The Ownership and Industry Effects of Corporate Dividend Policy in India, 1961-2007

The cross-sectional trends in dividends are investigated at an aggregate level of ownership (i.e. closely/largely held and regulated firms), and at disaggregate level across 20 industries to examine how Indian Private Corporate Sector appropriated its profits over 1961-2007 periods. Alternatively it is examined whether internal funds are a significant source of finance and the dynamics of relation between dividends relative to earnings across type of companies and industries. Indian corporate sector pays relatively more equity dividends than preference dividends. Other things being equal, the probability of paying cash dividends decreases with share holder concentration and the regulated companies pay relatively larger dividends. Dividend payouts for all type of firms decline, and such tendency is more pronounced after liberalization periods indicating a greater choice of internal financing through retained earnings. The analysis of inter-corporate and inter-industry variations reveals that dividends interplays differently with exogenous factors.Dividend Policy, Indian Private Corporate Sector, Public and Private Limited Companies, Regulated Industry, Ownership Effect, Industry Cross-section

Allele-specific primer based identification of dimeric alpha-amylase inhibitor

Wheat is one of the most important staple food crops cultivated over 200 mha in the range of environment throughout the world. Wheat production must continue to increase by 2% annually, more particularly in developing world including south-east Asia. Besides increasing the inherent productivity of wheat, it is important to minimize the losses caused to production by various abiotic and biotic factors. Alpha–amylase inhibitors are attractive candidates for the control of seed weevils as these insects are highly dependent on starch as the energy source. They play an important role in the carbohydrate metabolism of many heterotrophic and autotrophic organisms. In this study, we aimed to make sequence comparison and phylogenetic relationship among dimeric alpha-amylase inhibitor genes. These genes were clustered into two major groups based on phylogenetic analysis. Multiple alignments show at least 24 candidates single nucleotide polymorphisms in inhibitor genes, which could further be exploited for SNPs based haplotype diversity among Indian released wheat genotype. We have detected dimeric alpha-amylase inhibitor genes in cultivated and wild ancestors of wheat using genome specific primers. Genes encoding dimeric alpha-amylase belong to the family of 24 kDa alpha-amylase inhibitors. In this study, specific primer pairs were designed based on SNPs of these genes and chromosome locations of inhibitor genes confirmed by amplification in accession of T. urartu, A. tauschii, and A. speltoides. Results obtained under this study support that inhibitor genes amplified with primer PSWDAIAF1/PSWDAIAF2 and PSWDAIBF1/PSWDAIBF2 is present on genome B. These results further support evidence at molecular level that dimeric alpha-amylase inhibitor in cultivated wheat is encoded by a multigene family.

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The Galactic Isotropic γ\gamma-ray Background and Implications for Dark Matter

We present an analysis of the radial angular profile of the galacto-isotropic (GI) $\gamma$-ray flux--the statistically uniform flux in circular annuli about the Galactic center. Two different approaches are used to measure the GI flux profile in 85 months of Fermi-LAT data: the BDS statistic method which identifies spatial correlations, and a new Poisson ordered-pixel method which identifies non-Poisson contributions. Both methods produce similar GI flux profiles. The GI flux profile is well-described by an existing model of bremsstrahlung, $\pi^0$ production, inverse Compton scattering, and the isotropic background. Discrepancies with data in our full-sky model are not present in the GI component, and are therefore due to mis-modeling of the non-GI emission. Dark matter annihilation constraints based solely on the observed GI profile are close to the thermal WIMP cross section below 100 GeV, for fixed models of the dark matter density profile and astrophysical $\gamma$-ray foregrounds. Refined measurements of the GI profile are expected to improve these constraints by a factor of a few.Comment: 20 pages, 15 figures, references adde

Counting Black Holes: The Cosmic Stellar Remnant Population and Implications for LIGO

We present an empirical approach for interpreting gravitational wave signals of binary black hole mergers under the assumption that the underlying black hole population is sourced by remnants of stellar evolution. Using the observed relationship between galaxy mass and stellar metallicity, we predict the black hole count as a function of galaxy stellar mass. We show, for example, that a galaxy like the Milky Way should host millions of $\sim 30~M_\odot$ black holes and dwarf satellite galaxies like Draco should host $\sim 100$ such remnants, with weak dependence on the assumed IMF and stellar evolution model. Most low-mass black holes ($\sim10 M_\odot$) typically reside within massive galaxies ($M_\star \simeq 10^{11} M_\odot$) while massive black holes ($\sim 50~M_\odot$) typically reside within dwarf galaxies ($M_\odot \simeq 10^9 M_\odot$) today. If roughly $1\%$ of black holes are involved in a binary black hole merger, then the reported merger rate densities from Advanced LIGO can be accommodated for a range of merger timescales, and the detection of mergers with $> 50~M_\odot$ black holes should be expected within the next decade. Identifying the host galaxy population of the mergers provides a way to constrain both the binary neutron star or black hole formation efficiencies and the merger timescale distributions; these events would be primarily localized in dwarf galaxies if the merger timescale is short compared to the age of the universe and in massive galaxies otherwise. As more mergers are detected, the prospect of identifying the host galaxy population, either directly through the detection of electromagnetic counterparts of binary neutron star mergers or indirectly through the anisotropy of the events, will become a realistic possibility.Comment: 10 pages, 8 figures. Accepted by MNRA