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

The Interaction Model of Client Health Behavior as a conceptual guide in the explanation of children\u27s health behaviors

This study used the Interaction Model of Client Health Behavior (IMCHB) as a conceptual guide to explain the correlates of children\u27s diet and physical activity and explore the relationships of sex with their diet and physical activity of the school-aged child. A descriptive correlational study was conducted on 371 fifth-grade students and their parents. Information on the family\u27s demographics, health experience, social influence, and environmental resources was collected, as well as data on the children\u27s intrinsic motivation, cognitive appraisal, and affective response to food/physical activity. Children\u27s self-reports on diet and physical activity were collected, as were parents\u27 self-reports on health habits. Food preferences and diet self-efficacy explained the most variance in diet behavior for girls and boys. Girls scored healthier on food preferences and diet self-efficacy than did boys, but no difference was detected in their diet behavior. Girls participated in more low-intensity physical activity, but boys participated in more high-intensity physical activity than did girls. Findings provide strong support for the use of the IMCHB to explain children\u27s diet but weak support for the explanation of children\u27s physical activity. Further study of additional factors predictive of physical activity is indicated

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.

Predicting climate change impacts on maritime Antarctic soils: A space-for-time substitution study

We report a space-for-time substitution study predicting the impacts of climate change on vegetated maritime Antarctic soils. Analyses of soils from under Deschampsia antarctica sampled from three islands along a 2,200 km climatic gradient indicated that those from sub-Antarctica had higher moisture, organic matter and carbon (C) concentrations, more depleted δ13C values, lower concentrations of the fungal biomarker ergosterol and higher concentrations of bacterial PLFA biomarkers and plant wax n-alkane biomarkers than those from maritime Antarctica. Shallow soils (2 cm depth) were wetter, and had higher concentrations of organic matter, ergosterol and bacterial PLFAs, than deeper soils (4 cm and 8 cm depths). Correlative analyses indicated that factors associated with climate change (increased soil moisture, C and organic matter concentrations, and depleted δ13C contents) are likely to give rise to increases in Gram negative bacteria, and decreases in Gram positive bacteria and fungi, in maritime Antarctic soils. Bomb-14C analyses indicated that sub-Antarctic soils at all depths contained significant amounts of modern 14C (C fixed from the atmosphere post c. 1955), whereas modern 14C was restricted to depths of 2 cm and 4 cm in maritime Antarctica. The oldest C (c. 1,745 years BP) was present in the southernmost soil. The higher nitrogen (N) concentrations and δ15N values recorded in the southernmost soil were attributed to N inputs from bird guano. Based on these analyses, we conclude that 5–8 °C rises in air temperature, together with associated increases in precipitation, are likely to have substantial impacts on maritime Antarctic soils, but that, at the rates of climate warming predicted under moderate greenhouse gas emission scenarios, these impacts are likely to take at least a century to manifest themselves

Destination marketing: The use of technology since the millennium

This editorial presents an overview of studies contained in this special issue. Recognising that destination management and marketing remains a key field of academic study and as an issue of importance to the tourism industry. The collection of papers in this issue explore the rapid and expansive technological enhancement and innovations in destination management. Whilst not attempting to provide full coverage of emerging technologies, the issue has succeeded in identifying some key issues for future practice and research

An alternative approach to the construction of Schur-Weyl transform

We propose an alternative approach for the construction of the unitary matrix which performs generalized unitary rotations of the system consisting of independent identical subsystems (for example spin system). This matrix, when applied to the system, results in a change of degrees of freedom, uncovering the information hidden in non-local degrees of freedom. This information can be used, inter alia, to study the structure of entangled states, their classification and may be useful for construction of quantum algorithms.Comment: 6 page

Neutral Plasma Oscillations at Zero Temperature

We use cold plasma theory to calculate the response of an ultracold neutral plasma to an applied rf field. The free oscillation of the system has a continuous spectrum and an associated damped quasimode. We show that this quasimode dominates the driven response. We use this model to simulate plasma oscillations in an expanding ultracold neutral plasma, providing insights into the assumptions used to interpret experimental data [Phys. Rev. Lett. 85, 318 (2000)].Comment: 4.3 pages, including 3 figure

Prevalence of sexual harassment among Norwegian female elite athletes in relation to sport type

Although it is often assumed that the prevalence of sexual harassment is different in different sports, this assumption has not been empirically tested. This study considers whether the experience of sexual harassment varies by sport. The female elite athletes (N = 553) in the study participated in 56 different sport disciplines. These were grouped as follows :1) team or individual sports; 2) extent to which clothing required for competition is revealing ; 3) gender structure (male-or female dominated membership statistics); and 4) gender culture (masculine, gender-neutral, or feminine). The data show that sexual harassment occurs in every sport group. Female elite athletes who participated in ‘masculine’ sports appear to experience more harassment than women in the other groups. We conclude that, when it comes to female athletes’ experiences of sexual harassment, sport type matters far less than sport participation per se

Photoconductance Quantization in a Single-Photon Detector

We have made a single-photon detector that relies on photoconductive gain in a narrow electron channel in an AlGaAs/GaAs 2-dimensional electron gas. Given that the electron channel is 1-dimensional, the photo-induced conductance has plateaus at multiples of the quantum conductance 2e$^{2}$/h. Super-imposed on these broad conductance plateaus are many sharp, small, conductance steps associated with single-photon absorption events that produce individual photo-carriers. This type of photoconductive detector could measure a single photon, while safely storing and protecting the spin degree of freedom of its photo-carrier. This function is valuable for a quantum repeater that would allow very long distance teleportation of quantum information.Comment: 4 pages, 4 figure