THE CAPITAL and CASH FLOW SOURCES and USES of INITIAL STOCK REPURCHASE FIRMS

This study investigates the capital sources and uses of firms that are conducting stock repurchase transactions for the first time, both prior and subsequent to those financial operations. We hypothesize that this capital and cash flow analysis may shed some light about the relative importance of some financial motivations and theoretical hypotheses in explaining initial stock repurchases. In particular, our findings support the risk reduction signaling and the dividends substitution hypotheses as the primary drivers for the initial stock repurchase decision. We also find that the importance of the most theoretical explanations and financial motivations vary according to whether initial repurchase firms are also conducting acquisitions and significant divestitures, distributing cash dividends, relying on external financing and using debt or cash reserves.Stock Repurchases, Initial Stock Repurchases; Sources of Financing; Cash Flow Distribution.

THE DETERMINANTS of INITIAL STOCK REPURCHASES

We present univariate and multivariate evidence to show that firms which engage in initial stock repurchases have some specific economic and financial attributes when compared to size-and industry-matched firms. We find that initial repurchase firms are younger, have lower leverage and operating risk, and higher payouts, operating cash flows, profitability and market-to-book than matched non-repurchase firms. Compared to secondary or “seasoned” repurchase matched firms, these initial repurchase firms are also younger and have higher cash, profitability, sales growth and market-to-book, as well as lower payouts, leverage and retained earnings. Therefore, we analyze the determinants and motivations that may explain why firms repurchase their own stock for the first time by studying the theoretical hypotheses found in the financial literature that are most important in explaining initial stock repurchases. The results support the free cash flow and risk reduction signaling hypotheses and the flexibility motivation for conducting stock repurchases. We do not find strong support for any other theoretical explanations of stock repurchases, such as undervaluation signaling, timing, tax effects and options and dilution hypotheses.Stock Repurchases, Initial Stock Repurchases; Payout Policy, Theoretical Hypotheses.

The capital and cash flow sources and uses of initial stock repurchases firms

This study investigates the capital sources and uses of firms that are conducting stock repurchase transactions for the first time, both prior and subsequent to those financial operations. We hypothesize that this capital and cash flow analysis may shed some light about the relative importance of some financial motivations and theoretical hypotheses in explaining initial stock repurchases. In particular, our findings support the risk reduction signaling and the dividends substitution hypotheses as the primary drivers for the initial stock repurchase decision. We also find that the importance of the most theoretical explanations and financial motivations vary according to whether initial repurchase firms are also conducting acquisitions and significant divestitures, distributing cash dividends, relying on external financing and using debt or cash reserves.info:eu-repo/semantics/publishedVersio

On the timing of initial stock repurchases

In this paper, we study the timing of initial stock repurchases for a sample of firms from their IPO onwards, using panel adjusted logistic regressions and hazard models to examine which variables may predict and theoretical hypotheses may explain these transactions. First, we find that initial repurchases (in comparison with non-repurchase firms) seem to have similar financial characteristics of dividend initiators (relative to matched dividend postpone firms), as reported by Kale et al., (2006) and Bulan et al., (2006). Second, our empirical findings in the two multivariate empirical approaches used are particularly consistent with the timing and undervaluation signaling hypotheses in explaining the timing of stock repurchases, consistent with the results of Jagannathan and Stephens (2003) for the likelihood of less frequent stock repurchases. We also offer some support for the risk reduction signaling, free cash flow and maturity hypotheses for initial repurchase firms which are also dividend payers.info:eu-repo/semantics/publishedVersio

The determinants of initial stock repurchases.

We present univariate and multivariate evidence to show that firms which engage in initial stock repurchases have some specific economic and financial attributes when compared to size-and industry-matched firms. We find that initial repurchase firms are younger, have lower leverage and operating risk, and higher payouts, operating cash flows, profitability and market-to-book than matched non-repurchase firms. Compared to secondary or “seasoned” repurchase matched firms, these initial repurchase firms are also younger and have higher cash, profitability, sales growth and market-to-book, as well as lower payouts, leverage and retained earnings. Therefore, we analyze the determinants and motivations that may explain why firms repurchase their own stock for the first time by studying the theoretical hypotheses found in the financial literature that are most important in explaining initial stock repurchases. The results support the free cash flow and risk reduction signaling hypotheses and the flexibility motivation for conducting stock repurchases. We do not find strong support for any other theoretical explanations of stock repurchases, such as undervaluation signaling, timing, tax effects and options and dilution hypotheses.info:eu-repo/semantics/publishedVersio

Análise de alguns fragmentos de artefactos em haste de cervídeo do povoado pré-histórico de Leceia (Oeiras): cabos e caixas

Este trabalho exemplifica como, a partir do estudo de uma colecção homogénea, constituída a partir de exemplares reunidos pelas suas características comuns (neste caso a matéria-prima utilizada), se podem extrair resultados relevantes. Enfim, no concernente aos artefactos obtidos, da sua análise resultou uma proposta classificativa original, particularmente no caso das “caixas”. Com efeito, foi esta a primeira vez em Portugal que se identificaram exemplares em haste de veado, cuja natureza funcional, estreitamente ligada ao quotidiano, é indicada pela sua ocorrência em contexto habitacional. Quanto aos cabos, é igualmente de registar a ocorrência de exemplares de tipologia até ao presente inédita e Portugal, com destaque para o único exemplar oriundo da Camada 3, correspondente a elemento intermédio entre o cabo e a lâmina lítica, apenas com alguns paralelos conhecidos além-Pirinéus.info:eu-repo/semantics/publishedVersio

Feasibility of co-treating olive mill wastewater and acid mine drainage

Previous tests using a growth medium and olive mill wastewater (OMWW) have shown that it supplies carbon and electron donors suitable for sulphate reducing bacteria (SRB). We assessed the co-treatment of acid mine drainage (AMD) and OMWW using SRB-enriched bioreactors and identified the most abundant bacterial populations present under optimized conditions. The process requires a neutralizing agent to create optimal pH conditions for successful removal of the AMD's main contaminants. Concentrations of SO42-, Al, Fe, Cu, Zn, and Mn decreased to below Portugal's maximum admissible values for irrigation waters, and all but Mn were reduced to less than Portugal's emission limit values (ELVs) for wastewater discharges. Phenol concentrations-the main pollutants in OMWW-dropped to values between 1/10 and 1/5 their initial concentrations in batch tests using mixtures of AMD and OMWW, and to 1/2 their initial concentrations in flow-through tests. The final total phenol concentrations were still above the ELV for wastewater discharges, but phenols are not regulated in irrigation waters, and OMWW is used by some producers to irrigate soils. Six main SRB groups were identified as likely having a fundamental role in the bioremediation process: the generaDesulfovibrio,Sulfurospirillum, andAcetobacterand the familiesSphingomonadaceae,Prevotellaceae, andDeferribacteraceaeFCT: UIDB/04326/2020; European Union (EU): 619101; FCT - Algarves Regional Operational Program (CRESC Algarve 2020) through Portugal 2020: 29251info:eu-repo/semantics/publishedVersio

Window of chaotic delayed synchronization

We consider a general coupling of two chaotic dynamical systems and we obtain conditions that provide delayed synchronization. We consider four different couplings that satisfy those conditions. We define Window of Delayed Synchronization and we obtain it analytically. We use four different free chaotic dynamics in order to observe numerically the analytically predicted windows for the considered couplings.info:eu-repo/semantics/publishedVersio

Waist-to-height ratio is independently related to whole and central body fat, regardless of the waist circumference measurement protocol, in non-alcoholic fatty liver disease patients

This is the peer reviewed version of the following article: Pimenta N.M., Cortez-Pinto H., Melo X., Silva-Nunes J., Sardinha L.B. & Santa-Clara H. (2017) Waist-to-height ratio is independently related to whole and central body fat, regardless of the waist circumference measurement protocol, in non-alcoholic fatty liver disease patients. J Hum Nutr Diet. 30, 185–192, which has been published in final form atdoi: 10.1111/jhn.12410. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.Background: Waist-to-height ratio (WHtR) has been reported as a prefer-able risk related body fat (BF) marker, although no standardised waistcircumference measurement protocol (WCmp) has been proposed. Thepresent study aimed to investigate whether the use of a different WCmpaffects the strength of relationship between WHtR and both whole andcentral BF in non-alcoholic fatty liver disease (NAFLD) patients.Methods: BF was assessed with dual energy X-ray absorptiometry (DXA) in28 NAFLD patients [19 males, mean (SD) 51 (13) years and nine females,47 (13) years]. All subjects also underwent anthropometric evaluationincluding height and waist circumference (WC) measurement using fourdifferent WCmp (WC1, minimal waist; WC2, iliac crest; WC3, mid-distancebetween iliac crest and lowest rib; WC4, at the umbilicus) and WHtR wascalculated using each WC measurements (WHtR1, WHtR2, WHtR3 andWHtR4, respectively). Partial correlations were conducted to assess the rela-tion of WHtR and DXA assessed BF.Results: All WHtR were particularly correlated with central BF, includingabdominal BF (r = 0.80, r = 0.84, r = 0.84 and r = 0.78, respectively, forWHtR1, WHtR2, WHtR3 and WHtR4) and central abdominal BF (r = 0.72,r = 0.77, r = 0.76 and r = 0.71, respectively, for WHtR1, WHtR2, WHtR3and WHtR4), after controlling for age, sex and body mass index. There wereno differences between the correlation coefficients obtained between allstudied WHtR and each whole and central BF variable.Conclusions: Waist-to-height ratio was found a suitable BF marker in thepresent sample of NAFLD patients and the strength of the relationshipbetween WHtR and both whole and central BF was not altered by usingdifferent WCmp in the present sample of NAFLD patients.FUNDING SOURCES The first author of this paper was supported by a research grant (PhD scholarship) from the Foundation for Science and Technology (FCT), Ministry of Education and Science of Portugal (grant: SFRH/ BD/ 70515/ 2010). The present study was funded by: the Centre for the Study of Human Performance, Portuguese Foundation for Science and Technology, Lisbon, Portugal.info:eu-repo/semantics/publishedVersio