Determinants of the dividend payout policy of stock companies within the European Union

The problem-field dividend payout policy is a very complex issue. Particular within the low-interest phase in Europe, the significance of this issue is growing for all investors, equal to whether private or institutional investors. The aim of this study is to research the European area to provide a contribution to a region, which, unfortunately, has given sparse attention in the past. In order to ensure the relevance for this exploration, the major European stock index Euro Stoxx 600 has been used. The results of the multiple linear regression show the unequal dividend distribution between stock companies from the industrial sector and the service sector. Besides, it has shown that institutional investors play as well a significant role within the dividend policy in European public companies. Furthermore, the net income of a corporation influenced in all previous analysis the dividend reimbursement, which could be confirmed through this paper as well. Regarding the previous studies, this paper provides an additional source for further studies which also occupy with this complicated question.O

Common traits associated with establishment and spread of Lessepsian fishes in the Mediterranean Sea

It was more than 30 years after the opening of the Suez Canal in 1869 that the first reports on Indo-Pacific fishes entering the Mediterranean Sea (so-called ‘Lessepsian migration’) were published. The number of new records of Lessepsian fishes remained more or less constant between 1920 and 2000 but increased dramatically after that. The accelerated rate of entry was attributed by many authors to an increase in the Mediterranean surface water temperature. However, the Suez Canal has been repeatedly deepened and widened during the last decades and the increased immigration rate of Red Sea fishes might also be related to reduced dispersal barriers. We analyse the relationship between dispersal and establishment success and a pool of different traits for 101 Lessepsian fish species using generalized linear models. Our models did not reveal a significant relationship between the sea surface temperature in the native range of immigrant fishes and their dispersal or establishment success in the Mediterranean Sea. The minimum depth in which a species was observed was the only significant trait influencing dispersal success. This trait is likely related to the architecture of the Suez Canal since until the 1970s only species with a very low minimum depth were recorded to have entered the Mediterranean, but species occurring in deeper water started to immigrate after 1980 when the canal was deepened to 19.5 m. The establishment success of Lessepsian fishes was significantly linked to size and spawning type. Benthic spawners and species with adhesive eggs represent successful colonizers. Moreover, successful colonizers are species with a tendency to form schools, whereas solitary species are less successful. The results show that dispersal and establishment success of Lessepsian fish immigrants are influenced by different ecological traits.peer-reviewe

Risk factor analysis for fast track protocol failure

Background: The introduction of fast-track treatment procedures following cardiac surgery has significantly shortened hospitalisation times in intensive care units (ICU). Readmission to intensive care units is generally considered a negative quality criterion. The aim of this retrospective study is to statistically analyse risk factors and predictors for re-admission to the ICU after a fast-track patient management program. Methods: 229 operated patients (67 ± 11 years, 75% male, BMI 27 ± 3, 6/2010-5/2011) with use of extracorporeal circulation (70 ± 31 min aortic crossclamping, CABG 62%) were selected for a preoperative fast-track procedure (transfer on the day of surgery to an intermediate care (IMC) unit, stable circulatory conditions, extubated). A uni- and multivariate analysis were performed to identify independent predictors for re-admission to the ICU. Results: Over the 11-month study period, 36% of all preoperatively declared fast-track patients could not be transferred to an IMC unit on the day of surgery (n = 77) or had to be readmitted to the ICU after the first postoperative day (n = 4). Readmission or ICU stay signifies a dramatic worsening of the patient outcome (mortality 0/10%, mean hospital stay 10.3 ± 2.5/16.5 ± 16.3, mean transfusion rate 1.4 ± 1,7/5.3 ± 9.1). Predicators for failure of the fast-track procedure are a preoperative ASA class > 3, NYHA class > III and an operation time >267 min ± 74. The significant risk factors for a major postoperative event (= low cardiac output and/or mortality and/or renal failure and/or re-thoracotomy and/or septic shock and/or wound healing disturbances and/or stroke) are a poor EF (OR 2.7 CI 95% 0.98-7.6) and the described ICU readmission (OR 0.14 CI95% 0.05-0.36). Conclusion: Re-admission to the ICU or failure to transfer patients to the IMC is associated with a high loss of patient outcome. The ASA > 3, NYHA class > 3 and operation time >267 minutes are independent predictors of fast track protocol failure

Simplified wound care and earlier wound recovery without closed suction drainage in elective total hip arthroplasty. A prospective randomized trial in 100 operations

Introduction: Evidence to support or refute closed suction drainage (CSD) in primary total hip replacement (THR) is not conclusive. Our anecdotical experience was that persistent ooze from the drainage hole often delayed wound recovery. We hypothesized that, without CSD, wound care would be simplified without short or long term disadvantage. Materials and methods: Hundred patients scheduled for primary THR were randomly assigned for CSD or non-drainage. Drains were withdrawn at day2. Pain, wound hematoma, number of dressing changes, time of persistent discharge from the operation site (skin incision and drain hole), total blood loss and number of blood transfusions were prospectively recorded. Hip function, presence of heterotopic ossifications (HTO) and complications were recorded at a follow visit 1year after surgery. Results: Wound sites managed without CSD needed significantly less wound dressings (P<0.001) and were dry at an earlier time (P<001). Despite a significant bigger subfascial hematoma in the non-drained group (P<0.05), in terms of pain, thigh swelling, total blood loss, number of transfusions needed, hip function and HTO no difference was recorded between the groups (P=0.2-0.82). Conclusion: To omit CSD in primary THR results in simplified and more rapid wound management without any disadvantage at short and long ter

Saxion Emission from SN1987A

We study the possibility of emission of the saxion, a superpartner of the axion, from SN1987A. The fact that the observed neutrino pulse from SN1987A is in excellent agreement with the current theory of supernovae places a strong bound on the energy loss into any non-standard model channel, therefore enabling bounds to be placed on the decay constant, f_a, of a light saxion. The low-energy coupling of the saxion, which couples at high energies to the QCD gauge field strength, is expected to be enhanced from QCD scaling, making it interesting to investigate if the saxion could place stronger bounds on f_a than the axion itself. Moreover, since the properties of the saxion are determined by f_a, a constraint on this parameter can be translated into a constraint on the supersymmetry breaking scale. We find that the bound on f_a from saxion emission is comparable with the one derived from axion emission due to a cancellation of leading-order terms in the soft-radiation expansion.Comment: 18 pages, 2 figures; minor changes, typos corrected, version to appear in JHE

Wheel-Based Ice Sensors for Road Vehicles

Wheel-based sensors for detection of ice on roads and approximate measurement of the thickness of the ice are under development. These sensors could be used to alert drivers to hazardous local icing conditions in real time. In addition, local ice-thickness measurements by these sensors could serve as guidance for the minimum amount of sand and salt required to be dispensed locally onto road surfaces to ensure safety, thereby helping road crews to utilize their total supplies of sand and salt more efficiently. Like some aircraft wing-surface ice sensors described in a number of previous NASA Tech Briefs articles, the wheelbased ice sensors are based, variously, on measurements of changes in capacitance and/or in radio-frequency impedance as affected by ice on surfaces. In the case of ice on road surfaces, the measurable changes in capacitance and/or impedance are attributable to differences among the electric permittivities of air, ice, water, concrete, and soil. In addition, a related phenomenon that can be useful for distinguishing between ice and water is a specific transition in the permittivity of ice at a temperature- dependent frequency. This feature also provides a continuous calibration of the sensor to allow for changing road conditions. Several configurations of wheel-based ice sensors are under consideration. For example, in a simple two-electrode capacitor configuration, one of the electrodes would be a circumferential electrode within a tire, and the ground would be used as the second electrode. Optionally, the steel belts that are already standard parts of many tires could be used as the circumferential electrodes. In another example (see figure), multiple electrodes would be embedded in rubber between the steel belt and the outer tire surface. These electrodes would be excited in alternating polarities at one or more suitable audio or radio frequencies to provide nearly continuous monitoring of the road surface under the tire. In still another example, one or more microwave stripline(s) or coplanar waveguide(s) would be embedded in a tire near its outer surface; in comparison with lower-frequency capacitive devices, a device of this type could be more sensitive

Sensor And Method For Detecting A Superstrate

Method and apparatus are provided for determining a superstrate on or near a sensor, e.g., for detecting the presence of an ice superstrate on an airplane wing or a road. In one preferred embodiment, multiple measurement cells are disposed along a transmission line. While the present invention is operable with different types of transmission lines, construction details for a presently preferred coplanar waveguide and a microstrip waveguide are disclosed. A computer simulation is provided as part of the invention for predicting results of a simulated superstrate detector system. The measurement cells may be physically partitioned, nonphysically partitioned with software or firmware, or include a combination of different types of partitions. In one embodiment, a plurality of transmission lines are utilized wherein each transmission line includes a plurality of measurement cells. The plurality of transmission lines may be multiplexed with the signal from each transmission line being applied to the same phase detector. In one embodiment, an inverse problem method is applied to determine the superstrate dielectric for a transmission line with multiple measurement cells