Issue review : Federal Budget Control Act of 2011.

This issue review provides an overview and update on the sequester provision of the Federal Budget Control Act of 2011.

Abnormal Return of Dividend Announcements during a Boom and a Recession. Empirical evidence from the years of 2002 - 2002 and 2005 - 2007, including the Finnish extra dividends

Tutkimuksen tavoitteena on tutkia epänormaalien tuottojen esiintymistä nousu- ja laskusuhdanteen aikana osingonilmoituspäivän ympärillä. Osinkoilmoitukset ovat kerätty Yhdysvaltojen markkinalta (NYSE) ajanjaksoilta 2000 - 2002, jolloin pörssit laskivat teknokuplan jälkeen ja 2005 - 2007, jolloin sijoittajat kokivat suuria kurssivoittoja. Osinkoilmoitushavainnot koostuvat yhtiöistä, jotka nostivat tai pitivät osinko per osake paikallaan. Tavoitteena on tutkia eroja epänormaaleissa tuotoissa näiden kahden ajanjakson välillä. Toiseksi, tavoitteena on tutkia miten epänormaalit tuotot poikkeavat toisistaan eri osinkotuottoluokissa. Kolmanneksi, tavoitteena on tutkia esiintyikö markkinoilla epänormaaleja tuottoja kun suomalaiset yritykset ilmoittivat ylimääräisistä osingoista, pääasiassa vuonna 2004. Yksinkertaisesti ja lyhyesti sanottuna tavoitteena on tutkia arvostavatko sijoittajat osinkoja enemmän laskukauden vai nousukauden aikana. Rahoitusteorian mukaan sijoittajien tulisi arvostaa laskukauden aikana enemmän yhtiöitä, jotka pystyvät maksamaan huonosta taloustilanteesta huolimatta hyvää osinkoa. Empiiriset testit Yhdysvalloista osoittavat, että osingon nostamisesta johtuvat epänormaalit tuotot olivat suuremmat laskusuhdanteen aikana kuin noususuhdanteen aikana. Tämä on linjassa teorian kanssa. Osingon-nostot aiheuttivat nousukauden aikana vähäisiä epänormaaleja tuottoja. Selviä eroja eri osingontuottoluokkien välillä ei pystytty havaitsemaan. Tulokset yhdistetystä aineistosta osoittavat, että sijoittajat kokivat vähäisiä positiivisia epänormaaleja tuottoja laskukauden aikana. Nousukautena tuotot olivat lähellä nollaa. Suomen markkinoilla havaittiin selvä epänormaalituotto osingonilmoituspäivänä. Tulokset ovat pääpiirteittäin linjassa teorian kanssa. Sijoittajat arvostavat osinkoja hieman enemmän lasku- kuin noususuhdanteen aikana.

Act of Parliament Preventing Private Distillation, Scotland, 1824

The Act begins: "An Act to continue, until the Tenth Day of November One thousand eight hundred and twenty-six, certain Parts of an Act of the Third Year of His present Majesty, among other Things for the preventing private Distillation in Scotland"

Printed Blank Regarding the Insolvent Act of 1864 from James McWhirter to S.D. Woodruff

Printed blank regarding the Insolvent Act of 1864, this was sent to S. D. Woodruff in the matter of William Little, an insolvent. There was to be a meeting on the 10th day of October for public examination of the insolvent. The document was signed by James McWhirter, official assignee, Sept. 20, 1866.

Amendment to the Act of Incorporation, chapter 122 of the Long Point Company

Amendment to the Act of Incorporation, chapter 122 of the Long Point Company. This is put out by John I. Mackenzie, secretary, treasurer (2 printed pages), Feb. 18, 1885.

La régie d'entreprise : son évolution face aux bouleversements des marchés financiers

"Mémoire présenté à la faculté des études supérieures en vue de l'obtention du grade de Maître en droit (LL.M.)"

The role of the Madden-Julian Oscillation in the El Nino and Indian drought of 2002

In 2002 India experienced a severe drought, one among the five worst droughts since records began in 1871, notable for its countrywide influence. The drought was primarily due to an unprecedented break in the monsoon during July, which persisted for almost the whole month and affected most of the sub-continent. The failure of the monsoon in 2002 was not predicted and India was not prepared for the devastating impacts on, for example, agriculture. This paper documents the evolution of the 2002 Indian summer monsoon and considers the possible factors that contributed to the drought and the failure of the forecasts. The development of the 2002/2003 El Nino and the unusually high levels of Madden-Julian Oscillation (MJO) activity during the monsoon season are identified as the central players. The 2002/2003 El Nino was characterised by very high sea-surface temperatures (SSTs) in the central Pacific that developed rapidly during the monsoon season. It is suggested that the unusual character of the developing El Nino was associated with the MJO and was a consequence of the eastward extension of the West Pacific Warm Pool, brought about primarily by a series of westerly wind events (WWEs) as part of the eastward movement of the active phase of the MJO. During the boreal summer, the MJO is usually characterised by northward movement, but in 2002 the northward component of the MJO was weak and the MJO was dominated by a strong eastward component, probably driven by the abnormally high SSTs in the central Pacific. It is suggested that a positive feedback existed between the developing El Nino and the eastward component of the MJO, which weakened the active phases of the monsoon. In particular, the unprecedented monsoon break in July could be associated with the juxtaposition of strong MJO activity with a developing El Nino, both of which interfered constructively with each other to produce major perturbations to the distribution of tropical heating. Subsequently, the main impact of the developing El Nino was a modulation of the Walker circulation that led to the overall suppression of the Indian monsoon during thess latter part of the season. It is argued that the unique combination of a rapidly developing El Nino and strong MJO activity, which was timed within the seasonal cycle to have maximum impact on the Indian summer monsoon, meant that prediction of the prolonged break in July and the seasonally deficient rainfall was a challenge for both the empirical and dynamical forecasting systems. Copyright (C) 2006 Royal Meteorological Society.

The implications of improved communications for participatory forest management in Tanzania

Following the 1998 National Forest Policy and Forest Act of 2002, participatory forest management (PFM) is being introduced in Tanzania. PFM has two key objectives: to reduce forest degradation thereby increasing ecosystem services, and to improve the livelihoods of local villagers. A unique data set collected in 2006 suggests that significant challenges remain with respect to communicating the new forest policies if the objectives of PFM are to be achieved. First, villagers as a group are much less well informed than other stakeholders, and their knowledge is often inaccurate. Second, women are less likely than men to have heard of the changes. Third, how PFM will contribute to poverty reduction (a key objective of PFM) is not always clear. Fourth, environmental degradation may not be reduced as much as anticipated – without alternatives sources, villagers often continue to cut trees for charcoal and firewood in the protected forests. Finally, several mismatches in perceptions are identified that could lead to difficulties in implementing PFM.