Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Three contemporary Philadelphians find themselves and their careers on thin ice when they are brought together in a drama of pursuit for power and status. Chris Keller, a high profile public relations executive, who after a near fatal auto accident must come to terms with his alcoholism and a life changing decision he struggles to make. Self-centered MaryJo Winston, acting CEO of a prominent center city PR firm, is in denial of her growing cocaine addiction which began during an early relationship with her lover, Carmen DeAngelo, a Philadelphia criminal defense lawyer and son of a past mob don and powerful South Philly Democrat. When the Ice Melts delves into the souls of Chris, MaryJo and Carmen and the bittersweet twists and turns of their lives amidst Philadelphia politics and the eventual game changing event on Interstate 95.
This updated Ninth Edition of Accounting Theory: Conceptual Issues in a Political and Economic Environment continues to be one of the most relevant and comprehensive texts on accounting theory. Authors Harry I. Wolk, James L. Dodd, John J. Rozycki provide a critical overview of accounting as a whole as well as touch on the financial issues in economic and political contexts, providing readers with an applied understanding of how current United States accounting standards were derived and where we might be headed in the future. Readers will find learning tools such as questions, cases, problems and writing assignments to solidify their understanding of accounting theory and gain new insights into this evolving field.
In Forensics III: They Got Fifteen Minutes of Fame from the Way They Died, I reviewed twenty-eight ordinary people who were thrust into the spotlight, gaining fame not for their talents or accomplishments while living, but for the way they died. Newspaper and magazine articles ensured that stories of the circumstances surrounding their deaths remained in the public eye, so that, as Andy Warhol had predicted, their fame would last at least fifteen minutes. In some cases, it lasted much longer. While these individuals may have been “ordinary” before they died, they became extraordinary after death. Some of the people I reviewed in Forensics III: They Got Fifteen Minutes of Fame from the Way They Died include the “Boy in the Box,” later identified as Joseph Zarelli, who died from blunt force trauma; Azaria Chamberlain, a nine-week old infant who was killed by a dingo at Ayers Rock in Australia; George Floyd, whose death resulted from police brutality; Ron Goldman and Nicole Brown Simpson, who were stabbed to death; Elisa Lam, who drowned in a water tank on the roof of her hotel; Michael Faherty, whose death in Ireland was attributed to spontaneous human combustion; Katherine Morris, who died from carbon monoxide poisoning due to charcoal grilling in an automobile; Carlos Sousa, who was mauled to death by a tiger; Sahel Kazemi and Steve McNair, who committed murder-suicide; and Jayne and Corinne Peters, whose death was due to filicide-suicide, among many others. Forensics III: They Got Fifteen Minutes of Fame from the Way They Died reads like a mystery novel, presenting biographical and scientific information that helps readers understand how medical examiners and coroners utilized forensic analysis to determine the causes and manners of death of twenty-eight “not-so-famous” people.
What you must know to protect yourself today The digital technology explosion has blown everything to bits—and the blast has provided new challenges and opportunities. This second edition of Blown to Bits delivers the knowledge you need to take greater control of your information environment and thrive in a world that's coming whether you like it or not. Straight from internationally respected Harvard/MIT experts, this plain-English bestseller has been fully revised for the latest controversies over social media, “fake news,” big data, cyberthreats, privacy, artificial intelligence and machine learning, self-driving cars, the Internet of Things, and much more. • Discover who owns all that data about you—and what they can infer from it • Learn to challenge algorithmic decisions • See how close you can get to sending truly secure messages • Decide whether you really want always-on cameras and microphones • Explore the realities of Internet free speech • Protect yourself against out-of-control technologies (and the powerful organizations that wield them) You'll find clear explanations, practical examples, and real insight into what digital tech means to you—as an individual, and as a citizen.
The riveting, emotional sequel to the best-selling Could I Have This Dance?Claire McCall, M.D., is haunted by the question: Does she have the gene for Huntington’s Disease, the disease that disabled her father? This exciting sequel picks up with Claire moving back to Stoney Creek to work as a family physician and help her mother care for her disabled father. She rekindles her relationship with John Serelli and—just before she’s going to find out if she carries the HD gene—discovers an engagement ring hidden in his car. When John fails to “pop the question” before learning the results of the test, Claire believes he is only interested in marrying her if she does not have the HD gene. She runs away from him without learning the results of the test, or the strength of his love.Claire copes with her romantic disappointment by plunging into her work. But a brutal rapist attacks three of Claire’s patients, just as each young woman is recovering from a recent accident or surgery. When Claire has surgery for appendicitis, she herself is attacked. Only her trust in God can keep Claire safe.
Written and edited by international leaders in the field, this book has, through two best-selling editions, been the place to turn for authoritative answers to your toughest challenges in clinical immunology. Now in full color and one single volume, the 3rd Edition brings you the very latest immunology knowledge - so you can offer your patients the best possible care. The user-friendly book and the fully searchable companion web site give you two ways to find the answers you need quickly...and regular online updates keep you absolutely current. Leading international experts equip you with peerless advice and global best practices to enhance your diagnosis and management of a full range of immunologic problems. A highly clinical focus and an extremely practical organization expedite access to the answers you need in your daily practice. Cutting-edge coverage of the human genome project, immune-modifier drugs, and many other vital updates keeps you at the forefront of your field. A new organization places scientific and clinical material side by side, to simplify your research and highlight the clinical relevance of the topics covered. A multimedia format allows you to find information conveniently, both inside the exceptionally user-friendly book and at the fully searchable companion web site. Regular updates online ensure that you'll always have the latest knowledge at your fingertips. Includes many new and improved illustrations and four color design. Your purchase entitles you to access the web site until the next edition is published, or until the current edition is no longer offered for sale by Elsevier, whichever occurs first. If the next edition is published less than one year after your purchase, you will be entitled to online access for one year from your date of purchase. Elsevier reserves the right to offer a suitable replacement product (such as a downloadable or CD-ROM-based electronic version) should access to the web site be discontinued.
Critical Race Theory, like most ideologies before it, promises an earthly paradise premised on ceaseless revolution, but instead of delivering on this promise, it produces a terrestrial hell echoing the inner nihilism of modern life. Contemporary social justice movements, just like progressivism, the New Deal, and post-Civil War Southern Democrats, place Westerners in bondage rather than delivering on the promise of unlimited freedom. Requiem for Reality responds to the widening pendulum shifts of our age. These developments consume and incense the nation. These shifts offer a bewildering set of claims grounded in the presumption that race and other forms of human identity explain all forms of disparity and inequality. Against such claims, it is crucial to distinguish between a development narrative and a bias narrative for the purpose of explaining ethnic disparity. The development narrative is grounded in data that often deliver unwelcome facts. The facts show that Asian Americans, as well as West Indian blacks, often do better than white Americans in schooling, per capita income, and crime rates. Indeed, Syrian Americans, Korean Americans, Indonesian Americans, Taiwanese Americans, and Filipino Americans experience significantly higher median household incomes than whites and higher test scores, lower incarceration rates, and longer life expectancies. Oblivious to such facts, the bias narrative, on the other hand, grounds itself in the “white privilege” thesis suggesting that only race matters. Surfacing from the toxic pit of ideology, the bias narrative emphasizes the racist claim that African Americans are the only ethnic group in the world who cannot succeed under less-than-ideal conditions. Separated from important facts, this narrative often substitutes absolute Neo-pagan certainties originating in a make-believe world for commonplace notions of truth and reality. As such, the “white privilege” thesis, rather than improving the conditions of African Americans and others, offers a utopian dream that threatens to become a national nightmare. The urgent pursuit of utopia reflects trends that are largely anthropological, sociological, and more spiritual than political. Responding to these developments, which have given rise to victimhood claims within gender and transgender categories will require more than argumentation, rational analysis, superior logic, or even the inauguration of a Hanging Judge. It will require courage because otherwise, Chairman Mao’s forecast, stating that there is a great disorder under heaven and the situation is excellent, may come true here just like it has already come true for China.
A prominent pediatric surgeon is hungry for a political appointment. A powerful pharmaceutical company president is helping him to further her own dangerous agenda. Can anyone stop them? This gripping story raises serious spiritual and ethical questions and explores how far some people will go in the name of science.
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US multinationals, we find that thin capitalization rules significantly affect multinational firm capital structure. Specifically, restrictions on an affiliate’s debt-to-assets ratio reduce this ratio on average by 1.9%, while restrictions on an affiliate’s borrowing from the parent-to-equity ratio reduce this ratio by 6.3%. Also, restrictions on borrowing from the parent reduce the affiliate’s debt-to-assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the overall indebtedness of affiliate firms. The impact of capitalization rules on affiliate leverage is higher if their application is automatic rather than discretionary. Furthermore, thin capitalization regimes have aggregate firm effects: they reduce the firm’s aggregate interest expense but lower firm valuation. Overall, our results show than thin capitalization rules, which thus far have been understudied, have a substantial effect on the capital structure within multinational firms, with implications for the firm’s market valuation.
Keep abreast of the latest advances in this complex field with the 5th Edition of Clinical Immunology: Principles and Practice. This substantially revised edition by Drs. Robert R. Rich, Thomas A. Fleisher, William T. Shearer, Harry W. Schroeder, Jr., Anthony J. Frew, and Cornelia M. Weyand, offers authoritative guidance from some of the most respected global leaders in immunology, helping you navigate today’s latest knowledge and evidence-based practices that result in improved patient care. This trusted resource features sweeping content updates, rewritten chapters, a highly clinical perspective, and an easy-to-use organization designed to enhance your diagnosis and management skills in daily practice. User-friendly format features color-coded boxes highlighting critical information on Key Concepts, Clinical Pearls, Clinical Relevance, and Therapeutic Principles. Includes new chapters on the Microbiota in Immunity and Inflammation, Immune Responses to Fungi, and Genetics and Genomics of Immune Response. Features extensive revisions to many chapters, including the Major Histocompatibility Complex, Multiple Sclerosis, Diabetes and Related Autoimmune Diseases, Biologic Modifiers of Inflammation and Tumor Immunotherapy. Covers hot topics such as the role of genetics and genomics in immune response and immunologic disease, atherosclerosis, recurrent fever syndromes, aging and deficiencies of innate immunity, the role of microbiota in normal immune system development and the pathogenesis of immunologic and inflammatory diseases, and novel therapeutics. Addresses notable advances in key areas such as the importance of the microbiota to normal immune system development and to the pathogenesis of immunologic and inflammatory diseases; relationships between the innate and adaptive immune systems; progress in rapid and cost-effective genomics; cell signaling pathways and the structure of cell-surface molecules; and many more. Summarizes promising research and development anticipated over the next 5-10 years with "On the Horizon" boxes and discussion of translational research. Includes new multiple choice questions in every chapter online, ideal for allergists and rheumatologists seeking certification or recertification in these subspecialties. Expert ConsultTM eBook version included with purchase. This enhanced eBook experience allows you to search all of the text, figures, and references from the book on a variety of devices.
Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
This is a parable about an African American male who grew up on the Eastern Shore of Maryland, basically poor but relatively happy like so many of his peers who played and worked together while dreaming lofty dreams of making a better life for ourselves. Through learning to have faith in God and the proper guidance from family, the church, teachers and a community that expected high achievements from the youth of that community, the die had been cast. Dr. Cartwright was able to develop a huge desire to be the best that he could be and to live a righteous and prosperous life despite his humble beginnings. In this book he used many Biblical principles to remind the public of the living Word in hopes of lifting others up in their daily struggles to succeed. He has unselfishly opened himself up to scrutiny by revealing some of his own darkest moments and how he was able to overcome, hoping to illuminate a path of self redemption and grace that is available to us all.
Frank Higgins, John Sornberger, and Al Channer were men sent by God to the Northwoods to reach out to the course and hard lumberjacks across Minnesota, Wisconsin, and Michigan, for whom no spiritual work had ever been done before.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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