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Lower Propensity (lower + propensity)
Selected AbstractsDISAPPEARING DIVIDENDS: CHANGING FIRM CHARACTERISTICS OR LOWER PROPENSITY TO PAY?JOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2001Eugene F. Fama The proportion of U.S. firms paying dividends drops sharply during the 1980s and 1990s. Among NYSE, AMEX, and Nasdaq firms, the proportion of dividend payers falls from 66.5% in 1978 to only 20.8% in 1999. The decline is due in part to an avalanche of new listings that tilts the population of publicly traded firms toward small firms with low profitability and strong growth opportunities,the timeworn characteristics of firms that typically do not pay dividends. But this is not the whole story. The authors' more striking finding is that, no matter what their characteristics, firms in general have become less likely to pay dividends. The authors use two different methods to disentangle the effects of changing firm characteristics and changing propensity to pay on the percent of dividend payers. They find that, of the total decline in the proportion of dividend payers since 1978, roughly one-third is due to the changing characteristics of publicly traded firms and two-thirds is due to a reduced propensity to pay dividends. This lower propensity to pay is quite general,dividends have become less common among even large, profitable firms. Share repurchases jump in the 1980s, and the authors investigate whether repurchases contribute to the declining incidence of dividend payments. It turns out that repurchases are mainly the province of dividend payers, thus leaving the decline in the percent of payers largely unexplained. Instead, the primary effect of repurchases is to increase the already high payouts of cash dividend payers. [source] Influence of cultural factors on price clustering and price resistance in China's stock marketsACCOUNTING & FINANCE, Issue 4 2007Bill M. Cai G10; G14 Abstract This paper builds on prior research by analysing the impact of cultural factors on both price clustering and price resistance in China's stock markets. The results support the presence of cultural factors impacting on price clustering with the digit 8 showing a higher propensity for clustering and the digits 4 and 7 showing a lower propensity in the A-share market, where stock is denominated in renminbi and traded by mainland Chinese. These results are further supported by an analysis of the B-share market, where cultural factors have no (or less) impact on the price of Chinese stocks traded by foreign investors in US dollars (or in Hong Kong dollars). A range of measures for price resistance show the digits 0 and 5 to be significant resistance points in the A-share market. Although digit 8 cannot be considered as a resistance point, its resistance level is highest among the remaining numbers. In conclusion, cultural factors help to explain not only price clustering in the Chinese stock markets but price resistance levels as well, albeit at a weak level. [source] DISAPPEARING DIVIDENDS: CHANGING FIRM CHARACTERISTICS OR LOWER PROPENSITY TO PAY?JOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2001Eugene F. Fama The proportion of U.S. firms paying dividends drops sharply during the 1980s and 1990s. Among NYSE, AMEX, and Nasdaq firms, the proportion of dividend payers falls from 66.5% in 1978 to only 20.8% in 1999. The decline is due in part to an avalanche of new listings that tilts the population of publicly traded firms toward small firms with low profitability and strong growth opportunities,the timeworn characteristics of firms that typically do not pay dividends. But this is not the whole story. The authors' more striking finding is that, no matter what their characteristics, firms in general have become less likely to pay dividends. The authors use two different methods to disentangle the effects of changing firm characteristics and changing propensity to pay on the percent of dividend payers. They find that, of the total decline in the proportion of dividend payers since 1978, roughly one-third is due to the changing characteristics of publicly traded firms and two-thirds is due to a reduced propensity to pay dividends. This lower propensity to pay is quite general,dividends have become less common among even large, profitable firms. Share repurchases jump in the 1980s, and the authors investigate whether repurchases contribute to the declining incidence of dividend payments. It turns out that repurchases are mainly the province of dividend payers, thus leaving the decline in the percent of payers largely unexplained. Instead, the primary effect of repurchases is to increase the already high payouts of cash dividend payers. [source] Relative in vitro efficacy of the phosphate binders lanthanum carbonate and sevelamer hydrochlorideJOURNAL OF PHARMACEUTICAL SCIENCES, Issue 10 2007Valerie Autissier Abstract The high tablet burden and poor compliance associated with phosphate-binding drugs has led to a search for more potent agents. In vitro -binding studies were performed on the recently introduced binder, lanthanum carbonate (LC; Fosrenol®), to compare its phosphate-binding affinity with sevelamer hydrochloride (SH; RenagelÔ). Langmuir equilibrium binding affinities (K1) for LC and SH were established using different phosphorus (5,100 mM) and binder (134,670 mg per 50 mL) concentrations at pH 3,7, with or without salts of bile acids present (30 mM). At all pH levels, LC had a higher binding affinity for phosphate than SH. For LC, K1 was 6.1,±,1.0 mM,1 and was independent of pH. For SH, K1 was pH dependent, being 1.5,±,0.8 mM,1 at pH 5,7 and 0.025,±,0.002 mM,1 at pH 3, that is, >200 times lower than for LC. In the presence of 30 mM bile salts, SH lost 50% of its phosphate, whereas no displacement of phosphate occurred for LC. These findings indicate that LC binds phosphate more effectively than SH across the pH range encountered in the gastrointestinal tract, and has a lower propensity for bound phosphate to be displaced by competing anions in the intestine. © 2007 Wiley-Liss, Inc. and the American Pharmacists Association J Pharm Sci 96: 2818,2827, 2007 [source] Attitudes towards the doctor,patient relationship: a prospective study in an Asian medical schoolMEDICAL EDUCATION, Issue 11 2008Kheng Hock Lee Context, Patient-centredness is an accepted guiding principle for health system reform, patient care and medical education. Although these attitudes are strongly linked with cultural values, few studies have examined attitudes towards patient-centredness in a cross-cultural setting. Objectives, This prospective study evaluated attitudes towards patient-centredness in a cohort of Asian medical students and examined changes in these attitudes in the same students on completion of their junior clinical clerkships. Methods, The study was conducted in a cohort of 228 medical students entering Year 3 in medical school. The Patient,Practitioner Orientation Scale (PPOS), a validated instrument which scores an individual's level of patient-centredness, was used. Results, Being female and having personal experience of continuing care were significantly associated with higher scores. Students in the USA were previously reported to have similar ,caring' but higher ,sharing' scores on the same scale. At the end of the junior clinical clerkship, there were improvements in the ,caring' subscale, but no change or a reduction in ,sharing'. Students who did not have previous personal experience with continuing care experienced a greater increase in overall PPOS score. Conclusions, When compared with students in the USA, the students in our study appear to have a lower propensity to view the doctor,patient relationship as a partnership. This may be a reflection of differences in cultural norms and expectations of doctor,patient interaction in different societies. Our finding that attitudes towards patient-centredness did not decline over the course of the year, which contrasts with findings of other studies, may be attributed to various factors and warrants further study. [source] | ||||||||||