Are dividends disappearing? mixed evidence from Europe

Recent empirical studies reported the phenomenon of low propensity of firms to dividend payment, concluding that companies have become less likely to pay dividends. In addition, most of these studies claim that investors’ expectations regarding dividend payments also decreased. We analyse the propensity to pay dividends in three European markets: Portugal, France and the UK. Although they are all European markets, they differ from each other for several reasons. Firstly, the UK is one of the largest European capital markets, whereas the French and Portuguese markets are smaller, especially Portugal. Additionally, these latter two markets are less intensively researched. Secondly, these countries differ in terms of ownership concentration. In Portugal and France ownership tends to be more concentrated than in the UK. Thirdly, Portugal and France are bank-based financing systems, whereas the UK is a market-based system. Finally, the legal rules covering protection of corporate shareholders are different in the three countries. We find evidence of the decline of firms paying dividends in Portugal and in the UK, but not in France. Moreover, we find some evidence that firms that pay dividends tend to be the ones of larger size and higher profitability, but we find no evidence of a significant relation between a firm’s growth and dividend payments

Does the market reaction to dividend news is influenced by investor sentiment?

We analyse whether the investor sentiment affects the market reaction to dividend change announcements. We use the European Economic Sentiment Indicator data, from Directorate General for Economic and Financial Affairs (DG ECFIN), as a proxy for investor sentiment and focus on the market reaction to dividend change announcements. Our results indicate that the investor sentiment have some influence on the market reaction to dividend change announcements, for two of the three analysed markets. Globally, we find no evidence of investor sentiment influencing the market reaction to dividend change announcements for the Portuguese market. However, we find evidence that the positive share price reaction to dividend increases enlarges with sentiment, in the case of the UK markets, whereas the negative share price reaction to dividend decreases reduces with sentiment, in the French market

What do we know about financial literacy? A literature review

This article provides a literature review about the dilemma of financial literacy. The individuals and families’ financial decision process is getting more vital in recent years. Given the increasingly risky and globalized markets, the actual context of global financial crisis and the continuous increasing in the complexity of financial products and services, individuals must be able to make well-informed and correct decisions. Consequently, higher levels of financial knowledge contribute to more extensive economic growth and development. However, it has been shown that, in global terms, the financial literacy present low values, which suggest the need of financial educational programs in the schools curricula. There is also evidence of a positive relationship between financial literacy and investment decisions, as well as retirement programs. Studies conducted to date suggest that there are socioeconomic conditions that influence the financial knowledge, attitudes and behaviours, such as age, gender, work experience, income and education level

Pesca experimental de atum com "long line" na ZEE moçambicana

Results of the analysis of statistical data gathered aboard 2 crafts licensed for experimental commercial tuna fishing with long-line in the EEZ of Mozambique are presented

Controlo estatístico da pescaria de tunídeos na ZEE Moçambicana

A description is given of the organization and operation of statistical data collection for the scientific and rational management of tuna exploitation in the EEZ of Mozambique

Pesca de atum no indico: seu desenvolvimento recente e consequências para os Países da Subregião Sul Ocidental

In this study the author provided a synthesis of the most relevant aspects of fisheries in Mozambique and Indo-Pacific Region, discussed at the “Seminario sobre avaliaçāo de mananciais de atum na regiāo indo-pacifiqa-jacarta” held in Jakarta from 20 to 22 August 1984. Tens of documents belonging to the Department of Documentation and Information of the Fisheries Research Institute of Maputo and containing valuable information on the tuna fishing in Indo-Pacífic Region were studied in preparation of this seminar