Entropy balancing is introduced to assess the deposit insurance design characteristics in this paper. Applying an extensive duration data including 141 countries from 1960 to 2015, the authors employ the entropy balan...Entropy balancing is introduced to assess the deposit insurance design characteristics in this paper. Applying an extensive duration data including 141 countries from 1960 to 2015, the authors employ the entropy balancing method to simulate the data structure under the implicit deposit insurance system. Then the paper adopts an endogenous treatment effects model and a Heckman two-step selection model to examine payouts choice of the deposit insurance. It is found that entropy balancing can calibrate unit weights and reweight treatment and control groups by a maximum entropy scheme.Thus, a possibly given conditions will be satisfied and information concerning sample moments will be integrated. The results show clearly that different payouts choice and the corresponding coverage setting can effectively reduce the moral hazards that may result from the introduction of a deposit insurance scheme. When the Payouts is Per Depositor Account or Per Depositor, the banks’ moral hazard is higher. However, the payment method of Per Depositor Per Institution can effectively restrain the banks’ risk-taking activities.展开更多
Flexible segment model （FSM） is adopted for the dynamics calculation of marine cable being laid. In FSM, the cable is divided into a number of flexible segments, and nonlinear governing equations are listed accordin...Flexible segment model （FSM） is adopted for the dynamics calculation of marine cable being laid. In FSM, the cable is divided into a number of flexible segments, and nonlinear governing equations are listed according to the moment equilibriums of the segments. Linearization iteration scheme is employed to obtain the numerical solution for the governing equations. For the cable being laid, the payout rate is calculated from the velocities of all segments. The numerical results are shown of the dynamic motion and tension of marine cables being laid during velocity change of the mother vessels.展开更多
This study examined the modeling correlation between shareholders dividend and corporate performance in Nigeria.The study employed the ex post-facto research design.To obtain answers on the research questions and to t...This study examined the modeling correlation between shareholders dividend and corporate performance in Nigeria.The study employed the ex post-facto research design.To obtain answers on the research questions and to test the hypotheses formulated,data were obtained from annual reports of companies listed on the floor of the Nigeria Stock Exchange(NSE)that disclosed a comparative statement for the period of 2010 to 2016.The data collected were analyzed using descriptive statistics.Specifically,simple regression analysis and paired sample t-test statistics were used to analyze the data.The results showed that there is no significant correlation between shareholders dividend payout and the explanatory variables in the model.These results taken as a whole indicate that banks pay dividend in Nigeria with the intention of reducing the agency conflict and maintaining firms'reputation.The study recommended that since the payment of dividend indicates the firm having a good earnings capacity,management should maintain a steady increase in earnings,cash flow,and dividend payment and establish a dividend policy that can be acceptable by various stakeholders.展开更多
The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to ...The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to support a policy of increasing dividend payouts during a financial crisis; （2） Overall firms increasing dividend payouts are also engaged in stock repurchases; （3） Firms choosing to increase cash dividend payouts seem to have low opportunity costs, that is, they do not have as many exercisable stock options that they may need in the face of possible future redemptions; and （4） During a financial crisis, the aforementioned trade-off between exercisable stock options and increased dividend payouts would peak, as the stock price slides to where it could be expected to V-bound and then became moderate when stock price recovered. The abovementioned findings are consistent with the ＂silver- lining＂ hypothesis which the authors proffer to suggest that the storm of economic bad times often creates circumstances that influence dividend payout strategies for firms traded on exchanges in the United States, and different dividend payout strategies may be strategically elected to reveal to the market participants a silver-lining in the cloud of bad times.展开更多
Payout policy constitutes one of the most important corporate financial decisions since dividends are essential factors in determining a firm’s value.A dividend announcement generates a market signal which translates...Payout policy constitutes one of the most important corporate financial decisions since dividends are essential factors in determining a firm’s value.A dividend announcement generates a market signal which translates into changes in stock returns,impacting short-term price fluctuations and producing abnormal returns.The sample consists of 394 companies listed on the S&P500 index,from which 1574 dividend announcements and 7222 news items are derived during the years 2022–2023.News pieces are obtained from 58 specialized sources,and ChatGPT is used to automate the sentiment extracted from them.Using sentiment analysis,this paper shows the key role played by sentiments derived from financial news posted just after dividend announcements in predicting market reaction and helping investors to select optimal investment strategies.This paper contributes to the current literature,highlighting the influence that sentiments have on determining stock market returns.展开更多
基金supported by the National Natural Science Foundation of China under Grant Nos.71373017and 70973007
文摘Entropy balancing is introduced to assess the deposit insurance design characteristics in this paper. Applying an extensive duration data including 141 countries from 1960 to 2015, the authors employ the entropy balancing method to simulate the data structure under the implicit deposit insurance system. Then the paper adopts an endogenous treatment effects model and a Heckman two-step selection model to examine payouts choice of the deposit insurance. It is found that entropy balancing can calibrate unit weights and reweight treatment and control groups by a maximum entropy scheme.Thus, a possibly given conditions will be satisfied and information concerning sample moments will be integrated. The results show clearly that different payouts choice and the corresponding coverage setting can effectively reduce the moral hazards that may result from the introduction of a deposit insurance scheme. When the Payouts is Per Depositor Account or Per Depositor, the banks’ moral hazard is higher. However, the payment method of Per Depositor Per Institution can effectively restrain the banks’ risk-taking activities.
基金supported by the National Natural Science Foundation of China(Grant Nos.51009092 and 51279107)Doctoral Foundation of Education Ministry of China(Grant No.20090073120013)Scientific Research Foundation of State Education Ministry for the Returned Overseas Chinese Scholars
文摘Flexible segment model （FSM） is adopted for the dynamics calculation of marine cable being laid. In FSM, the cable is divided into a number of flexible segments, and nonlinear governing equations are listed according to the moment equilibriums of the segments. Linearization iteration scheme is employed to obtain the numerical solution for the governing equations. For the cable being laid, the payout rate is calculated from the velocities of all segments. The numerical results are shown of the dynamic motion and tension of marine cables being laid during velocity change of the mother vessels.
文摘This study examined the modeling correlation between shareholders dividend and corporate performance in Nigeria.The study employed the ex post-facto research design.To obtain answers on the research questions and to test the hypotheses formulated,data were obtained from annual reports of companies listed on the floor of the Nigeria Stock Exchange(NSE)that disclosed a comparative statement for the period of 2010 to 2016.The data collected were analyzed using descriptive statistics.Specifically,simple regression analysis and paired sample t-test statistics were used to analyze the data.The results showed that there is no significant correlation between shareholders dividend payout and the explanatory variables in the model.These results taken as a whole indicate that banks pay dividend in Nigeria with the intention of reducing the agency conflict and maintaining firms'reputation.The study recommended that since the payment of dividend indicates the firm having a good earnings capacity,management should maintain a steady increase in earnings,cash flow,and dividend payment and establish a dividend policy that can be acceptable by various stakeholders.
文摘The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to support a policy of increasing dividend payouts during a financial crisis; （2） Overall firms increasing dividend payouts are also engaged in stock repurchases; （3） Firms choosing to increase cash dividend payouts seem to have low opportunity costs, that is, they do not have as many exercisable stock options that they may need in the face of possible future redemptions; and （4） During a financial crisis, the aforementioned trade-off between exercisable stock options and increased dividend payouts would peak, as the stock price slides to where it could be expected to V-bound and then became moderate when stock price recovered. The abovementioned findings are consistent with the ＂silver- lining＂ hypothesis which the authors proffer to suggest that the storm of economic bad times often creates circumstances that influence dividend payout strategies for firms traded on exchanges in the United States, and different dividend payout strategies may be strategically elected to reveal to the market participants a silver-lining in the cloud of bad times.
文摘Payout policy constitutes one of the most important corporate financial decisions since dividends are essential factors in determining a firm’s value.A dividend announcement generates a market signal which translates into changes in stock returns,impacting short-term price fluctuations and producing abnormal returns.The sample consists of 394 companies listed on the S&P500 index,from which 1574 dividend announcements and 7222 news items are derived during the years 2022–2023.News pieces are obtained from 58 specialized sources,and ChatGPT is used to automate the sentiment extracted from them.Using sentiment analysis,this paper shows the key role played by sentiments derived from financial news posted just after dividend announcements in predicting market reaction and helping investors to select optimal investment strategies.This paper contributes to the current literature,highlighting the influence that sentiments have on determining stock market returns.
