Contemporary aspects of dividends: Before and during the financial crisis

The number of dividend paying firms has been on the decline since the popularity of stock repurchases in the 1980s, and the recent financial crisis has brought about a wave of dividend reductions and omissions. This dissertation examined the U.S. firms and American Depository Receipts that are listed on the U.S. equity exchanges according to their dividend paying history in the previous twelve quarters. While accounting for the state of the economy, the firm’s size, profitability, earned equity, and growth opportunities, it determines whether or not the firm will pay a dividend in the next quarter. It also examined the likelihood of a dividend change. Further, returns of firms were examined according to their dividend paying history and the state of the economy using the Fama-French three-factor model. Using forward, backward, and step-wise selection logistic regressions, the results show that firms with a history of regular and uninterrupted dividend payments are likely to continue to pay dividends, while firms that do not have a history of regular dividend payments are not likely to begin to pay dividends or continue to do so. The results of a set of generalized polytomous logistic regressions imply that dividend paying firms are more likely to reduce dividend payments during economic expansions, as opposed to recessions. Also the analysis of returns using the Fama-French three factor model reveals that dividend paying firms are earning significant abnormal positive returns. As a special case, a similar analysis of dividend payment and dividend change was applied to American Depository Receipts that trade on the NYSE, NASDAQ, and AMEX exchanges and are issued by the Bank of New York Mellon. Returns of American Depository Receipts were examined using the Fama-French two-factor model for international firms. The results of the generalized polytomous logistic regression analyses indicate that dividend paying status and economic conditions are also important for dividend level change of American Depository Receipts, and Fama-French two-factor regressions alone do not adequately explain returns for these securities.

Globalization and the Marginalization of Educational Purpose: Preparation of Workers and Citizens for the 21st Century and the Vision of Sustainable Futures

Human capital development remains a primary goal of modern schooling. This paper raises questions concerning the link between global economic needs and school-based human capital development. The primary mission of preparing students for the workplace may weaken other educational missions vital in achieving a more sustainable future for humanity.

Wage matters & globalization: South Florida's low-wage immigrant plant nursery workers and business protectionism in the age of neoliberalism

Ornamental plant production in the State of Florida is an anomaly with respect to current theories of globalization and particularly their explanation of the employment of low-wage, immigrant labor. Those theories dictate that unskilled jobs that do not need to be performed within highly developed countries are outsourced to where labor is cheaper and more flexible. However, the State of Florida remains an important site of ornamental plant production in the US amidst a global economic environment of outsourcing and transnational corporate expansion. This dissertation relies on 50 semi-structured interviews with insiders of the Florida plant nursery industry, focus groups, and participant observation to explain how US trade, labor, and migration policy-making at local levels are not removed from larger global processes taking place in the world since the 1970s. In Florida, elite market players of the plant nursery industry have been able to resist global trends in free trade, operating instead in a protected market. They have done this by appealing to scientific justifications and through arbitrary implementations of neoliberal ideology that keeps small and middle range business alive, while maintaining a seemingly endless supply of marginalized and exploited low-wage, immigrant workers.^

The contribution of higher education to economic *development in a globalized environment

Amidst concerns about achieving high levels of technology to remain competitive in the global market without compromising economic development, national economies are experiencing a high demand for human capital. As higher education is assumed to be the main source of human capital, this analysis focused on a more specific and less explored area of the generally accepted idea that higher education contributes to economic growth. The purpose of this study, therefore, was to find whether higher education also contributes to economic development, and whether that contribution is more substantial in a globalized context. ^ Consequently, a multiple linear regression analysis was conducted to support with statistical significance the answer to the research question: Does higher education contributes to economic development in the context of globalization? The information analyzed was obtained from historical data of 91 selected countries, and the period of time of the study was 10 years (1990–2000). Some variables, however, were lagged back 5, 10 or 15 years along a 15-year timeframe (1975–1990). The resulting comparative static model was based on the Cobb-Douglas production function and the Solow model to specify economic growth as a function of physical capital, labor, technology, and productivity. Then, formal education, economic development, and globalization were added to the equation. ^ The findings of this study supported the assumption that the independent contribution of the changes in higher education completion and globalization to changes in economic growth is more substantial than the contribution of their interaction. The results also suggested that changes in higher and secondary education completion contribute much more to changes in economic growth in less developed countries than in their more developed counterparts. ^ As a conclusion, based on the results of this study, I proposed the implementation of public policy in less developed countries to promote and expand adequate secondary and higher education systems with the purpose of helping in the achievement of economic development. I also recommended further research efforts on this topic to emphasize the contribution of education to the economy, mainly in less developed countries. ^

Essays on intergenerational and regional aspects of water management

This dissertation consists of three essays on different aspects of water management. The first essay focuses on the sustainability of freshwater use by introducing the notion that altruistic parents do bequeath economic assets for their offspring. Constructing a two-period, over-lapping generational model, an optimal ratio of consumption and pollution for old and young generations in each period is determined. Optimal levels of water consumption and pollution change according to different parameters, such as, altruistic degree, natural recharge rate, and population growth. The second essay concerns water sharing between countries in the case of trans-boundary river basins. The paper recognizes that side payments fail to forge water-sharing agreement among the international community and that downstream countries have weak bargaining power. An interconnected game approach is developed by linking the water allocation issue with other non-water issues such as trade or border security problems, creating symmetry between countries in bargaining power. An interconnected game forces two countries to at least partially cooperate under some circumstances. The third essay introduces the concept of virtual water (VW) into a traditional international trade model in order to estimate water savings for a water scarce country. A two country, two products and two factors trade model is developed, which includes not only consumers and producer's surplus, but also environmental externality of water use. The model shows that VW trade saves water and increases global and local welfare. This study should help policy makers to design appropriate subsidy or tax policy to promote water savings especially in water scarce countries.^

Regional aspects of Miami crime fiction

This thesis argues that forces of literary regionalism and postmodern culture are behind the explosion of crime fiction being written in and about South Florida by a growing number of resident authors. Research included four methods of investigation: 1. A critical reading of many of the novels that make up the sub-genre. 2. A study of the theories of regionalism, postmodernism and the genre of the crime fiction. 3. Interviews with a number of the authors and a prominent Miami book seller. 4. Sociological studies of Miami in terms of historical events and their cultural significance. Today's South Florida crime fiction authors cast their narratives in the old genre of the detective novel where characters are delineated according to traditional definitions of good and evil. Evil characters threaten established order. What makes South Florida crime fiction different from traditional detective fiction is its interest in the exotic, postmodern culture and setting of South Florida. Like the region, the villains are exotic and the order that they threaten is postmodern. There is less of an interest in attributing a larger social meaning to the heroes. Rather, there is an ontological interest in the playing out of good against evil in an almost mythical setting that magnifies economic, environmental and racial issues. There is a unique cultural diversity of the city due to the geographical location of Miami in relationship to Latin America and the Caribbean, and the political forces at work in the region. South Florida's subtropical climate, fragile ecosystem, and elements of frontier life in a cosmopolitan city work to support Miami crime fiction. The setting personifies the unpredictability and pastiche of a postmodern world and may call for a new definition for literature that relies on non-traditional regional characteristics.

Essays in Environmental Economic Valuation and Decision Making in the Presence of an Environmental Disaster

The first essay developed a respondent model of Bayesian updating for a double-bound dichotomous choice (DB-DC) contingent valuation methodology. I demonstrated by way of data simulations that current DB-DC identifications of true willingness-to-pay (WTP) may often fail given this respondent Bayesian updating context. Further simulations demonstrated that a simple extension of current DB-DC identifications derived explicitly from the Bayesian updating behavioral model can correct for much of the WTP bias. Additional results provided caution to viewing respondents as acting strategically toward the second bid. Finally, an empirical application confirmed the simulation outcomes. The second essay applied a hedonic property value model to a unique water quality (WQ) dataset for a year-round, urban, and coastal housing market in South Florida, and found evidence that various WQ measures affect waterfront housing prices in this setting. However, the results indicated that this relationship is not consistent across any of the six particular WQ variables used, and is furthermore dependent upon the specific descriptive statistic employed to represent the WQ measure in the empirical analysis. These results continue to underscore the need to better understand both the WQ measure and its statistical form homebuyers use in making their purchase decision. The third essay addressed a limitation to existing hurricane evacuation modeling aspects by developing a dynamic model of hurricane evacuation behavior. A household’s evacuation decision was framed as an optimal stopping problem where every potential evacuation time period prior to the actual hurricane landfall, the household’s optimal choice is to either evacuate, or to wait one more time period for a revised hurricane forecast. A hypothetical two-period model of evacuation and a realistic multi-period model of evacuation that incorporates actual forecast and evacuation cost data for my designated Gulf of Mexico region were developed for the dynamic analysis. Results from the multi-period model were calibrated with existing evacuation timing data from a number of hurricanes. Given the calibrated dynamic framework, a number of policy questions that plausibly affect the timing of household evacuations were analyzed, and a deeper understanding of existing empirical outcomes in regard to the timing of the evacuation decision was achieved.

Padrão de especialização comercial e crescimento econômico : uma análise sobre o Brasil no contexto da fragmentação da produção e das cadeias globais de valor

Globalization and technological changes that has happened since the 80s have brought remarkable changes in the industrial and commercial paradigm, which are expressed mainly in the international fragmentation of production and in the formation of Global Value Chains (GVC). This thesis sought to understand such phenomena and discuss new relevant variables in this context for a more accurate analysis of the current trade patterns not addressed by the seminal economic theories that relate trade and economic growth. It sought to evaluate how the trade specialization pattern of Brazil evolved compared to other economies (China, India, Russia, United States, Japan and selected Latin American economies) in the light of these phenomena from 1995 to 2011. Therefore, we have used the methodology of gross exports decomposition in value added measures, developed by Koopman et al. (2014), and indicators estimated from data of two global matrices I-O: a WIOT (2013) and the TiVA (2015). It was also tested two hypotheses regarding the role of these phenomena as determinants of economic growth in recent years: 1º) fragmentation and participation in GVC ensure higher growth rates for countries; 2º) the place (stage) in which the country finds itself in GVC associated with sectoral technological aspects is also important for economic growth. For this, we used dynamic panel models (Difference GMM and System GMM) for a sample of 40 countries from 2003 to 2011. The studies carried out on Brazil show that the country is no longer on the margins of these phenomena, because it shows increasing rates of participation in GVC, including in sectors considered most strategic for fragmentation. However, there is not a standard convergence of trade specialization of the country to those presented by developed countries or movements earned by China and Mexico in terms of their position and profile of participating in GVC. Another important result obtained by the thesis is the identification of these phenomena are in fact new variables relevant for economic growth, because it shows empirical evidences to support the hypothesis 1 and, partially, the hypothesis 2. A joint analysis of the estimated econometric results with the results of the descriptive analysis of the Brazilian economy, it leads us to conclude that the trade specialization pattern of the country in the context of the new trade setups is presented unfavorably to its growth strategy.

The Influence of Household Economic Status and Food Consumption Patterns on Obesity Rates in Peru – Evidence from a Field Study in 11 Communities of Madre de Dios

The globalization contributes to rapid economic developments and great changes of lifestyle in Madre de Dios of Peru, both of which have influenced the health status of local people in direct and indirect ways. The high overweight and obesity rate has become one of the biggest health challenges in this region. This study quantitatively analyzed the impact of household economic status and food consumption patterns on overweight and obesity, and tried to establish their relationship with local economic activities. People living in mining communities are more likely to be overweight or obese. Increased family incomes and lacks of health knowledge are two important reasons. The large consumption of soda and alcohol are positively associated with overweight and obesity. In addition, lack of physical activities is also one of the risk factors of overweight and obesity.

Essays on Intergenerational and Regional Aspects of Water Management

This dissertation consists of three essays on different aspects of water management. The first essay focuses on the sustainability of freshwater use by introducing the notion that altruistic parents do bequeath economic assets for their offspring. Constructing a two-period, over-lapping generational model, an optimal ratio of consumption and pollution for old and young generations in each period is determined. Optimal levels of water consumption and pollution change according to different parameters, such as, altruistic degree, natural recharge rate, and population growth. The second essay concerns water sharing between countries in the case of trans-boundary river basins. The paper recognizes that side payments fail to forge water-sharing agreement among the international community and that downstream countries have weak bargaining power. An interconnected game approach is developed by linking the water allocation issue with other non-water issues such as trade or border security problems, creating symmetry between countries in bargaining power. An interconnected game forces two countries to at least partially cooperate under some circumstances. The third essay introduces the concept of virtual water (VW) into a traditional international trade model in order to estimate water savings for a water scarce country. A two country, two products and two factors trade model is developed, which includes not only consumers and producer’s surplus, but also environmental externality of water use. The model shows that VW trade saves water and increases global and local welfare. This study should help policy makers to design appropriate subsidy or tax policy to promote water savings especially in water scarce countries.

La institucionalidad rural en Colombia : Reflexiones para su análisis y fortalecimiento

La cuestión rural constituye uno de los grandes desafíos para la institucionalidad en Colombia. La discusión respecto a la eficiencia y eficacia institucional para el sector rural debe adelantarse fundamentada en aspectos coyunturales que a su vez median en la dinámica social, política, cultural, ambiental, económica y productiva en el agro colombiano, entre los cuales se incluyen los tratados comerciales y un eventual posconflicto. La nueva ruralidad, como enfoque para el desarrollo rural, plantea una visión distinta en torno a la temática: concibe lo rural como un espacio multisectorial y multidimensional, lo cual constituye el punto de partida desde el cual surgen los elementos de análisis que permiten adelantar un debate institucional amplio y participativo de cara a la transformación estructural de la realidad rural.

Os conceitos de "Cultura Esportiva" e "Habitus Esportivo" : Distanciamentos e aproximaçoes

This work deals with two concepts which serve as a support for studies on sport: "sport culture" and "sport habitus". We aim to identify points of intersection and differences between them in the Brazilian field of Physical Education. We conclude that sport culture concept corresponds to the descriptive and structural dimensions of culture conformation in relation to sport in contemporary society, marked by the phenomenon of economic globalization. This concept refers to the symbolic conception of culture that understands the meanings and directions assigned to the sport phenomenon and to its practice by different individuals and social groups. The sport habitus gradually acquired through the exposure of social agents to the logic of the sport field, corresponds to a willingness to think, to make sense and to act in this space. Not everything that is culturally produced in sports is incorporated in the form of sport habitus, but the habitus is based on aspects of culture. That is, the sport culture has a plurality of manifestations that are not always incorporated in the form of a habitus. The aspect that differentiates the manipulation of concepts of culture and sport habitus is the analytical focus of each, working with both in a complementary manner might become a theoretical and methodological option that contributes to the enlargement of the analysis.

Os conceitos de "Cultura Esportiva" e "Habitus Esportivo" : Distanciamentos e aproximaçoes

This work deals with two concepts which serve as a support for studies on sport: "sport culture" and "sport habitus". We aim to identify points of intersection and differences between them in the Brazilian field of Physical Education. We conclude that sport culture concept corresponds to the descriptive and structural dimensions of culture conformation in relation to sport in contemporary society, marked by the phenomenon of economic globalization. This concept refers to the symbolic conception of culture that understands the meanings and directions assigned to the sport phenomenon and to its practice by different individuals and social groups. The sport habitus gradually acquired through the exposure of social agents to the logic of the sport field, corresponds to a willingness to think, to make sense and to act in this space. Not everything that is culturally produced in sports is incorporated in the form of sport habitus, but the habitus is based on aspects of culture. That is, the sport culture has a plurality of manifestations that are not always incorporated in the form of a habitus. The aspect that differentiates the manipulation of concepts of culture and sport habitus is the analytical focus of each, working with both in a complementary manner might become a theoretical and methodological option that contributes to the enlargement of the analysis.

La institucionalidad rural en Colombia : Reflexiones para su análisis y fortalecimiento

La cuestión rural constituye uno de los grandes desafíos para la institucionalidad en Colombia. La discusión respecto a la eficiencia y eficacia institucional para el sector rural debe adelantarse fundamentada en aspectos coyunturales que a su vez median en la dinámica social, política, cultural, ambiental, económica y productiva en el agro colombiano, entre los cuales se incluyen los tratados comerciales y un eventual posconflicto. La nueva ruralidad, como enfoque para el desarrollo rural, plantea una visión distinta en torno a la temática: concibe lo rural como un espacio multisectorial y multidimensional, lo cual constituye el punto de partida desde el cual surgen los elementos de análisis que permiten adelantar un debate institucional amplio y participativo de cara a la transformación estructural de la realidad rural.

La institucionalidad rural en Colombia : Reflexiones para su análisis y fortalecimiento

La cuestión rural constituye uno de los grandes desafíos para la institucionalidad en Colombia. La discusión respecto a la eficiencia y eficacia institucional para el sector rural debe adelantarse fundamentada en aspectos coyunturales que a su vez median en la dinámica social, política, cultural, ambiental, económica y productiva en el agro colombiano, entre los cuales se incluyen los tratados comerciales y un eventual posconflicto. La nueva ruralidad, como enfoque para el desarrollo rural, plantea una visión distinta en torno a la temática: concibe lo rural como un espacio multisectorial y multidimensional, lo cual constituye el punto de partida desde el cual surgen los elementos de análisis que permiten adelantar un debate institucional amplio y participativo de cara a la transformación estructural de la realidad rural.