Why Individual Investors Want Dividends

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch investor panel. The respondents indicate that they want dividends partly because the cost of cashing in dividends is lower than the cost of selling shares. Their answers provide strong confirmation for the signaling theories of Bhattacharya (1979) and Miller and Rock (1985). They are inconsistent with the uncertainty resolution theory of Gordon (1961, 1962) and the agency theories of Jensen (1986) and Easterbrook (1984). 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 as to whether a reduction or elimination of dividend taxes will stimulate the economy.Dividends, individual investors, survey

Human Capital Prices, Productivity and Growth

Separate identification of the price and quantity of human capital has important implications for understanding key issues in economics. Price and quantity series are derived for four education levels. The price series are highly correlated and they exhibit a strong secular trend. Three resulting implications are explored: the rising college premium is found to be driven more by relative quantity than relative price changes, life-cycle wage profiles are readily interpretable as reflecting optimal human capital investment paths using the estimated price series, and adjusting the labor input for quality increases dramatically reduces the contribution of MFP to growth.Human Capital, Productivity and Growth

The impact of globalisation and the changing nature of work on vocational education and training

The world is changing fast these days. Globalisation of economies and rapid technological change critically affects all countries. The education and training systems in all countries have had difficulties in keeping up with the pace of change, yet it is vital that they do so. Some of the key technical skills we will need in 20 years time do not yet exist. This poses tremendous problems and challenges for the provision of education and training (VET). Several new research studies released by the Australian National Centre for Vocational Education Research have examined the implications of the globalisation and the changing nature of work on vocational education and training. A key finding is that policies to further promote lifelong learning will be fundamental if nation’s are to respond to the challenges from globalisation to develop the new skills needed to maximise economic potential

The Unknown Factor: Helping Students Understand Mendelian Genetics and the Nature of Science

Teaching science concepts in the same chronological order that the knowledge was developed by the scientific community is an effective way of promoting understanding of the concept as well as a greater appreciation for scientific inquiry. This activity mentally engages students and provides them a sense of discovery that Gregor Mendel must have felt over 150 years ago when he came to understand inheritance. Finally, by putting Mendelian genetics into a historical perspective, students will gain a greater understanding of scientific processes and the history and nature of science. This activity promotes National Science Education Content Standards A, C, E and G and Iowa Teaching Standards 2, 3, and 5

The milliped genus Euryurus Koch, 1847 (Polydesmida: Euryuridae) west of the Mississippi River; occurrence of E. leachii (Gray, 1832) on Crowley’s Ridge, Arkansas

The milliped genus Euryurus Koch, 1847, and the species, E. leachii (Gray, 1832) (Polydesmida: Euryuridae), are recorded from three sites on the northern part of Crowley’s Ridge (Cross, Lee, and Poinsett counties), Arkansas, where the only prior familial records are of Auturus evides (Bollman, 1887). Coupled with the published locality of E. leachii in Phillips Co., at the southern extremity of the Ridge, the only known occurrences of both the genus and species in Arkansas and west of the Mississippi River are in this physiographic feature. The Arkansas population is geographically peripheral but anatomically intermediate between the two recognized subspecies, E. l. leachii and E. l. fraternus Hoffman, 1978, and we do not assign it to a race. Molecular investigations seem necessary to resolve relationships in the “E. leachii complex.