Evidence of Tax-Clientele-Related Trading following Dividend Increases

2001 ◽  
Vol 23 (s-1) ◽  
pp. 1-21 ◽  
Author(s):  
Jim A. Seida
Keyword(s):  
Positive Association ◽  
Trading Activity ◽  
Ceteris Paribus ◽  
Tax Rate ◽  
Transaction Data ◽  
Dividend Policies ◽  
Common Stocks ◽  
Tax Clientele ◽  
Strong Positive Association ◽  
Dividend Increases

The tax-clientele theory suggests that higher (lower) tax-rate investors should, ceteris paribus, concentrate their portfolios in tax-favored (explicitly taxed) assets. While evidence supporting the tax-clientele theory exists, research on tax-induced dividend clienteles for common stocks is mixed. This study examines trading activity, measured using daily transaction data, following dividend increases for evidence of shareholder clientele changes. Consistent with implications of the tax-induced dividend clientele theory, I document a strong positive association between dividend increase magnitude and post-dividend-increase trading activity. This result provides evidence that tax clienteles for dividend policies exists and that their effect is strong enough to influence investors' decisions. Further, consistent with dividend clienteles existing, I find that the relation between dividend-increase magnitude and postdividend-increase trading activity decreases with higher pre-dividend-increase dividend levels.

scholarly journals Exchange Rate Determination and Forecasting: Can the Microstructure Approach Rescue Us from the Exchange Rate Disparity?

2013 ◽  
Vol 2013 ◽  
pp. 1-12 ◽  
Author(s):  
Guangfeng Zhang ◽  
Qiong Zhang ◽  
Muhammad Tariq Majeed
Keyword(s):  
Exchange Rate ◽  
Private Information ◽  
High Frequency ◽  
Positive Association ◽  
Order Flow ◽  
Transaction Data ◽  
The Future ◽  
Two Measures ◽  
Strong Positive Association ◽  
Future Exchange

Using two measures of private information and high-frequency transaction data from the leading interdealer electronic broking system Reuters D2000-2, we examine the association between exchange rate return and contemporaneous order flow and the predictability power of lagged order flow on the future exchange rate return. Our empirical analysis demonstrates that at high frequency (5, 10, 15, 20, 25, and 30 min) there exists strong positive association between exchange rate returns and contemporaneous order flow. However, the results indicate weak predictability of order flow on the future exchange rate return.

scholarly journals Factors Affecting the Rate of Fuel Consumption in Aircrafts

2021 ◽  
Vol 13 (14) ◽  
pp. 8066
Author(s):  
Thowayeb H. Hassan ◽  
Abu Elnasr E. Sobaih ◽  
Amany E. Salem
Keyword(s):  
Fuel Consumption ◽  
Positive Association ◽  
Pollutant Emissions ◽  
Aviation Industry ◽  
Factors Affecting ◽  
Fuel Flow ◽  
Homogeneity Of Variance ◽  
Strong Positive Association ◽  
Ground Distance ◽  
The Cost

The cost of fuel and its availability are among the most major concerns for aircrafts and the aviation industry overall. Environmental difficulties with chemical pollutant emissions emitted by aviation machines are also connected to fuel consumption. As a result, it is crucial to examine factors that affect the overall fuel usage and consumption in the airport-based aviation industry. Several variables were investigated related to the total fuel consumed, such as dry operating weight (DOW) (KG), zero-fuel weight (ZFW), take-off weight (TOW), air distance (AIR DIST) (KM), and ground distance (GDN DIST). Analysis of the correlation between total fuel consumed as well as the extra fuel and selected variables was conducted. The results showed that the most positively associated factors with the total used fuel were the air distance (r2 = 0.86, p < 0.01), ground distance (r2 = 0.78, p < 0.01), TOW (r2 = 0.68, p < 0.01), and flight time (r2 = 0.68, p < 0.01). There was also a strong positive association between the average fuel flow (FF) and actual TOW (r2 = 0.74, p < 0.01) as well as ZFW (r2 = 0.61, p < 0.01). The generalized linear model (GLM) was utilized to assess the predictions of total energy usage after evaluating important outliers, stability of the homogeneity of variance, and the normalization of the parameter estimation. The results of multiple linear regression revealed that the most significant predictors of the total consumed fuel were the actual ZFW (p < 0.01), actual TOW (p < 0.01), and actual average FF (p < 0.05). The results interestingly confirmed that wind speed has some consequences and effects on arrival fuel usage. The result reflects that thermal and hydrodynamic economies impact on the flying fuel economy. The research has various implications for both scholars and practitioners of aviation industry.

Hypertension, Cerebrovascular Disease and Stomach Cancer: Is the Salt Hypothesis True?

1981 ◽  
Vol 61 (s7) ◽  
pp. 369s-371s ◽  
Author(s):  
Paul K. Whelton ◽  
Peter Goldblatt
Keyword(s):  
Stomach Cancer ◽  
Death Certificate ◽  
Positive Association ◽  
Special Relationship ◽  
Death Rates ◽  
Disease Associations ◽  
Strong Positive Association ◽  
Diagnostic Concordance ◽  
The Relationship ◽  
Unique Relationship

1. Analysis of age-adjusted death rates from 21 countries over a 20-year period identified the presence of a strong positive association between recorded mortality from stroke, hypertension and stomach cancer. However, the slopes of regression lines for secular trends analyses varied considerably from country to country, suggesting an inconsistency in the pattern of the relationship. 2. A death certificate study of diagnostic concordance correctly identified previously known disease associations but failed to recognise any special relationship between stroke and stomach cancer or hypertension and stomach cancer. 3. Our results fail to confirm the presence of a unique relationship between stroke and stomach cancer. On the basis of these observations, the hypothesis that exposure to salt increases an individual's risk of developing both stroke and stomach cancer seems unlikely.

scholarly journals Explaining a Dark Side: Public Service Motivation, Presenteeism, and Absenteeism

2017 ◽  
Vol 39 (4) ◽  
pp. 487-510 ◽  
Author(s):  
Ulrich Thy Jensen ◽  
Lotte Bøgh Andersen ◽  
Ann-Louise Holten
Keyword(s):  
Public Service ◽  
High Performance ◽  
Panel Study ◽  
Positive Association ◽  
Public Service Motivation ◽  
Dark Side ◽  
Public And Private ◽  
Strong Positive Association ◽  
Public And Private Sector

Public service motivation (PSM) has many bright sides, but recent studies also find dark sides, connected to, for instance, higher stress and burnout. However, results on the PSM–absenteeism association are inconclusive. One reason could be that PSM increases presenteeism (going to work even when ill), which in turn increases absenteeism and counteracts—or even exceeds—PSM-based reductions of absenteeism. Based on a three-wave panel study of Danish public and private sector employees, we find a strong positive association between PSM and presenteeism and indications that the PSM–absenteeism link is mediated by presenteeism. The findings suggest that going to work even on days when employees feel ill is a potential dark side of PSM and that it may have long-term consequences for the extent to which employees are absent from their jobs due to sickness. This cautions managers not to expect that high PSM automatically guarantees high performance and low absence.

Management Forecasting Ability and Predictive Ability of Dividend Changes for Future Earnings

2021 ◽  
pp. 0148558X2110632
Author(s):  
Hsihui Chang ◽  
Souhei Ishida ◽  
Takuma Kochiyama
Keyword(s):  
Empirical Evidence ◽  
Signaling Theory ◽  
Predictive Ability ◽  
Positive Association ◽  
Moderating Effect ◽  
Large Sample ◽  
Future Earnings ◽  
Dividend Increases ◽  
The Relationship

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is mixed. The belief that dividend changes have implications for future earnings depends on the assumption that managers can accurately assess future earnings prospects. In this regard, we posit that the predictive ability of dividends can vary with managers’ forecasting ability. Analyzing a large sample of Japanese dividend-paying firms, we find that dividend changes, particularly dividend increases, are positively associated with increases in future earnings. Consistent with our hypothesis, this positive association is more pronounced for firms with high-forecasting ability managers. Our findings support the signaling theory of dividend changes and indicate that management forecasting ability has a moderating effect on the linkage between firms’ dividend changes and future earnings.

Intergenerational transmission of ethnic identity in mixed native couples in Finland

2019 ◽  
Vol 63 (1) ◽  
pp. 103-123
Author(s):  
Ognjen Obućina ◽  
Jan Saarela
Keyword(s):  
Ethnic Identity ◽  
Parental Education ◽  
Positive Association ◽  
Individual Characteristics ◽  
Parental Education Level ◽  
Second Child ◽  
Ethnic Affiliation ◽  
First Child ◽  
Strong Positive Association ◽  
Using Data

The aim of this study is to analyse the factors determining the ethnic affiliation of children born to interethnic native couples in Finland, using data from couples with one Finnish-speaking and one Swedish-speaking partner, between 1988 and 2014. In addition to individual characteristics of each partner and contextual factors, we also consider the role of couple characteristics. We look at the affiliation of the first child, as well as the combined affiliation of the first two children, in order to analyse how often children from the same parents are affiliated to different ethnicities. Around 60% of first- and second-born children of interethnic couples born between 1988 and 2014 were affiliated to the Swedish-speaking minority. The affiliation of the second child seldom differs from that of the first. Children of mixed couples with a Swedish mother are more likely to be affiliated to the Swedish-speaking community. Boys are more likely than girls to be affiliated to the father’s community, and vice versa. In line with our expectations based on ethnic awareness, preference for cultural plurality and parental aspirations, the multivariate analysis shows a strong positive association between parental education level and the likelihood of the first child being Swedish speaking. The analysis also indicates that bargaining is not an important strategy when choosing a child’s ethnic identity.

scholarly journals Impact of Political Connections on Corporate Environmental Performance：From a Green Development Perspective

2019 ◽  
Vol 11 (5) ◽  
pp. 1317 ◽  
Author(s):  
Liming Zhang ◽  
Fei Ye ◽  
Li Yang ◽  
Guichuan Zhou
Keyword(s):  
Public Participation ◽  
Environmental Performance ◽  
Positive Association ◽  
Green Technology ◽  
Political Connections ◽  
Corporate Environmental Performance ◽  
Mediating Role ◽  
Green Development ◽  
Strong Positive Association ◽  
The Relationship

Employing a sample consisting of Chinese A-share listed companies, this study carries out an empirical research to investigate the influence path of political connections on enterprise environmental performance. The results show a strong positive association between political connections and corporate environmental performance, and green technology innovation plays the mediating role between them. In addition, public participation negatively moderates the relationship between political connections and corporate environmental performance. When the level of public participation is higher, the relationship between political connections and corporate environmental performance becomes weaker.

Diet Quality of Farm and Nonfarm Households in the First Half of the Twentieth Century: The Roles of Technological Change and Women’s Work

2019 ◽  
Vol 43 (4) ◽  
pp. 705-731
Author(s):  
Cathleen Zick ◽  
Anna Birtulescu
Keyword(s):  
New York ◽  
Diet Quality ◽  
Multivariate Analyses ◽  
Positive Association ◽  
Healthy Eating Index ◽  
Household Technology ◽  
Meal Preparation ◽  
Upstate New York ◽  
Strong Positive Association

ABSTRACTIn recent decades, dramatic increases in Americans’ obesity rates have led some nutrition activists to call for a return to the dietary norms of earlier times when homemakers spent more time in meal preparation. Using archival data from unique survey records gathered in Upstate New York in 1936 and 1952, we provide descriptive information on the quality of the diets using measures of the variety of foods served and a modified version of U.S. Department of Agriculture’s Healthy Eating Index. Our multivariate analyses focus in on the relationships between diet quality and sociodemographics, homemakers’ time use, and household technology. We conclude that the typical Upstate New York diet of the 1930s was not of high quality, but improvements had occurred by the early 1950s. Our multivariate analyses reveal that access to modern kitchen technology had a strong, positive association with diet quality while homemakers’ time devoted to food-related activities was only weakly linked.

Political Inequality among Youth

Young ◽  
2017 ◽  
Vol 26 (5) ◽  
pp. 484-504
Author(s):  
Aleš Kudrnáč ◽  
Pat Lyons
Keyword(s):  
Classroom Climate ◽  
Personal Information ◽  
Positive Association ◽  
Political Equality ◽  
The Czech Republic ◽  
Political Inequality ◽  
Democratic Regimes ◽  
Strong Positive Association ◽  
Using Data ◽  
Compensation Hypothesis

This study explores what factors help explain why some young people have more internal political efficacy (IPE) than others. IPE refers to subjective competence to understand politics and make informed choices. IPE is important because it has a strong positive association with many forms of political participation and also enhances the legitimacy of democratic regimes. Consequently, IPE forms part of the foundations of political equality. Using data from the Czech Republic and insights from personal information, social resource and social learning models (SLMs), this study shows that variation in youth IPE is most strongly linked with discussions among family, friends and classmates. In contrast to previous work, open classroom climate was not found to have a positive link with IPE, and Campbell’s (2008, Political Behavior 30(4): 437–54) compensation hypothesis could not be accepted.

An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option and Stock Prices: The Case of Regular Dividend Increases

2011 ◽  
Vol 14 (03) ◽  
pp. 563-600 ◽  
Author(s):  
Sheng-Syan Chen ◽  
Kuei-Chin Fu
Keyword(s):  
Research And Development ◽  
Cash Flow ◽  
Stock Prices ◽  
Abnormal Returns ◽  
Positive Association ◽  
Free Cash Flow ◽  
High Q ◽  
Information Signaling ◽  
Dividend Increases ◽  
Free Cash Flow Hypothesis

This paper measures unexpected dividend changes in testing the free cash flow and information/signaling hypotheses using the Bar–Yosef/Sarig method. The empirical findings reveal the following: (i) The association between announcement period abnormal returns and the cash level is significantly positive for low q firms; (ii) The positive association between announcement period, abnormal returns, and the cash level is stronger in low q than in high q firms for most regressions; (iii) Low q firms reduce their capital and research and development (R&D) expenditures during the four fiscal years following dividend increase announcements. Our results are consistent with the free cash flow hypothesis.

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