Can we predict dividend cuts?

I examine the predictability of dividend cuts based on the time interval between dividend announcement dates using a large dataset of US firms from 1971 to 2014. The longer the time interval between dividend announcements, the larger the probability of a cut in the dividend per share, consistent with the view that firms delay the release of bad news.

Lan American Coups: Have They Vanished or Taken New Shapes?

In the following pages, three well-known Latinoamericanists share their views on the current prospects for coups in Latin America. They are: Rut Diamint of the University Torcuatto de Tella in Buenos Aires, Argentina; Pablo Policzer of the University of Calgary in Canada; and Michael Shifter of the Inter-American Dialogue in Washington, DC. Each looks at the potential for coups from different perspectives but, all three come to similar conclusions. That is, that despite substantial gains in democracy, the threat of coups in Latin America remains latent. The authors agree that democracy is growing in the region. Opinion surveys such as the Americas Barometer consistently show that citizens in Latin America have gradually incorporated democracy as part of their core value system. Yet, the authors argue convincingly that Latin America faces new types of interruptions to its democratic process that should be considered coups, even if not following the traditional style of military coup that predominated in the past. Situations that have taken place in Peru, Ecuador, Nicaragua, Honduras and other countries serve to illustrate the new trends. More specifically, Professor Diamint argues that in Latin America a culture of intolerance, demonization of the opposition, and the utilization of any method to achieve power prevails. In a region with a very high threshold of violence, governments fail to set an example of establishing a culture of debate, consensus, and transparency. This culture is inclined to uncontrollable political expressions, preferring confrontational means to resolve conflict. Within this scenario, “messianic” solutions are promoted and coups cannot be discarded as an option that would never transpire. Professor Policzer looks more closely to the constitutional loopholes that allow for a transformation of limited into absolute power. He argues that coups can be constitutional or unconstitutional, and that a constitutional coup can occur when violations to democracy actually stem from the constitutions themselves. In Honduras, for example specific provisions in the Constitution itself created conditions for a constitutional crisis; similar provisions have also led to constitutional authoritarianism in Venezuela and other countries. Dr. Policzer stresses that when a head of state or the military take absolute power, even temporarily, based on provisions in their constitutions; they are in essence staging a constitutional coup. These blind spots in constitutions, he argues, may be more serious threat to democracy than that of traditional coups. Lastly, Dr. Shifter argues that some kind of coup should be expected in Latin America in coming years, not only because fundamental institutions remain weak in some countries, but because the regional political environment is less prepared to respond effectively to transgressions than it was a few years ago. The good news, however, is that only a handful of countries, show no interest in governing. The bad news is that in those few countries where situations are indeed shaky, they are also in some cases aggravated by rising food and fuel prices, and spreading criminality, which pose serious risks to the rule of law and democratic governance.

Understanding Annual Reports of Hospitality Firms

In her discussion - Understanding Annual Reports of Hospitality Firms - by Elisa S. Moncarz, Associate Professor, School of Hospitality Management, Florida International University, Associate Professor Moncarz initially offers: “Management bears full responsibility for the reporting function of annual reports prepared by publicly-held companies designed to provide interested parties with information that is useful in making business and economic decisions. In Part I the author reviews the content of annual reports of firms in the hospitality industry, while looking at recent developments affecting annual reports. Part 11, in a subsequent issue, will comprise an in-depth examination of the annual report of an actual firm in the hospitality industry, focusing on suggested guidelines and recommendations for how to use annual reports as an aid to the decision-making process in the hospitality industry.” This article is to be considered a primer on reading and understanding annual reports, as well as a glimpse into the dynamics that affect them. In defining what an annual report is, Associate Professor Moncarz informs you with citation, “Annual reports are required by the Securities Exchange Commission (SEC) ¹ for all companies with securities sold to the general public. These reports, which must be issued within 90 days after the close of the calendar (or fiscal) year, comprise a primary source of information about these companies,” she further reports. “Indeed, the official version of the company's history is summed up yearly in its annual report by providing full information of the company's operations over the period as well as what the company is gearing up to accomplish in the next year,” Professor Moncarz closes the definition. Why should thus happen over and above SEC requirements? The financial component is an important one; the author offers her informed view: “The major objective of financial statement reporting is to provide information that is useful to present and potential investors, creditors, and other financial statement users in making rational investment, credit, and similar decisions. Thus, financial statements represent the primary (and most reliable) source of knowledge about a particular firm in the hospitality industry.” The above two paragraphs crystallize the requirement and the objective of annual reports. “A typical annual report of a hospitality firm contains a number of standard features which may be broken down into the following three sections…” General, financial data, and supplementary data are variously bounded and circumscribed for you. As a marketing device and feel-good initiative, the annual report is a useful tool for a hospitality corporation that is in-the-black, and focused on the future, says the author. She cites the Marriott Corporation’s 1985 annual report as an example. Of course, an annual report can also be a harbinger of bad news for shareholders as well. Notes/footnotes and disclosure are key elements to the credibility of any annual report; Professor Moncarz discusses these concepts at length. “Given the likelihood that the hospitality industry will continue to face an uncertain economic environment for some time, financial statement users should become more demanding in their need for information that will help assure the firm's survival and evaluate its ability to generate earnings, increase the firm's investment value, and provide for its future growth,” Professor Moncarz says. “Accordingly, understanding annual reports in the hospitality industry should become even more critical.”

Chemotherapy patient perception regarding communication with the healthcare staff

Purpose: To qualitatively explore the communication between healthcare professionals and oncology patients based on the perception of patients undergoing chemotherapy.Method: Qualitative and exploratory design. Participants were 14 adult patients undergoing chemotherapy at different stages of the disease. A socio-demographic and clinical data form was utilized along with semi-structured interviews. The interviews were audio-recorded, transcribed and content analysis was performed. Two independent judges evaluated the interview content in regards to emerging categories and obtained a Kappa index of 0.834.Results: Three categories emerged from the data: 1) Technical communication without emotional support, in which the information provided is composed of strictly technical information regarding the diagnosis, treatment and/or prognosis; 2) Technical communication, in which the information provided is oriented towards the technical aspects of the patient’s physical condition, while also providing psychological support for the patients’ subjective needs; and 3) Insufficient technical communication, win which there are gaps in the information provided causing confusion and suffering to the patient.Conclusions: Communication with emotional support contributes to greater satisfaction of chemotherapy patients. Practical implications: the results provide elements for the training of healthcare professionals regarding the importance of the emotional support that can be offered to cancer patients during their treatment.

Palliative Medicine:Scoping the level and extent of service provision to people with intellectual disability at end of life Poster Presentation

Background: Concerns exist about the end of life care
that people with intellectual disabilities receive. This population
are seldom referred to palliative care services and
inadequate data sets exist about their place of death.
Aim: To scope the extent of service provision to people
with intellectual disabilities at the end of life by specialist
palliative care and intellectual disability services in one
region of the United Kingdom.
Methods: As part of a larger doctoral study a regional survey
took place of a total sample (n=66) of specialist palliative
care and intellectual disability services using a postal
questionnaire containing forty items. The questionnaire
was informed by the literature and consultation with an
expert reference group. Data were analysed using SPSS to
obtain descriptive statistics.
Results: A total response rate from services of 71.2%
(n=47) was generated. Findings showed a range of experience
among services in providing end of life care to people
with intellectual disabilities in the previous five years, but
general hospitals were reported the most common place of
death. A lack of accessible information on end of life care
for people with learning disabilities was apparent. A few
services (n=14) had a policy to support this population to
make decisions about their care or had used adapted Breaking
Bad News guidelines (n=5) to meet their additional
needs. Both services recognised the value of partnership
working in assessing and meeting the holistic needs of
people with intellectual disabilities at end of life.
Conclusions: A range of experience in caring for people
with intellectual disabilities was present across services,
but more emphasis is required on adapting communication
for this population to facilitate them to participate in their
care. These findings could have international significance
given that studies in other countries have highlighted a
need to widen access to palliative care for this group of
people.

As reações do mercado acionista e obrigacionista dos GIPSI às notícias da Troika durante o período de crise financeira: 2010-2013

A zona euro e mais concretamente o conjunto de países constituído por Grécia, Itália, Portugal, Espanha e Irlanda chamado de GIPSI, atravessam uma das maiores crises desde a Grande Depressão. De forma a ajudar estes países mais afetados, um conjunto de organizações internacionais (FMI/BCE/CE) apelidado de Troika, tem unido esforços para debelar as dificuldades de financiamento e criarem políticas de reforma com o objetivo de devolver a independência e potenciar o crescimento económico dos mesmos. As ações e comunicados destas organizações passaram assim a gozar de uma maior visibilidade e interesse por parte dos investidores. Tendo isso em conta, neste trabalho estudamos o impacto das notícias da Troika nos mercados acionista e obrigacionista dos GIPSI, com um maior foco no mercado português. Em Portugal não encontramos evidência de que as notícias diretamente relacionadas com as ações e comunicações da Troika têm efetivamente impactos significativos, quer no mercado acionista, quer no obrigacionista. No entanto, as notícias de carácter internacional sobre a crise, respeitantes aos outros países afetados, impactaram de forma significativa o PSI 20, especialmente quando estas foram boas, assim como outras notícias relativas a avaliações, anúncios de apoio ou críticas de outras organizações europeias e mundiais, bem como como de líderes de países intervenientes na ajuda aos países afetados e anúncios macroeconómicos, sendo que aqui esse impacto foi mais sentido nas más notícias. No mercado obrigacionista, voltamos a ter impactos significativos dos mesmos tipos de notícias juntando-se aqui as notícias relativas às medidas tomadas pelo Governo português e outros agentes governamentais. Os restantes mercados, Espanha e Grécia apresentaram impactos significativos no mercado acionista e obrigacionista, o que nos leva a confirmar estudos anteriores de que notícias relacionadas com a crise têm efeitos para além do país visado e impactam de forma significativa outros mercados, em especial os mais afetados.

Impacto das fusões e aquisições no desempenho de empresas portuguesas

As fusões e aquisições (F&A) são operações estratégicas usadaspor empresas para fortalecer e manter a sua posição no mercado. Estas são vistas por muitos como uma forma relativamente rápida, flexível e eficiente de expandir para novos mercados, incorporar novas tecnologias e inovar. Sem essas qualidades, as empresas acreditam que é praticamente impossível ser competitivo na economia global de hoje. No entanto, o seu sucesso não é de forma alguma garantido. Perante esta incerteza de que tudo corra de forma vantajosa, o presente trabalho pretende avaliar através do estudo do impacto do processo de fusão ou aquisição o desempenho das empresas portuguesas. Procedemos a duas metodologias para chegar a uma conclusão sobre este estudo. Primeiramente foi feito o cálculo e análise de indicadores económico-financeiros antes e depois da realização da F&A e em segundo, uma análise do efeito de notícias boas e más referentes ao anúncio da mesma através da metodologia das janelas de eventos para cinco casos de F&A ocorridos em Portugal, sendo assim o método de análise baseado em casos de estudo. Foi possível verificar, regra geral, um desempenho superior das empresas adquirentes após o processo de F&A. Concluiu-se que os mercados reagem de forma distinta às boas e às más notícias e que o investidor é alvo de alterações de comportamento em termos de sentimento antes e após o anúncio. Deste modo a análise é sensível à distinção por tipos de notícias, sendo necessária a sua correta classificação. Por último, os resultados parecem indiciar que as reações do mercado acionista aos processos de F&A estão dependentes da situação económico-financeira corrente, resultado que merecerá futuramente uma análise posterior mais cuidada e profunda.

A assimetria na volatilidade das rendibilidades do preço do crude

Dissertação de Mestrado em Contabilidade e Análise Financeira

Assimetria na volatilidade - O impacto das más notícias nas rendibilidades do PSI 20

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Percepción de los graduados de la Carrera de Medicina de la Universidad de Cuenca 2003-2012, sobre la formación en la relación y comunicación médico-paciente.

Objetivo: Identificar la percepción de los médicos graduados en la Facultad de Ciencias Médicas, respecto a su formación en el tema de Relación y Comunicación Médico Paciente Diseño: es un estudio descriptivo transversal. Metodología: A través de encuesta a los médicos graduados en la Facultad de Ciencias Médicas de la Universidad de Cuenca. Se utilizó una base de datos del programa de Monitoreo de los graduados de la carrera de Medicina de la Universidad de Cuenca, 2003- 2012. Azuay. Resultados: Se realizaron 208 encuestas, 116 varones (56%) y 92 mujeres (44%), cuyas edades oscilan entre los 23 y 42 años, todos graduados de la Escuela de Medicina de la Universidad de Cuenca entre los años 2003 a 2012. El 98% de ellos residentes en el Ecuador. Respecto a la percepción sobre su formación en relación médico paciente y comunicación: para comunicación escrita, comunicación oral, entrega de noticias negativas, relación afectiva con los pacientes y participación comunitaria: la percepción es que su formación fue adecuada, en tanto aprecian como poco adecuado en manejo de situaciones de conflicto, al igual que en la aplicación del consentimiento informado

Coping with uncertainty:gender and leadership identities in UK corporate life

Within corporate contexts, senior leaders must construct credible leadership identities if they are to demonstrate effectiveness in achieving business goals. This is a particular challenge for women, who have struggled historically to gain senior leadership positions. This chapter explores the identity struggles experienced by Karen, a woman Human Resources director within a management meeting as she delivers bad news about ‘company restructuring’ to her colleagues. Using Feminist Poststructuralist Discourse Analysis (FPDA), I show how this leader struggles to maintain a professionally competent identity as she negotiates the bad news. The analysis reveals that despite the demands of her role, Karen demonstrates extraordinary linguistic competence in managing her team within a turbulent business world that continues to remain inhospitable to female leaders.

Adaptação do modelo ABCDE para comunicar a má notícia ao proprietário do paciente oncológico em medicina veterinária

Introdução: À semelhança do que ocorre na Medicina Humana, também em Medicina Veterinária, a prevalência da doença oncológica em animais de companhia tem vindo a aumentar significativamente. Desenvolvimento: A evolução da Medicina Veterinária, nas últimas décadas, veio trazer mudança nos paradigmas clínicos, nomeadamente no respeitante à relação com o animal mas também com o proprietário. Sendo a oncologia a especialidade em que há maior probabilidade de ter que comunicar uma má notícia, neste trabalho propõe-se a adaptação do modelo ABCDE da Medicina Humana para a Medicina Veterinária. Conclusões: A adaptação do modelo ABCDE para a Medicina Veterinária permite melhorar a comunicação com o proprietário cuidador e dotar os profissionais da equipe Médica Veterinária de melhores competências.

GCM-data intercomparison: the good news and the bad

EXTRACT (SEE PDF FOR FULL ABSTRACT): General circulation models (GCMs) are probably the most sophisticated theoretical tools we have to simulate possible climatic effects of increasing carbon dioxide and other greenhouse gases. ... As will be illustrated here using a variety of examples, although the models do simulate "reality" very well on the "grand" scale (e.g., global, hemispheric, zonal), substantial differences are more apparent as the scale is reduced to areas particularly relevant to regional planners. It is particularly important that workers more clearly recognize the potential dangers in relying too heavily on simple summary statistics such as averages estimated over large regional scales. Many shortcomings are apparent in the model simulations of the present climate, indicating that further model improvements are needed to achieve reliable regional and seasonal projections of the future climatic conditions.