An empirical investigation of the dividend decision in Irish companies

This thesis investigates corporate Ireland's attitude to dividend payments and examines how the Irish stock market reacts to company announcements about dividends. Prior to this study, the attitude of company executives and investors to dividend policy in Ireland was not reported in the academic literature in a systematic fashion. A number of small studies on the topic had been undertaken but the findings of those studies are relatively old and the perspective adopted limited.In the mid-1980s, company managers in the US and the UK aggressively altered dividend policy because the disadvantageous income tax rates to which dividends were subject meant that paying dividends was not an efficient way to return money to shareholders(Campbell, 2003). The double taxation of cash dividends was the primary motivation behind the decision of corporations to repurchase their own shares rather than implementing or increasing dividend payouts (Wood, 2002). In addition, for much of the 1990s dividends seemed unimportant to company executives and investors, as much of the share valuation analysis undertaken by financial commentators, appeared to focus on top line and bottom line growth rather than expectations about periodic dividend distributions (Goodbody, 2003).However, dividends have recently become more important as growth rates in earnings have declined (Jones, 2004).The Irish economy has changed dramatically over the last decade with greater wealth,increased numbers at work and an ageing population (E. S. R. I., 2003). In this new environment, Irish dividend distributions, and more specifically the taxation treatment of those distributions, is an increasingly important issue for Irish economic policy makers as they seek to encourage companies to re-invest their profits for the long-term and to provide incentives to individuals to increase savings and provide for retirement. In this new environment, Irish dividend distributions, and more specifically the taxation treatment of those distributions, is an increasingly important issue for Irish economic policy makers as they seek to encourage companies to re-invest their profits for the long-term and to provide incentives to individuals to increase savings and provide for retirement.The current research finds that dividend policy matters to Irish investors.Specifically,Irish investors appear to react to a dividend announcement as if that announcement conveys important news about the future prospects for the firm. This reaction was very pronounced on the dividend announcement date. Irish firms support the suggestion that dividend policy affects share valuations. In particular, quoted firms believe they know the nature of their shareholder base, and perceive that Irish investors discriminate, according to their tax status, between those companies which pay dividends and those which do not, when selecting securities for their portfolios. In addition, Irish quoted companies follow a policy in which dividend reductions are anathema and an increased dividend will only be declared if management are convinced that the new dividend level can be maintained.Finally, for unquoted firms, dividend policy is strongly driven by the taxation status of their owner shareholders. Tax advisors play a key role in determining dividend policy for such companies and a case can be made for re-examining the inflexibility of Irish tax rules on dividends, particularly for those relating to small and medium-sized companies. The findings represent a contribution to understanding as to why Irish firms pay dividends. In particular, the findings relate to a recent period for Ireland where little evidence exists. In addition, the findings emerge from a comprehensive investigation of the topic using a large-scale sample questionnaire, an event study and a sizable number of interviews. The focus of the investigation is also novel in that the views of unquoted company executives are sought in addition to the perspectives of managers from listed companies. What emerges is a comprehensive investigation of the dividend decisions of Irish companies.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

An empirical investigation of the dividend decision in Irish companies

This thesis investigates corporate Ireland's attitude to dividend payments and examines how the Irish stock market reacts to company announcements about dividends. Prior to this study, the attitude of company executives and investors to dividend policy in Ireland was not reported in the academic literature in a systematic fashion. A number of small studies on the topic had been undertaken but the findings of those studies are relatively old and the perspective adopted limited.In the mid-1980s, company managers in the US and the UK aggressively altered dividend policy because the disadvantageous income tax rates to which dividends were subject meant that paying dividends was not an efficient way to return money to shareholders(Campbell, 2003). The double taxation of cash dividends was the primary motivation behind the decision of corporations to repurchase their own shares rather than implementing or increasing dividend payouts (Wood, 2002). In addition, for much of the 1990s dividends seemed unimportant to company executives and investors, as much of the share valuation analysis undertaken by financial commentators, appeared to focus on top line and bottom line growth rather than expectations about periodic dividend distributions (Goodbody, 2003).However, dividends have recently become more important as growth rates in earnings have declined (Jones, 2004).The Irish economy has changed dramatically over the last decade with greater wealth,increased numbers at work and an ageing population (E. S. R. I., 2003). In this new environment, Irish dividend distributions, and more specifically the taxation treatment of those distributions, is an increasingly important issue for Irish economic policy makers as they seek to encourage companies to re-invest their profits for the long-term and to provide incentives to individuals to increase savings and provide for retirement. In this new environment, Irish dividend distributions, and more specifically the taxation treatment of those distributions, is an increasingly important issue for Irish economic policy makers as they seek to encourage companies to re-invest their profits for the long-term and to provide incentives to individuals to increase savings and provide for retirement.The current research finds that dividend policy matters to Irish investors.Specifically,Irish investors appear to react to a dividend announcement as if that announcement conveys important news about the future prospects for the firm. This reaction was very pronounced on the dividend announcement date. Irish firms support the suggestion that dividend policy affects share valuations. In particular, quoted firms believe they know the nature of their shareholder base, and perceive that Irish investors discriminate, according to their tax status, between those companies which pay dividends and those which do not, when selecting securities for their portfolios. In addition, Irish quoted companies follow a policy in which dividend reductions are anathema and an increased dividend will only be declared if management are convinced that the new dividend level can be maintained.Finally, for unquoted firms, dividend policy is strongly driven by the taxation status of their owner shareholders. Tax advisors play a key role in determining dividend policy for such companies and a case can be made for re-examining the inflexibility of Irish tax rules on dividends, particularly for those relating to small and medium-sized companies. The findings represent a contribution to understanding as to why Irish firms pay dividends. In particular, the findings relate to a recent period for Ireland where little evidence exists. In addition, the findings emerge from a comprehensive investigation of the topic using a large-scale sample questionnaire, an event study and a sizable number of interviews. The focus of the investigation is also novel in that the views of unquoted company executives are sought in addition to the perspectives of managers from listed companies. What emerges is a comprehensive investigation of the dividend decisions of Irish companies.EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Rosiglitazone and glimeperide: review of clinical results supporting a fixed dose combination

Type 2 diabetes has become a major burden to the health care systems worldwide. Among the drugs approved for this indication, glimepiride and rosiglitazone have gained substantial importance in routine use. While glimepiride stimulates β-cell secretion and leads to reduction of blood glucose values, rosiglitazone activates PPARγ and improves insulin resistance, at the vascular and metabolically active cells. Therefore, the combination of the two drugs may be an interesting approach to improve glycemic control and lower cardiovascular risk. A fixed combination of both drugs has been approved for clinical use in the US and EU. The combination of glimepiride and rosiglitazone is generally well tolerated and the use of a fixed combination may lead to improved adherence of the patients to their therapy. The purpose of this review is to evaluate the clinical data that have been published on this combination, appearing to represent a convenient way to obtain therapeutic targets in patients with type 2 diabetes mellitus

Killer whales and marine mammal trends in the North Pacific : a re-examination of evidence for sequential megafauna collapse and the prey-switching hypothesis

This paper is not subject to U.S. copyright. The definitive version was published in Marine Mammal Science 23 (2007): 766–802, doi:10.1111/j.1748-7692.2006.00093.x.Springer et al. (2003) contend that sequential declines occurred in North Pacific populations of harbor and fur seals, Steller sea lions, and sea otters. They hypothesize that these were due to increased predation by killer whales, when industrial whaling's removal of large whales as a supposed primary food source precipitated a prey switch. Using a regional approach, we reexamined whale catch data, killer whale predation observations, and the current biomass and trends of potential prey, and found little support for the prey-switching hypothesis. Large whale biomass in the Bering Sea did not decline as much as suggested by Springer et al., and much of the reduction occurred 50–100 yr ago, well before the declines of pinnipeds and sea otters began; thus, the need to switch prey starting in the 1970s is doubtful. With the sole exception that the sea otter decline followed the decline of pinnipeds, the reported declines were not in fact sequential. Given this, it is unlikely that a sequential megafaunal collapse from whales to sea otters occurred. The spatial and temporal patterns of pinniped and sea otter population trends are more complex than Springer et al. suggest, and are often inconsistent with their hypothesis. Populations remained stable or increased in many areas, despite extensive historical whaling and high killer whale abundance. Furthermore, observed killer whale predation has largely involved pinnipeds and small cetaceans; there is little evidence that large whales were ever a major prey item in high latitudes. Small cetaceans (ignored by Springer et al.) were likely abundant throughout the period. Overall, we suggest that the Springer et al. hypothesis represents a misleading and simplistic view of events and trophic relationships within this complex marine ecosystem

Long-Baseline Neutrino Facility (LBNF) and Deep Underground Neutrino Experiment (DUNE) Conceptual Design Report Volume 2: The Physics Program for DUNE at LBNF

The Physics Program for the Deep Underground Neutrino Experiment (DUNE) at the Fermilab Long-Baseline Neutrino Facility (LBNF) is described

The Long-Baseline Neutrino Experiment: Exploring Fundamental Symmetries of the Universe

The preponderance of matter over antimatter in the early Universe, the dynamics of the supernova bursts that produced the heavy elements necessary for life and whether protons eventually decay --- these mysteries at the forefront of particle physics and astrophysics are key to understanding the early evolution of our Universe, its current state and its eventual fate. The Long-Baseline Neutrino Experiment (LBNE) represents an extensively developed plan for a world-class experiment dedicated to addressing these questions. LBNE is conceived around three central components: (1) a new, high-intensity neutrino source generated from a megawatt-class proton accelerator at Fermi National Accelerator Laboratory, (2) a near neutrino detector just downstream of the source, and (3) a massive liquid argon time-projection chamber deployed as a far detector deep underground at the Sanford Underground Research Facility. This facility, located at the site of the former Homestake Mine in Lead, South Dakota, is approximately 1,300 km from the neutrino source at Fermilab -- a distance (baseline) that delivers optimal sensitivity to neutrino charge-parity symmetry violation and mass ordering effects. This ambitious yet cost-effective design incorporates scalability and flexibility and can accommodate a variety of upgrades and contributions. With its exceptional combination of experimental configuration, technical capabilities, and potential for transformative discoveries, LBNE promises to be a vital facility for the field of particle physics worldwide, providing physicists from around the globe with opportunities to collaborate in a twenty to thirty year program of exciting science. In this document we provide a comprehensive overview of LBNE's scientific objectives, its place in the landscape of neutrino physics worldwide, the technologies it will incorporate and the capabilities it will possess.Comment: Major update of previous version. This is the reference document for LBNE science program and current status. Chapters 1, 3, and 9 provide a comprehensive overview of LBNE's scientific objectives, its place in the landscape of neutrino physics worldwide, the technologies it will incorporate and the capabilities it will possess. 288 pages, 116 figure

FTLD-TDP with motor neuron disease, visuospatial impairment and a progressive supranuclear palsy-like syndrome: broadening the clinical phenotype of TDP-43 proteinopathies. A report of three cases

<p>Abstract</p> <p>Background</p> <p>Frontotemporal lobar degeneration with ubiquitin and TDP-43 positive neuronal inclusions represents a novel entity (FTLD-TDP) that may be associated with motor neuron disease (FTLD-MND); involvement of extrapyramidal and other systems has also been reported.</p> <p>Case presentation</p> <p>We present three cases with similar clinical symptoms, including Parkinsonism, supranuclear gaze palsy, visuospatial impairment and a behavioral variant of frontotemporal dementia, associated with either clinically possible or definite MND. Neuropathological examination revealed hallmarks of FTLD-TDP with major involvement of subcortical and, in particular, mesencephalic structures. These cases differed in onset and progression of clinical manifestations as well as distribution of histopathological changes in the brain and spinal cord. Two cases were sporadic, whereas the third case had a pathological variation in the progranulin gene 102 delC.</p> <p>Conclusions</p> <p>Association of a "progressive supranuclear palsy-like" syndrome with marked visuospatial impairment, motor neuron disease and early behavioral disturbances may represent a clinically distinct phenotype of FTLD-TDP. Our observations further support the concept that TDP-43 proteinopathies represent a spectrum of disorders, where preferential localization of pathogenetic inclusions and neuronal cell loss defines clinical phenotypes ranging from frontotemporal dementia with or without motor neuron disease, to corticobasal syndrome and to a progressive supranuclear palsy-like syndrome.</p

Ethical issues, research and vulnerability : gaining the views of children and young people in residential care

Children and young people in residential care are some of the most vulnerable in our society. They may have experienced violence and physical, sexual or emotional abuse. They may be involved in offending or the misuse of drugs and alcohol. They are separated from their families and have to cope with living in a group situation with other young people and staff members. Children and young people in residential care also possess strengths, competencies and resilience. We have much to learn from their experiences and perspectives, both generally and surrounding their time in care. This paper will address the ethical issues which arise from gaining the views of children and young people in residential care, drawing on the experience of carrying out three studies in particular (Kendrick et al. 2004, The development of a residential unit working with sexually aggressive young men. In: H.G. Eriksson and T. Tjelflaat, eds. Residential care: horizons for the new century. Aldershot: Ashgate, 38-55; Docherty et al. 2006, Designing with care: interior design and residential child care. Farm7 and SIRCC. http://www.sircc.strath.ac.uk/publications/Designing_with_Care.pdf; Steckley, L. and Kendrick, A., 2005. Physical restraint in residential child care: the experiences of young people and residential workers. Childhoods 2005: Children and Youth in Emerging and Transforming Societies, University of Oslo, Norway, 29 June-3 July 2005, Steckley and Kendrick 2007, Young people's experiences of physical restraint in residential care: subtlety and complexity in policy and practice. In: M. Nunno, L. Bullard and D. Day, eds. For our own safety: examining the safety of high-risk interventions for children and young people. Washington, DC: Child Welfare League of America, forthcoming). The paper will discuss: information, consent and choice about involvement in the research; confidentiality, privacy and safety. It will also explore some of the more complex issues of ethical good practice which arise from researching children in their own living space. The negotiation of children's time and space must be approached carefully, with consideration of their rights and wishes. Sensitivity to children and young people's priorities and preoccupations must be paramount