Dividend policy, corporate control and tax clienteles : the case of Germany

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. JEL Classification: G32, G35 Keywords: Dividend Policy, Payout Policy, Lintner Dividend Model, Tax Clientele Effects, Corporate Governanc

Sooner or later: delays in trade reporting by corporate insiders

Until October 2004 corporate insiders in Germany were required to report trades in the shares of their firm 'without delay'. In practice substantial reporting delays were common. We show that the delays are systematically related to the characteristics of the firm. Delays are longer in widely-held firms and in firms using German accounting standards. This suggests that managers of these firms are less responsive to the informational requirements of the capital market. We further find that abnormal returns after the reporting date of an insider trade are independent of the reporting delay. This implies that prices are distorted in the period between the trading and the reporting date. This is a strong point in favor of regulation requiring and enforcing immediate disclosure of insider trades. --insider trading,directors' dealings,accounting standards

Do corporate governance motives drive hedge funds and private equity activities?

We address the question of whether hedge fund and private equity investments in public firms are motivated by corporate governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to alleviate agency conflicts. However, against the background of differences in their business models and organizational set ups, it remains an empirical question of whether they address the same or different agency conflicts. Studying HF and PE activities in a typical Continental European market like Germany promises to offer interesting insights about how HF and PE activities relate to the prevalence of family ownership, concentrated ownership structures and conflicts among majority and minority owners. We document empirical evidence that both HF and PE investments are driven by corporate governance improvements, but seem to address different types of agency conflicts. Whereas HF focus on firms with a lack of a controlling shareholder, in particular family shareholders, PE invest in firms which exhibit the potential to align manager-shareholder interests due to low managerial ownership. Both appear to address free cash flow problems differently. Aiming at dividend increases, HF tend use commitment devices that can be implemented over a short horizon. In contrast, PE are inclined to target firms which are particularly well-suited for a leverage increase because of low expected financial distress costs. This strategy requires a sufficiently long investment horizon. --private equity,hedge funds,corporate governance

Apotheosis

Zekiel Dirk Betzer’s oil paintings are a visual representation of transfiguration – the elevation of daily life into myth. He believes that if we defer to monolithic ideologies to narrativize our life, we are prescribed a relationship with the transcendent, rather than discovering it, leading us down the path of ideological possession. He is principally interested in how we, as both artist and audience, invent meaning and how this invention informs the way we engage with reality; especially how objects or memories become sacred

How Policy Changes Affect Shareholder Wealth: The Case of the Fukushima Daiichi Nuclear Disaster

This paper analyzes how policy changes affect shareholder wealth in the context of environmental regulation. We exploit the unique and unexpected German reaction to the Fukushima Daiichi nuclear disaster, which involved the immediate shutdown of almost half of Germany’s nuclear reactors while safety checks were carried out, and a three-month moratorium on extending the lives of others. Using the event study methodology, our findings indicate a wealth transfer from nuclear energy companies to renewable energies companies in Germany. We moreover find that the joint market capitalization of these firms has decreased, but the amount of this combined decrease is small. Substantial heterogeneity in the shareholder wealth effects across European countries can be linked to different nuclear energy policies. The shareholder wealth of nuclear and conventional energy companies in the United States has been unaffected.electric power, nuclear power, green economy, earthquake, tsunami, event study, environment

Decent Humans: What We Can Learn From Moral Exemplars

Honors (Bachelor's)PhilosophyUniversity of Michiganhttps://deepblue.lib.umich.edu/bitstream/2027.42/147406/1/sebatheo.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/147406/4/sebatheo.pd

Beer and Libraries? Challenging the Community’s View of the Public Library

When you think about beer, you might not think about your local library. You almost certainly are not going to think about the Aspen Institute’s 2014 report, Rising to the Challenge: Re-Envisioning Public Libraries. Nevertheless, these three things—beer, libraries, Rising to the Challenge—all came together in a digital collection created by Multnomah County Library called Portland Brew Stories. The Portland Brew Stories project was a community-focused effort to gather and share images and other primary documents that celebrate beer culture in Portland and Multnomah County. Planning began in 2014, the bulk of the project work took place in 2015, and the collection went live to the public in February 2016. This article provides a broad description of how the Portland Brew Stories collection was conceived and created, based on conversations with library staff who were involved and my own experiences with the project. Successes are identified and advice is presented for libraries who want to embark on a similar digital project within their community. Finally, the article reflects briefly on how this project embodies the ideas and strategies in Rising to the Challenge

Kairos in the Let’s Move! Campaign: Crafting Moments of Change through Humanistic Rhetoric

Research has established a concerning upward trend of obesity rates in America. The government, including the United States Department of Agriculture and the United States Department of Health and Human Services, has attempted to change American’s poor eating habits by creating public health guides and by making nutrition information publicly available. Public health guides and initiatives have the potential to influence Americans to change, but it is vital to simultaneously help Americans understand the guidance and convince them to use it in their daily lives. Through close textual analysis of Michelle Obama’s announcement speech for Let’s Move! and the updated food guide, MyPlate, this thesis argues kairos is essential to public health rhetoric. The primary goals of this thesis are (1) to increase our understanding of how kairos functions within successful nutrition rhetoric and (2) to enrich our definition of kairos in the field of rhetoric. Since successful public health efforts targeted at obesity necessitate changing beliefs, a rhetor must utilize a kairic moment to create a sense of urgency and interrupt complacency. This understanding of kairos is aligned with existing scholarship that defines kairos as an opportune moment that a rhetor must be sensitive to. This thesis suggests a rhetor may also advance the kairic potential of presented rhetorical situations. Specifically, Let’s Move! advances kairos through humanistic rhetoric that appeals to individualized memories and personal knowledge of good dietary options. By addressing cultural beliefs, personal values, and real-life experiences with food, nutritional information is made comprehendible and relatable. The public can better understand the guidance and implement it into their lives at the times they find it relevant