Dividend Payouts and Information Shocks

This paper examines changes in firms’ dividend payouts following an exogenous shock to the information environment. Traditional signaling, agency, and voluntary disclosure models predict that the more is commonly known about a firm and its competitors in the marketplace, the less private information managers will have to reveal themselves via costly signals or cash disbursements. To test these predictions, we analyze the dividend payment behavior for a global sample of firms around the mandatory adoption of IFRS and around the initial enforcement of new insider trading laws. Both events have the potential to improve the general information environment in the economy. We find that following the two events firms are less likely to pay (or increase) cash dividends, but more likely to cut (or stop) such payments. The changes in dividend policy occur around the time of the informational shock and only in countries and for firms subject to the regulatory change. In further analyses we find that the information content of dividends, measured as three-day absolute announcement returns, is lower after the informational events. The findings underscore that firms’ payout policies, among other things, depend on the extent of information about all firms in the economy

The diffusion of disruptive technologies

We identify novel technologies using textual analysis of patents, job postings, and earnings calls. Our approach enables us to identify and document the diffusion of 29 disruptive technologies across firms and labor markets in the U.S. Five stylized facts emerge from our data. First, the locations where technologies are developed that later disrupt businesses are geographically highly concentrated, even more so than overall patenting. Second, as the technologies mature and the number of new jobs related to them grows, they gradually spread across space. While initial hiring is concentrated in high-skilled jobs, over time the mean skill level in new positions associated with the technologies declines, broadening the types of jobs that adopt a given technology. At the same time, the geographic diffusion of low-skilled positions is significantly faster than higher-skilled ones, so that the locations where initial discoveries were made retain their leading positions among high-paying positions for decades. Finally, these technology hubs are more likely to arise in areas with universities and high skilled labor pools

Essays in accounting and finance

In this thesis, I examine why there are distortions in investor portfolio selection, and show the consequence of these distortions on firms' investment decisions. The thesis consists of three essays. In the first essay, I examine the economic consequences of the mandatory adoption of IFRS in EU countries by showing which types of economies have the largest reduction in investment-cash flow sensitivity post-IFRS. I also examine whether the reduction in investment-cash flow sensitivity depends on firm size as well as economy type. I find that the investment-cash flow sensitivity of insider economies is higher than that of outsider economies pre-IFRS and that IFRS reduces the investment-cash flow sensitivity of insider economies more than that of outsider economies. Also, I find that small firms in insider economies have the highest sensitivity of investment to lagged cash flow pre-IFRS, and that they are no longer sensitive to lagged cash flow post-IFRS. Overall, my results suggest that IFRS adoption might have improved the functioning of capital markets in relation to small firms in insider economies. In the second essay, I show that the level of conditional accounting conservatism of foreign markets significantly influences decisions to diversify portfolios internationally. This could be either because conditional conservatism per se is attractive to international investors, or because the unmodelled factors that attract foreign investors to a country also cause these countries to adopt conditionally conservative accounting practices. We also find that the positive association between investor diversification decision and conditional conservatism is sensitive to the level of conditional conservatism of investors' home markets. If conditional conservatism serves to alleviate foreign investors' concerns related to insiders have asymmetric access to information then one would expect the chosen mode of entry into a foreign market (as foreign portfolio or direct investor) to be sensitive to the level of conditional conservatism. I find evidence supportive of this expectation.In the third and final essay, I document pieces of evidence suggesting that the stock ownership of politicians is a mechanism to establish mutual relations with firms. There is a positive association between the ownership of politicians and the contribution they receive from firms during the elections. This association is a function of how valuable it is to establish a mutual relation between politicians and firms. Politicians invest more in firms that favor their party and less in firms that oppose their party. The strength of the ownership-based relation with contributing firms is positively associated with the amount as well as the number of government contracts awarded to firms. When politicians divest the stock, the established relation with contributing firms breaks down. Such break-down, however, only exist when there are no other mechanisms enforcing politician-firm relation.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Design and analysis of a brushless three phase flux switching generator for aircraft auxiliary power unit

This paper introduces a design of a three-phase flux switching machine (FSM), which is mainly designed for a 400 HZ aircraft auxiliary power unit. In this design, there are two winding sets embedded in the stator slots. One, is referred to as three phase armature windings, supply the power to the aircraft electrical system. The other winding, namely excitation winding, is fed from a dc supply. Also, a slotted rotor will be designed without any winding or permanent magnets. Moving the field winding to the stator not only ensures brushless construction, but also reduces generator weight through the direct coupling between the generator and the gas turbine. The machine is initially simulated using 2-D finite element analysis (FEA) and its performance is analyzed. Additionally, a prototype is implemented, and its performance is practically measured in order to prove the validity of the proposed machine for aircraft auxiliary power units

Organic Matter Assessment And Paleoenvironmental Changes Of The Middle Jurassic Main Source Rocks (Khatatba Formation) In The North Western Desert, Egypt: Palynofacies And Palynomorph Perspectives

The Middle Jurassic in the north Western Desert, Egypt, was a time of complex tectonics and increased environmental perturbations attributed to the predominant sedimentation of organic carbon-rich fine siliciclastic and carbonate deposits of the Khatatba Formation. Although some studies have addressed the hydrocarbon potential and source rock characteristics of the Khatatba Formation, a regional-scale investigation of the prevalent paleoenvironmental conditions and organic matter characteristics is still necessary. In this study, the Khatatba Formation is investigated for detailed palynofacies analysis and palynomorph composition to assess organic matter kerogen types and reconstruct the depositional paleoenvironmental patterns on a regional scale. For this purpose, 116 drill cuttings were collected from five wells in the Matruh, Shushan, and Dahab-Mireir Basins. Moderately diverse assemblages of spores, pollen, and dinoflagellate cysts are reported. Age-diagnostic dinoflagellate cysts, including Adnatosphaeridium caulleryi, Dichadogonyaulax sellwoodii, Korystocysta gochtii, Wanaea acollaris, and Pareodinia ceratophora, along with occasional records of Systematophora areolate and Systematophora penicillate, defined a Bajocian–Callovian age. Based on particulate organic matter (POM) composition, four palynofacies assemblages (PFAs) are identified. PFA-1 is the most common within the Khatatba Formation in the five studied wells. It contains high proportions of phytoclast fragments versus low contents of amorphous organic matter (AOM) and palynomorphs and is defined by a gas-prone kerogen Type III. PFA-2 is comprised of moderate abundances of AOM and phytoclast characteristics of oil-prone kerogen Type II. PFA-3 is dominated by phytoclasts and moderate to low proportions of AOM and palynomorphs of kerogen Type III, whereas PFA-4 consists of AOM and palynomorphs defining kerogen Type II. PFA-1 indicates predominant deposition in proximal active fluvio-deltaic sources to marginal marine conditions with enhanced contributions of terrestrial/riverine influx. PFA-2 and PFA-3 reveal deposition under an enhanced dysoxic to anoxic proximal inner neritic shelf due to the abundant occurrences of spores and coastal to shallow marine dinoflagellate cysts. PFA-4 suggests deposition under enhanced suboxic to anoxic distal inner neritic conditions because of enhanced AOM and abundant proximate and some chorate dinoflagellate cysts. Thus, the Middle Jurassic experienced a predominantly marginal to shallow water column in this part of the southern margin of the Tethyan Ocean where the Matruh, Shushan, and Dahab-Mireir Basins were located

Aflatoxin M1 in Milk and some Dairy Products: Level, Effect of Manufature and Public Health Concerns

Aflatoxins (AFs) are toxic and carcinogenic metabolites produced by a variety of fungi. Aflatoxin M1 (AFM1) is the major carcinogenic type frequently found in milk and dairy products, thus posing a significant impact on human health. The current study was undertaken to examine milk and some dairy products for contamination with AFM1 in local markets, Sharkia Governorate, Egypt, as well as the effect of manufacture. A total of 75 samples (15, each) of raw milk, pasteurized milk, yoghurt, processed cheese and Domiati cheese were randomly collected. AFM1 was detected in 27 (36%) out of the examined samples in which the level of AFM1 exceeded the limits (0 ng/L, kg) allowed by Egyptian regulation but only 6 (8%) samples exceeded the limits (50 ng/L, kg) allowed by European Commission regulation. Levels of AFM1 contamination in the examined milk and dairy products with mean values of 35.68 ± 10.90, 45.83 ± 7.80, 7.57 ± 1.92, 24.53 ± 3.91 and 42 ± 4.93 ng/L, kg in raw milk, pasteurized milk, yoghurt, processed cheese and Domiati cheese, respectively, were detected. The level of AFM1 decreased after yoghurt manufactur, while, cheese manufacture showed concentration of AFM1 in curd than those in cheese milk. During refrigeration storage of yoghurt, the mean AFM1 toxin decreased after one, two, three, seven days, respectively, then nearly similar level from seven days to fourteen days of storage. In conclusion, widespread presence of AFM1 in raw milk and some dairy products were considered to be possible hazards for public health especially children therefore, continuous monitoring of AFM1 level in commonly marketed raw milk and dairy products in Sharkia markets should be regularly done. Manufacture and storage had little effect on AFM1 content in milk and dairy products, therefore, new or modern technologies for detoxification of milk should be further studied

apparatus and method to remotely control fluid flow in tubular strings and wellbore annulus

A method and apparatus for remotely and selectively controlling and altering fluid flow through tubular string disposed within a wellbore and further control fluid flow between the tubular string inner flow passage and the annular flow passage, and a method for selectively and remotely receiving and interpreting a form of command or information at a particular apparatus within the wellbore caused by the operator on earth surface through a change of a physical property of the environment. The apparatus comprising a body, a valve operable in plurality of states, an actuator, and an activator responsive to a change of a physical property of the environment caused by the operator on earth surfac

The Effect of Chelates on Phosphorus Availability and Mobility

Soil-phosphorus relations have attracted the interest of many investigators since Liebig introduced his famous theory about the importance of the mineral matters to the plant in 1840. It was soon realized that phosphorus nutrition was a problem not easily solved for two reasons. 1. The added phosphorus fertilizers, soon after soil application are converted by some reactions in the soil to complex compounds far less soluble, consequently less available to the plant. Conclusions about this process led to controversial debates until it was discovered that a general statement covering all soils was impossible since the reactions involved in each case are different. 2. There was confusion caused by the use of two terms coined to express the plant\u27s need for phosphorus. The first term, soluble phosphorus, was based on the assumption that nutrient absorption is a simple diffusion of ions from the soil solution into the roots while the second term, available phosphorus, was based on the observation that the plant absorbed more than that which could be estimated as soluble phosphorus from some insoluble sources. A general definition was given to the term available phosphorus as that part of soil phosphorus which may be absorbed by ordinary crop plant in the production of plant substance. Later some restrictions were applied to regard the physical conditions of both soils and plants