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High Growth (high + growth)
Terms modified by High Growth Selected AbstractsPrior Payment Status and the Likelihood to Pay Dividends: International EvidenceFINANCIAL REVIEW, Issue 3 2010Mia Twu G32; G35 Abstract By using the signaling model and the life-cycle theory, I examine the importance of prior payment status in determining the likelihood to pay dividends. I categorize firms into those that paid dividends previously and those that did not. My results show that strong dividend stickiness exists and the determinants to pay differ significantly for the two groups of firms. High growth and low insider holdings make prior payers more likely to pay but prior nonpayers less likely to pay. Furthermore, prior payers are more sensitive to profitability and earned/contributed equity mix, while prior nonpayers are more sensitive to risk and dividend premiums. Finally, taking the prior payment status into account eliminates the problem of overestimating the portion of payers put forth by previous studies. [source] Currency boards: More than a quick fix?ECONOMIC POLICY, Issue 31 2000Atish R. Ghosh Once a popular colonial monetary arrangement, currency boards fell into disuse as countries gained political independence. But recently, currency boards have made a remarkable come-back. This essay takes a critical look at their performance. Are currency boards really a panacea for achieving low inflation and high growth? Or do they merely provide a ,quick fix' allowing authorities to neglect fundamental reforms and thus fail to yield lasting benefits? We have three major findings. First, the historical track record of currency boards is sterling, with few instances of speculative attacks and virtually no ,involuntary' exits. Countries that did exit from currency boards did so mainly for political, rather than economic reasons, and such exits were usually uneventful. Second, modern currency boards have often been instituted to gain credibility following a period of high or hyperinflation, and in this regard, have been remarkably successful. Countries with currency boards experienced lower inflation and higher (if more volatile) GDP growth compared to both floating regimes and simple pegs. The inflation difference reflects both a lower growth rate of money supply (a ,discipline effect'), and a faster growth of money demand (a ,credibility effect'). The GDP growth effect is significant, but may simply reflect a rebound from depressed levels. Third, case studies reveal the successful introduction of a currency board to be far from trivial, requiring lengthy legal and institutional changes, as well as a broad economic and social consensus for the implied commitment. Moreover, there are thorny issues, as yet untested, regarding possible exits from a currency board. Thus currency boards do not provide easy solutions. But if introduced in the right circumstances, with some built-in flexibility, they can be an important tool for gaining credibility and achieving macroeconomic stabilization. [source] Executive Stock Options: To Expense or Not?FINANCIAL MANAGEMENT, Issue 1 2006Sanjay Deshmukh In analyzing the decision to expense stock options, we find a greater likelihood of options expensing for firms with greater transparency and a closer alignment of interests between managers and shareholders. These results provide indirect evidence that expensing is more likely in firms that practice good corporate governance. We show that firms are less likely to expense when option usage is higher and that this negative relation is stronger for firms that are smaller, have high growth, and are less profitable. We also find that the announcement period returns are not significantly different from zero. [source] Social Change and Social Policy in JapanINTERNATIONAL JOURNAL OF JAPANESE SOCIOLOGY, Issue 1 2009Masayuki Fujimura Abstract This paper aims to present and discuss social change and social policy in Japan after the mid-20th century from a sociological viewpoint. Japanese social change and social policy from the mid-20th century onward can be categorized into three models in chronological order: escape from mass poverty by means of industrialization, improvement of the social security system to establish a welfare state, and parallel progress of aspiration for a welfare society and workfare. Defined concretely, these are (1) the period that established and improved social security, which started immediately after the end of World War II and ended in 1973, when Japan began to suffer from low growth after enjoying high growth; (2) the period in which finance for social security was adjusted, halfway through which the country experienced a bubble economy; and (3) the period after the 1990s, in which the structural reform of social security went hand-in-hand with labor policy and the advent of globalization. In each of the three periods, the direction of social policy was affected by factors that caused changes in such areas as industrial structure (the decline of agriculture), demographic structure (an aging society), and family structure and work pattern (the growing trend of nuclear families, single-person households, and irregular employment). In Japan, life security now attracts increasing attention, and employment security rather than social security has been the central issue. As it is greatly affected by globalization, employment security grows less conspicuous and makes the vulnerability of social security grow more conspicuous. Social policy has the potential to become an area with which to struggle for national integration and fissures between social groups. [source] Optimum Currency Areas and Key Currencies: Mundell I versus Mundell IIJCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 4 2004Ronald I. McKinnon The East Asian economies are increasingly integrated in trade and direct investment. More than 50 per cent of their foreign trade is with each other. Both the high growth and level of trade integration is similar to what the western European economies achieved in the 1960s. So, in the new millennium, the inevitable question arises: is East Asia also an optimum currency area (OCA)? Despite the apparent success of EMU, many writers familiar with the East Asian scene think not. Taking the seminal papers of Robert Mundell as the starting point, this article first analyses traditional theorizing on the pros and cons of international monetary integration and then suggests new approaches to the problem of international risk-sharing in OCAs. [source] Labour-market Institutions and Macroeconomic ShocksLABOUR, Issue 2 2003Yu-Fu Chen The effect of shocks depends on the nature of these institutions and the effect of institutional change depends on the macroeconomic environment. It follows that a given set of institutions may be appropriate in one epoch and not in another. We derive a dynamic model of labour demand in which the effect of firing costs on labour demand depends on the macroeconomic environment: when the level of macroeconomic activity is expected to drop and/or the trend rate of productivity growth is small, a rise in firing costs affects mainly (and adversely) the hiring decision and not the layoff decision. This makes firing costs harmful to employment when it may appear most appropriate. In contrast, firing costs can raise employment during periods of high growth and positive shocks. Our hypothesis is supported by empirical results using OECD data. [source] The "End Of History" 20 Years LaterNEW PERSPECTIVES QUARTERLY, Issue 1 2010FRANCIS FUKUYAMA Twenty years after the fall of the Berlin Wall and the triumphant celebrations of the West, a new chapter of history has opened featuring the rising powers of Asia, led by China. Though embracing free markets, China has looked to its Confucian traditions instead of liberal democracy as the best route to good governance. Will China manage to achieve high growth and a harmonious society through a strong state and long-range planning that puts messy Western democracy and its short-term mindset to shame? Or, in the end, will the weak rule of law and absence of political accountability in a one-party state undermine its promise? Francis Fukuyama and Kishore Mahbubani, the Singaporean thinker who has become the apostle of non-Western modernity, debate these issues. In this section we also republish a collective memoir by George H.W. Bush, Mikhail Gorbachev, Margaret Thatcher and François Mitterrand, recalling their fears and hopes two decades ago as they brought the Cold War to an end. [source] "Made in China" Label Won't Survive Without Rule of LawNEW PERSPECTIVES QUARTERLY, Issue 4 2007MINXIN PEI As it prepares to host the 2008 Olympics, China's authoritarian development model, which has sustained high growth for two decades, is entering a fragile new stage. Tainted toys and other products have made the American consumers on whom China relies wary even as the debt-and-deficit ridden American economy relies on China's massive foreign reserves to keep going. In the meantime, China's aggressive search for raw materials in Africa is causing a backlash while its cyberspying probes into Western defense systems are reviving Cold War-like tensions. The US treasury secretary, a top China expert and former intelligence officials offer their views. [source] Document: Qiao Shi on China's Long March to the Rule of LawNEW PERSPECTIVES QUARTERLY, Issue 4 2007QIAO SHI As it prepares to host the 2008 Olympics, China's authoritarian development model, which has sustained high growth for two decades, is entering a fragile new stage. Tainted toys and other products have made the American consumers on whom China relies wary even as the debt-and-deficit ridden American economy relies on China's massive foreign reserves to keep going. In the meantime, China's aggressive search for raw materials in Africa is causing a backlash while its cyberspying probes into Western defense systems are reviving Cold War-like tensions. The US treasury secretary, a top China expert and former intelligence officials offer their views. [source] A Disaggregated Markov-Switching Model of the Business Cycle in UK ManufacturingTHE MANCHESTER SCHOOL, Issue 4 2000Hans-Martin Krolzig Exploring index of production data for six major UK manufacturing sectors, we investigate the interaction of the UK business cycle with changes in the industrial structure of the UK economy during the last three decades. We propose a Markov-switching vector equilibrium correction model with three regimes representing recession, normal growth and high growth. The regime shifts simultaneously affect the common growth rate and the sectoral equilibrium allocation of industrial production. In contrast to previous investigations, a common cycle can be uncovered which is closely related to traditional datings of the UK business cycle. [source] Seasonal changes in selected muscle quality parameters in Atlantic salmon (Salmo salar L.) reared under natural and continuous lightAQUACULTURE NUTRITION, Issue 3 2003U. Nordgarden Abstract In order to investigate how seasonal variation in growth affects selected fillet quality parameters, immature Atlantic salmon (Salmo salar L.) were reared under simulated natural photoperiod (SNP) for 12 months or continuous light (LL) from January to June followed by SNP until December. Photoperiod treatments advanced the growth rate pattern of the LL group compared with the SNP group and influenced macronutrient metabolism, evaluated both as trends in protein and lipid retention and in fillet lipid and protein levels. Good growth was associated with low fillet lipid and protein level, in addition to reduced levels of fillet tocopherol and astaxanthin, indicating increased oxidative stress. Elevated levels of thiobarbituric reactive substances (TBARs) further supported this. Slaughtering during periods of high growth may therefore reduce postmortem quality, both because of increased susceptibility to fillet lipid peroxidation and reduced astaxanthin levels, which were lowered in vivo and might consequently be depleted further after slaughter. Specialized use of antioxidant-rich feed prior to slaughter is suggested if slaughtering is expected to occur during periods of high growth rate. [source] China's Economic Prospects and Sino,US Economic RelationsCHINA AND WORLD ECONOMY, Issue 2 2006Pingfan Hong F00; P21 Abstract A better comprehension of the mixed sentiment in the rest of world towards the rapid rise of the Chinese economy will depend on the understanding of some key features of the Chinese economy, such as those associated with its size, structure and institution. To further sustain its high growth, China is facing more challenges than it has encountered in the past 2 decades, including a gamut of material constraints. Although polices and technological progress might alleviate many of these constraints, the ultimate solution will still lie in continued institutional reform. China's recent move towards a more flexible exchange rate regime is in line with its broad reform and in accordance with the progress of its development. However, such a move will have limited immediate effects on the prodigious US trade deficit, which itself is a problem rooted in the flawed international reserve system, far beyond a Sino-US trade issue. Edited by Xiaoming Feng [source] | |||||||||||||||||||||||||