Do dividends signal future earnings in the Nordic stock markets?

We study the informational content of dividends on three Nordic civil law markets, where other simultaneous but blurring motives for dividends may be weaker. Using aggregate data on real earnings per share and payout ratios, long time series from 1969 to 2010, and methodologies which address problems of endogeneity, non-stationarity and autocorrelation (including a Vector Error Correction Model approach), we find evidence on dividend signaling in Nordic markets. However, we also find heterogeneity in the relationship between dividends and earnings on markets similar in many respects, suggesting that even small variations in the institutional surroundings may be important for the results

Microfinance and the Decision to Invest in Children’s Education

Although one of the primary objectives of microfinance has been the reduction of poverty through the provision of credit for income-generating purposes, evidence of its impact on poverty has been mixed. Even if there is no direct impact of microfinance, there may be an indirect positive impact through the effect of microcredit availability on families’ decisions to invest in their children’s education. In this paper, I describe a study undertaken to gauge the impact of microcredit availability on education expenditures for children of clients of a South Indian microfinance institution. I first look at some determinants of the demand for education and then go on to consider what we know about how microcredit affects this demand. I find that microcredit has an impact on the demand for education as mediated by wealth effects and status effects, i.e., microloans increase spending on education the greater the wealth and the greater the social status of the family. Focus group interviews suggest that the impact of microcredit on the demand for education comes mainly from the greater access to financial resources and, to a lesser degree, from an accompanying appreciation of the value of education

Microfinance and the Decision to Invest in Children’s Education

Although one of the primary objectives of microfinance has been the reduction of poverty through the provision of credit for income-generating purposes, evidence of its impact on poverty has been mixed. Even if there is no direct impact of microfinance, there may be an indirect positive impact through the effect of microcredit availability on families’ decisions to invest in their children’s education. In this paper, I describe a study undertaken to gauge the impact of microcredit availability on education expenditures for children of clients of a South Indian microfinance institution. I first look at some determinants of the demand for education and then go on to consider what we know about how microcredit affects this demand. I find that microcredit has an impact on the demand for education as mediated by wealth effects and status effects, i.e., microloans increase spending on education the greater the wealth and the greater the social status of the family. Focus group interviews suggest that the impact of microcredit on the demand for education comes mainly from the greater access to financial resources and, to a lesser degree, from an accompanying appreciation of the value of education

Religion, Finance, and Social Justice

Religion is an important part of people\u27s lives and so is finance. And the two are connected. Most religions have a social justice aspect and so they either legislate or recommend actions in the financial sphere, e.g. the remission of loans or providing loans without charging interest. The objective may be equitable redistribution of wealth or poverty alleviation. This event is taking place in conjunction with a course on Finance and Society, taught by Prof. PV Viswanath. Prof. Viswanath opened the session by talking about preferential treatment given to clerics in the religious law of various traditions, as well as conflicts of interest in the implementation of that law. Following this, a student in the course, Kaan Kocak spoke about economic issues and Islamic Law. Rabbi Michael Chernick, professor emeritus at Hebrew Union College followed up with an exposition of how Judaism deals with issues of finance and social justice. This was followed by a Q&A session, as well as a group discussion. The event ended with an analysis of Prof. Chernick’s talk by Prof. Viswanath, as well as a presentation of how the Jewish law on interest-taking in the Middle Ages was affected by the economic environment. The goal of the event was to provide attendees with a better understanding of how financial transactions and the financial system interact with society and how religions play an important role in ameliorating some of the negative aspects of those interactions

Atmospheric survey of pollen of Parthenium hysterophorus

An aerobiological survey to study the incidence and concentration of the pollen of Parthenium hysterophorus was conducted in Bangalore, India for a period of one year. This study indicated that Parthenium pollen was present in the atmosphere in significant amounts eigher as single pollen grains or in the form of clumps during the months of June to August

Managerial entrenchment and the value of dividends

Managerial entrenchment, Takeover defenses, Agency costs, Dividend payout, Firm value, G34, G35,