Relationship between franking credits and the market risk premium

In a dividend imputation tax system, equity investors have three potential sources of return: dividends, capital gains and franking (tax) credits. However, the standard procedures for estimating the market risk premium (MRP) for use in the capital asset pricing model, ignore the value of franking credits. Officer (1994) notes that if franking credits do affect the corporate cost of capital, their value must be added to the standard estimates of MRP. In the present paper, we explicitly derive the relationship between the value of franking credits (gamma) and the MRP. We show that the standard parameter estimates that have been adopted in practice (especially by Australian regulators) violate this deterministic mathematical relationship. We also show how information on dividend yields and effective tax rates bounds the values that can be reasonably used for gamma and the MRP. We make recommendations for how estimates of the MRP should be adjusted to reflect the value of franking credits in an internally consistent manner.

Data mining and simulation: a grey relationship demonstration

Fuzzy data has grown to be an important factor in data mining. Whenever uncertainty exists, simulation can be used as a model. Simulation is very flexible, although it can involve significant levels of computation. This article discusses fuzzy decision-making using the grey related analysis method. Fuzzy models are expected to better reflect decision-making uncertainty, at some cost in accuracy relative to crisp models. Monte Carlo simulation is used to incorporate experimental levels of uncertainty into the data and to measure the impact of fuzzy decision tree models using categorical data. Results are compared with decision tree models based on crisp continuous data.

Relationship between steatosis, inflammation, and fibrosis in chronic hepatitis C: A meta-analysis of individual patient data

Background & Aims: Steatosis is a frequent histologic finding in chronic hepatitis C (CHC), but it is unclear whether steatosis is an independent predictor for liver fibrosis. We evaluated the association between steatosis and fibrosis and their common correlates in persons with CHC and in subgroup analyses according to hepatitis C virus (HCV) genotype and body mass index. Methods: We conducted a meta-analysis on individual data from 3068 patients with histologically confirmed CHC recruited from 10 clinical centers in Italy, Switzerland, France, Australia, and the United States. Results: Steatosis was present in 1561 patients (50.9%) and fibrosis in 2688 (87.6%). HCV genotype was 1 in :1694 cases (55.2%), 2 in 563 (18.4%), 3 in 669 (21.8%), and 4 in :142 (4.6%). By stepwise logistic regression, steatosis was associated independently with genotype 3, the presence of fibrosis, diabetes, hepatic inflammation, ongoing alcohol abuse, higher body mass index, and older age. Fibrosis was associated independently with inflammatory activity, steatosis, male sex, and older age, whereas HCV genotype 2 was associated with reduced fibrosis. In the subgroup analyses, the association between steatosis and fibrosis invariably was dependent on a simultaneous association between steatosis and hepatic inflammation. Conclusions: In this large and geographically different group of CHC patients, steatosis is confirmed as significantly and independently associated with fibrosis in CHC. Hepatic inflammation may mediate fibrogenesis in patients with liver steatosis. Control of metabolic factors (such as overweight, via lifestyle adjustments) appears important in the management of CHC.

Relationship between work performance and personality traits in Hong Kong organizational settings

Four hundred and thirty-seven employees from four Hong Kong organizations completed the Traditional Chinese versions of the Fifteen Factor Personality Questionnaire Plus (15FQ+) and the Cross-Cultural Personality Assessment Inventory (CPAI-2) (indigenous scales) and provided objective and memory-based recent performance appraisal scores. A number of significant bivariate correlations were found between personality and performance scores. Hierarchical multiple regression analyses revealed that a number of the scales from the 15FQ+ contributed to significantly predicting four of the performance competency dimensions, but that the CPAI-2 indigenous scales contributed no incremental validity in performance prediction over and above the 15FQ+. Results are discussed in the light of previous research and a call made for continued research to further develop and increase the reliability of the Chinese instruments used in the study and to enable generalization of the findings with confidence.

The relationship between chronic cough and paradoxical vocal fold movement: A review of the literature

Chronic cough (CC) and paradoxical vocal fold movement (PVFM) are debilitating conditions. PVFM has been given many labels,(1) including vocal cord dysfunction, Munchausen's stridor, functional inspiratory stridor, nonorganic functional or psychogenic upper airway obstruction, factitious asthma, psychogenic stridor, emotional laryngeal wheezing, and episodic laryngeal dyskinesia. 3 Although CC and PVFM have been considered separate entities in many reports, there is preliminary support for the notion that there may be an underlying link between these two conditions. Speech pathologists have become increasingly involved in the treatment of these patients and therefore need to understand the theoretical background of these disorders, the pathophysiological links between the two, and the impact of voice disorders on these populations. The aim of this article is to review the current literature on CC and PVFM from a speech pathology perspective to provide a model for defining and conceptualizing the disorders and to provide a framework for management and future research.

The role of uncertainty in the relationship between fairness evaluations and willingness to pay

Participants in contingent valuation studies may be uncertain about a number of aspects of the policy and survey context. The uncertainty management model of fairness judgments states that individuals will evaluate a policy in terms of its fairness when they do not know whether they can trust the relevant managing authority or experience uncertainty due to insufficient knowledge of the general issues surrounding the environmental policy. Similarly, some researchers have suggested that, not knowing how to answer WTP questions, participants convey their general attitudes toward the public good rather than report well-defined economic preferences. These contentions were investigated in a sample of 840 residents in four urban catchments across Australia who were interviewed about their WTP for stormwater pollution abatement. Four sources of uncertainty were measured: amount of prior issue-related thought, trustworthiness of the water authority, insufficient scenario information, and WTP response uncertainty. A logistic regression model was estimated in each subsample to test the main effects of the uncertainty sources on WTP as well as their interaction with fairness and proenvironmental attitudes. Results indicated support for the uncertainty management model in only one of the four samples. Similarly, proenvironmental attitudes interacted rarely with uncertainty to a significant level, and in ways that were more complex than hypothesised. It was concluded that uncertain individuals were generally not more likely than other participants to draw on either fairness evaluations or proenvironmental attitudes when making decisions about paying for stormwater pollution abatement.

The role of team identification in the dissimilarity-conflict relationship

This study examined the role of team identification in the dissimilarity and conflict relationship. We tested competing predictions that team identification would either mediate or moderate the positive associations between visible (age, gender and ethnic background), professional (background) and value dissimilarity and task and relationship conflict. Data was collected from 27 MBA student teams twice during a semester. Multilevel modelling and a longitudinal design were used. Results showed that value dissimilarity was positively associated with task and relationship conflict at Time 2. Its effects on relationship conflict at Time 1 were moderated by team identification. Team identification also moderated the effects of gender, age and ethnic dissimilarity on task conflict at Time 2, and the effects of gender and professional dissimilarity on relationship conflict at Time 2. No support was obtained for the mediating role of team identification on the associations between dissimilarity and conflict, or for changes in the effects of dissimilarity over time.

Sense of place: A tool to assist the meaningful engagement of communities in protected area management

This study used ‘sense of place’ as a research tool to help understand the relationship between a community and their local protected area, Brisbane Forest Park. To establish an indication of the community’s relative degree of sense of place, we considered and measured both the strength (intensity) and orientation (focus) of sense of place. We developed a new method to measure sense of place that considers and measures the elements constituting sense of place, independent of one another, utilising qualitative data collected in in-depth semi-structured interviews. Exploring both the strength and orientation of an individual's sense of place provides a way of exploring the desired nature of community involvement in the management of the Park. It was found that the stronger an individuals’ sense of place, the greater their place dependence and commitment, and the greater their desire to be involved in management. Analysing the strength and orientation of sense of place illustrated that there is a high degree of diversity in how individuals perceive and feel about area, and their desire to be involved in management. The type of information obtained in this study is important and useful to the management agencies if they are to successfully engage the community in meaningful ways.