Why Individual Investors want Dividends

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch consumer panel.The respondents indicate that they want dividends, partly because the transaction costs of cashing in dividends are lower than the transaction costs involved in selling shares.The results are inconsistent with the uncertainty resolution theory of Gordon (1961, 1962) and the agency theories of Jensen (1986) and Easterbrook (1984).In contrast, a very strong confirmation is found for the signaling theories of Bhattacharya (1979) and Miller and Rock (1985).The behavioral finance theory of Shefrin and Statman (1984) is not confirmed for cash dividends but is confirmed for stock dividends.Finally, our results indicate that individual investors do not tend to consume a large part of their dividends.This raises some doubt on the effectiveness of the elimination of dividend taxes in order to stimulate the economy.dividends;investment;surveys;transaction costs;agency theory

Why Individual Investors want Dividends

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch consumer panel.The respondents indicate that they want dividends, partly because the transaction costs of cashing in dividends are lower than the transaction costs involved in selling shares.The results are inconsistent with the uncertainty resolution theory of Gordon (1961, 1962) and the agency theories of Jensen (1986) and Easterbrook (1984).In contrast, a very strong confirmation is found for the signaling theories of Bhattacharya (1979) and Miller and Rock (1985).The behavioral finance theory of Shefrin and Statman (1984) is not confirmed for cash dividends but is confirmed for stock dividends.Finally, our results indicate that individual investors do not tend to consume a large part of their dividends.This raises some doubt on the effectiveness of the elimination of dividend taxes in order to stimulate the economy.

Melt block copolymerization of ε-caprolactone and L-lactide

AB block copolymers of ε-caprolactone and (L)-lactide could be prepared by ring-opening polymerization in the melt at 110°C using stannous octoate as a catalyst and ethanol as an initiator provided ε-caprolactone was polymerized first. Ethanol initiated the polymerization of ε-caprolactone producing a polymer with ε-caprolactone derived hydroxyl end groups which after addition of L-lactide in the second step of the polymerization initiated the ring-opening copolymerization of L-lactide. The number-average molecular weights of the poly(ε-caprolactone) blocks varied from 1.5 to 5.2 × 103, while those of the poly(L-lactide) blocks ranged from 17.4 to 49.7 × 103. The polydispersities of the block copolymers varied from 1.16 to 1.27. The number-average molecular weights of the polymers were controlled by the monomer/hydroxyl group ratio, and were independent on the monomer/stannous octoate ratio within the range of experimental conditions studied. When L-lactide was polymerized first, followed by copolymerization of ε-caprolactone, random copolymers were obtained. The formation of random copolymers was attributed to the occurrence of transesterification reactions. These side reactions were caused by the ε-caprolactone derived hydroxyl end groups generated during the copolymerization of ε-caprolactone with pre-polymers of L-lactide. The polymerization proceeds through an ester alcoholysis reaction mechanism, in which the stannous octoate activated ester groups of the monomers react with hydroxyl groups

Biosignal and context monitoring: Distributed multimedia applications of body area networks in healthcare

We are investigating the use of Body Area Networks (BANs), wearable sensors and wireless communications for measuring, processing, transmission, interpretation and display of biosignals. The goal is to provide telemonitoring and teletreatment services for patients. The remote health professional can view a multimedia display which includes graphical and numerical representation of patients’ biosignals. Addition of feedback-control enables teletreatment services; teletreatment can be delivered to the patient via multiple modalities including tactile, text, auditory and visual. We describe the health BAN and a generic mobile health service platform and two context aware applications. The epilepsy application illustrates processing and interpretation of multi-source, multimedia BAN data. The chronic pain application illustrates multi-modal feedback and treatment, with patients able to view their own biosignals on their handheld device

Potential Effects of Endocrine Disrupting Compounds on Bivalve Populations in Chesapeake Bay: A Review of Current Knowledge and Assessment of Research Needs

Numerous compounds in the environment interfere with normal endocrine function in humans and other animals. These compounds, which include heavy metals, a wide variety of anthropogenic organic compounds, steroids and steroid-mimicking compounds, are collectively termed endocrine disrupting compounds (EDCs). Over the past 20 years, research on the impacts of EDC exposure has identified a range of effects on growth, development, and reproduction in humans and wildlife

Characterization of Metal Sprays Created by a Picosecond Laser-Induced Forward Transfer (LIFT) Process

A new method to analyze and quantify results obtained with the Laser-Induced Forward Transfer (LIFT) process is presented. This experiment based characterization method was designed to investigate the spraying behavior of the LIFT process, that occurs in certain fluence regimes. This method was implemented in MATLAB, and takes 3D data (e.g. obtained from confocal microscopy) as input and subsequently determines an effective radius and the shape of each deposited feature. By using this tool in experiments it was found that, the effective radius of features depends a.o. on the separation between the donor layer and the receiving substrate. In addition, the tool allows statistical investigation of the effective radiu

Het Nieuwe Telen bij chrysant: Verkenning van energiebesparingsopties voor de chrysantenteelt

Het Nieuwe Telen (HNT) is een verzamelnaam voor verschillende methoden om energie te besparen in de glastuinbouw. In dit rapport is onderzocht welke methoden voor de chrysantenteelt interessant zijn. Er is gebruik gemaakt van een expertpanel en de rekenmodellen Kaspro en QMS

The relationship between birth order and acute alcohol intoxication among Dutch adolescents

Background: Prior research demonstrated the relationship between birth order and adolescent risky behavior. The possible connection between the presence of siblings and birth order and underage alcohol abuse is unknown. Methods: Our study involves 10 years of data collection on underage alcohol intoxication in Dutch hospitals. A total of 2,234 patients were included in the current study. Results: Adolescents treated for alcohol intoxication less often have no siblings (6.7%) than the population has (14.8%). Furthermore, middle and youngest children are overrepresented in the patient population. Conclusion: The presence of older siblings is a risk factor for acute alcohol intoxication