The effect of dividend policy on share price volatility : an analysis of Mediterranean banks' stocks

This empirical study investigates the relationship between share price volatility and dividend payments in the case of Mediterranean Banks. We use the dividend yield and the dividend payout as proxies of dividend policy, and regress these ratios together with other control variables to model share price volatility. The robustness of the results is assessed by re-using a data set which omits the outliers relating to the 2007 financial crisis and by forming sub-samples using a clustering procedure. Our results show that inferences may differ across samples and depending on the treatment of outlier observations. Besides adding new empirical evidence, our results offer insights to academics, stock traders and corporate managers in terms of better understanding the effect of dividend policies on share price volatility and its related risks and opportunities.peer-reviewe

Practising International Thought as a Critique of Populism:Realist Accounts for a Democratic Political

Starting the third decade of the twenty-first century feels like a hundred years before: a virus has led to a pandemic, economies are struggling, unemployment is rising, and democracies are under threat by populist demagogues. In contrast to the 1920s, however, particularly countries with long democratic traditions are threatened by populism today. To identify potential pathways to protect democracies, this paper returns to the 1920s by focusing with Hans Kelsen and Hans Morgenthau on scholars who had first-hand experiences with populism in Europe. While both pursued contrasting approaches to deal with their experiences, they took a similar stance to anti-democratic forces. A reengagement with their thought helps to sensitise current scholarship to understand why such demagogues are resurfacing again.</p

The PRIMO FORTE framework for good governance in public, private and civic organisations : an analysis on small EU states

Purpose: In this article we lay out and discuss a framework proposed by the Public Risk Management Organisation (PRIMO) (https://www.primo-europe.eu/) of which the authors are board members and the results of a test on public and private entities of EU small jurisdictions, specifically Malta, Slovenia, Luxembourg, Lithuania, Latvia, Estonia and Cyprus. These are countries within the EU having less than 3 million people population. Design/methodology/approach: We collected our primary data by using a semi-structured questionnaire and administering it to participants who are working directly or indirectly with entities within these EU states. The questionnaire was structured using the FORTETM acronym as themes, ‘Financial and compliant design’, ‘Object orientation and delivery’, ‘Responsibility and stewardship’, ‘Tools and processes for creation’ and ‘Environmental awareness and interaction’, with 5 statements under each theme to which participants were required to answer using a 5-point Likert-scale ranging from “Strongly Disagree” to “Strongly Agree”. We, however, allowed the participants to open up and discuss each statement and recorded these comments. Some demographic data was also collected as to the type of entity the participants are working with, the level of expertise on governance of the participant and the size of the entity. The quantitative data was subjected to statistical analysis while the results from the open ended question was analysed using the Thematic approach. Findings: Factor analysis provided support for the FORTE Good Governance model for both the Private and Public entities, no-matter if they are small or large. Originality/value: The study provides a better understanding and supports the FORTE Model established by PRIMO-Europe, after approximately 15 years of collecting data on public risks and for the first time tests it on both Private and Public entities, in large and small firms in small EU Jurisdictions. Moreover, this model contributed to the vast literature on models of risk management within organisations, but was not validated empirically for reliability of the factors, and on small jurisdictions. Therefore, the significance and importance of such a study lies firstly on the premise that testing on small countries, can be deemed as small laboratories for more complex politics, regulations and policies of larger countries.peer-reviewe

Are wolves welcome? Hunters\u27 attitudes towards wolves in Vermont, USA

Published by Cambridge University Press on behalf of Fauna & Flora International. The forests of the north-east USA were once home to the Wolf Canis lupus, a species that played an important role in the ecology of this region. However, wolves were eradicated from the region more than a century ago, altering the species composition of the landscape and driving cascading changes in this ecosystem. Outdoor recreation is a major component of the economy of this region, and outdoor recreationists, including the hunting community, have a strong influence over decision-making related to policies on natural resources. Given their powerful position, hunters are important stakeholders whose views need to be taken into account when designing policies related to wildlife, in particular in relation to a controversial species such as the Wolf. In this study, through expert interviews and an online survey, we gained a deeper understanding of the attitudes of hunters towards wolves, and how these attitudes could affect any future reintroduction programme or natural movement of wolves into the state. We found that the majority of hunters hold a suite of negative attitudes towards wolves, their role in the landscape and their potential impact on the region. However, for hunters who were able to recognize the ecological roles of wolves, these negative attitudes were mostly reversed

Built-in premium effects within exotic FX options

Purpose: This paper explains the analysis of built-in premium within ‘premium-free’ FX Option strategies, also known as ‘exotic options’. The aim is to analyse whether such an increase in built-in premium would have an effect on the outcome of the strategies. Methodology: The analysis was conducted through three different currency pairs, namely, the EURUSD, EURJPY and EURGBP, throughout a period between 2007 to 2014. The authors used the Bloomberg terminal to design two different option strategies: Window Forward Extra and At Expiry Forward Extra. These strategies are known as low risk hedging strategies within the FX options industry. The authors examined different combinations of changes in built-in premium and analysed the respective outcome with each combination. The outcomes were compared to analyse whether an increase in built-in premium would have an effect on the outcome of the strategy. A test was also conducted should these strategies be used as a speculative tool. The strategies were built on a 1 year tenor which is rolled over every month. Hence, each month a hedge using the strategy for 1 year was conducted. The authors used back dated implied volatilies when performing the back-testing in order for results to be realistic. Findings: In most cases it was found that there was no effect on the outcome of the strategy. However, this was only valid if an expiry at a time is taken. On the other hand, when taking into account the whole sample, even though only 3% of the times there was an effect on the outcome of the strategy, the total result finds that an increase in built-in premium has an effect on the outcome of the strategy. Such result was found to be statistically significant using a paired sample t-test. This applied for all currency pairs under review. When analysing the exotic option strategies for speculative purposes, the authors found that in most cases it would have been better for brokers to take higher risk and receive an upfront Premium.peer-reviewe

Conifer R2R3-MYB transcription factors: sequence analyses and gene expression in wood-forming tissues of white spruce (Picea glauca)

BACKGROUND: Several members of the R2R3-MYB family of transcription factors act as regulators of lignin and phenylpropanoid metabolism during wood formation in angiosperm and gymnosperm plants. The angiosperm Arabidopsis has over one hundred R2R3-MYBs genes; however, only a few members of this family have been discovered in gymnosperms. RESULTS: We isolated and characterised full-length cDNAs encoding R2R3-MYB genes from the gymnosperms white spruce, Picea glauca (13 sequences), and loblolly pine, Pinus taeda L. (five sequences). Sequence similarities and phylogenetic analyses placed the spruce and pine sequences in diverse subgroups of the large R2R3-MYB family, although several of the sequences clustered closely together. We searched the highly variable C-terminal region of diverse plant MYBs for conserved amino acid sequences and identified 20 motifs in the spruce MYBs, nine of which have not previously been reported and three of which are specific to conifers. The number and length of the introns in spruce MYB genes varied significantly, but their positions were well conserved relative to angiosperm MYB genes. Quantitative RTPCR of MYB genes transcript abundance in root and stem tissues revealed diverse expression patterns; three MYB genes were preferentially expressed in secondary xylem, whereas others were preferentially expressed in phloem or were ubiquitous. The MYB genes expressed in xylem, and three others, were up-regulated in the compression wood of leaning trees within 76 hours of induction. CONCLUSION: Our survey of 18 conifer R2R3-MYB genes clearly showed a gene family structure similar to that of Arabidopsis. Three of the sequences are likely to play a role in lignin metabolism and/or wood formation in gymnosperm trees, including a close homolog of the loblolly pine PtMYB4, shown to regulate lignin biosynthesis in transgenic tobacco

A review of amputation and revascularisation rates in a small European state

Background: Until 2007 vascular services in Malta were provided by general surgeons with a vascular interest. In late 2007 a vascular specialist was recruited to contribute to the service. This catered for a gradual transfer of services to a pure vascular specialist service in 2014. The aim was to assess the impact of the introduction of vascular specialist services on lower limb major and minor amputation rates and open revascularisation procedures in Malta. Methodsː This is a retrospective analysis of prospectively collected data. Data from the Hospital annual surgical operation reports and the Vascular Database was analysed between 2002 and 2014. Data was analysed by time period (Period 1: 2002-2007 – no vascular specialist service; Period 2: 2008-2013 - partial vascular specialist service; Period 3 – January to December 2014 complete vascular specialist service). Resultsː There was a significant drop in the average rate of major amputations/year between Period 1 and Period 2 (120 vs 96; p=0.008) and between Period 1 and Period 3 (120 vs 64; p<0.001). A significant increase in minor amputations/year between period 1 and period 2 (102 vs 242; p<0.001) and between period 1 and period 3 (102 vs 449; p<0.001) was noted. There was significant increase in open revascularisation rates between period 1 and period 2 (21.5 vs 73.2; p<0.001) and between period 1 and period 3 (21.5 vs 144; p<0.001). Conclusionː The employment of vascular specialists can lead to a significant increase in lower limb open revascularisation rates and a concomitant significant reduction in lower limb major amputation rates.peer-reviewe

Student estimations of peer alcohol consumption: links between the Social Norms Approach and the Health Promoting University concept.

The Social Norms Approach, with its focus on positive behaviour and its consensus orientation, is a health promotion intervention of relevance to the context of a Health Promoting University. In particular, the approach could assist with addressing excessive alcohol consumption

A randomised double-blind placebo-controlled trial investigating the behavioural effects of vitamin, mineral and n-3 fatty acid supplementation in typically developing adolescent schoolchildren

This material is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © 2015 The Authors. Published by Cambridge University Press.Nutrient deficiencies have been implicated in anti-social behaviour in schoolchildren; hence, correcting them may improve sociability. We therefore tested the effects of vitamin, mineral and n-3 supplementation on behaviour in a 12-week double-blind randomised placebo-controlled trial in typically developing UK adolescents aged 13–16 years (n 196). Changes in erythrocyte n-3 and 6 fatty acids and some mineral and vitamin levels were measured and compared with behavioural changes, using Conners’ teacher ratings and school disciplinary records. At baseline, the children’s PUFA (n-3 and n-6), vitamin and mineral levels were low, but they improved significantly in the group treated with n-3, vitamins and minerals (P=0·0005). On the Conners disruptive behaviour scale, the group given the active supplements improved, whereas the placebo group worsened (F=5·555, d=0·35; P=0·02). The general level of disciplinary infringements was low, thus making it difficult to obtain improvements. However, throughout the school term school disciplinary infringements increased significantly (by 25 %; Bayes factor=115) in both the treated and untreated groups. However, when the subjects were split into high and low baseline infringements, the low subset increased their offences, whereas the high-misbehaviour subset appeared to improve after treatment. But it was not possible to determine whether this was merely a statistical artifact. Thus, when assessed using the validated and standardised Conners teacher tests (but less clearly when using school discipline records in a school where misbehaviour was infrequent), supplementary nutrition might have a protective effect against worsening behaviour.Peer reviewe