Dividend and Share Changes: Is There a Financing Hierarchy?

The most widely accepted empirical dividend model is that proposed by Lintner, who argued that firms smooth dividends over time. Many theoretical dividend models, however, either predict that dividends should be highly variable, or at least offer no support for the smoothing hypothesis. We use a switching regression model to test the Lintner model against an alternative which allows dividend behavior to differ depending upon whether or not firms are issuing shares. We reject the Lintner model, finding no evidence of dividend smoothing when firms are not issuing shares, and a high negative dividend growth rate when firms are issuing shares. This description of dividend behavior suggests the existence of a financing hierarchy in that the marginal source of finance differs over time. To further explore the financing hierarchy, we estimate logit models which explain the decisions by firms to change dividends, and to issue or repurchase shares. The results are consistent with the existence of a financing hierarchy.

Dependency and Delegation: The Ethics of Marital Representation

The two hypotheticals for this symposium concern a lawyer who is asked to represent a married couple in which one spouse would like to cede decision-making authority to the other. As we have examined the lawyer\u27s ethical responsibilities, we have identified two distinct, but conceptually related, issues of legal ethics. The first, a threshold question, deals with the nature of marital representation: May a lawyer simultaneously represent both husband and wife? And if so, how should the representation be structured? The second adds an additional layer of complexity: If a lawyer represents both husband and wife, may the lawyer accept one spouse\u27s delegation of decision- making authority to the other within the representation? And if so, what are the parameters of the delegation

Dependency and Delegation: The Ethics of Marital Representation

The two hypotheticals for this symposium concern a lawyer who is asked to represent a married couple in which one spouse would like to cede decision-making authority to the other. As we have examined the lawyer\u27s ethical responsibilities, we have identified two distinct, but conceptually related, issues of legal ethics. The first, a threshold question, deals with the nature of marital representation: May a lawyer simultaneously represent both husband and wife? And if so, how should the representation be structured? The second adds an additional layer of complexity: If a lawyer represents both husband and wife, may the lawyer accept one spouse\u27s delegation of decision- making authority to the other within the representation? And if so, what are the parameters of the delegation

An Assessment of the Effects of Budget Interpretation on Budgetary Control: A Case Study of Uasin Gishu District Hospital

The purpose of this study was to assess the effects of budget interpretation on budgetary control in Uasin Gishu District Hospital in Eldoret. The objectives of the study were: to determine budget interpretation methods used in the institution, to find out the effects of budget interpretation on budgetary control in the institution, to determine budget control measures used by the institution and to find out challenges the institution is facing in budget formulation. The study adopted a case study research design. The study incorporated the total population of 99 respondents. The study adopted census method to select a sample frame. Data for the study was obtained through the use of questionnaires and interviews. The data was analyzed and presented using descriptive statistics and presented in percentages and frequency tables. Based on the findings of the study, the researcher made the following recommendations in order to improve budgetary control: Allocate resources equitably to ensure departmental conflicts does not arise; The accounts officers should be competent in order to allocate resources equitably and Ensure that all the money spent are accounted for to ensure transparency in the school. The study suggested further research on the challenges facing budgetary control in organizations Keywords: Budget execution; Congressional action; budgetary interpretation and budget control

A Cognitive Intervention to Enhance Institutionalized Older Adults\u27 Social Support Networks and Decrease Loneliness

Nearly all older adults experience social losses, which can disrupt their social support networks and impair their quality of life. Events such as retirement, an inability to drive, death of a spouse and/or close life-long friends, or moving to an elder care facility may negatively affect the quality of older adults’ social support networks. Low levels of perceived social support are associated with increased depression, impaired immune functioning and reduced life expectancy. Moreover, social interactions can be cognitively stimulating and may help older adults preserve their cognitive abilities. In the present study, institutionalized older adults were exposed to either a cognitive enhancement programme designed to enhance social networks or a control group. Measures of perceived social support and loneliness were administered before and after a 3-month, group-based intervention. There was a significant interaction between group and time. Those who did not participate in the intervention experienced a decrease in perceived social support and an increase in perceived loneliness. Participants in the intervention group stayed the same on the above measures. Helping older adults increase or maintain the quality of their social networks may lead to enhanced cognitive functioning, decreased depression and improved quality of life. Recommendations to help assisted living facilities, nursing homes, retirement communities and senior centers develop social and cognitive interventions are provided

The Developing Engagement with Feedback Toolkit (DEFT)

Feedback is one of the most powerful influences on students’ learning. There is a strong evidence base on effective delivery of feedback: what it should contain and how it should be framed. However we know far less about students’ reception of feedback information. If we want students to engage with and utilise the feedback we provide then what skills do they need and how do we nurture these skills? In this resource we first outline some of the key contemporary issues facing Higher Education practitioners in the domains of assessment and feedback and we consider the role and responsibility of the student in the feedback process. We then present a case study which outlines the development and implementation of the Developing Engagement with Feedback Toolkit (DEFT). Finally we present each component of the toolkit in turn: a feedback guide a feedback portfolio and a feedback workshop

Interactions of aging, overload, and creatine supplementation in rat plantaris muscle

Attenuation of age-related sarcopenia by creatine supplementation has been equivocal. In this study, plantaris muscles of young (Y; 5m) and aging (A; 24m) Fisher 344 rats underwent four weeks of either control (C), creatine supplementation (Cr), surgical overload (O), or overload plus creatine (OCr). Creatine alone had no effect on muscle fiber cross-sectional area (CSA) or heat shock protein (HSP70) and increased myonuclear domain (MND) only in young rats. Overload increased CSA and HSP70 content in I and IIA fibers, regardless of age, and MND in IIA fibers of YO rats. CSA and MND increased in all fast fibers of YOCr, and CSA increased in I and IIA fibers of AOCr. OCR did not alter HSP70, regardless of age. MND did not change in aging rats, regardless of treatment. These data indicate creatine alone had no significant effect. Creatine with overload produced no additional hypertrophy relative to overload alone and attenuated overload-induced HSP70 expression