Dividend initiators, winners during 2008 financial crisis

2016 ◽  
Vol 42 (3) ◽  
pp. 212-224 ◽  
Author(s):  
John Consler ◽  
Greg M. Lepak
Keyword(s):  
Financial Crisis ◽  
Repeated Measures ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Penalized Splines ◽  
2008 Financial Crisis ◽  
Content Type ◽  
Financial Variables ◽  
Before And After ◽  
Over Time

Purpose – The purpose of this paper is to describe and compare the mean response for selected financial variables in three dividend paying groups before and after the financial crisis of 2008. Dividend initiators are expected to be rewarded by investors over traditional dividend paying firms. Design/methodology/approach – Quarterly CRSP data from 2000 to 2012 are used to define dividend paying groups. Highly unbalanced financial data on dividend paying firms are analyzed in two truncated sample periods defined before and after the financial crisis. Fitted models describing differences in dividend paying groups are based on the linear mixed model representation of penalized splines with random effects to account for repeated measures over time. Findings – Results are presented on the important differences in selected financial variables before and after the financial crisis by dividend paying pattern group (traditional, initiators, residual/catering). Special emphasis is given to the analysis of market/book value ratio. Results demonstrate dividend initiators are rewarded over traditional dividend firms by investors. Firms with an intermittent paying pattern have no advantage. All dividend paying firms grow during the 2008 financial crisis. Traditional dividend payers have larger size than other dividend payers. The size effect explains results for several of the financial variables studied. Research limitations/implications – Future work can include an industry effect on the three dividend paying groups. Practical implications – Investors appear to prefer certainty as to when they receive a dividend over uncertainty, especially in times of economic downturn and economic recovery. Social implications – Enhanced awareness that different payment patterns exist and are rewarded differently over time on both the corporate issuer and investor sides. Originality/value – This study adds to body of knowledge of practical dividend payment patterns around a financial crisis. It also provides added support for dividend initiators.

Effects of Exercise Restriction on Patients With Anomalous Aortic Origin of a Coronary Artery

2016 ◽  
Vol 8 (1) ◽  
pp. 18-24 ◽  
Author(s):  
Matthew D. Elias ◽  
James Meza ◽  
Brian W. McCrindle ◽  
Julie A. Brothers ◽  
Stephen Paridon ◽  
...  
Keyword(s):  
Coronary Artery ◽  
Exercise Capacity ◽  
Repeated Measures ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Multivariable Analysis ◽  
Young Patients ◽  
Significant Difference ◽  
Exercise Restriction ◽  
Over Time

Background: Management of young patients with anomalous aortic origin of a coronary artery (AAOCA) may involve exercise restriction. We sought to identify the association of exercise restriction with changes over time in body mass index (BMI) and exercise capacity in this cohort. Methods: We performed a retrospective review of patients with AAOCA seen at The Children’s Hospital of Philadelphia between January 1, 1998, and August 31, 2014. Linear mixed model repeated-measures analysis assessed changes in BMI and exercise capacity. Results: We included 72 patients with a median age at presentation of 12.6 years (interquartile range: 10.1-15.8) and mean follow-up of 3.6 ± 3.0 years. The majority had an anomalous right coronary artery (71%) and interarterial ± intramural coronary course (90%). Surgery was performed in 54%, more often in those with interarterial/intramural course ( P < .001) and symptoms ( P = .003). Most patients (82%) were exercise-restricted on presentation, and restricted patients were older than those who were not restricted ( P = .01). There was no significant difference between restricted and nonrestricted patients in initial BMI z scores, percentage of patients with BMI over 85th percentile (26%) or exercise capacity variables. In univariable analysis, exercise restriction over time was not associated with change in BMI z score ( P = .25) or change in exercise variables. Restriction was not associated with significant change in these variables in multivariable analysis. Conclusions: Although further investigation is warranted to determine the degree of adherence to exercise restriction, the recommendation of restriction alone is not associated with increasing BMI or decreasing exercise performance in the short-term.

scholarly journals The voice of profit: exploring the tone of Australian CEO's letters to shareholders after the global financial crisis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Salah Aldain Abdullah Alshorman ◽  
Martin Shanahan
Keyword(s):  
Financial Crisis ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Global Financial Crisis ◽  
Change Model ◽  
Content Type ◽  
Firm Profitability ◽  
Credible Information ◽  
The Global Financial Crisis ◽  
The Voice

PurposeThis study examines the association between firm profitability and the “voice” of the CEO measured through tones they convey in their annual letter to shareholders. The paper examines whether the tones corresponds to a firm's profitability and the extent to which CEO tone varies with changes in profitability.Design/methodology/approachThe authors analyze 187 Australian CEOs communications in 748 annual letters to their shareholders between 2010 and 2013. Two-word lists created by previous researchers are used to assess tones for their positive-negative plurality, uncertainty and use of modal words. Firm profitability is identified using return on assets. The authors examine the relationship between profitability and tones using simple ANOVA as well as a linear mixed model and then a change (differences) model. The change model captures any inertia or genre effect in the CEO letter to shareholders.FindingsUsing both the level and change model, the authors find that firm profitability is associated with CEO's tones that are more optimistic and less pessimistic. The authors also find that the use of negative words has more communicative value than positive words or “net” positive words. The authors also observe some genre effect when CEOs use strong modal words.Research limitations/implicationsThe sample is restricted to a selection of Australian firms that had the same CEO for the fiscal years 2010–2013; which reported in each financial year and which survived the global financial crisis. Generalizing the findings to other periods, types of firms, or to CEOs with shorter tenure, might be questionable. This study was conducted in Australia, which may limit the applicability of the findings to other jurisdictions.Practical implicationsThe significant link between firm profitability and CEOs' use of positive, net positive and negative words implies that investors may place reliance on the use of these tones in the CEO's annual letter to accurately reflect the profitability of the firm.Originality/valueThe study extends the existing literature by examining whether a change in firm profitability is linked to a change in CEO tone. It concludes that even in periods of general financial stress, shareholders should be confident that CEOs' letters to shareholders provide credible information that corresponds to firm performance.

scholarly journals Identification of Trichomonas vaginalis in Different Papanicolaou Test Preparations: Trends Over Time in the College of American Pathologists Educational Interlaboratory Comparison Program

2013 ◽  
Vol 137 (8) ◽  
pp. 1043-1046
Author(s):  
Lydia Pleotis Howell ◽  
Teresa M. Darragh ◽  
Rhona J. Souers ◽  
Nicole Thomas ◽  
Ann T. Moriarty
Keyword(s):  
Proficiency Testing ◽  
Repeated Measures ◽  
Trichomonas Vaginalis ◽  
Mixed Model ◽  
Interlaboratory Comparison ◽  
Papanicolaou Test ◽  
Nonlinear Mixed Model ◽  
Before And After ◽  
Performance Results ◽  
Over Time

Context.—The College of American Pathologists' Interlaboratory Comparison Program in Gynecologic Cytology has seen an increase in enrollment in liquid-based Papanicolaou test challenges with a decrease for conventional Papanicolaou tests. Trichomonas vaginalis can be difficult to identify in all preparation types. Objectives.—To evaluate 20 years of participant results from the College of American Pathologists Interlaboratory Comparison Program in Gynecologic Cytology for Trichomonas to ascertain whether performance has changed because of the introduction of liquid-based Papanicolaou and proficiency testing. Design.—Concordance rates for the target diagnosis of Trichomonas vaginalis were evaluated for 167 956 participant responses (1990–2010). A nonlinear mixed model was fit with participant type, preparation type, and a 2-level program year (1990–2005 and 2006–2010) reflecting before and after proficiency testing began. A repeated-measures component allowed modeling of the slide-specific performance to ensure that the overall results were not based on the performance of a few slides. Results.—Cytotechnologists had higher concordance with the target diagnosis than did pathologists (89.8% [72 992 of 81 319] versus 83.4% [72 271 of 86 637], P &lt; .001) and better performance for each preparation type (P = .003). Concordance initially dropped after the introduction of proficiency testing (P &lt; .001) for conventional and liquid-based (SurePath) preparations by both participant types, followed by quick, parallel improvement. Conclusions.—Performance is high in the detection of Trichomonas vaginalis in the College of American Pathologists Interlaboratory Comparison Program in Gynecologic Cytology. Liquid-based Papanicolaou and proficiency testing minimally affected participant performance. Cytotechnologists performed better over time and across preparation types than did pathologists, although pathologists showed performance results parallel to that of the cytotechnologists. Awareness of the performance differences by pathologists and cytotechnologists, as well as their difference in proficiency among liquid-based techniques, may help ensure accurate results in clinical practice.

Turn-of-month effect in the Indian currency market

2015 ◽  
Vol 11 (2) ◽  
pp. 232-243 ◽  
Author(s):  
Satish Kumar
Keyword(s):  
Financial Crisis ◽  
Least Square ◽  
Sample Period ◽  
Currency Markets ◽  
2008 Financial Crisis ◽  
Content Type ◽  
Currency Market ◽  
Before And After ◽  
Calendar Anomalies ◽  
Ordinary Least Square Regression

Purpose – The purpose of this paper is to examine the presence of the turn-of-month effect in the Indian currency market for selected currency pairs: USD-INR, EUR-INR, GBP-INR and JPY-INR, from January 1999 to April 2014. Design/methodology/approach – Ordinary least square regression analysis is used to examine the presence of the turn-of-month effect and to test the efficiency of the Indian currency market. The characteristics of the returns during the turn-of-month days are compared with that of the non-turn-of-month trading days. The sample period is later divided into two sub-periods, that is, pre- and post-2008 to capture the behavior of returns before and after the 2008 financial crisis. Findings – The results indicate the existence of pricing patterns which are unique to individual currencies. For the entire sample period, USD and JPY exhibit turn-of-month effect and the returns in turn-of-month trading days are significantly lower than the returns during non-turn-of-month trading days. For the sub-period before 2008, all the currencies exhibit significant turn-of-month effects and the returns in the turn-of-month trading days are significantly lower than those in the non-turn-of-month trading days. However, post-2008; this effect vanishes for all the currencies except for USD. Practical implications – The results have important implications for both traders and investors. The findings suggest that the investors might not be able to earn excess profits by timing their positions in some particular currencies taking the advantage of turn-of-month effect which in turn indicates that the currency markets have become more efficient with time. The results are in conformity with those reported for the developed markets. Originality/value – To the best of the author’s knowledge, no study has yet examined these calendar anomalies in the currency markets using data which covers two important periods, pre-2008 and post-2008. Therefore, we provide a pioneer study in which we analyze the calendar anomalies in an emerging currency market (India) by segregating the data before and after 2008 financial crisis.

scholarly journals Skin Carotenoid Accumulation in Response to a Two-Week Sweet Potato Snack Added to the Usual Diet

2021 ◽  
Vol 5 (Supplement_2) ◽  
pp. 121-121
Author(s):  
Taylor Erickson ◽  
Rui Li ◽  
Elizabeth Woods ◽  
Stephanie Dickinson ◽  
Alyce Fly
Keyword(s):  
Sweet Potato ◽  
Repeated Measures ◽  
Fixed Effects ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Least Square ◽  
Post Intervention ◽  
Change In Mean ◽  
Usual Diet ◽  
Over Time

Abstract Objectives To evaluate changes in skin carotenoid score (SCS) from baseline, during and following a two-week sweet potato snack added to a participant's usual diet. Methods Forty participants were recruited by convenience for a 7-week longitudinal cohort study with a 1-week period to establish baseline SCS, an intervention consisting of a sweet potato snack fed 3 times/week for 2 weeks in the lab while consuming a usual diet outside of the lab, followed by a 4-week monitoring period. SCS were measured 17 times over the study with pressure-mediated reflectance spectroscopy (Veggie Meter). SCS were analyzed using a linear mixed model (LMM) with repeated measures (fixed effects) to determine whether SCS increased from baseline to the follow up points of the intervention and post-intervention periods (α = 0.05). Data were plotted with a Loess line to visualize change over time. Secondary analyses were conducted to determine if baseline SCS affected time to detect differences post-intervention. Baseline SCS tertiles were analyzed using LMM with repeated measures (fixed effects, α = 0.05). Simple differences in least square means were calculated for each tertile at each time point. Results Participants included 28 (72%) females and 11 (28%) males from 20–62 years who identified themselves as “White” (69.2%), “Asian” (23.1%), “Black/African American” (5.1%), and “Other-Latina” (2.6%). Five participants (12.8%) reported a Hispanic ethnicity. Analyses included 39 of 40 original participants, as one withdrew the first week of the study. Change in mean SCS from baseline over time was significant (P &lt; 0.001). While SCS during the intervention period were not significantly higher than baseline (P = 0.271), those at post-intervention were higher (P &lt; 0.001). The Loess line for mean change in SCS from baseline depicted a period of consistent increase from day 26 to day 36, approximately 3 weeks after the start of the intervention. Change in SCS across periods for all tertiles was significant (P &lt; 0.001). Conclusions These data suggest that 3 weeks after the beginning of a two-week intervention may be a period of interest when measuring the efficacy of such an intervention. Additionally, the difference in mean SCS between periods may depend on baseline SCS. Funding Sources This project was funded in part by Indiana University.

Longitudinal Perspectives on Children’s Physical Activity Patterns: “Do Physical Education–Related Factors Matter?”

2021 ◽  
pp. 1-8
Author(s):  
Anoek M. Adank ◽  
Dave H.H. Van Kann ◽  
Teun Remmers ◽  
Stef P.J. Kremers ◽  
Steven B. Vos
Keyword(s):  
Physical Activity ◽  
Physical Education ◽  
Sedentary Behavior ◽  
Repeated Measures ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Psychological Needs ◽  
Basic Psychological Needs ◽  
Related Factors ◽  
Over Time

Background: This study examined longitudinal associations of motor competence (MC) and physical activity (PA) enjoyment with moderate to vigorous PA and sedentary behavior among boys and girls aged 10–12 years old. In addition, this study explored the predictive strength of satisfaction of basic psychological needs in physical education (PE) and PA enjoyment. Methods: At 3 time points (baseline, +1 y, and +2 y), PA levels, MC, PA enjoyment, satisfaction of basic psychological needs in PE and height and weight of 371 children were measured. Data were analyzed using repeated-measures linear mixed model analyses stratified for gender and adjusted for relevant covariates. Results: Sedentary behavior decreased over time and was significantly predicted by PA enjoyment in boys and by PA enjoyment and MC in girls. Boys’ moderate to vigorous PA decreased over time and was predicted by MC, whereas girls’ moderate to vigorous PA remained low, yet stable over time and was predicted by PA enjoyment and MC. Furthermore, children’s need for competence and teacher relatedness (girls only) during PE significantly predicted PA enjoyment. Conclusions: Children need sufficient and well-designed opportunities to improve their MC and PA enjoyment. PE may be pivotal in advancing PA enjoyment, indicating that PE could have more beneficial effects on PA levels in children, especially in girls.

Long-term seizure outcomes after pediatric temporal lobectomy: does brain MRI lesion matter?

2019 ◽  
Vol 24 (2) ◽  
pp. 200-208
Author(s):  
Ravindra Arya ◽  
Francesco T. Mangano ◽  
Paul S. Horn ◽  
Sabrina K. Kaul ◽  
Serena K. Kaul ◽  
...  
Keyword(s):  
Repeated Measures ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Hippocampal Sclerosis ◽  
Brain Mri ◽  
Temporal Lobectomy ◽  
Seizure Freedom ◽  
Seizure Onset

OBJECTIVEThere is emerging data that adults with temporal lobe epilepsy (TLE) without a discrete lesion on brain MRI have surgical outcomes comparable to those with hippocampal sclerosis (HS). However, pediatric TLE is different from its adult counterpart. In this study, the authors investigated if the presence of a potentially epileptogenic lesion on presurgical brain MRI influences the long-term seizure outcomes after pediatric temporal lobectomy.METHODSChildren who underwent temporal lobectomy between 2007 and 2015 and had at least 1 year of seizure outcomes data were identified. These were classified into lesional and MRI-negative groups based on whether an epilepsy-protocol brain MRI showed a lesion sufficiently specific to guide surgical decisions. These patients were also categorized into pure TLE and temporal plus epilepsies based on the neurophysiological localization of the seizure-onset zone. Seizure outcomes at each follow-up visit were incorporated into a repeated-measures generalized linear mixed model (GLMM) with MRI status as a grouping variable. Clinical variables were incorporated into GLMM as covariates.RESULTSOne hundred nine patients (44 females) were included, aged 5 to 21 years, and were classified as lesional (73%), MRI negative (27%), pure TLE (56%), and temporal plus (44%). After a mean follow-up of 3.2 years (range 1.2–8.8 years), 66% of the patients were seizure free for ≥ 1 year at last follow-up. GLMM analysis revealed that lesional patients were more likely to be seizure free over the long term compared to MRI-negative patients for the overall cohort (OR 2.58, p < 0.0001) and for temporal plus epilepsies (OR 1.85, p = 0.0052). The effect of MRI lesion was not significant for pure TLE (OR 2.64, p = 0.0635). Concordance of ictal electroencephalography (OR 3.46, p < 0.0001), magnetoencephalography (OR 4.26, p < 0.0001), and later age of seizure onset (OR 1.05, p = 0.0091) were associated with a higher likelihood of seizure freedom. The most common histological findings included cortical dysplasia types 1B and 2A, HS (40% with dual pathology), and tuberous sclerosis.CONCLUSIONSA lesion on presurgical brain MRI is an important determinant of long-term seizure freedom after pediatric temporal lobectomy. Pediatric TLE is heterogeneous regarding etiologies and organization of seizure-onset zones with many patients qualifying for temporal plus nosology. The presence of an MRI lesion determined seizure outcomes in patients with temporal plus epilepsies. However, pure TLE had comparable surgical seizure outcomes for lesional and MRI-negative groups.

scholarly journals Factors associated with professional identity formation within psychiatry residency training: A longitudinal study

2021 ◽  
Author(s):  
Qian Hui Chew ◽  
Yvonne Steinert ◽  
Kang Sim
Keyword(s):  
Professional Identity ◽  
Identity Formation ◽  
Psychiatry Residency ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Developmental Stages ◽  
Rate Of Change ◽  
Psychiatry Residents ◽  
Factors Associated ◽  
Over Time

Abstract Introduction Conceptual frameworks for professional identity (PI) formation highlight the importance of developmental stages and socialization as the learner progresses from legitimate peripheral to full participation. Based on extant literature and clinical impressions, the authors aimed to explore factors associated with PI formation in psychiatry residents over time, and hypothesized that time in training, seniority status, and duration of exposure to psychiatry prior to residency would be associated with PI formation. Methods Eighty out of 96 psychiatry residents (response rate, 83.3%) from the National Psychiatry Residency Program in Singapore participated and rated their PI development using the Professional Self Identity Questionnaire (PSIQ) across four timepoints from January 2016–December 2019. The residents were classified as junior (first 3 years) or senior residents (years 4–5). Linear mixed model analyses were conducted, with time in training, seniority status (junior versus senior residents), duration of psychiatry postings prior to residency, and their interaction as associated factors with PI over time. Results Time in training, seniority, and duration of psychiatry postings before residency (all p < 0.01) were significantly associated with higher PSIQ scores at baseline. Over time, although all residents had increases in PSIQ scores, this rate of change did not differ significantly between junior and senior residents. Discussion Exposure to psychiatry postings before residency, time in learning, and seniority are factors which influence PI development in residents. This has implications for psychiatry residency selection and training, adequate clinical exposure during training rotations, and continual support for new and senior residents to foster PI formation over time.

scholarly journals Decline of ovarian function in patients with rheumatoid arthritis: serum anti-Müllerian hormone levels in a longitudinal cohort

RMD Open ◽  
2020 ◽  
Vol 6 (3) ◽  
pp. e001307
Author(s):  
Jenny Brouwer ◽  
Radboud J E M Dolhain ◽  
Johanna M W Hazes ◽  
Nicole S Erler ◽  
Jenny A Visser ◽  
...  
Keyword(s):  
Rheumatoid Arthritis ◽  
Mixed Model ◽  
Linear Mixed Model ◽  
Ovarian Function ◽  
Reproductive Function ◽  
Related Factors ◽  
Original Cohort ◽  
Primordial Follicles ◽  
Age At Menopause ◽  
Over Time

ObjectiveRheumatoid arthritis (RA) often affects women in their fertile age, and is known to compromise female fertility. Serum anti-Müllerian hormone (AMH) levels are a proxy for the total number of primordial follicles, and a reliable predictor of the age at menopause. Our objective was to study the longitudinal intra-individual decline of serum AMH levels in female RA patients.MethodsFemale RA patients from a nationwide prospective cohort (2002–2008) were re-assessed in 2015–2016. Serum AMH levels were measured using the picoAMH assay and compared with healthy controls. A linear mixed model (LMM) was built to assess the effect of RA-related clinical factors on the decline of AMH levels.ResultsA group of 128 women were re-assessed at an age of 42.6±4.4 years, with a median disease duration of 15.8 (IQR 12.7–21.5) years. The time between first and last AMH assessments was 10.7±1.8 (range 6.4–13.7) years. Participants represented a more fertile selection of the original cohort. At follow-up, 39% of patients had AMH levels below the 10th percentile of controls (95% CI 31% to 48%), compared with 16% (95% CI 9.3% to 22%) at baseline. The LMM showed a significant decline of AMH with increasing age, but no significant effect of RA-related factors on AMH.ConclusionAMH levels in RA patients showed a more pronounced decline over time than expected, supporting the idea that in chronic inflammatory conditions, reproductive function is compromised, resulting in a faster decline of ovarian function over time and probably an earlier age at menopause.

scholarly journals Mood and Global Symptom Changes among Psychotherapy Clients with Depressive Personality

2012 ◽  
Vol 2012 ◽  
pp. 1-12
Author(s):  
Rachel E. Maddux ◽  
Lars-Gunnar Lundh
Keyword(s):  
Repeated Measures ◽  
Mixed Model ◽  
Psychological Symptoms ◽  
Self Report ◽  
Treatment Results ◽  
Repeated Measures Analysis ◽  
Depressive Personality ◽  
Symptom Changes ◽  
Psychotherapy Clients ◽  
Over Time

The present study assessed the rate of depressive personality (DP), as measured by the self-report instrument depressive personality disorder inventory (DPDI), among 159 clients entering psychotherapy at an outpatient university clinic. The presenting clinical profile was evaluated for those with and without DP, including levels of depressed mood, other psychological symptoms, and global severity of psychopathology. Clients were followed naturalistically over the course of therapy, up to 40 weeks, and reassessed on these variables again after treatment. Results indicated that 44 percent of the sample qualified for DP prior to treatment, and these individuals had a comparatively more severe and complex presenting disposition than those without DP. Mixed-model repeated-measures analysis of variance was used to examine between-groups changes on mood and global severity over time, with those with DP demonstrating larger reductions on both outcome variables, although still showing more symptoms after treatment, than those without DP. Only eleven percent of the sample continued to endorse DP following treatment. These findings suggest that in routine clinical situations, psychotherapy may benefit individuals with DP.

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