scholarly journals SENSITIVITY OF DIVIDENDS TO EARNINGS CHANGES

2018 ◽  
pp. 90-104
Keyword(s):  
Reference Point ◽  
Developing Economies ◽  
Former Yugoslavia ◽  
Specific Reference ◽  
Asymmetric Reaction ◽  
Baltic Countries ◽  
Advanced Economies ◽  
The Status ◽  
Dividend Increases ◽  
Dividend Cuts

This paper deals with probabilities of dividend changes for a given change in earnings. This so-called sensitivity of dividends to earnings changes was analyzed on a sample of Advanced economies and Emerging and developing economies, according to International Monetary Fund classification. The main goal of the research is to empirically verify the assumption that companies are generally reluctant to cut or reduce dividends regardless of the stage of economic development of the country. In addition, the probabilities of dividend changes for a given change in earnings in characteristic groups of countries - Baltic countries and former Yugoslavia countries - have been analyzed. Research results show that earnings are significant dividend factor in all sample countries, that companies are generally reluctant to cut or decrease dividends and that dividends are less sensitive to earnings changes in Advanced economies, compared to Emerging and developing economies. Research has also shown that dividends are less responsive to earnings changes in former Yugoslavia countries compared to Baltic countries. These findings are in line with Lintner (1956) who has shown that reduction in earnings is not necessarily followed by reduction in dividends. Such behavior of dividends can be explained even by prospect theory created by Kahneman and Tversky (1979). They have shown that investors are more sensitive to negative events than to positive events and that investors do not make decisions in relation to the overall wealth but in relation to a particular reference point, which is usually the status quo. If this is the case, the previous dividends represent a specific reference point in relation to which investors make decisions. Having in mind asymmetric reaction of the investing public to dividend increases and dividend decreases (or dividend cuts), companies are reluctant to cut or decrease dividends because they are trying to avoid negative market reaction.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

scholarly journals Reconciling Loss Aversion and Gain Seeking in Judged Emotions

2021 ◽  
pp. 096372142199204
Author(s):  
Barbara A. Mellers ◽  
Siyuan Yin ◽  
Jonathan Z. Berman
Keyword(s):  
Loss Aversion ◽  
Reference Point ◽  
Emotional Reactions ◽  
Status Quo ◽  
New Approach ◽  
Negative Change ◽  
Starting Point ◽  
The Status ◽  
Positive Feelings ◽  
Negative Feelings

Is the pain of a loss greater in magnitude than the pleasure of a comparable gain? Studies that compare positive feelings about a gain with negative feelings about a comparable loss have found mixed answers to this question. The pain of a loss can be greater than, less than, or equal to the pleasure of a comparable gain. We offer a new approach to test hedonic loss aversion. This method uses emotional reactions to the reference point, a positive change, and a negative change. When we manipulated the reference point (i.e., pleasurable and painful), two distinct patterns emerged. Pain surpassed pleasure (loss aversion) when the reference point was positive, and pleasure exceeded pain (gain seeking) when the reference point was negative. A reference-dependent version of prospect theory accounts for the results. If the carriers of utility are changes from a reference point—not necessarily the status quo—both loss aversion and gain seeking are predicted. Loss aversion and gain seeking can be reconciled if you take the starting point into account.

A critical scenario analysis of end-of-life ship disposal

2014 ◽  
Vol 10 (3) ◽  
pp. 172-189 ◽  
Author(s):  
George Cairns
Keyword(s):  
End Of Life ◽  
Development Process ◽  
Radical Change ◽  
Developed Countries ◽  
Specific Reference ◽  
Bottom Of The Pyramid ◽  
Content Type ◽  
The Status ◽  
Ship Breaking ◽  
Future Status

Purpose – This paper aims to critically engage with the premise of development at the “bottom of the pyramid” through consideration of the current and potential future status of the workers who dismantle end-of-life ships in the breaking yards of “less developed countries”, here with specific reference to the dynamic situation in Bangladesh. Design/methodology/approach – The study applies “critical scenario method” (CSM) to explore different possible and plausible futures for the ship-breaking industry globally and locally. Findings – The paper argues that the status of the workers in the ship-breaking industry of Bangladesh can be conceptualised as firmly set at the “bottom of the pyramid”, and that, for most if not all, this situation cannot be changed within any industry future without wider, radical change to socioeconomic and political structures both in the country and globally. Originality/value – This paper offers a contribution to the discourse on consumption at the “bottom of the pyramid” as a development process.

scholarly journals Review of Solar Geoengineering for the Developing World: A Discourse on the State of Research and the Effects on Policy and Livelihoods for Africa

2021 ◽  
Vol 3 (1) ◽  
pp. 19-30
Author(s):  
Hosea Patrick
Keyword(s):  
Developing Economies ◽  
Significant Proportion ◽  
Ghg Emissions ◽  
Climate Science ◽  
Social Scientists ◽  
Course Of Action ◽  
The Status ◽  
Radiation Modification ◽  
Solar Geoengineering ◽  
State Of Research

The world is experiencing a rapid increase in the global average temperatures at an unprecedented level, primarily due to human activities. Global actors' and policymakers' inability to find an agreed upon course of action to curtail the looming effects of these increased temperatures is an issue of global environmental and human security concern. Solar geoengineering, also solar radiation modification (SRM), has been proposed in many quarters as an option to reducing global warming while finding other alternatives to GHG emissions. This paper provides a summary introduction to climate science on solar engineering for the social scientists and policymakers from the global south. The paper assesses the status, effects, and preparedness of developing economies, especially Africa, in adopting SRM policies and practices. It observes that the effects of SRM for Africa have not been adequately researched due to the dearth of research and experts on SRM, specifically for Africa. It concludes that the reliance of a significant proportion of developing societies on climate-sensitive livelihood options makes the implication of SRM a worthy consideration for research and policymakers.

scholarly journals The Phenomenon of State Sovereignty: Past and Present

2020 ◽  
pp. 688-699
Author(s):  
Liudmyla Chekalenko
Keyword(s):  
World War Ii ◽  
World Order ◽  
Global Scale ◽  
State Sovereignty ◽  
World War ◽  
Weak State ◽  
International Agencies ◽  
Advanced Economies ◽  
The Status ◽  
National Defence

The article examines the current condition of the status of state sovereignty, which is being gradually replaced by such social and political phenomenon as sovereignism. The author is convinced that the reason of its current rise is the weakening of sovereignty, the artificially made, legally enshrined, and not always successful mechanism of the state’s existence. Sovereignism became widely spread in the aftermath of World War II. The erstwhile world order in international relations rested upon state sovereignty, where the strong provided assistance to the weak in return for certain privileges, and the weak sought to find a protector of their sovereignty among the world’s leaders and international organisations. The author states any social phenomenon has to develop and evolve. This is also the case with sovereignty, an obsolete form of the state’s existence, which is searching for new variants of development on the global scale. Sovereignism may be regarded as a new pattern in the development of sovereignty and a means of weakening it. At the same time, it may be viewed as an impetus to strengthening sovereignty. Sovereignism has led to deadly wars and the influx of migrants all around the world; it is a hazardous challenge of the present. This fever of forgone political ambitions transcending state borders and spreading all over the globe is destructing established norms, traditions, and stability. Sovereignism is creating a new social identity in regions at war, which is a dangerous challenge for national security. Thus, sovereignism brings instability, chaos, clashes, and human toll. The author draws a conclusion that given current developments the protection of a weak state is possible only through integration with advanced economies and international agencies able to take responsibility for their partners and, most importantly, through building one’s own national defence forces. Keywords: nationalism, sovereignty, human rights, dignity, war.

The cost of neuroendocrine tumor patient healthcare: Comparison between advanced economies and emerging and developing economies.

2021 ◽  
Vol 39 (28_suppl) ◽  
pp. 64-64
Author(s):  
Elyse Gellerman ◽  
Catherine Bouvier ◽  
Mark McDonnell ◽  
Christine Rodien-Louw ◽  
Dirk Van Genechten ◽  
...  
Keyword(s):  
Disease Management ◽  
Neuroendocrine Tumor ◽  
Developing Economies ◽  
Self Report ◽  
Psychological Care ◽  
Annual Household Income ◽  
Similar Frequency ◽  
Tumor Patient ◽  
Advanced Economies ◽  
The Cost

64 Background: The Survey of Challenges in Access to Diagnostics and Treatment for NET Patients (SCAN) measured the delivery of healthcare to neuroendocrine tumor (NET) patients globally. This analysis focused on the cost of NET care, comparing results between Advanced Economies (AE) and Emerging and Developing Economies (EDE). Methods: During Sept-Nov 2019, 2359 NET patients and 436 healthcare professionals (HCPs) from 68 countries across 6 continents completed an online self-report survey, available in 14 languages, disseminated by INCA and its partner organizations. Results: Of all respondents, 88% [2076/2359] were AE NET patients/carers, and 12% [283/2359] were from EDE. HCPs were evenly spread 51% AE [221/436] vs. 49% EDE [215/436]. Almost all patients (94% (2218/2359) were on follow-ups, most commonly on conventional imaging (74%, 1745/2359) and Chromogranin A (ChA) (50%, 1179/2359) both administered with similar frequency every third month. 66% of NET patients globally (1557/2359) declared оut-of-pocket costs related to disease management, significantly higher for EDE (84%, 238/283) vs AE (64%, 1333/2076) p<0.0001 by Chi-square). One third of EDE NET patients (33%, 93/283) spent from 50% to 100% of their annual household income on disease management over the past 12 months. 41% of AE patients (41%, 851/2076) spent up to 10% of the same. State healthcare coverage was claimed by half of AE NET patients (51%, 1064/2076). A national healthcare plan that covered NETs was mentioned by only a third of EDE NET patients (30%, 85/283). According to HCPs, newer, more specialized tools were the least affordable to all NET patients. PRRT was reported as not affordable by 9% of AE HCPs (20/221) and by significantly more – 21% of EDE HCPs (45/215) p<0.0001. Gallium 68 DOTA PET was reported as not affordable by 9% of AE (20/221) and 10% of EDE HCPs (22/215). This monitoring tool was somewhat affordable to patients according to 25% of AE (54/221) and 62% of EDE HCPs (133/215) p<0.0001. According to HCPs, leading specialized services, where available, were somewhat affordable or not at all affordable to NET patients, i.e. a clinical nurse specialized in NETs – not or somewhat affordable ( HCPs AE 16%, 17/108; EDE 37%, 16/43, p<0.0001); a multidisciplinary team (HCPs AE 18%, 34/194; EDE 39%, 68/174, p<0.0001); a NET specialist (HCPs AE 21%, 42/200; EDE 36%, 46/127, p<0.0001), psychological care (HCPs AE 58%, 42/124; EDE 41%, 11/27, p<0.0001). Psychological care was reported to be available by only 13% of EDE HCPs (27/215). Conclusions: More adequate healthcare funding and better and more inclusive healthcare plans to utilize the optimal diagnostic and treatment tools available to improve outcomes and quality of life for NET patients is needed globally. Discrepancies between AE and EDE healthcare accessibility are huge.

Poverty Reduction in Nigeria Using Information Technology

2013 ◽  
pp. 207-219
Author(s):  
R. O. Akinyede ◽  
O. K. Boyinbode ◽  
B. K. Alese
Keyword(s):  
Information Technology ◽  
Poverty Reduction ◽  
Rapid Change ◽  
General Rule ◽  
Way Of Life ◽  
Absolute Poverty ◽  
Economic Framework ◽  
Advanced Economies ◽  
The Status ◽  
National Power

According to a UNDP Report (1998), about 54% of Africa’s population is estimated to live in absolute poverty. Currently in Nigeria, rapid change and vigorous development in information technology (IT) is occurring, changing Nigerians’ way of life, as well as the country’s economic strength, national power, and international competitiveness. The status of a country or nation in the global political and economic framework depends on the general rule of the development and progress of IT. With development and innovation going hand in hand and knowledge becoming one of the most important factors in determining standard of living, most advanced economies and companies today are those that play the knowledge card as a tool to drive development. Therefore, in this paper, the authors examine the categories, causes, and effects of poverty and how poverty reduction can be achieved in Nigeria with information technology (IT).

Importance of Perpetual Government-University-Industry (GUI) Collaboration Today

2014 ◽  
pp. 403-410
Author(s):  
Bryan Christiansen
Keyword(s):  
Life Cycles ◽  
Massachusetts Institute Of Technology ◽  
Discussion Section ◽  
Technological Advances ◽  
Advanced Economies ◽  
The Status ◽  
The Usa ◽  
Institute Of Technology ◽  
Changing Demographics ◽  
University Industry

The globalization of the 21st century has changed economic and other realities far beyond the expectations of most individuals. The competitive landscape continues to be reinvented due to such factors as accelerating globalization, changing demographics, rapid technological advances, shorter business/product life cycles, innovation, and productivity. This chapter focuses on why there is a need for perpetual Government-University-Industry (GUI) collaboration, especially in advanced economies, and some options on how to achieve it effectively. The chapter commences with an introduction to the realities of contemporary globalism that have raised the need for this collaboration, and the body then outlines the status of GUI collaboration in the world’s four largest economies: China, India, Japan, and the USA. There is a model example of ideal GUI collaboration in the discussion section for reference. The conclusion synthesizes the earlier discussions and provides suggestions for consideration regarding optimum GUI collaboration, most notably a list of seven “Best Practices” provided by Massachusetts Institute of Technology in the USA.

Importance of Perpetual Government-University-Industry (GUI) Collaboration Today

2014 ◽  
pp. 1392-1399 ◽  
Author(s):  
Bryan Christiansen
Keyword(s):  
Life Cycles ◽  
Massachusetts Institute Of Technology ◽  
Discussion Section ◽  
Technological Advances ◽  
Advanced Economies ◽  
The Status ◽  
The Usa ◽  
Institute Of Technology ◽  
Changing Demographics ◽  
University Industry

The globalization of the 21st century has changed economic and other realities far beyond the expectations of most individuals. The competitive landscape continues to be reinvented due to such factors as accelerating globalization, changing demographics, rapid technological advances, shorter business/product life cycles, innovation, and productivity. This chapter focuses on why there is a need for perpetual Government-University-Industry (GUI) collaboration, especially in advanced economies, and some options on how to achieve it effectively. The chapter commences with an introduction to the realities of contemporary globalism that have raised the need for this collaboration, and the body then outlines the status of GUI collaboration in the world’s four largest economies: China, India, Japan, and the USA. There is a model example of ideal GUI collaboration in the discussion section for reference. The conclusion synthesizes the earlier discussions and provides suggestions for consideration regarding optimum GUI collaboration, most notably a list of seven “Best Practices” provided by Massachusetts Institute of Technology in the USA.

Wither Convergence?

2016 ◽  
pp. 1-24
Author(s):  
Francisco C. Sercovich
Keyword(s):  
Economic Growth ◽  
Global Convergence ◽  
Industrial Revolution ◽  
Developing Economies ◽  
Middle Income ◽  
Catching Up ◽  
Advanced Economies ◽  
Main Driver ◽  
Global Economic Growth ◽  
First Time

For the first time since the industrial revolution, emerging economies are the main driver of global economic growth. For all its significance, this cannot be taken as an indicator of global convergence, since it resulted essentially from the successful catching-up processes of just a few Asian countries over the last few decades, whilst the productivity and income of the bulk of the developing economies have lagged persistently behind those of the advanced economies. The former continue to have the potential to grow faster than the latter, but realizing this potential on sustainable basis makes it necessary to meet a number of increasingly stringent conditions. Grounds for optimism are considerably less solid today than was the case in the recent past. This is highlighted by the large number of countries locked-up in the ‘middle-income trap”. This chapter offers a fresh view of this phenomenon, examines the nature of the conditions required for the potential for catching-up of middle-income economies to be realized, and attempts to arrive at a realistic outlook on this matter.

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