Abnormal Returns of Dividend Announcements during a Boom and a Recession. Empirical Evidence from U.S. from the years of 2000 - 2002 and 2005 - 2007, including Finnish Extra Dividends

This study examines the short time price effect of dividend announcements during a boom and a recession. The data being used here is gathered from the years of 2000 - 2002 when it was a recession after the techno bubble burst and from the years 2005 - 2007 when investors experienced large capital gains all around the world. The data consists of dividend increases and intact observations. The aim is to find out differences in abnormal returns between a boom and a recession. Second, the study examines differences between different dividend yield brackets. Third, Finnish extra dividends, mainly being delivered to shareholders in 2004 are included to the empirical test. Generally stated, the aim is to find out do investors respect dividends more during a recession than a boom and can this be proved by using dividend yield brackets. The empirical results from U.S shows that the abnormal returns of dividend increase announcements during the recession in the beginning of this decade were larger than during the boom. Thus, investors seem to respect dividend increases more when stock prices are falling. Substantial abnormal returns of dividend increases during the time period of 2005 - 2007 could not be found. The results from the overall samples state that the abnormal returns during the recession were positively slightly higher than during the boom. No clear and strong evidence was found between different dividend yield brackets. In Finland, there were substantial abnormal returns on the announcement day of the extra dividends. Thus, indicating that investors saw the extra dividends as a good thing for shareholders' value. This paper is mostly in line with the theory that investors respect dividends more during bad times than good times.

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.

Insuficiencia cardíaca neonatal

PROTOCOLOS TERAPEUTICOS. INSUFICIENCIA CARDIACA NEONATAL. 1. CONCEPTO La insuficiencia cardíaca (IC) en el recién nacido suele manifestarse de forma global salvo en contadas ocasiones (ciertas cardiopatías congénitas). Las causas pueden ser múltiples, desde problemas hidroelectrolíticos hasta infecciones, pasando por la yatrogenia de la sobrecarga hídrica debida a una mala prescripción de las perfusiones. Un intento de clasificación puede ser el siguiente...

Evaluación de requerimientos líquidos y situación hemodinámica en las primeras horas del postoperatorio de cirugía cardíaca

Tradicionalmente el manejo postoperatorio de los pacientes sometidos a circulación extracorpórea ha sido muy debatido. Tras la controversia coloides versus cristaloides ha surgido la discusión sobre el volumen de perfusión en las primeras fases del postoperatorio. La recomendación más extendida es la de restringir los ritmos de infusión basta un 50% de las necesidades basales. En este trabajo se realiza un estudio retrospectivo para ver los requerimientos basales en las primeras horas del postoperatorio evaluando las complicaciones. Del análisis de nuestra experiencia se deduce que la mayoría de pacientes finalizaron este período del postoperatorio con un aporte líquido ligeramente superior a las necesidades basales, sin que tenga repercusiones patológicas graves. Los ritmos de infusión deben ser muy variables adecuándose puntualmente a las necesidades hemodinámicas del paciente que se muestra muy dinámico en esta fase del postoperatotio.

Effects of extra mass on the pelagic behavior of a seabird

Satellite transmitters and geographic-positioning-system devices often add substantial mass to birds to which they are attached. Studies on the effects of such instruments have focused on indirect measures, whereas the direct influence of extra mass on pelagic behavior is poorly known. We used 2.5-g geolocators to investigate the effect of extra mass on the pelagic behavior of Cory's Shearwaters (Calonectris diomedea) by comparing the traits of a single foraging trip among a group carrying 30-g weights, a group carrying 60-g weights, and a control group. The weights were attached to the birds' backs using typical techniques for attaching satellite transmitters to seabirds. The extra mass increased the duration of the birds' trips and decreased their foraging efficiency and mass gained at sea. These indirect effects may be related to foraging traits: weighted birds showed a greater search effort than control birds, traveled greater distances, covered a greater foraging area, and increased the maximum foraging range. Furthermore, the time spent on the sea surface at night was greater for weighted than for control groups, which showed that the extra mass also affected activity patterns. Our results underline the need to quantify the effects of monitoring equipment commonly used to study the pelagic behavior of seabirds. We suggest that geolocators can be used to obtain control data on foraging-trip movements and activity patterns.

Converses (extra)terrestres

El Nadal és una època plena de simbolisme, on les converses amb familiars i amics són protagonistes. Hi ha una frase bíblica,"I el Verb es va fer home i va conviure amb nosaltres" (Joan1,1-14), que sempre m'hi fa pensar, atès que en un context religiós el mot verb pot significar precisament això, "expressió d'idees i pensaments mitjançant la paraula" (DIEC2). Actualment al nostre planeta es parlen més de 6.800 idiomes. Hi ha idiomes tonals, com el mandarí i el ioruba, on el to amb què es pronuncia una paraula afecta el seu significat [...].

EXTRAÇÃO DE POLI(3-HIDROXIBUTIRATO), PRODUZIDO POR Cupriavidus necator, COM CARBONATO DE PROPILENO

The environmental impact of plastic waste has attracted worldwide attention. Amid the current context of increasing concern for the environment, biodegradable plastics have been widely studied as a replacement for synthetic plastics. Poly(3-hydroxybutyrate) (P(3HB)) is a biopolymer stored as an intracellular energy and reserve source in many microorganisms. Because it is an intracellular product, P(3HB) must be extracted from the cells at the end of the culture. The purpose of this study was to investigate the effect of extraction time, heating temperature, first standing time (after filtration and extraction), second standing time (after P(3HB) precipitation) and solvent amount, during the process of extracting P(3HB) from Cupriavidus necator DSM 545, using propylene carbonate as solvent. The extraction kinetic of P(3HB) with propylene carbonate from thermally treated biomass was evaluated at different temperatures. The physical properties of the P(3HB) obtained were also evaluated. In this case, P(3HB) obtained at optimal conditions of recovery (98%) and purity (99%) was used. Results showed that temperature was the most important factor in these responses for the range of values studied (110-150 ºC).

Conhecimentos em atenção pré-hospitalar e suporte básico de vida por estudantes recém-ingressos de medicina

Reconhecer sinais iminentes de morte em vítimas de trauma, acidente vascular encefálico e acidentes domésticos constitui parte do Suporte Básico de Vida (SBV), ação fundamental à prática médica. Objetivou-se investigar o conhecimento em manobras no SBV e urgências domiciliares entre estudantes recém-ingressos de Medicina. Estudo quantitativo, analítico e quase-experimental, realizado com estudantes do primeiro semestre 2012.2 do curso de Medicina de universidade pública do Ceará - Campus Cariri em Barbalha (CE), Brasil. Os dados foram coletados em fases. Na primeira etapa, aplicou-se um questionário com 40 perguntas de múltipla escolha sobre manobras de atendimento pré-hospitalar em SBV como pré-teste de forma presencial. A segunda etapa consistiu num minicurso de 20 horas com profissional treinado. Na terceira fase, utilizou-se pós-teste para comparar as questões acertadas antes e depois do curso. Quanto aos conhecimentos adquiridos, houve acréscimo nos temas traumatismo raquimedular, liberação de vias aéreas e cuidados domiciliares. Há necessidade de realizar cursos com maior carga horária para fundamentar uma prática médica centrada nos temas de menor rendimento dos estudantes.