Anisotropic simplicial minisuperspace model

The computation of the simplicial minisuperspace wavefunction in the case of anisotropic universes with a scalar matter field predicts the existence of a large classical Lorentzian universe like our own at late timesComment: 19 pages, Latex, 6 figure

Dividend Policy of German Firms

German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target payout ratio and the speed of adjustment of dividends towards a long run target payout ratio. We find that German firms do not base their dividend decisions on published earnings, but on cash flows.The reasons for the use of a cash flow-based payout policy are: (i) published earnings figures do not correctly reflect corporate performance as German firms tend to retain a significant part of their earnings to build up legal reserves, (ii) the conservative nature of German accounting policies, (iii) published earnings are subject to a higher degree of smoothing than cash flows.Regarding the speed of adjustment of dividends towards the long term target payout ratio, UK and US companies only slowly adjust their dividend policy whereas German are more willing to cut the dividend in the wake of a temporary decrease in profitability.This causes a higher degree of 'discreteness' in the dividends-pershare time series as opposed to the 'smoothness' (i.e., frequent annual small adjustments in the dividend per share) observed in the US and the UK.Dividend policy;payout policy;Lintner dividend model;dividend smoothing;partial adjustment model;corporate governance

When do German Firms Change their Dividends?

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 that at the start of this period there was an economic boom which was followed by a recession.Consistent with the traditional dividend literature, e.g.Lintner (1956), net earnings are key determinants of the decision to change the dividend.However, the study comes up with two findings which are contrary to Lintner (1956) and Miller and Modigliani (1961).First, the level of net earnings is not the only key determinant of the dividend decision, as the occurrence of a loss - whatever its magnitude - has an explanatory power exceeding the one of the level of the loss.Second, dividend cuts or omissions tend to be temporary and the majority of German firms quickly (within two years) revert to their initial dividend level.This stands in marked contrast with DeAngelo et al.(1992) who find that US firms are more likely to reduce their dividend when earnings deteriorate on a permanent basis.Furthermore, the fact that German firms frequently omit and cut their dividend and quickly return to their initial dividend suggests that dividends in Germany have less of a signalling role than dividends in the US and the UK.Our findings also contradict Bhattacharya's (1979) argument that the costs of dividend changes are asymmetric with dividend reductions being more costly to the firm than dividend increases.Finally, we find evidence that firms with banks as their major shareholder are more willing to omit their dividend than firms controlled by other types of shareholder.corporate control;dividend policy;corporate governance;corporate ownership

Simplicial minisuperspace models in the presence of a massive scalar field with arbitrary scalar coupling

We extend previous simplicial minisuperspace models to account for arbitrary scalar coupling \eta R\phi^2.Comment: 24 pages and 9 figures. Accepted for publication by Classical and Quantum Gravit

Chemical evaluation of Carcavelos fortified wine aged in portuguese (Quercus pyrenaica) and french (Quercus robur) oak barrels at medium and high toast

Adega do Casal Manteiga is a winery, publicly owned by the Municipality of Oeiras that produces Carcavelos fortified wine. Carcavelos fortified wine is an appellation of origin and demarcated as D.O.P. (Denominação de Origem Protegida). This study examines the effects of barrels made from botanical species (Quercus pyrenaica, and Quercus robur) and toasting method (medium and high) on a single vintage wine that has been aged for 8 years. Twenty barrels were used, with five replicates for each factor. The barrels were fabricated and toasted using the same cooperage, J.M. Gonçalves in Portugal. Significant differences were seen between the species Q. robur and Q. pyrenaica, with an impact on total phenolic content, including both flavonoids and non-flavonoids. The total phenols of the wine aged in Q. pyrenaica barrels was significantly higher than in the Q. robur barrels, and Q. pyrenaica contained more flavonoids than Q. robur in medium and high toast barrels. Q. pyrenaica showed more non-flavonoid compounds than Q. robur inhigh and medium toasted barrels, but this difference in non-flavonoids was only statistically significant in the high toasted barrels. The degree of toasting had significant effects on the flavonoid content of the wine, as well as the tanning power. Flavonoid content increased for both Q. pyrenaica and Q. robur in the wines that were aged in high tasted barrels compared to those that were medium toasted. The tannin power decreased for both Q. pyrenaica and Q. robur when the toasting increasedinfo:eu-repo/semantics/publishedVersio

Comportamento acústico de salas para o ensino musical no Algarve. A perspetiva dos professores

Rooms for music education have specific requirements, in particular, from the point of view of its acoustic behavior. However, Regulation of Acoustic Requirements of Buildings establishes requirements for school buildings but does not consider the specificity of music schools buildings. Furthermore, there are music schools in buildings that were not constructed for such purpose and it is necessary to rehabilitate acoustically these buildings. The present communication aims to present the diagnosis of specific problems in buildings for music education in Algarve and it is presented the point of view of their teachers. The aim is thus to contribute to solving these problems. Thus we want to contribute to improve the teaching-learning process in existing music schools and simultaneously to contribute to avoid the repetition of problematic situations in the future

When do German Firms Change their Dividends?

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 that at the start of this period there was an economic boom which was followed by a recession.Consistent with the traditional dividend literature, e.g.Lintner (1956), net earnings are key determinants of the decision to change the dividend.However, the study comes up with two findings which are contrary to Lintner (1956) and Miller and Modigliani (1961).First, the level of net earnings is not the only key determinant of the dividend decision, as the occurrence of a loss - whatever its magnitude - has an explanatory power exceeding the one of the level of the loss.Second, dividend cuts or omissions tend to be temporary and the majority of German firms quickly (within two years) revert to their initial dividend level.This stands in marked contrast with DeAngelo et al.(1992) who find that US firms are more likely to reduce their dividend when earnings deteriorate on a permanent basis.Furthermore, the fact that German firms frequently omit and cut their dividend and quickly return to their initial dividend suggests that dividends in Germany have less of a signalling role than dividends in the US and the UK.Our findings also contradict Bhattacharya's (1979) argument that the costs of dividend changes are asymmetric with dividend reductions being more costly to the firm than dividend increases.Finally, we find evidence that firms with banks as their major shareholder are more willing to omit their dividend than firms controlled by other types of shareholder