The determinants of dividend policy on Chinese high-tech firms

The purpose of this study is to investigate the relationship between dividend payout ratio in Chinese High-tech firms with profitability, firm size, growth opportunities, leverage and liquidity. The study used a sample of 226 firms listed on the Shenzhen stock exchange and Shanghai stock exchange. These firms were taken from high technology industry sector in China. In order to explain the relationships as stated above, ordinary least squares regression analysis is used to test the hypotheses. The study found that at the pooled data level for whole study period, profitability, growth opportunity, liquidity and firm size have significant positive correlation with dividend payout ratio(DPR). The variable leverage, however, has a strong negative correlation with dividend payout ratio. The findings however differ from term to term (short term, medium term and long term); results reflect that leverage is the common variables which have influence on DPR across various terms, where profitability, growth opportunity, liquidity and firm size are not significantly associated with DPR in short term (0-3 years). Similarly, profitability, liquidity and growth opportunity have no influence on the dividend payout ratio of the companies in the medium term (4-7 years). All variables have significant influence on DPR except growth opportunity

Temperature effects on the nuclear symmetry energy and symmetry free energy with an isospin and momentum dependent interaction

Within a self-consistent thermal model using an isospin and momentum dependent interaction (MDI) constrained by the isospin diffusion data in heavy-ion collisions, we investigate the temperature dependence of the symmetry energy $E_{sym}(\rho, T)$ and symmetry free energy $F_{sym}(\rho, T)$ for hot, isospin asymmetric nuclear matter. It is shown that the symmetry energy $E_{sym}(\rho, T)$ generally decreases with increasing temperature while the symmetry free energy $F_{sym}(\rho, T)$ exhibits opposite temperature dependence. The decrement of the symmetry energy with temperature is essentially due to the decrement of the potential energy part of the symmetry energy with temperature. The difference between the symmetry energy and symmetry free energy is found to be quite small around the saturation density of nuclear matter. While at very low densities, they differ significantly from each other. In comparison with the experimental data of temperature dependent symmetry energy extracted from the isotopic scaling analysis of intermediate mass fragments (IMF's) in heavy-ion collisions, the resulting density and temperature dependent symmetry energy $E_{sym}(\rho, T)$ is then used to estimate the average freeze-out density of the IMF's.used to estimate the average freeze-out density of the IMF's.Comment: 9 pages, 7 figures, 1 figure added to show the temperature dependence of the potential and kinetic parts of the symmetry energy. Revised version to appear in PR

Energy dependence of pion in-medium effects on \pi^-/\pi^+ ratio in heavy-ion collisions

Within the framework of a thermal model with its parameters fitted to the results from an isospin-dependent Boltzmann-Uehling-Uhlenbeck (IBUU) transport model, we study the pion in-medium effect on the charged-pion ratio in heavy-ion collisions at various energies. We find that due to the cancellation between the effects from pion-nucleon s-wave and p-wave interactions in nuclear medium, the \pi^-/\pi^+ ratio generally decreases after including the pion in-medium effect. The effect is larger at lower collision energies as a result of narrower pion spectral functions at lower temperatures.Comment: 4 pages, 4 figures, 1 table, minor modifications, version to appear in Physical Review

Shear viscosity of neutron-rich nucleonic matter near its liquid-gas phase transition

Within a relaxation time approach using free nucleon-nucleon cross sections modified by the in-medium nucleon masses that are determined from an isospin- and momentum-dependent effective nucleon-nucleon interaction, we investigate the specific shear viscosity ($\eta/s$) of neutron-rich nucleonic matter near its liquid-gas phase transition. It is found that as the nucleonic matter is heated at fixed pressure or compressed at fixed temperature, its specific shear viscosity shows a valley shape in the temperature or density dependence, with the minimum located at the boundary of the phase transition. Moreover, the value of $\eta/s$ drops suddenly at the first-order liquid-gas phase transition temperature, reaching as low as $4\sim5$ times the KSS bound of $\hbar/4\pi$. However, it varies smoothly for the second-order liquid-gas phase transition. Effects of the isospin degree of freedom and the nuclear symmetry energy on the value of $\eta/s$ are also discussed.Comment: 6 pages, 5 figure

Differential isospin-fractionation in dilute asymmetric nuclear matter

The differential isospin-fractionation (IsoF) during the liquid-gas phase transition in dilute asymmetric nuclear matter is studied as a function of nucleon momentum. Within a self-consistent thermal model it is shown that the neutron/proton ratio of the gas phase becomes {\it smaller} than that of the liquid phase for energetic nucleons, although the gas phase is overall more neutron-rich. Clear indications of the differential IsoF consistent with the thermal model predictions are demonstrated within a transport model for heavy-ion reactions. Future comparisons with experimental data will allow us to extract critical information about the momentum dependence of the isovector strong interaction.Comment: Rapid Communication, Phys. Rev. C (2007) in pres

Nuclear symmetry potential in the relativistic impulse approximation

Using the relativistic impulse approximation with the Love-Franey \textsl{NN} scattering amplitude developed by Murdock and Horowitz, we investigate the low-energy (100 MeV$\leq E_{\mathrm{kin}}\leq 400$ MeV) behavior of the nucleon Dirac optical potential, the Schr\"{o}dinger-equivalent potential, and the nuclear symmetry potential in isospin asymmetric nuclear matter. We find that the nuclear symmetry potential at fixed baryon density decreases with increasing nucleon energy. In particular, the nuclear symmetry potential at saturation density changes from positive to negative values at nucleon kinetic energy of about 200 MeV. Furthermore,the obtained energy and density dependence of the nuclear symmetry potential is consistent with those of the isospin- and momentum-dependent MDI interaction with $x=0$, which has been found to describe reasonably both the isospin diffusion data from heavy-ion collisions and the empirical neutron-skin thickness of $^{208}$Pb.Comment: 8 pages, 5 figures, revised version to appear in PR