially, and estimated coefficients agree with expectations. Globally, the explained variance in yield anomalies based on the remote sensing data set is similar to the United States (71%-84%). But the out-of-sample performance is lower (15%-42%). The performance discrepancy is likely due to shortcomings of the remote sensing yield data as it diminishes when using reported yield anomalies instead. Our model allows for robust forecasting of yields up to 2 months before harvest for several main producer countries. An additional experiment suggests moderate yield losses under mean warming, assuming no major changes in temperature extremes. We conclude that our model can detect weather influences on yield anomalies and project yields with unknown weather. It requires only monthly input data and has a low computational demand. Its within-season yield forecasting capacity provides a basis for practical applications like local adaptation planning. Our study underlines high-quality yield monitoring and statistics as critical

THE INFLUENCE OF FERTILIZATION ON YIELD AND YIELD COMPONENT FORMATION OF SOYBEAN VARIETIES

Directory of Open Access Journals (Sweden)

Eva CANDRÁKOVÁ

2009-03-01

Full Text Available In 2005 and 2006, the influence of fertilization was investigated on forming of yield components and yield of three soybean varieties in sugar beet growing area. Varieties Korada, Supra and OAC Vision were grown. Number of plants per m2, number of pods per plant, number of seeds in pod, thousand seeds weight, yield of seeds, yield of stems and harvest index were examined. Variants of fertilization: I. non-fertilized control, II. LAV 27 % (40 kg ha-1 net nutrient of N in growing stage of first pair of true leaves unfolded, III. Humix komplet (rate 8 l.ha-1 applied in growing stage of first pair of true leaves unfolded (4 l.ha-1 and in growing stage of first flower buds visible (4 l.ha-1, IV. Humix komplet in rate 8 l.ha-1 applied in growing stage of first pair of true leaves unfolded. The yields of seeds and stems were high significantly influenced by variety, fertilization and year. The significantly highest yield of seeds was achieved by Korada variety (4,04 t.ha-1. Varieties OAC Vision and Supra reached yields in interval 3,74-3,84 t.ha-1. Split rate of Humix komplet (III var significantly influenced yield of seeds and stems. The fertilization have increased weight of seeds in proportion to aboveground phyto-mass weight, what was expressed by harvest index.

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.

Effects of application boron on yields, yield component and oil ...

African Journals Online (AJOL)

The study was conducted to investigate the effects of five boron (B) doses; 0, 2.5, 5.0, 7.5 and 10.0 kg B ha-1 in B-deficient calcareous soils on yield and some yield components of four sunflower genotypes. Genotypes have shown variations with respect to their responses to B applications. AS-615 and Coban had the ...

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

Influence of Inter and Intra-rows Spacing on Yield and Yield ...

African Journals Online (AJOL)

Abyssinia

yield and yield components of fresh market(Bishola) and processing (Cochoro) tomato cultivars. ... row spacing had a significant effect on plan canopy width, above ground dry biomass, ... Poor varietal performance and management practices that includeinter and intra-row spacing ..... of assimilate export from the leaves.

Canadian R and M restructuring to pay dividends

International Nuclear Information System (INIS)

Anon.

1992-01-01

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

Effects of heterosis for yield and yield components obtained by crossing divergent alfalfa populations

Directory of Open Access Journals (Sweden)

Katić Slobodan

2010-01-01

Full Text Available When breeding alfalfa for yield performance, it is necessary to use high-yielding parents obtained by different breeding methods. The assumption at the onset of this research was that crossing highest-yielding domestic cultivars with divergent populations from geographically distant breeding centers could result in the expression of heterotic effects in their hybrids contributing to increased alfalfa yield. The objective of this study was to determine yield and yield components and heterotic effects in hybrid progenies obtained by crossing the domestic cultivars NS Banat ZMS II and NS Mediana ZMS V with the cultivars Pella, Dolichi and Hyliki from Greece, UMSS 2001 from Bolivia and Jogeva 118 from Estonia in two series. The field trial planted in 2006, included 13 F1 hybrids and 6 of 7 initial parents in both series. Heterotic effects for yields of forage and hay were observed in 4 combinations (C NS Banat ZMS II x E Hyliki; C NS Banat ZMS II x E UMSS 2001; C NS Mediana ZMS V x E Hyliki; C NS Mediana ZMS V x E Dolichi. The populations that exhibited heterosis in a set of crossings are recommended for use as parent components for development of high-yielding synthetic alfalfa cultivars. .

Semiempirical and DFT computations of the influence of Tb(III) dopant on unit cell dimensions of cerium(III) fluoride.

Science.gov (United States)

Shyichuk, Andrii; Runowski, Marcin; Lis, Stefan; Kaczkowski, Jakub; Jezierski, Andrzej

2015-01-30

Several computational methods, both semiempirical and ab initio, were used to study the influence of the amount of dopant on crystal cell dimensions of CeF3 doped with Tb(3+) ions (CeF3 :Tb(3+) ). AM1, RM1, PM3, PM6, and PM7 semiempirical parameterization models were used, while the Sparkle model was used to represent the lanthanide cations in all cases. Ab initio calculations were performed by means of GGA+U/PBE projector augmented wave density functional theory. The computational results agree well with the experimental data. According to both computation and experiment, the crystal cell parameters undergo a linear decrease with increasing amount of the dopant. The computations performed using Sparkle/PM3 and DFT methods resulted in the best agreement with the experiment with the average deviation of about 1% in both cases. Typical Sparkle/PM3 computation on a 2×2×2 supercell of CeF3:Tb3+ lasted about two orders of magnitude shorter than the DFT computation concerning a unit cell of this material. © 2014 Wiley Periodicals, Inc.

Status of fission yield measurements

International Nuclear Information System (INIS)

Maeck, W.J.

1979-01-01

Fission yield measurement and yield compilation activities in the major laboratories of the world are reviewed. In addition to a general review of the effort of each laboratory, a brief summary of yield measurement activities by fissioning nuclide is presented. A new fast reactor fission yield measurement program being conducted in the US is described

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.

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.

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%.

Measurements of fission yields

International Nuclear Information System (INIS)

Denschlag, H.O.

2000-01-01

After some historical introductory remarks on the discovery of nuclear fission and early fission yield determinations, the present status of knowledge on fission yields is briefly reviewed. Practical and fundamental reasons motivating the pursuit of fission yield measurements in the coming century are pointed out. Recent results and novel techniques are described that promise to provide new interesting insights into the fission process during the next century. (author)

Structure, ferroelectric ordering, and semiempirical quantum calculations of lanthanide based metal-organic framework: [Nd(C4H5O6)(C4H4O6)][3H2O

International Nuclear Information System (INIS)

Ahmad, Bhat Zahoor; Want, Basharat

2016-01-01

We investigate the structure and ferroelectric behavior of a lanthanide based metal-organic framework (MOF), [Nd(C 4 H 5 O 6 )(C 4 H 4 O 6 )][3H 2 O]. X-ray crystal structure analyses reveal that it crystallizes in the P4 1 2 1 2 space group with Nd centres, coordinated by nine oxygen atoms, forming a distorted capped square antiprismatic geometry. The molecules, bridged by tartrate ligands, form a 2D chiral structure. The 2D sheets are further linked into a 3D porous framework via strong hydrogen-bonding scheme (O-H…O ≈ 2.113 Å). Dielectric studies reveal two anomalies at 295 K and 185 K. The former is a paraelectric-ferroelectric transition, and the later is attributed to the freezing down of the motion of the hydroxyl groups. The phase transition is of second order, and the spontaneous polarization in low temperature phase is attributed to the ordering of protons of hydroxyl groups. The dielectric nonlinearity parameters have been calculated using Landau– Devonshire phenomenological theory. In addition, the most recent semiempirical models, Sparkle/PM7, Sparkle/RM1, and Sparkle/AM1, are tested on the present system to assay the accuracy of semiempirical quantum approaches to predict the geometries of solid MOFs. Our results show that Sparkle/PM7 model is the most accurate to predict the unit cell structure and coordination polyhedron geometry. The semiempirical methods are also used to calculate different ground state molecular properties.

Structure, ferroelectric ordering, and semiempirical quantum calculations of lanthanide based metal-organic framework: [Nd(C{sub 4}H{sub 5}O{sub 6})(C{sub 4}H{sub 4}O{sub 6})][3H{sub 2}O

Energy Technology Data Exchange (ETDEWEB)

Ahmad, Bhat Zahoor; Want, Basharat, E-mail: bawant@kashmiruniversity.ac.in [Solid State Research Laboratory, Department of Physics, University of Kashmir, Srinagar 190006 (India)

2016-04-14

We investigate the structure and ferroelectric behavior of a lanthanide based metal-organic framework (MOF), [Nd(C{sub 4}H{sub 5}O{sub 6})(C{sub 4}H{sub 4}O{sub 6})][3H{sub 2}O]. X-ray crystal structure analyses reveal that it crystallizes in the P4{sub 1}2{sub 1}2 space group with Nd centres, coordinated by nine oxygen atoms, forming a distorted capped square antiprismatic geometry. The molecules, bridged by tartrate ligands, form a 2D chiral structure. The 2D sheets are further linked into a 3D porous framework via strong hydrogen-bonding scheme (O-H…O ≈ 2.113 Å). Dielectric studies reveal two anomalies at 295 K and 185 K. The former is a paraelectric-ferroelectric transition, and the later is attributed to the freezing down of the motion of the hydroxyl groups. The phase transition is of second order, and the spontaneous polarization in low temperature phase is attributed to the ordering of protons of hydroxyl groups. The dielectric nonlinearity parameters have been calculated using Landau– Devonshire phenomenological theory. In addition, the most recent semiempirical models, Sparkle/PM7, Sparkle/RM1, and Sparkle/AM1, are tested on the present system to assay the accuracy of semiempirical quantum approaches to predict the geometries of solid MOFs. Our results show that Sparkle/PM7 model is the most accurate to predict the unit cell structure and coordination polyhedron geometry. The semiempirical methods are also used to calculate different ground state molecular properties.

Effect of sulfur and iron fertilizers on yield, yield components and ...

African Journals Online (AJOL)

Jane

2011-06-13

Jun 13, 2011 ... per plant. Interaction between water stress and combination of iron and sulfur fertilizers had significant .... Results of analysis of variance (ANOVA) of water stress (W), sulfur (B) and iron (C), and their interaction with gain yield, yield components and ... the soil structure and it increased the usefulness of other.

Effect of water stress on yield and yield components of sunflower ...

African Journals Online (AJOL)

A field experiment during year 2009 was conducted in the research station of the University of Tehran, College of Abouraihan in Pakdasht region, Iran. The study was aimed to investigate the effect of water stress on seed yield, yield component and some quantitative traits of four sunflower hybrids namely Azargol, Alstar, ...

Path coefficient and correlation of yield and yield associated traits in candidate bread wheat (triticum aestivum l)lines

International Nuclear Information System (INIS)

Muhammad, T.; Haider, S.; Qureshi, M. J.; Shah, G. S.; Zamir, R.

2005-01-01

Yield and yield contributing traits were studied in candidate bread wheat lines to find out the genetic contribution of the different characters towards grain yield at NIFA, Peshawar during 2001-02. All the characteristics studied differed significantly from each other. Days to heading showed negative and significant correlation with harvest index and grain yield but was negative and non-significant with the biological yield. Days to maturity were negatively correlated at both genotypic and phenotypic levels with biological yield; harvest index and grain yield and level of correlations were significant with harvest index and grain yield. Plant height showed negative genotypic and phenotypic correlation with harvest index and grain yield. Biological yield had positive and significant genotypic and phenotypic correlations with harvest index and grain yield. Harvest index had positive and highly significant genotypic and phenotypic correlation with grain yield. Genotypic and phenotypic correlation coefficients revealed that important characters influencing grain yield are harvest index and biological yield. Path analysis showed the importance in order of harvest index, biological yield, plant height, days to maturity and days to heading with grain yield. (author)

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.

Seed yield and some yield components of sesame as affected by ...

African Journals Online (AJOL)

In order to study the effect of different irrigation, N and superabsorbent levels on yield and yield components of sesame, a field experiment was conducted in Khosf Region, Birjand, Iran in 2009 as a split-split plot design based on a randomized complete block design. The treatments included irrigation interval at three levels ...

Influences of nitrogen and potassium top dressing on yield and yield ...

African Journals Online (AJOL)

STORAGESEVER

2010-05-03

May 3, 2010 ... (K) top dressing on grain yield and yield components of rice (Oryza sativa cv. Tarrom) and to ... positive reciprocal effect on crops, and was an important approach in ..... dressing fertilization (Figures 2a, b and c), but nitrogen levels of upper fully .... (Brassica napus L.)–rice (Oryza sativa L.) rotation. Plant Soil ...

Inheritance of grain yield and its correlation with yield components in ...

African Journals Online (AJOL)

SAM

2014-03-19

Mar 19, 2014 ... average yield of wheat in China is 4.75 t ha-1, which is low compared to other .... Analysis of variance for combining ability for grain yield plant-1. Source of variation ..... Hayman BI (1954). The theory and analysis of diallel crosses. .... Analysis and prospect of China wheat market in 2011. Food and Oil.

Effect of Biofertilizers on the Yield and Yield Components of Black Cumin (Nigella sativa L.

Directory of Open Access Journals (Sweden)

S Khorramdel

2011-02-01

Full Text Available Abstract Application of biological fertilizers is one of the most important methods for plant nutrition in ecological agriculture. In order to investigate the effect of biofertilizers on yield and yield components of black cumin (Nigella sativa L., a field experiment was arranged in a randomized complete block design with three replications during 2007 growing season at the Agricultural Research Station of Ferdowsi University of Mashhad. Treatments included: (A Azotobacter paspali, (B Azospirillum brasilense, (C the fungus of Glomus intraradaices, C+A, C+B, A+B, A+B+C, and control without no biofertilizers. In all treatments except control, the amounts of 15 mg of each biofertilizer were applied to 110 g of seeds. Results indicated that application of biofertilizers enhanced yield and yield components and decreased percentage of hollow capsules. Plant performance was better with application of Azospirillum plus mycorrhiza and a mixture of Azotobacter, Azospirillum and mycorrhiza in terms of yield determining criteria. The maximum and minimum amounts of seed yield were recorded in the B+C treatment with 41.4 gm-2, and control with 24.1 gm-2, respectively. There was no significant correlation between number of capsules per plant and seed yield, but the positive and significant correlation between number of branches per plant, number of seeds per capsule, 1000-seed weight and seed yield was observed. This study showed that application of suitable biofertilizers could increase yield and yield components of black cumin. Keywords: Biofertilizer, Ecological agriculture, Medicinal plants, Plant growth promoting rhizobacteria

Systematics of Fission-Product Yields

International Nuclear Information System (INIS)

Wahl, A.C.

2002-01-01

Empirical equations representing systematics of fission-product yields have been derived from experimental data. The systematics give some insight into nuclear-structure effects on yields, and the equations allow estimation of yields from fission of any nuclide with atomic number Z F = 90 thru 98, mass number A F = 230 thru 252, and precursor excitation energy (projectile kinetic plus binding energies) PE = 0 thru ∼200 MeV--the ranges of these quantities for the fissioning nuclei investigated. Calculations can be made with the computer program CYFP. Estimates of uncertainties in the yield estimates are given by equations, also in CYFP, and range from ∼ 15% for the highest yield values to several orders of magnitude for very small yield values. A summation method is used to calculate weighted average parameter values for fast-neutron (∼ fission spectrum) induced fission reactions

Systematics of Fission-Product Yields

Energy Technology Data Exchange (ETDEWEB)

A.C. Wahl

2002-05-01

Empirical equations representing systematics of fission-product yields have been derived from experimental data. The systematics give some insight into nuclear-structure effects on yields, and the equations allow estimation of yields from fission of any nuclide with atomic number Z{sub F} = 90 thru 98, mass number A{sub F} = 230 thru 252, and precursor excitation energy (projectile kinetic plus binding energies) PE = 0 thru {approx}200 MeV--the ranges of these quantities for the fissioning nuclei investigated. Calculations can be made with the computer program CYFP. Estimates of uncertainties in the yield estimates are given by equations, also in CYFP, and range from {approx} 15% for the highest yield values to several orders of magnitude for very small yield values. A summation method is used to calculate weighted average parameter values for fast-neutron ({approx} fission spectrum) induced fission reactions.

Locational variation in green fodder yield, dry matter yield, and forage quality of sorghum

International Nuclear Information System (INIS)

Hussain, A.; Khan, S.; Mohammad, D.

2007-01-01

The present study was designed to find out the variations in for- age yield and quality of sorghum as affected by different environments. The three agroecological zones viz., Agricultural Research Institute (ARI), Sariab, Quetta, Ayub Agricultural Research Institute (AARI), Faisalabad and National Agricultural Research Centre (NARC), Islamabad were selected on the basis of different physiography, geology, temperature, and climate and water availability. Crude protein contents, varied from 6.98 to 8.02 percent, crude fibre contents from 30.84 to 31.68 percent, green fodder yield from 38.91 to 50.64 t/ha and dry matter yield from 8.92 to 10.17 t/ha at the three diverse locations. Maximum crude protein and crude fibre contents were obtained at NARC, Islamabad and AARI, Faisalabad. Maximum green fodder and dry matter yields were also observed at NARC, Islamabad and AARI, Faisalabad. It was also noted that the same genotypes showed differential response when planted under the diverse environments for green fodder yield, dry matter yield, crude protein and crude fibre contents. Therefore, it was concluded that these differences in forage yield and quality traits under diverse environments were due to differences in soil types, soil fertility, temperature, rain- fall and other climatic conditions. (author)

Quantitative Genetic Analysis for Yield and Yield Components in Boro Rice (Oryza sativa L.

Directory of Open Access Journals (Sweden)

Supriyo CHAKRABORTY

2010-03-01

Full Text Available Twenty-nine genotypes of boro rice (Oryza sativa L. were grown in a randomized block design with three replications in plots of 4m x 1m with a crop geometry of 20 cm x 20 cm between November-April, in Regional Agricultural Research Station, Nagaon, India. Quantitative data were collected on five randomly selected plants of each genotype per replication for yield/plant, and six other yield components, namely plant height, panicles/plant, panicle length, effective grains/panicle, 100 grain weight and harvest index. Mean values of the characters for each genotype were used for analysis of variance and covariance to obtain information on genotypic and phenotypic correlation along with coheritability between two characters. Path analyses were carried out to estimate the direct and indirect effects of boro rice�s yield components. The objective of the study was to identify the characters that mostly influence the yield for increasing boro rice productivity through breeding program. Correlation analysis revealed significant positive genotypic correlation of yield/plant with plant height (0.21, panicles/plant (0.53, panicle length (0.53, effective grains/panicle (0.57 and harvest index (0.86. Path analysis based on genotypic correlation coefficients elucidated high positive direct effect of harvest index (0.8631, panicle length (0.2560 and 100 grain weight (0.1632 on yield/plant with a residual effect of 0.33. Plant height and panicles/plant recorded high positive indirect effect on yield/plant via harvest index whereas effective grains/panicle on yield/plant via harvest index and panicle length. Results of the present study suggested that five component characters, namely harvest index, effective grains/plant, panicle length, panicles/plant and plant height influenced the yield of boro rice. A genotype with higher magnitude of these component characters could be either selected from the existing genotypes or evolved by breeding program for genetic

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.

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.

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

Genetic analysis of yield and yield components in Oryza sativa x ...

African Journals Online (AJOL)

... inheritance of yield and yield components and to estimate the heritabilities of important quantitative traits in rice (Oryza sativa L.). Six generations viz., P1, P2, F1, F2, BCP1 and BCP2 of a cross between IET6279 and IR70445-146-3-3 were used for the study. Generation mean analysis suggested that additive effects had a ...

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.

Helicity dependence of the {gamma}{yields}p{yields}{yields}n{pi}{sup +}{pi}{sup 0} reaction in the second resonance region

Energy Technology Data Exchange (ETDEWEB)

Ahrens, J.; Altieri, S.; Annand, J.R.M.; Anton, G.; Arends, H.-J.; Aulenbacher, K.; Beck, R.; Bradtke, C.; Braghieri, A.; Degrande, N.; D' Hose, N.; Dutz, H.; Goertz, S.; Grabmayr, P.; Hansen, K.; Harmsen, J.; Harrach, D. von; Hasegawa, S.; Hasegawa, T.; Heid, E.; Helbing, K.; Holvoet, H.; Van Hoorebeke, L.; Horikawa, N.; Iwata, T.; Jahn, O.; Jennewein, P.; Kageya, T.; Kiel, B.; Klein, F.; Kondratiev, R.; Kossert, K.; Krimmer, J.; Lang, M.; Lannoy, B.; Leukel, R.; Lisin, V.; Matsuda, T.; McGeorge, J.C.; Meier, A.; Menze, D.; Meyer, W.; Michel, T.; Naumann, J.; Panzeri, A.; Pedroni, P.; Pinelli, T.; Preobrajenski, I.; Radtke, E.; Reichert, E.; Reicherz, G.; Rohlof, Ch.; Rosner, G.; Rostomyan, T.; Rovelli, C.; Ryckbosch, D.; Sauer, M.; Schoch, B.; Schumacher, M.; Seitz, B.; Speckner, T.; Takabayashi, N.; Tamas, G.; Thomas, A.; Vyver, R. van de; Wakai, A.; Weihofen, W.; Wissmann, F.; Zapadtka, F.; Zeitler, G

2003-01-02

The helicity dependence of the total cross section for the {gamma}{yields}p{yields}{yields}n{pi}{sup +}{pi}{sup 0} reaction has been measured for the first time at incident photon energies from 400 to 800 MeV. The measurement was performed with the large acceptance detector DAPHNE at the tagged photon beam facility of the MAMI accelerator in Mainz. This channel is found to be excited predominantly when the photon and proton have a parallel spin orientation, due to the intermediate production of the D{sub 13} resonance.

Yield surface evolution for columnar ice

Science.gov (United States)

Zhou, Zhiwei; Ma, Wei; Zhang, Shujuan; Mu, Yanhu; Zhao, Shunpin; Li, Guoyu

A series of triaxial compression tests, which has capable of measuring the volumetric strain of the sample, were conducted on columnar ice. A new testing approach of probing the experimental yield surface was performed from a single sample in order to investigate yield and hardening behaviors of the columnar ice under complex stress states. Based on the characteristic of the volumetric strain, a new method of defined the multiaxial yield strengths of the columnar ice is proposed. The experimental yield surface remains elliptical shape in the stress space of effective stress versus mean stress. The effect of temperature, loading rate and loading path in the initial yield surface and deformation properties of the columnar ice were also studied. Subsequent yield surfaces of the columnar ice have been explored by using uniaxial and hydrostatic paths. The evolution of the subsequent yield surface exhibits significant path-dependent characteristics. The multiaxial hardening law of the columnar ice was established experimentally. A phenomenological yield criterion was presented for multiaxial yield and hardening behaviors of the columnar ice. The comparisons between the theoretical and measured results indicate that this current model is capable of giving a reasonable prediction for the multiaxial yield and post-yield properties of the columnar ice subjected to different temperature, loading rate and path conditions.

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.

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.

A note on hypoplastic yielding

OpenAIRE

Nader, José Jorge

2010-01-01

This note discusses briefly the definition of yield surface in hypoplasticity in connection with the physical notion of yielding. The relation of yielding with the vanishing of the material time derivative of the stress tensor and the vanishing of the corotational stress rate is investigated.

Effects of nitrogen application method and weed control on corn yield and yield components.

Science.gov (United States)

Sepahvand, Pariya; Sajedi, Nurali; Mousavi, Seyed Karim; Ghiasvand, Mohsen

2014-04-01

The effects of nitrogen fertilizer application and different methods for weed control on yield and yield components of corn was evaluated in Khorramabad in 2011. The experiment was conducted as a split plot based on randomized complete block design in 3 replications. Nitrogen application was as main plot in 4 levels (no nitrogen, broadcasting nitrogen, banding nitrogen and sprayed nitrogen) and methods of weed control were in 4 levels (non-control weeds, application Equip herbicide, once hand control of weeds and application Equip herbicide+once time weeding) was as subplots. Result illustrated that effects of nitrogen fertilizer application were significant on grain and forage yield, 100 seeds weight, harvest index, grain number per row and cob weight per plant. Grain yield increased by 91.4 and 3.9% in application banding and broadcasting for nitrogen fertilizer, respectively, compared to the no fertilizer treatment. The results show improved efficiency of nitrogen utilization by banding application. Grain yield, harvest index, seed rows per cob, seeds per row and cob weight were increased by weed control. In the application of Equip herbicide+ hand weeding treatment corn grain yield was increased 126% in comparison to weedy control. It represents of the intense affects of weed competition with corn. The highest corn grain yield (6758 kg h(-1)) was related to the application banding of nitrogen fertilizer and Equip herbicide+once hand weeding.

Predicting paddlefish roe yields using an extension of the Beverton–Holt equilibrium yield-per-recruit model

Science.gov (United States)

Colvin, M.E.; Bettoli, Phillip William; Scholten, G.D.

2013-01-01

Equilibrium yield models predict the total biomass removed from an exploited stock; however, traditional yield models must be modified to simulate roe yields because a linear relationship between age (or length) and mature ovary weight does not typically exist. We extended the traditional Beverton-Holt equilibrium yield model to predict roe yields of Paddlefish Polyodon spathula in Kentucky Lake, Tennessee-Kentucky, as a function of varying conditional fishing mortality rates (10-70%), conditional natural mortality rates (cm; 9% and 18%), and four minimum size limits ranging from 864 to 1,016mm eye-to-fork length. These results were then compared to a biomass-based yield assessment. Analysis of roe yields indicated the potential for growth overfishing at lower exploitation rates and smaller minimum length limits than were suggested by the biomass-based assessment. Patterns of biomass and roe yields in relation to exploitation rates were similar regardless of the simulated value of cm, thus indicating that the results were insensitive to changes in cm. Our results also suggested that higher minimum length limits would increase roe yield and reduce the potential for growth overfishing and recruitment overfishing at the simulated cm values. Biomass-based equilibrium yield assessments are commonly used to assess the effects of harvest on other caviar-based fisheries; however, our analysis demonstrates that such assessments likely underestimate the probability and severity of growth overfishing when roe is targeted. Therefore, equilibrium roe yield-per-recruit models should also be considered to guide the management process for caviar-producing fish species.

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

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

Value and growth stocks in Brazil: risks and returns for one - and two-dimensional portfolios under different economic conditions Ações de valor e de crescimento no Brasil: riscos e retornos de carteiras uni e bidimensionais em diferentes estados da economia

Directory of Open Access Journals (Sweden)

Leandro da Rocha Santos

2011-08-01

Full Text Available For empirical purposes, value stocks are usually defined as those traded at low price-to-earnings ratios (stock prices divided by earnings per share, low price-to-book ratios (stock prices divided by book value per share or high dividend yields (dividends per share divided by stock prices. Growth stocks, on the other hand, are traded at high price-to-earnings ratios, high price-to-book ratios or low dividend yields. Academic research so far produced, international and Brazilian alike, shows that value stocks outperform growth stocks, challenging the Efficient Market Hypothesis, which states that the market prices of traded stocks are the best estimate of their intrinsic values. Most studies use a single ratio to sort stocks on percentiles; risks (generally defined as beta or standard deviations and returns are then calculated for the resulting value and growth portfolios. In the present paper, we aim to further contribute to the growing literature on the field by applying a method not previously tested on the Brazilian market. We build portfolios sorted by the price-to-earnings and price-to-book ratios alone and by a combination of both in order to assess value and growth stocks' risks and returns on the Brazilian stock market between 1989 and 2009. Furthermore, our risk analysis may be regarded as the paper's main contribution, since its approach departs from conventional risk concepts, as we not only test for beta: portfolios' returns are measured under different economic conditions. Results support a pervasive value premium in the Brazilian stock market. Risk analysis shows that this premium holds under every economic condition analyzed, suggesting that value stocks are indeed less risky. Beta proved not to be a satisfactory risk measure. Portfolios sorted by the price-to-earnings ratio yielded the best results.Para fins de pesquisas empíricas, ações de valor são geralmente definidas como aquelas negociadas a baixos índices pre

Path Analysis of Grain Yield and Yield Components and Some Agronomic Traits in Bread Wheat

Directory of Open Access Journals (Sweden)

Mohsen Janmohammadi

2014-01-01

Full Text Available Development of new bread wheat cultivars needs efficient tools to monitor trait association in a breeding program. This investigation was aimed to characterize grain yield components and some agronomic traits related to bread wheat grain yield. The efficiency of a breeding program depends mainly on the direction of the correlation between different traits and the relative importance of each component involved in contributing to grain yield. Correlation and path analysis were carried out in 56 bread wheat genotypes grown under field conditions of Maragheh, Iran. Observations were recorded on 18 wheat traits and correlation coefficient analysis revealed grain yield was positively correlated with stem diameter, spike length, floret number, spikelet number, grain diameter, grain length and 1000 seed weight traits. According to the variance inflation factor (VIF and tolerance as multicollinearity statistics, there are inconsistent relationships among the variables and all traits could be considered as first-order variables (Model I with grain yield as the response variable due to low multicollinearity of all measured traits. In the path coefficient analysis, grain yield represented the dependent variable and the spikelet number and 1000 seed weight traits were the independent ones. Our results indicated that the number of spikelets per spikes and leaf width and 1000 seed weight traits followed by the grain length, grain diameter and grain number per spike were the traits related to higher grain yield. The above mentioned traits along with their indirect causal factors should be considered simultaneously as an effective selection criteria evolving high yielding genotype because of their direct positive contribution to grain yield.

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...

Carbon taxation and market structure: A CGE analysis for Russia

International Nuclear Information System (INIS)

Orlov, Anton; Grethe, Harald

2012-01-01

Russia is one of the world's major sources of carbon based energy as well as one its most intensive users. Introducing carbon taxes can lead to a reduction in emissions and encourage investment in energy efficiency. We investigate the economic effects of carbon taxes on the Russian economy under perfect competition and a Cournot oligopoly in output markets. The main findings are: (i) substituting carbon taxes for labour taxes can yield a strong double dividend in Russia; however, welfare gains strongly depend on the labour supply elasticity and elasticities of substitution between capital, labour, and energy. (ii) Under the assumption of a Cournot oligopoly with homogenous products and symmetric firms in the markets for natural gas, petroleum and chemical products, metals, and minerals, welfare costs of the environmental tax reform can be higher than under perfect competition. This is because introducing carbon taxes leads to a reduction in already sub-optimal output, thereby exacerbating pre-existing distortions arising from imperfect competition. (iii) Furthermore, increases in energy costs can result in higher mark-ups in some markets because of less competition resulting from firms' exit. - Highlights: ► Substituting carbon taxes for labour taxes in Russia can yield a double dividend. ► The labour supply elasticity and substitution possibilities between factors are crucial. ► Introducing carbon taxes can exacerbate distortions from imperfect competition. ► Increases in energy costs result in higher mark-ups because of less competition.

Climatic and technological ceilings for Chinese rice stagnation based on yield gaps and yield trend pattern analysis.

Science.gov (United States)

Zhang, Tianyi; Yang, Xiaoguang; Wang, Hesong; Li, Yong; Ye, Qing

2014-04-01

Climatic or technological ceilings could cause yield stagnation. Thus, identifying the principal reasons for yield stagnation within the context of the local climate and socio-economic conditions are essential for informing regional agricultural policies. In this study, we identified the climatic and technological ceilings for seven rice-production regions in China based on yield gaps and on a yield trend pattern analysis for the period 1980-2010. The results indicate that 54.9% of the counties sampled experienced yield stagnation since the 1980. The potential yield ceilings in northern and eastern China decreased to a greater extent than in other regions due to the accompanying climate effects of increases in temperature and decreases in radiation. This may be associated with yield stagnation and halt occurring in approximately 49.8-57.0% of the sampled counties in these areas. South-western China exhibited a promising scope for yield improvement, showing the greatest yield gap (30.6%), whereas the yields were stagnant in 58.4% of the sampled counties. This finding suggests that efforts to overcome the technological ceiling must be given priority so that the available exploitable yield gap can be achieved. North-eastern China, however, represents a noteworthy exception. In the north-central area of this region, climate change has increased the yield potential ceiling, and this increase has been accompanied by the most rapid increase in actual yield: 1.02 ton ha(-1) per decade. Therefore, north-eastern China shows a great potential for rice production, which is favoured by the current climate conditions and available technology level. Additional environmentally friendly economic incentives might be considered in this region. © 2013 John Wiley & Sons Ltd.

Yield stress of alumina-zirconia suspensions

International Nuclear Information System (INIS)

Ramakrishnan, V.; Pradip; Malghan, S.G.

1996-01-01

The yield stress of concentrated suspensions of alumina, zirconia, and mixed alumina-zirconia powders was measured by the vane technique as a function of solids loading, relative amounts of alumina and zirconia, and pH. At the isoelectric point (IEP), the yield stress varied as the fourth power of the solids loading. The relative ratio of alumina and zirconia particles was important in determining the yield stress of the suspension at the IEP. The yield stress of single and mixed suspensions showed a marked variation with pH. The maximum value occurred at or near the IEP of the suspension. The effect of electrical double-layer forces on the yield stress can be described on the basis of the Derjaguin-Landau-Verwey-Overbeek (DLVO) theory. A normalized yield stress--that is, the ratio of the yield stress at a given pH to the yield stress at the IEP predicted by this model--showed good correlation with experimental data

Breeding for Grass Seed Yield

DEFF Research Database (Denmark)

Boelt, Birte; Studer, Bruno

2010-01-01

Seed yield is a trait of major interest for many fodder and amenity grass species and has received increasing attention since seed multiplication is economically relevant for novel grass cultivars to compete in the commercial market. Although seed yield is a complex trait and affected...... by agricultural practices as well as environmental factors, traits related to seed production reveal considerable genetic variation, prerequisite for improvement by direct or indirect selection. This chapter first reports on the biological and physiological basics of the grass reproduction system, then highlights...... important aspects and components affecting the seed yield potential and the agronomic and environmental aspects affecting the utilization and realization of the seed yield potential. Finally, it discusses the potential of plant breeding to sustainably improve total seed yield in fodder and amenity grasses....

Effect of Salinity and Silicon on Seed Yield and Yield Components of Purslane Portulaca oleracea L.(

Directory of Open Access Journals (Sweden)

Z Rahimi

2011-01-01

Full Text Available Abstract In order to study the effects on salinity and silicon application on yield and yield components of purslane (Portulaca oleracea L., an experiment was conducted in a completely randomized desgin with three replications and two factors consisted of four different levels of salinity using NaCl (0, 7, 14, 21dS/m and two levels of silicon (application of one mMol sodium silicate and not application. Increasing salinity concentration significantly caused a negative effect on seed yield. But yield components such as number and weight of seed were more sensitive than number of capsul in main stem in final seed yield. Application of silicon increased seed yield in control but was not significant in salinity levels and leaves and stem biomass. Seed yield and total seed weight in branches was significantly decresed. Weight of 1000 seed in main stem and branches was not significantly different in salinity levels. As a result, purslane could be extremely tolerated to saline conditions, so it seems that it can be cultivated in saline soils and arid regions. Also applied silicon can be increase yield and plant tolerance to environmental stress. Keywords: 1000 seed, Branches, Capsul, Dry weight

Yield stress fluids slowly yield to analysis

NARCIS (Netherlands)

Bonn, D.; Denn, M.M.

2009-01-01

We are surrounded in everyday life by yield stress fluids: materials that behave as solids under small stresses but flow like liquids beyond a critical stress. For example, paint must flow under the brush, but remain fixed in a vertical film despite the force of gravity. Food products (such as

Decomposing global crop yield variability

Science.gov (United States)

Ben-Ari, Tamara; Makowski, David

2014-11-01

Recent food crises have highlighted the need to better understand the between-year variability of agricultural production. Although increasing future production seems necessary, the globalization of commodity markets suggests that the food system would also benefit from enhanced supplies stability through a reduction in the year-to-year variability. Here, we develop an analytical expression decomposing global crop yield interannual variability into three informative components that quantify how evenly are croplands distributed in the world, the proportion of cultivated areas allocated to regions of above or below average variability and the covariation between yields in distinct world regions. This decomposition is used to identify drivers of interannual yield variations for four major crops (i.e., maize, rice, soybean and wheat) over the period 1961-2012. We show that maize production is fairly spread but marked by one prominent region with high levels of crop yield interannual variability (which encompasses the North American corn belt in the USA, and Canada). In contrast, global rice yields have a small variability because, although spatially concentrated, much of the production is located in regions of below-average variability (i.e., South, Eastern and South Eastern Asia). Because of these contrasted land use allocations, an even cultivated land distribution across regions would reduce global maize yield variance, but increase the variance of global yield rice. Intermediate results are obtained for soybean and wheat for which croplands are mainly located in regions with close-to-average variability. At the scale of large world regions, we find that covariances of regional yields have a negligible contribution to global yield variance. The proposed decomposition could be applied at any spatial and time scales, including the yearly time step. By addressing global crop production stability (or lack thereof) our results contribute to the understanding of a key

Effect of nitrogen and water deficit type on the yield gap between the potential and attainable wheat yield

Directory of Open Access Journals (Sweden)

Jiangang Liu

2015-12-01

Full Text Available Water deficit and N fertilizer are the two primary limiting factors for wheat yield in the North China plain, the most important winter wheat (Triticum aestivum L. production area in China. Analyzing the yield gap between the potential yield and the attainable yield can quantify the potential for increasing wheat production and exploring the limiting factors to yield gap in the high-yielding farming region of North China Plain. The Decision Support System for Agrotechnology Transfer (DSSAT model was used to identify methods to increase the grain yield and decrease the gap. In order to explore the impact of N and cultivars on wheat yield in the different drought types, the climate conditions during 1981 to 2011 growing seasons was categorized into low, moderate, and severe water deficit classes according to the anomaly percentage of the water deficit rate during the entire wheat growing season. There are differences (P < 0.0001 in the variations of the potential yields among three cultivars over 30 yr. For all three water deficit types, the more recent cultivars Jimai22 and Shijiazhuang8 had higher yields compared to the older 'Jinan17'. As the N fertilizer rate increased, the yield gap decreased more substantially during the low water deficit years because of the significant increase in attainable yield. Overall, the yield gaps were smaller with less water stress. Replacement of cultivars and appropriate N fertilizer application based on the forecasted drought types can narrow the yield gap effectively.

Synthetic Brassica napus L.: Development and Studies on Morphological Characters, Yield Attributes, and Yield

Directory of Open Access Journals (Sweden)

M. A. Malek

2012-01-01

Full Text Available Brassica napus was synthesized by hybridization between its diploid progenitor species B. rapa and B. oleracea followed by chromosome doubling. Cross with B. rapa as a female parent was only successful. Among three colchicine treatments (0.10, 0.15, and 0.20%, 0.15% gave the highest success (86% of chromosome doubling in the hybrids (AC; 2=19. Synthetic B. napus (AACC, 2=38 was identified with bigger petals, fertile pollens and seed setting. Synthetic B. napus had increased growth over parents and exhibited wider ranges with higher coefficients of variations than parents for morphological and yield contributing characters, and yield per plant. Siliqua length as well as beak length in synthetic B. napus was longer than those of the parents. Number of seeds per siliqua, 1000-seed weight and seed yield per plant in synthetic B. napus were higher than those of the parents. Although flowering time in synthetic B. napus was earlier than both parents, however the days to maturity was little higher over early maturing B. rapa parent. The synthesized B. napus has great potential to produce higher seed yield. Further screening and evaluation is needed for selection of desirable genotypes having improved yield contributing characters and higher seed yield.

Search for B {yields} K{ell}{sup +}{ell}{sup -} and B {yields} K*(892){ell}{sup +}{ell}{sup -}

Energy Technology Data Exchange (ETDEWEB)

Aubert, B.

2004-02-12

The authors present preliminary results from a search for the flavor-changing neutral current decays B {yields} K{ell}{sup +}{ell}{sup -} and B {yields} K*(892){ell}{sup +}{ell}{sup -} using a sample of 22.7 x 10{sup 6} {Upsilon}(4S) {yields} B{bar B} decays collected with the BABAR detector at the PEP-II B Factory. They have reconstructed the following final states: B{sup +} {yields} K{sup +}{ell}{sup +}{ell}{sup -}, B{sup 0} {yields} K{sup 0}{ell}{sup +}{ell}{sup -} (K{sub s}{sup 0} {yields} {pi}{sup +} {pi}{sup -}), B{sup +} {yields} K*{sup +}{ell}{sup +}{ell}{sup -} (K*{sup +} {yields} K{sub s}{sup 0}{pi}{sup +}), and B{sup 0} {yields} K*{sup 0}{ell}{sup +}{ell}{sup -} (K*{sup 0} {yields} K{sup +}{pi}{sup -}), where {ell}{sup +}{ell}{sup -} is either an e{sup +}e{sup -} or {mu}{sup +}{mu}{sup -} pair. They obtain the 90% C.L. upper limits {Beta}(B {yields} K{ell}{sup +}{ell}{sup -}) < 0.6 x 10{sup -6} and {Beta}(B {yields} K*{ell}{sup +}{ell}{sup -}) < 2.5 x 10{sup -6}, close to the Standard Model predictions for these branching fractions.

Effect of Nitrogen and Phosphorus on Yield and Yield Components of Sesame (Sesamumindicum L.)

OpenAIRE

Muhammad Ibrahim; Manzoor Hussain; Ahmad Khan; Yousaf Jamal; Muhammad Ali; Muhammad Faisal Anwar Malik

2014-01-01

Nitrogen is a structural component of chlorophyll and protein therefore adequate supply of nitrogen is beneficial for both carbohydrates and protein metabolism as it promotes cell division and cell enlargement, resulting in more leaf area and thus ensuring good seed and dry matter yield. Theexperiment entitled effect of nitrogen and phosphorus on yield and yield components of sesame were conducted at New Developmental Farm of the University of Agriculture Peshawar during kharif 2013. Randomiz...

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...

Study on Yield and Yield Components of Wheat Genotypes under Different Moisture Regimes

Directory of Open Access Journals (Sweden)

E. Mogtader

2012-10-01

Full Text Available In order to study grain yield and yield components of 16 advanced wheat lines under rainfed and supplementary irrigation conditions, this research was conducted in randomized block design with 3 replications at Maragheh Research Station during 2008-09 seasons. Analysis of variance revealed significant differences for date to heading, plant height, 1000 kernel weight, tiller number, spike length, seed number per spike, spikelet number per spike, peduncle length, harvest index, leaf, sheath length and grain yield. Results also showed that the lines No. 4 (91-142 a 61/3/F35.70/MO73//1D13.1/MLT and 16 (Azar2 with 1895 and 1878 Kg/ha, lines No. 4 and 7 (YUMAI13/5/NAI60/3/14.53/ODIN//CI13441 with 2132 and 2285 Kg/ha had highest grain yield under rainfed and supplementary irrigated conditions respectively. Based on results these 16 lines and cultivars were grouped in 4 and 3 distinct classes using Ward’s Method of cluster analysis under rainfed and irrigated conditions. Path analysis indicated that vigor at shooting stage, seed number per spike and HI were positive important traits to select lines for high yielding potential in this study. HI and TKW had also positive effects on grain under supplementary irrigation.

Effects of commercial organic fertilizers on the yield and yield structure of potato cultivars

Directory of Open Access Journals (Sweden)

Filipović Vladimir

2012-01-01

Full Text Available The research work has dealt with investigations of two type commercial organic fertilizers (DCM ECO-MIX 4 NPK 7:7:10 i GUANITO NPK 6:15:3 effects on the yield and yield structure of three potato cultivars (Cleopatra, Carrera and Sylvana. The control variant was used in plots without the use of organic fertilizers. The field experiment was performed in 2012. in a populated area Dobrica (N 45° 13’, E 20° 51’, 78 m.s.l. at the experimental farm plot Belča on which is certified organic production, on anthropogenic soil subtype chernozem on carbonate terrace. The results of research showed that the lowest tuber yield was determined in the control treatment (20,87 t ha-1, while the highest yield was achieved with a commercial organic fertilizer DCM ECO-MIX 4 (23,96 t ha-1. Number of tubers per plant corresponded to the characteristics of the studied cultivars. The largest number of tubers per plant was correlated with yield. Specifically, individual variants of the two greatest yields had the highest average number of tubers per plant. Cultivar Cleopatra of variant with GUANITO achieved 17,51 tubers per plant, while cultivar Sylvana of variant with DCM ECO-MIX 4 achieved 17,38 tubers per plant.

Genetic basis of yield and some yield related traits in basmati rice

International Nuclear Information System (INIS)

Saleem, M.Y.; Haq, M.A.; Mirza, J.I.

2010-01-01

Additive, dominance and epistasis components of genetic variation for yield and some yield related traits were assessed through modified triple test cross technique in Basmati rice. Epistasis was found an important part of genetic variation for plant height, tillers per plant, secondary branches per panicle, grains per panicle, 1000-grain weight and yield per plant except primary branches per panicle and panicle length. Bifurcation of epistasis showed that additive x additive (i) type and additive x dominance + dominance x dominance (j + l) types of non-allelic interactions were involved in the expression of these traits. Additive and dominance type of gene action influenced the expression of primary branches per panicle and panicle length. No evidence of directional dominance was observed for these two traits. For plant height, tillers per plant, secondary branches per panicle, grains per panicle, 1000-grain weight and yield per plant, recurrent selection or bi parental mating may be exercised in F2 and following generations however, selection of desired plants may be postponed till F5 or F6 generations to permit maximum obsession of epistatic effects to develop desired cultivar(s) in Basmati rice.(author)

Quantifying potential yield and water-limited yield of summer maize in the North China Plain

Science.gov (United States)

Jiang, Mingnuo; Liu, Chaoshun; Chen, Maosi

2017-09-01

The North China Plain is a major food producing region in China, and climate change could pose a threat to food production in the region. Based on China Meteorological Forcing Dataset, simulating the growth of summer maize in North China Plain from 1979 to 2015 with the regional implementation of crop growth model WOFOST. The results showed that the model can reflect the potential yield and water-limited yield of Summer Maize in North China Plain through the calibration and validation of WOFOST model. After the regional implementation of model, combined with the reanalysis data, the model can better reproduce the regional history of summer maize yield in the North China Plain. The yield gap in Southeastern Beijing, southern Tianjin, southern Hebei province, Northwestern Shandong province is significant, these means the water condition is the main factor to summer maize yield in these regions.

GDP growth and the yield curvature

DEFF Research Database (Denmark)

Møller, Stig Vinther

2014-01-01

This paper examines the forecastability of GDP growth using information from the term structure of yields. In contrast to previous studies, the paper shows that the curvature of the yield curve contributes with much more forecasting power than the slope of yield curve. The yield curvature also...... predicts bond returns, implying a common element to time-variation in expected bond returns and expected GDP growth....

Systematics in delayed neutron yields

Energy Technology Data Exchange (ETDEWEB)

Ohsawa, Takaaki [Kinki Univ., Higashi-Osaka, Osaka (Japan). Atomic Energy Research Inst.

1998-03-01

An attempt was made to reproduce the systematic trend observed in the delayed neutron yields for actinides on the basis of the five-Gaussian representation of the fission yield together with available data sets for delayed neutron emission probability. It was found that systematic decrease in DNY for heavier actinides is mainly due to decrease of fission yields of precursors in the lighter side of the light fragment region. (author)

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...

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...

Fission yield measurements at IGISOL

Science.gov (United States)

Lantz, M.; Al-Adili, A.; Gorelov, D.; Jokinen, A.; Kolhinen, V. S.; Mattera, A.; Moore, I.; Penttilä, H.; Pomp, S.; Prokofiev, A. V.; Rakopoulos, V.; Rinta-Antila, S.; Simutkin, V.; Solders, A.

2016-06-01

The fission product yields are an important characteristic of the fission process. In fundamental physics, knowledge of the yield distributions is needed to better understand the fission process. For nuclear energy applications good knowledge of neutroninduced fission-product yields is important for the safe and efficient operation of nuclear power plants. With the Ion Guide Isotope Separator On-Line (IGISOL) technique, products of nuclear reactions are stopped in a buffer gas and then extracted and separated by mass. Thanks to the high resolving power of the JYFLTRAP Penning trap, at University of Jyväskylä, fission products can be isobarically separated, making it possible to measure relative independent fission yields. In some cases it is even possible to resolve isomeric states from the ground state, permitting measurements of isomeric yield ratios. So far the reactions U(p,f) and Th(p,f) have been studied using the IGISOL-JYFLTRAP facility. Recently, a neutron converter target has been developed utilizing the Be(p,xn) reaction. We here present the IGISOL-technique for fission yield measurements and some of the results from the measurements on proton induced fission. We also present the development of the neutron converter target, the characterization of the neutron field and the first tests with neutron-induced fission.

Fission yield measurements at IGISOL

Directory of Open Access Journals (Sweden)

Lantz M.

2016-01-01

Full Text Available The fission product yields are an important characteristic of the fission process. In fundamental physics, knowledge of the yield distributions is needed to better understand the fission process. For nuclear energy applications good knowledge of neutroninduced fission-product yields is important for the safe and efficient operation of nuclear power plants. With the Ion Guide Isotope Separator On-Line (IGISOL technique, products of nuclear reactions are stopped in a buffer gas and then extracted and separated by mass. Thanks to the high resolving power of the JYFLTRAP Penning trap, at University of Jyväskylä, fission products can be isobarically separated, making it possible to measure relative independent fission yields. In some cases it is even possible to resolve isomeric states from the ground state, permitting measurements of isomeric yield ratios. So far the reactions U(p,f and Th(p,f have been studied using the IGISOL-JYFLTRAP facility. Recently, a neutron converter target has been developed utilizing the Be(p,xn reaction. We here present the IGISOL-technique for fission yield measurements and some of the results from the measurements on proton induced fission. We also present the development of the neutron converter target, the characterization of the neutron field and the first tests with neutron-induced fission.

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.

Effect of different tillage intensity on yields and yield-forming factors in winter wheat

Directory of Open Access Journals (Sweden)

Martin Houšť

2012-01-01

Full Text Available The paper presents results of a study on application of minimum tillage technologies when growing winter wheat. Experiments were performed in the sugar-beet-growing region with loamy chernozem within the period of 2005–2009. Aanalysed and evaluated were effects of different methods of soil processing on yield-forming factors in stands of winter wheat grown after three different preceding crops (i.e. alfalfa, maize for silage and pea. Evaluated were the following four variants of tillage: (1 conventional ploughing to the depth of 0.22 m (Variant 1; (2 ploughing to the depth of 0.15 m (Variant 2; (3 direct sowing into the untilled soil (Variant 3, and (4 shallow tillage to the depth of 0.10 m (Variant 4.The effect of different tillage intensity on winter wheat yields was statistically non-significant after all forecrops. After alfalfa, the highest and the lowest average yields were recorded in Variant 2 (i.e. with ploughing to the depth of 0.15 m and Variant 3 (direct sowing into the untilled soil, respectively. After maize grown for silage, higher yields were obtained in Variant 2 and Variant 1 (conventional ploughing while in Variants 4 and 3 the obtained yields were lower. When growing winter wheat after pea as a preceding crop, the highest and the lowest average yields were recorded after direct sowing (Variant 3 and in Variant 1 (i.e. ploughing to the depth of 0.22 m, respectively. Results of studies on effect of different tillage technologies on yields of winter wheat crops indicate that under the given pedological and climatic conditions it is possible to apply methods of reduced tillage intensity. However, the choice of the corresponding technology must be performed with regard to the type of preceding crop.

Precise measurement of {gamma}(K{yields}e {nu}({gamma}))/{gamma}(K{yields}{mu} {nu}({gamma})) and study of K{yields}e {nu} {gamma}

Energy Technology Data Exchange (ETDEWEB)

Ambrosino, F.; Massarotti, P.; Meola, S.; Napolitano, M. [Dipartimento di Scienze Fisiche dell' Universita ' ' Federico II' ' , Napoli (Italy); INFN Sezione di Napoli, Napoli (Italy); Antonelli, A.; Antonelli, M.; Bencivenni, G.; Bloise, C.; Bossi, F.; Capon, G.; Capussela, T.; Ciambrone, P.; De Lucia, E.; De Simone, P.; Dreucci, M.; Felici, G.; Gatti, C.; Giovannella, S.; Jacewicz, M.; Lanfranchi, G.; Miscetti, S.; Moulson, M.; Murtas, F.; Palutan, M.; Santangelo, P.; Sciascia, B.; Sibidanov, A.; Spadaro, T.; Venanzoni, G. [Laboratori Nazionali di Frascati dell' INFN, Frascati (Italy); Archilli, F. [Dipartimento di Fisica dell' Universita ' ' Tor Vergata' ' , Rome (Italy); INFN Sezione di Roma Tor Vergata, Rome (Italy); Beltrame, P.; Denig, A.; Mueller, S. [Johannes Gutenberg-Universitaet, Institut fuer Kernphysik, Mainz (Germany); Bini, C.; De Santis, A.; De Zorzi, G.; Di Domenico, A.; Fiore, S.; Franzini, P.; Gauzzi, P. [Dipartimento di Fisica dell' Universita ' ' La Sapienza' ' , Rome (Italy); INFN Sezione di Roma, Rome (Italy); Bocchetta, S.; Ceradini, F.; Di Micco, B.; Nguyen, F. [Dipartimento di Fisica dell' Universita ' ' Roma Tre' ' , Rome (Italy); INFN Sezione di Roma Tre, Rome (Italy); Branchini, P.; Graziani, E.; Passeri, A.; Tortora, L. [INFN Sezione di Roma Tre, Rome (Italy); Capriotti, D. [Dipartimento di Fisica dell' Universita ' ' Roma Tre' ' , Rome (Italy); Di Donato, C. [INFN Sezione di Napoli, Napoli (Italy); Kulikov, V. [Institute for Theoretical and Experimental Physics, Moscow (Russian Federation); Lee-Franzini, J. [Laboratori Nazionali di Frascati dell' INFN, Frascati (Italy); State University of New York, Physics Department, Stony Brook (United States); Martini, M.; Patera, V.; Versaci, R. [Laboratori Nazionali di Frascati dell' INFN, Frascati (Italy); Dipartimento di Energetica dell' Universita ' ' La Sapienza' ' , Rome (Italy); Valente, P. [INFN Sezione di Roma, Rome (Italy)

2009-12-15

We present a precise measurement of the ratio R{sub K}={gamma}(K{yields}e{nu}({gamma}))/{gamma}(K{yields}{mu}{nu}({gamma})) and a study of the radiative process K{yields}e{nu}{gamma}, performed with the KLOE detector. The results are based on data collected at the Frascati e{sup +}e{sup -} collider DA {phi}NE for an integrated luminosity of 2.2 fb{sup -1}. We find R{sub K}=(2.493{+-}0.025{sub stat}{+-}0.019{sub syst}) x 10{sup -5}, in agreement with the Standard Model expectation. This result is used to improve constraints on parameters of the Minimal Supersymmetric Standard Model with lepton flavor violation. We also measured the differential decay rate d {gamma}(K{yields}e{nu}{gamma})/dE{sub {gamma}} for photon energies 10

Optimal Energy Taxation for Environment and Efficiency

Energy Technology Data Exchange (ETDEWEB)

Pak, Y.D. [Korea Energy Economics Institute, Euiwang (Korea)

2001-11-01

Main purpose of this research is to investigate about how to use energy tax system to reconcile environmental protection and economic growth, and promote sustainable development with the emphasis of double dividend hypothesis. As preliminary work to attain this target, in this limited study I will investigate the specific conditions under which double dividend hypothesis can be valid, and set up the model for optimal energy taxation. The model will be used in the simulation process in the next project. As the beginning part in this research, I provide a brief review about energy taxation policies in Sweden, Netherlands, and the United States. From this review it can be asserted that European countries are more aggressive in the application of environmental taxes like energy taxes for a cleaner environment than the United States. In next part I examined the rationale for optimal environmental taxation in the first-best and the second-best setting. Then I investigated energy taxation how it can provoke various distortions in markets and be connected to the marginal environmental damages and environmental taxation. In the next chapter, I examined the environmentally motivated taxation in the point of optimal commodity taxation view. Also I identified the impacts of environmental taxation in various circumstances intensively to find out when the environment tax can yield double dividend after taking into account of even tax-interaction effects. Then it can be found that even though in general the environmental tax exacerbates the distortion in the market rather than alleviates, it can also improve the welfare and the employment under several specific circumstances which are classified as various inefficiencies in the existing tax system. (author). 30 refs.

78 FR 15757 - Joint Industry Plan; Notice of Filing of the Third Amendment to the National Market System Plan...

Science.gov (United States)

2013-03-12

... communications relating to the Third Amendment to the Plan between the Commission and any person, other than...Cap Dividend Fund. DOG ProShares Short Dow30. DON WisdomTree MidCap Dividend Fund. DOO WisdomTree...

Geoelectrical parameter-based multivariate regression borehole yield model for predicting aquifer yield in managing groundwater resource sustainability

Directory of Open Access Journals (Sweden)

Kehinde Anthony Mogaji

2016-07-01

Full Text Available This study developed a GIS-based multivariate regression (MVR yield rate prediction model of groundwater resource sustainability in the hard-rock geology terrain of southwestern Nigeria. This model can economically manage the aquifer yield rate potential predictions that are often overlooked in groundwater resources development. The proposed model relates the borehole yield rate inventory of the area to geoelectrically derived parameters. Three sets of borehole yield rate conditioning geoelectrically derived parameters—aquifer unit resistivity (ρ, aquifer unit thickness (D and coefficient of anisotropy (λ—were determined from the acquired and interpreted geophysical data. The extracted borehole yield rate values and the geoelectrically derived parameter values were regressed to develop the MVR relationship model by applying linear regression and GIS techniques. The sensitivity analysis results of the MVR model evaluated at P ⩽ 0.05 for the predictors ρ, D and λ provided values of 2.68 × 10−05, 2 × 10−02 and 2.09 × 10−06, respectively. The accuracy and predictive power tests conducted on the MVR model using the Theil inequality coefficient measurement approach, coupled with the sensitivity analysis results, confirmed the model yield rate estimation and prediction capability. The MVR borehole yield prediction model estimates were processed in a GIS environment to model an aquifer yield potential prediction map of the area. The information on the prediction map can serve as a scientific basis for predicting aquifer yield potential rates relevant in groundwater resources sustainability management. The developed MVR borehole yield rate prediction mode provides a good alternative to other methods used for this purpose.

Nut crop yield records show that budbreak-based chilling requirements may not reflect yield decline chill thresholds

Science.gov (United States)

Pope, Katherine S.; Dose, Volker; Da Silva, David; Brown, Patrick H.; DeJong, Theodore M.

2015-06-01

Warming winters due to climate change may critically affect temperate tree species. Insufficiently cold winters are thought to result in fewer viable flower buds and the subsequent development of fewer fruits or nuts, decreasing the yield of an orchard or fecundity of a species. The best existing approximation for a threshold of sufficient cold accumulation, the "chilling requirement" of a species or variety, has been quantified by manipulating or modeling the conditions that result in dormant bud breaking. However, the physiological processes that affect budbreak are not the same as those that determine yield. This study sought to test whether budbreak-based chilling thresholds can reasonably approximate the thresholds that affect yield, particularly regarding the potential impacts of climate change on temperate tree crop yields. County-wide yield records for almond ( Prunus dulcis), pistachio ( Pistacia vera), and walnut ( Juglans regia) in the Central Valley of California were compared with 50 years of weather records. Bayesian nonparametric function estimation was used to model yield potentials at varying amounts of chill accumulation. In almonds, average yields occurred when chill accumulation was close to the budbreak-based chilling requirement. However, in the other two crops, pistachios and walnuts, the best previous estimate of the budbreak-based chilling requirements was 19-32 % higher than the chilling accumulations associated with average or above average yields. This research indicates that physiological processes beyond requirements for budbreak should be considered when estimating chill accumulation thresholds of yield decline and potential impacts of climate change.

Effect of Supplementary Irrigation on Yield, Yield Components and Protein Percentages of Chickpea Cultivars in Ilam, Iran

Directory of Open Access Journals (Sweden)

A. Maleki

2012-01-01

Full Text Available In order to study the effect of supplementary irrigation on yield, yield components and protein percentages of three cultivars of chickpea an experiment carried out as split plot, based on randomized complete blocks design, with three replications in Ilam, in 2009-2010 growing season. Irrigation treatments were: control, without irrigation (I0, irrigation at the stage of %50 blooming, irrigation at the stage of %50 flowering, irrigation at the stage of pods filling, which were allocated to main plots and genotypes, ILC482, Filip93-93 and local variety to sub plots. Irrigation treatments had significantly effect on seed and biological yields, harvest index, pod numbers per plant, seed numbers per pod and 100 seed weight. The Filip93-93 produced highest (1140.51 kg/ha and the local variety lowest seed yields (1056.98 kg/ha.Irrigation at the stage of pod filling and blooming increased by seed yield %41.3 and %29.3 respectively as  compared to control .Irrigation at the pod filling period produced the highest seed yield. The Filip93-93 produced highest yield (1263.31 kg/ha when the field irrigated at pod filling stage and the local variety at control treatment (without irrigation the lowest seed yield (893.26 kg/ha.

Will energy crop yields meet expectations?

International Nuclear Information System (INIS)

Searle, Stephanie Y.; Malins, Christopher J.

2014-01-01

Expectations are high for energy crops. Government policies in the United States and Europe are increasingly supporting biofuel and heat and power from cellulose, and biomass is touted as a partial solution to energy security and greenhouse gas mitigation. Here, we review the literature for yields of 5 major potential energy crops: Miscanthus spp., Panicum virgatum (switchgrass), Populus spp. (poplar), Salix spp. (willow), and Eucalyptus spp. Very high yields have been achieved for each of these types of energy crops, up to 40 t ha −1  y −1 in small, intensively managed trials. But yields are significantly lower in semi-commercial scale trials, due to biomass losses with drying, harvesting inefficiency under real world conditions, and edge effects in small plots. To avoid competition with food, energy crops should be grown on non-agricultural land, which also lowers yields. While there is potential for yield improvement for each of these crops through further research and breeding programs, for several reasons the rate of yield increase is likely to be slower than historically has been achieved for cereals; these include relatively low investment, long breeding periods, low yield response of perennial grasses to fertilizer, and inapplicability of manipulating the harvest index. Miscanthus × giganteus faces particular challenges as it is a sterile hybrid. Moderate and realistic expectations for the current and future performance of energy crops are vital to understanding the likely cost and the potential of large-scale production. - Highlights: • This review covers Miscanthus, switchgrass, poplar, willow, and Eucalyptus. • High yields of energy crops are typically from small experimental plots. • Field scale yields are lower due to real world harvesting losses and edge effects. • The potential for yield improvement of energy crops is relatively limited. • Expectations must be realistic for successful policies and commercial production

Seed yield components and their potential interaction in grasses - to what extend does seed weigth influence yield?

DEFF Research Database (Denmark)

Boelt, B; Gislum, R

2010-01-01

 In a first-year seed crop of red fescue (Festuca rubra L.) the degree of lodging was controlled by the use of Moddus (Trinexapac-ethyl). Seed weight was found to increase by the decreasing degree of lodging prior to harvest. The higher seed weights were accompanied by higher yields even though...... the number of reproductive tillers and floret site utilization (FSU) were unaffected by the treatments. Seed yield is affected by several yield components and reflects the interaction between the seed yield potential (e.g. number of reproductive tillers, number of spikelets and florets/spikelet per...... reproductive tiller), the utilization of the potential (e.g. seed set, seed weight) and the realization of the seed yield potential, defined as the number of florets forming a saleable seed. The realization of the seed yield potential is affected by seed retention, seed weight and other traits associated...

Uma metodologia para o projeto teórico de conversores moleculares de luz A methodology for the theoretical design of light conversion molecular devices

Directory of Open Access Journals (Sweden)

Antônio V. M. de Andrade

1998-02-01

Full Text Available Recentlly, we have proposed the representation of lanthanides within AM1 as sparkles for the purpose of obtaing ground state geometries of their complexes. We tested our quantum chemical sparkle model (SMLC/AM1 for the prediction of the crystallographic structure of complexes with coordination number nine, eight and seven. A technique is introduced for the theoretical prediction of eletronic spectra of the organic part of lanthanide complexes by replacing the metal ion by a point charge with the ligands held in their positions as determined by the SMLC/AM1, and by computing the theoretical spectra via the intermediate neglect of differential overlap/spectroscopic-configuration interaction (INDO/S-CI.

Effect of Application of Pseudomonas fluorescent Strains on Yield and Yield Components of Rapeseed Cultivars

Directory of Open Access Journals (Sweden)

R Najafi

2015-09-01

Full Text Available Plant growth promoting rhizobacteria has been identified as an alternative to chemical fertilizer to enhance plant growth and yield directly and indirectly. Use of rhizosphere free living bacteria is one of the methods for crop production and leads to improvement of resources absorption. In order to study of yield, yield components and radiation use efficiency, under application of PGPR condition, an experiment was carried out in 2008 growing season at Agriculture and natural resources research station of Mashhad. The cultivars selected from three rapeseed species belong to Brassica napus, Brassica rapa and Brassica juncea (landrace, BP.18، Goldrush، Parkland، Hyola330، Hyola401. Experimental factorial design was randomized in complete block with three replications. Treatments included six varieties of Rapeseed and inoculations were four levels as non–inoculation, inoculation with P. fluorescens169, P. putida108 and use then together. Results showed that strains of fluorescent pseudomonas bacteria had greatest effects on yield and yield components cultivars. A significant difference in the number of pods per plant and 1000 seed weight observed. The cultivars were different in all treats except 1000 seed weight. Overall results indicated that application of growth stimulating bacteria in combination with different cultivars, had a positive effect growth, yield characteristics of plant varieties of rapeseed plants.

Theoretical spectroscopic study of the conjugate microcystin-LR-europium cryptate

Energy Technology Data Exchange (ETDEWEB)

Santos, Julio G.; Dutra, Jose Diogo L.; Costa Junior, Nivan B. da; Freire, Ricardo O., E-mail: rfreire@ufs.br [Universidade Federal de Sergipe (UFS), Sao Cristovao, SE (Brazil). Departamento de Quimica; Alves Junior, Severino; Sa, Gilberto F. de [Universidade Federal de Pernambuco (UFPE), Recife, PE (Brazil). Departamento de Quimica Fundamental

2013-02-15

In this work, theoretical tools were used to study spectroscopic properties of the conjugate microcystin-LR-europium cryptate. The Sparkle/AM1 model was applied to predict the geometry of the system and the INDO/S-CIS model was used to calculate the excited state energies. Based on the Judd-Ofelt theory, the intensity parameters were predicted and a theoretical model based on the theory of the 4f-4f transitions was applied to calculate energy transfer and backtransfer rates, radiative and non-radiative decay rates, quantum efficiency and quantum yield. A detailed study of the luminescent properties of the conjugate Microcystin-LR-europium cryptate was carried out. The results show that the theoretical quantum yield of luminescence of 23% is in good agreement with the experimental value published. This fact suggests that this theoretical protocol can be used to design new systems in order to improve their luminescence properties. The results suggest that this luminescent system may be a good conjugate for using in assay ELISA for detection by luminescence of the Microcystin-LR in water. (author)

PERAN PROFITABILITAS DAN LIKUIDITAS SERTA DIVIDEN PAYOUT RATIO TERHADAP RETURN SAHAM

Directory of Open Access Journals (Sweden)

Riawan

2016-10-01

Full Text Available This study was conducted to examine the influence of fundamental factors of profitability and liquidity on dividend policy (DPR. And furthermore the influence of profitability, liquidity and dividend policy (DPR to return stock in companies incorporated in the Jakarta Islamic Index listed on the Indonesia Stock Exchange for the period 2010-2013. The sampling technique used in this research is purposive sampling with criteria : (1 It is listed in Indonesia Stock Exchange 2010-2013. (2 It is always seem annual financial statements for the period 2010- 2013. (3 It is always pay dividends. The data required in this study were drawn from the Indonesian Capital Market Directory (ICMD from 2010 to 2013 consisting of 20 companies. Multiple regression analysis of the data. Hypothesis test used the t-statistic at the 5% significance level. The results showed profitability and dividend policy (DPR have a significant effect on stock returns. These results indicate that the performance of the fundamental factors of profitability and dividend payout on stock returns are used by investors to predict stock returns manufacturing companies listed in Indonesia Stock Exchange in2010-2013.

An empirical study of the relationship between earnings forecasts and risk profile

Directory of Open Access Journals (Sweden)

Malekian Esfandiar

2016-11-01

Full Text Available A new approach to examine the relationship between the excess of forecast based on characteristics toward management forecast and business risk is provided in this research at companies listed on the stock exchange in Tehran.The customary (traditional (approach is based on the regression of management forecast errors of past years. Therefore, the observable and unobservable inputs, such as managements, incentive misalignment, are used to predict management forecast errors. In this study, the future earnings is at first estimated by using characteristics including earnings per share, loss indicator, Neg. accruals per share , Pos. accruals per share ,asset growth , dividend indicator (non-payment of the dividend, Book-to-market value, share price and dividend per share for companies. Based on that, a criterion (CO for estimating the earnings forecast error was developed, which is the alternative forecasted errors. One should notice that, business risk is considered as a measure of company performance. In this study, measures of business risk are volatility of earnings and dividend ratio. Research findings show that, there is a significant relationship between the CO and volatility of earnings, on the contrary there is no significant relationship between this criteria and dividend ratio

Impact of Inter-Row Spacing on Yield and Yield Components of several Annual Medics Species

Directory of Open Access Journals (Sweden)

Mahnaz BAGHERI

2010-12-01

Full Text Available A field study was conducted in Faculty of Agriculture, Tarbiat Modares University, Tehran, Iran to evaluate the effects of three within-row spacing treatments (20, 30 and 40 cm on forage and seed production of five species of annual medics (Medicago scutellata cv. Sava; M. littoralis cv. Herald; M. polymorpha cv. Santiago; M. minima cv. Orion and M. truncatula cv. Mogul. The experiment was carried out in Faculty of Agriculture, Tarbiat Modares University, Tehran, Iran. The results of the experiment indicated that M. polymorpha had the highest forage yield out of the highest plant population. Latter with average 443.09 Kg ha-1 and M. scutellata with average 409.99 Kg ha-1 produced the highest seed yield. Also, the last species with 1306.78 Kg ha-1 had the highest pod yields. The highest seed yield and pod yield were produced at 20 cm within-row spacing because there were not adequate plants for maximum seed and pod yields in 30 and 40 cm within-row spacing. The tested plant densities did not affect on seeds number per pod, 1000 seeds weight and seeds to burr pod weight ratio. The M. truncatula and M. minima have the highest seeds number per pod. In addition, M. scutellata had the highest 1000 seeds weight with an average of 12.57 g. The highest seeds to burr pod ratio was observed in M. polymorpha. The most pod numbers were obtained in 20 and 30 cm within-row spacing and M. polymorpha while, the least pod numbers was observed in M. scutellata. Plant densities did not affect on pod numbers of the mentioned species. The highest dry forage yield was produced in 20 cm within-row spacing. Among the tested tested species, M. truncatula had the highest forage yield with average 870.07 Kg ha-1. This experiment indicated that there is possibility for seed and forage production of tested annual medics in the mentioned zone with the considering suitable plant densities.

PENGARUH STRUKTUR KEPEMILIKAN SAHAM, KEBIJAKAN DIVIDEN DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN (Studi Pada Perusahaan Yang Terdaftar di BEI

Directory of Open Access Journals (Sweden)

Herni Ali

2015-08-01

Full Text Available The main objective of this study is to examine the impact of ownership structure, dividend policy, debt policy on the value of the firms in Indonesian Stock Exchange. Data used in this research is financial data in the form  financial statements of public companies listed in Indonesian Stock Exchange. The statistical method used to test the hypothesis is Structural Equation Modeling (SEM analysis. The results of this study  shown that: ownership structure has a significant positive influence to dividend policy. Ownership structure significant negative influence to debt policy. Ownership structure have no influence to value of the firms. Dividend policy significant negative influence to debt policy. Dividend policy have no influence to value of the firms. Debt policy significant positive influence to value of the firms.DOI: 10.15408/etk.v13i2.1883

Effect of zinc and plant-population on the yield and yield components of maize (zea mays L.)

International Nuclear Information System (INIS)

Kakar, K.M.; Sadiq, S.A.; Tariq, M.

2005-01-01

A field experiment was conducted during 2001 to study the effect of two levels of zinc (0 and 5 kg Zn ha-J) and three plant-densities (60,000, 80,000 and 100,000 plants ha-J) on the performance of two varieties of maize Azam and Pahari and two hybrids N7989 and Babar, at Malakandher Farm of NWFP Agricultural University, Peshawar. Zinc at the rate of 5 kg ha-J increased the cob yield, grain yield and 1000-grain weight, while increase in plant-density significantly increased the number of grains cob-J, number of cob-plant-J, cob-yield, grain-yield and 1000-grain weight. Results revealed that the highest plant-density of 100,000 plant ha-J decreased the number of cobs plant-J, number of grains cob-J and 1000-grain weight. Maximum number of cobs plant-J (0.87), number of grains cob-J (313), cob yield (4602 kg ha-J), grain yield (4222 kg ha-J) and 1000-grain weight (249 g) were obtained with plant- density of 80,000 plant ha-J. The maximum grain-yield of 4333 kg ha-J was recorded in plots of hybrid variety N7989. (author)

Climate Variability and Sugarcane Yield in Louisiana.

Science.gov (United States)

Greenland, David

2005-11-01

This paper seeks to understand the role that climate variability has on annual yield of sugarcane in Louisiana. Unique features of sugarcane growth in Louisiana and nonclimatic, yield-influencing factors make this goal an interesting and challenging one. Several methods of seeking and establishing the relations between yield and climate variables are employed. First, yield climate relations were investigated at a single research station where crop variety and growing conditions could be held constant and yield relations could be established between a predominant older crop variety and a newer one. Interviews with crop experts and a literature survey were used to identify potential climatic factors that control yield. A statistical analysis was performed using statewide yield data from the American Sugar Cane League from 1963 to 2002 and a climate database. Yield values for later years were adjusted downward to form an adjusted yield dataset. The climate database was principally constructed from daily and monthly values of maximum and minimum temperature and daily and monthly total precipitation for six cooperative weather-reporting stations representative of the area of sugarcane production. The influence of 74 different, though not independent, climate-related variables on sugarcane yield was investigated. The fact that a climate signal exists is demonstrated by comparing mean values of the climate variables corresponding to the upper and lower third of adjusted yield values. Most of these mean-value differences show an intuitively plausible difference between the high- and low-yield years. The difference between means of the climate variables for years corresponding to the upper and lower third of annual yield values for 13 of the variables is statistically significant at or above the 90% level. A correlation matrix was used to identify the variables that had the largest influence on annual yield. Four variables [called here critical climatic variables (CCV

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 shareholder rights and a better market for corporate control 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 variations in the firms’ governance indexes (the Corporate Governance Index constructed by Gompers, Ishii, and Metrick, 2003, and the Entrenchment Index constructed by Bebchuk, Cohen, and Ferrel, 2009). We...

Status of fission product yield data

International Nuclear Information System (INIS)

Cuninghame, J.G.

1978-01-01

The topics covered in this paper are: (a) cumulative yields in thermal neutron fission and in fast fission up to 14 MeV incident neutron energy, (b) dependence of the yields on incident neutron energy and spectrum, (c) independent yields, (d) charge dispersion and distribution, and (e) yields of light particles from ternary fission. The paper reviews information on these subjects for fission of actinides from 232 Th upwards with special emphasis on data published since the 1973 Bologna FPND Panel, compares data sets, and discusses the gaps still to be found in them. (author)

Improving the yield from fermentative hydrogen production.

Science.gov (United States)

Kraemer, Jeremy T; Bagley, David M

2007-05-01

Efforts to increase H(2) yields from fermentative H(2) production include heat treatment of the inoculum, dissolved gas removal, and varying the organic loading rate. Although heat treatment kills methanogens and selects for spore-forming bacteria, the available evidence indicates H(2) yields are not maximized compared to bromoethanesulfonate, iodopropane, or perchloric acid pre-treatments and spore-forming acetogens are not killed. Operational controls (low pH, short solids retention time) can replace heat treatment. Gas sparging increases H(2) yields compared to un-sparged reactors, but no relationship exists between the sparging rate and H(2) yield. Lower sparging rates may improve the H(2) yield with less energy input and product dilution. The reasons why sparging improves H(2) yields are unknown, but recent measurements of dissolved H(2) concentrations during sparging suggest the assumption of decreased inhibition of the H(2)-producing enzymes is unlikely. Significant disagreement exists over the effect of organic loading rate (OLR); some studies show relatively higher OLRs improve H(2) yield while others show the opposite. Discovering the reasons for higher H(2) yields during dissolved gas removal and changes in OLR will help improve H(2) yields.