Dividend policy, corporate control and tax clienteles : the case of Germany

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. JEL Classification: G32, G35 Keywords: Dividend Policy, Payout Policy, Lintner Dividend Model, Tax Clientele Effects, Corporate Governanc

What is the contribution of organic agriculture to sustainable development? Long-term systems comparison trials of FiBL in the tropics

Long-term farming systems comparisons in the tropics

Fertilization of Dioscorea rotundata with poultry manure: effects on nutrient dynamics and yield formation

Yams (Dioscorea spp.) are tropical tuber crops with high food and market values, contributing significantly to food security in West Africa. The traditional method of cultivation is without fertilizers as the first crop after clearing land from natural vegetation (e.g. forests) because of their high requirements in terms of soil fertility. However, due to increased population pressure on arable land, forests have become rare, fallow periods shorter, and long term fallowing more difficult in West Africa. Consequently, declining soil fertility is one of the major constraints to yam productivity and yam yields are thus far below the estimated potential. These problems call for the development of more integrated and sustainable yam production systems

Scales Set by the Cosmological Constant

The cosmological constant sets certain scales important in cosmology. We show that Lambda in conjunction with other parameters like the Schwarzschild radius leads to scales relevant not only for cosmological but also for astrophysical applications. Of special interest is the extension of orbits and velocity of test particles traveling over Mpc distances. We will show that there exists a lower and an upper cut-off on the possible velocities of test particles. For a test body moving in a central gravitational field Lambda enforces a maximal value of the angular momentum if we insist on bound orbits of the test body which move at a distance larger than the Schwarzschild radius.Comment: 15 pages, 2 figures, 1 table; one reference adde

Cold-water corals and hydrochemistry - is there a unifying link?

Physical and chemical parameters were measured in five different regions of the Northeast Atlantic with known occurrences of cold-water coral reefs and mounds and in the Mediterranean, where these corals form living carpets over existing morphologies. In this study we analyzed 282 bottom water samples regarding delta13CDIC, delta18O, and DIC. The hydrochemical data reveal characteristic patterns and differences for cold-water coral sites with living coral communities and ongoing reef and mound growth at the Irish and Norwegian sites. While the localities in the Mediterranean, in the Gulf of Cadiz, and off Mauritania show only patchy coral growth on mound-like reliefs and various substrates. The analysis of delta13C/delta18O reveals distinct clusters for the different regions and the respective bottom water masses bathing the delta18O, and especially between delta13CDIC and DIC shows that DIC is a parameter with high sensitivity to the mixing of bottom water masses. It varies distinctively between sites with living reefs/mounds and sites with restricted patchy growth or dead corals. Results suggest that DIC and delta13CDIC can provide additional insights into the mixing of bottom water masses. Prolific cold-water coral growth forming giant biogenic structures plot into a narrow geochemical window characterized by a variation of delta13CDIC between 0.45 and 0.79 per mille being associated with the water mass having a density of sigma-theta of 27.5+-0.15 kg m-3