Dividends, stock repurchases and signaling: evidence from U.S. panel data

This paper exploits yearly accounting data from 1977 to 1994 to test the relative signaling power of dividends and net stock repurchases. The specification controls for potential agency cost and asset dissipation effects. Specifically, we regress changes in future income before extraordinary items on changes in dividends, changes in net stock repurchases, and a host of control variables. We also split the sample at 1981 to measure the impact of changes in the relative taxation of distribution methods. For the full twenty-year sample, only dividend changes are correlated with changes in future income. Moreover, the dividend coefficient and the repurchases coefficient differ statistically different in every future income equation. Splitting the sample reveals that the pre-1981 subsample drives the full-sample results. Put another way, the empirical link between changes in dividends and changes in future income vanishes just as a revision of the tax law reduced the tax disadvantage of dividend distributions. This evidence supports the notion that, at least for a period in time, firms deliberately exposed shareholders to punitive taxation to signal favorable prospects.Corporate governance

Lidar measurements of thermal structure

Rayleigh backscatter observations at 532 nm and 355 nm of relative atmospheric density above Aberystwyth on a total of 93 nights between Dec. 1982 and Feb. 1985 were used to derive the height variation of temperature in the upper stratosphere and mesosphere. Preliminary results for height up to about 25 km were also obtained from observations of Raman backscattering from nitrogen molecules. Comparisons were carried out for stratospheric heights with satellite borne measurements; good agreement was found between equivalent black body temperatures derived from the lidar observations and those obtained from nadir measurements in three channels of the stratosphere sounder units on NOAA satellites; the lidar based atmospheric temperatures have shown general agreement with but a greater degree of structure than the limb sounding measurements obtained using the SAMS experiment on the NOAA-7 satellite. In summer, stratospheric and mesospheric temperatures showed a smooth height variation similar to that of the CIRA model atmosphere. In contrast, the winter data showed a great variability with height, and marked temperature changes both from night to night and within a given night

Observations of stratospheric aerosols associated with the El Chichon eruption

Lidar observations of aerosols were carried out at Aberystwyth between Nov. 1982 and Dec. 1985 using a frequency doubled and frequency tripled Nd/Yag laser and a receiver incorporating a 1 m diameter in a Newtonian telescope configuration. In analyses of the experimental data attention is paid to the magnitude of the coefficient relating extinction and backscatter, the choice being related to the possible presence of aerosols in the upper troposphere and the atmospheric densities employed in the normalisation procedure. The aerosol loading showed marked day to day changes in early months and an overall decay was apparent only after April 1983, this decay being consistent with an e sup -1 time of about 7 months. The general decay was accompanied by a lowering of the layer but layers of aerosols were shown intermittently at heights above the main layer in winter months. The height variations of photon counts corrected for range, or of aerosol backscatter ratio, showed clear signatures of the tropopause. A strong correlation was found between the heights of the tropopause identified from the lidar measurements and from radiosonde-borne temperature measurements. A notable feature of the observations is the appearance of very sharp height gradients of backscatter ratio which seem to be produced by differential advection

Nonlinear soil-structure interaction calculations simulating the SIMQUAKE experiment using STEALTH 2D

Transient, nonlinear soil-structure interaction simulations of an Electric Power Research Institute, SIMQUAKE experiment were performed using the large strain, time domain STEALTH 2D code and a cyclic, kinematically hardening cap soil model. Results from the STEALTH simulations were compared to identical simulations performed with the TRANAL code and indicate relatively good agreement between all the STEALTH and TRANAL calculations. The differences that are seen can probably be attributed to: (1) large (STEALTH) vs. small (TRANAL) strain formulation and/or (2) grid discretization differences

Stratospheric aerosol measurements by dual polarisation lidar

International audienceWe present measurements of stratospheric aerosol made at Aberystwyth, UK (52.4° N, 4.06° W) during periods of background aerosol conditions. The measurements were made with a lidar system based on a 532 nm laser and two polarisation channels in the receiver. When stratospheric aerosol amounts are very small, as at present, this method is, potentially, free of a number of systematic errors that bedevil more commonly-used methods. The method rests on the assumption that the aerosol consists of spherical droplets which do not depolarise the lidar signal, which is valid under most conditions. Maximum lidar ratios in background aerosol of 1.03?1.06 were measured during the period 2001?2004, with integrated backscatter in the range 2?7×10?5sr?1. In January 2003, depolarising aerosol was measured, which invalidated the dual-polarisation measurements. On 10?11 January, the depolarising aerosol was clearly a polar stratospheric cloud (the first lidar observations of such clouds in the British Isles) but the aerosol observed on 7?8 January was too low in altitude and too warm to be a PSC

No-vent fill pressurization tests using a cryogen simulant

The results are described of an experimental program which studied the performance of various no-vent fill techniques for tank-to-tank liquid transfer. The tests were performed using a cryogen simulant (Freon-114) and a test bed consisting of a multiple tank/plumbing network that enabled studies of a variety of different inlet flow and active mixing regimes. Several results and conclusions were drawn from the 26 transfer experiments comprising the program. Most notable was the significant improvement in fill performance (i.e., minimized fill time and maximized fill fraction) with increased agitation of the liquid surface. Another was the close correlation between measured condensation rates and those predicted by recent theories which express condensation as a function of turbulent eddy effects on the liquid surface. In most cases, test data exhibited strong agreement with an analytical model which accounts for tank heat transfer and thermodynamics in a 1 g environment

EPR entanglement strategies in two-well BEC

Criteria suitable for measuring entanglement between two different potential wells in a Bose- Einstein condensation (BEC) are evaluated. We show how to generate the required entanglement, utilizing either an adiabatic two-mode or dynamic four-mode interaction strategy, with techniques that take advantage of s-wave scattering interactions to provide the nonlinear coupling. The dynamic entanglement method results in an entanglement signature with spatially separated detectors, as in the Einstein-Podolsky-Rosen (EPR) paradox.Comment: 4 pages, 4 figure

Three-dimensional solitons in coupled atomic-molecular Bose-Einstein condensates

We present a theoretical analysis of three-dimensional (3D) matter-wave solitons and their stability properties in coupled atomic and molecular Bose-Einstein condensates (BECs). The soliton solutions to the mean-field equations are obtained in an approximate analytical form by means of a variational approach. We investigate soliton stability within the parameter space described by the atom-molecule conversion coupling, the atom-atom s-wave scattering, and the bare formation energy of the molecular species. In terms of ordinary optics, this is analogous to the process of sub- or second-harmonic generation in a quadratic nonlinear medium modified by a cubic nonlinearity, together with a phase mismatch term between the fields. While the possibility of formation of multidimensional spatiotemporal solitons in pure quadratic media has been theoretically demonstrated previously, here we extend this prediction to matter-wave interactions in BEC systems where higher-order nonlinear processes due to interparticle collisions are unavoidable and may not be neglected. The stability of the solitons predicted for repulsive atom-atom interactions is investigated by direct numerical simulations of the equations of motion in a full 3D lattice. Our analysis also leads to a possible technique for demonstrating the ground state of the Schrodinger-Newton and related equations that describe Bose-Einstein condensates with nonlocal interparticle forces

Transport into the troposphere in a tropopause fold/cut-off low system

A tropopause fold developed on the western flank of a trough in the 300 mb flow on 6 Oct. 1990. Radiosonde ascents over western Europe showed very dry stable layers beneath the jet stream in the potential temperature range 310 to 315 K. These were evident on profiles from 12h on 6 Oct. to 00h on 8 Oct. ECMWF model assimilations were examined for this period to determine how well the model represented the radiosonde observations. Humidity fields were found to give better agreement than potential vorticity, probably because the PV is affected by the limited vertical resolution of the model. Isentropic trajectories were calculated for the air in the fold as represented by the ECMWF assimilation at 00h on 7 Oct. Those on the western edge of the fold split from the main flow and transferred to the troposphere, while those on the eastern side ended up in the cut-off low. A lower bound of 1.1 x 10(exp 14) kg is estimated for the amount of stratospheric air transferred into the troposphere by this fold