Comparing dividend puzzle solutions by Polish, Canadian, Norwegian and American executives

This study compares firms' dividend policy antecedents in four countries. The author surveys managers of 230 companies listed on the Warsaw Stock Exchange that paid dividends over the 2001-12 period and compares the findings to survey reports from the USA, Canada, and Norway. The main antecedents of dividend policy in these countries are the level of current earnings, their stability over time, the level of expected earnings and the pattern of past dividends. The last factor is of little importance for Polish managers, as the history of dividend payouts in Polish-listed companies is brief. The establishment of factors that shape the dividend policy in public companies has crucial importance in global financial markets. Investors make cash transfers to markets that ensure a high return on invested capital. Orders from foreign investors generate almost 50% of the turnover on the Warsaw Stock Exchange. Therefore, in their decisions on the division of earnings, Polish companies should be guided by similar considerations as those displayed by companies in developed economies that seek to attract foreign investors. The study expands on the existing survey research on dividends and provides new evidence from managers of companies in Poland

Strategic Partnership in the Shadow of History

The article analyses selected problems in the implementation of the Polish-Ukrainian strategic partnership assumptions. The aspects of bilateral relations that undoubtedly made it difficult to engage in a constructive dialogue in the 21st century, were outlined. It was also pointed out that the implementation of foreign policy assumptions in both countries is often the result of a historical politics and a mythologized image of a neighbouring country. In addition, putting the historical discourse over political, economic and social took part in the events. Kwaśniewski recalled then “the bravery and merits of those soldiers problems may result in lowering the standards of democracy, and the expectation from the other side to accept a specific vision of the past may indicate that politicians are focused on domestic politics at the expense of the country’s position on the international arena

Bounds on the complex permittivity of matrix-particle composites

Journal ArticleThe complex effective dielectric constant E* of matrix-particle composites is considered. Such composites consist of separated inclusions of material of type one embedded in a matrix of material of type two. The analytic continuation method is used to derive a series of bounds which incorporate a nonpercolation assumption about the inclusions. The key step in obtaining these improved bounds is to observe that the nonpercolation assumption restricts the support of the measure in the integral representation for E* (0. Bruno, Proc. R. Soc. London A 433, 353 (1991)). The further the separation of the inclusions, the tighter the restriction on the support. The new bounds are applied to sea ice, which is assumed to consist of a pure ice matrix with random brine inclusions. Using experimental measurements of the average size and separation of the brine pockets, end points of the support of the measure can be determined, and subsequently used to find the allowed range of values of the effective dielectric constant of sea ice. The new bounds are compared with experimental data taken at 4.75 GHz, and exhibit significant improvement over previous fixed volume fraction and Hashin-Shtrikman bounds

Uncertainty in hydrological signatures for gauged and ungauged catchments

Reliable information about hydrological behavior is needed for water‐resource management and scientific investigations. Hydrological signatures quantify catchment behavior as index values, and can be predicted for ungauged catchments using a regionalization procedure. The prediction reliability is affected by data uncertainties for the gauged catchments used in prediction and by uncertainties in the regionalization procedure. We quantified signature uncertainty stemming from discharge data uncertainty for 43 UK catchments and propagated these uncertainties in signature regionalization, while accounting for regionalization uncertainty with a weighted‐pooling‐group approach. Discharge uncertainty was estimated using Monte Carlo sampling of multiple feasible rating curves. For each sampled rating curve, a discharge time series was calculated and used in deriving the gauged signature uncertainty distribution. We found that the gauged uncertainty varied with signature type, local measurement conditions and catchment behavior, with the highest uncertainties (median relative uncertainty ±30–40% across all catchments) for signatures measuring high‐ and low‐flow magnitude and dynamics. Our regionalization method allowed assessing the role and relative magnitudes of the gauged and regionalized uncertainty sources in shaping the signature uncertainty distributions predicted for catchments treated as ungauged. We found that (1) if the gauged uncertainties were neglected there was a clear risk of overconditioning the regionalization inference, e.g., by attributing catchment differences resulting from gauged uncertainty to differences in catchment behavior, and (2) uncertainty in the regionalization results was lower for signatures measuring flow distribution (e.g., mean flow) than flow dynamics (e.g., autocorrelation), and for average flows (and then high flows) compared to low flows.Key Points:We quantify impact of data uncertainty on signatures and their regionalizationMedian signature uncertainty ±10–40%, and highly variable across catchmentsNeglecting gauging uncertainty causes overconditioning of regionalizationPeer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/137249/1/wrcr21917-sup-0001-2015WR017635-s01.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/137249/2/wrcr21917.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/137249/3/wrcr21917_am.pd

Hypersurfaces in spaces of constant curvature satisfying a particular Roter type equation

We investigate hypersurfaces M isometrically immersed in an (n+1)-dimensional semi-Riemannian space of constant curvature, n > 3, such that the operator A^3, where A is the shape operator of M, is a linear combination of the operators A^2 and A and the identity operator Id. The main result states that on the set U of all points of M at which the square of the Ricci operator of M is not a linear combination of the Ricci operator and the identity operator, the Riemann-Christoffel curvature tensor R of M is a linear combination of some Kulkarni-Nomizu products formed by the metric tensor g, the Ricci tensor S and the tensor S^2 of M, i.e., the tensor R satisfies on U some Roter type equation. Moreover, the (0,4)-tensor R.S is on U a linear combination of some Tachibana tensors formed by the tensors g, S and S^2. In particular, if M is a hypersurface isometrically immersed in the (n+1)-dimensional Riemannian space of constant curvature, n > 3, with three distinct principal curvatures and the Ricci operator with three distinct eigenvalues then the Riemann-Christoffel curvature tensor R of M also satisfies a Roter type equation of this kind.Comment: arXiv admin note: text overlap with arXiv:1911.0248

Sueños de libertad : comunicación, cumbia y cuerpos para la disputa de sentidos al encierro

Este trabajo tiene como objetivo explorar y reflexionar sobre las configuraciones de sentidos que propician las prácticas educativas y culturales en contextos de encierro a partir de la experiencia del taller de música: “Sueños de Libertad”, realizado entre 2017 y 2019 en la Unidad Penitenciaria Nº3 de Rosario. Mediante la estrategia de indagación cualitativa busca comprender cómo opera la producción de sentido en las subjetividades y en los cuerpos de los participantes, tanto en los procesos singulares como colectivos, para dar cuenta del campo simbólico que abre. A partir de sistematizar la experiencia de “Sueños de Libertad”, historizando sus comienzos desde una perspectiva genealógica, busca analizar el poder performativo de la música, particularmente de la cumbia, en los procesos sociales. Como así también, generar preguntas que permitan interpelar-nos sobre el sentido y rol de la Universidad Pública, a los fines de problematizar los modos de intervención y producción de conocimiento. Partiendo desde una perspectiva de Derechos, la justicia cultural es un concepto necesario para comprender y abordar los escenarios de imposibilidad que establece el sistema penal.Fil: Sawicz, Micaela. Universidad Nacional de Rosario. Facultad de Ciencia Política y Relaciones Internacionales. Escuela de Comunicación Social; Argentina

Identifying streamgage networks for maximizing the effectiveness of regional water balance modeling

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/98795/1/wrcr20233.pd