Miracle-dz/UniFAR-FTUs huggingface dataset:
Effect of Dividend Payout on Market Value of Listed Banks in Kenya

The behaviour of dividend policy is one of the most debatable issues in corporate finance literature and still keeps its prominent place both in developed and emerging markets. Many researchers have tried to uncover the issue regarding dividend behavior or dynamics and determinants of dividend policy but we still do not have an acceptable explanation for the observed dividend behavior of firms. This study sought to establish the effects of dividend payout on market value among listed banks in Kenya. The general objective of this study was to establish the effects of dividend payout on market value among listed banks in Kenya. The study specifically sought to determine whether capital structure, corporate earnings, dividend payout ratio and capital market investments have any effect on market value among listed banks in Kenya. The study adopted descriptive research design. The target population was all the 10 listed banks in Kenya as at December 2010. All the ten banks listed at the period of study were involved in the study. A census survey was adopted as its sampling design. The study used both secondary and primary data. The secondary data was obtained from Nairobi Securities Exchange for the period between 2006 and 2010 while the primary data was collected from senior finance officials through an interview schedule. There was a 70% response rate from the primary data sources. Data collected was analyzed using both descriptive and inferential statistics. Data analysis was done with the aid of Statistical Package for Social Sciences software. The study found a significant and positive relationship between market value and capital structure, corporate earnings, dividend payout ratio and capital market investments in most of the years. It therefore concludes that the dividend policy adopted has a significant impact on market value of banks. The study concludes that there is a relationship between capital structure and market value among listed banking companies in Kenya. The study recommends that commercials banks should consider their profitability, pattern of past dividends, investment opportunities, and capital ownership structure, shareholder’s expectations, tax position of shareholders and access to capital markets in designing a dividend policy. The study also recommends that banks should consider the financial needs of the firms when designing the dividend payout policy.
Underwater observations on the swimming of marine zooplankton

Many experiments have been made in the laboratory by different workers to study the swimming behaviour of plankton animals in relation to light and other factors. At the present time the special apparatus described by Hardy & Bainbridge (1951) is being used for a study of vertical migration, and other experimental work on the inter-relationships of zooplankton and phyto-plankton (Bainbridge, 1949) is also in progress. Both this type of work and current theories (see Cushing, 1951) on the migrations of zooplankton make it of some consequence to learn the actual nature of the movements of these animals in the sea itself; and it is of special importance to compare their swimming behaviour in the different types of apparatus with their behaviour in the sea.
Feynman amplitudes and limits of heights

We investigate from a mathematical perspective how Feynman amplitudes appear in the low-energy limit of string amplitudes. In this paper, we prove the convergence of the integrands. We derive this from results describing the asymptotic behaviour of the height pairing between degree-zero divisors, as a family of curves degenerates. These are obtained by means of the nilpotent orbit theorem in Hodge theory.
How did farmers act? An ex-post validation of normative and positive mathematical programming for an agent-based sector model

This study evaluates normative (NMP) and positive (PMP) mathematical programming methods for the recursive dynamic agent-based sector model SWISSland, which determines production decisions for 3400 farm-level models for the ex-post period 2005 to 2012. This study clearly shows that PMP for crop production activities improves the forecasting performance of farm based agent-based models compared to NMP. It also shows that combining PMP and NMP could be a suitable approach for agent-based sector models. For short-term forecast PMP for all production activities and PMP combined with NMP lead to similar results. The results either show that PMP calibration based on revenues and PMP calibration based on the entropy approach lead to similar results. By combining PMP with NMP some limitations of PMP could be reduced. In branches where the adoption of new production activities is expected due to market, the NMP approach could be an appropriate solution.
TRANSITION FROM JUVENILE TO MATURE WOOD IN BLACK SPRUCE (PICEA MARIANA (MILL.) B.S.P.)

The radial patterns of several intra-ring traits in increment cores of black spruce (Picea mariana (Mill.) B.S.P.) plantation trees were modeled with polynomials to characterize their trends and to estimate the transition age from juvenile to mature wood. Wood density, ring width, latewood density, and latewood proportion were obtained by X-ray densitometry. Average radial trends were similar to those reported earlier in Picea species. For all traits measured, significant differences were found among diameter classes. Thus, the juvenile wood production period varies with growth rate. In addition, transition age for a given diameter class varies, depending on trait. Hence, transition age needs to be defined more precisely, basing it on biological processes.
Which are the risk factors in the pricing of Personal Pension Plans in Spain

The aim of this paper is to analyse if the Arbirtrage Pricing Theory or the model suggested by Chen, Roll and Ross (1986) can efficiently explain the variability of the cross-sectional returns on the Personal Pension Plans in Spain between 1995-2003, as well as to find their sources of risks. To test both models we have followed the traditional two-step cross-sectional regressions by Fama and MacBeth (1973). The results of our analysis show two significant risk factors derived from the fixed-income market: non-anticipated changes in the interest rate term structure and the default risk premium.
Observer Based Residual Generator for Nonlinear Uncertain Systems

Robust Observer Based Residual Generator (ROBRG) for uncertain Takagi-Sugeno (T-S) models with multi-objective requirements is investigated. Indeed a sensor fault detection observer based residual generator is synthesized with a guaranteed performance to attenuate the external disturbances effect from one side and to maximize the residual sensitivity to faults from the other side. To achieve this end, a descriptor design approach is adopted. Then, using Lyapunov method Linear Matrix Inequality (LMI) stabilization conditions are derived. An example is proposed to show the efficiency of the suggested observer.
Port-wine stains and Sturge-Weber syndrome: comparison of risk stratification models

Author(s): Weinkle, Allison | Abstract: Controversy exists over the management strategy of pediatric patients with facial port wine stains (PWS) referred to pediatric dermatologists. A unifying and clinically manageable guideline recommending neuroimaging and ophthalmological screening for select patients with facial PWS enables potential prophylactic management in appropriate candidates while confidently minimizing the concerns of patients without risk. Recent attempts have been made to enhance the strength of risk prediction by identifying PWS distributions with new topographic maps and unique high risk areas.1,2 The primary aim of this study was to compare multiple proposed “high risk” areas of facial PWS used as potential screening tools for identifying patients at risk of developing Sturge-Weber Syndrome (SWS). This data encourages further research to support a unified dermatological model used to guide management of young pediatric patients who present with asymptomatic facial PWS.
Volatility in the transition markets of Central Europe

This study adds evidence from the four emerging markets of Central Europe relevant to the econometric modelling of financial time series by modelling volatility in these markets. The sample has all the previously documented characteristics of the unconditional distribution of stock returns normally used to justify the use of the GARCH class of models of conditional volatility. Both univariate and multivariate models are considered. Strong GARCH effects are apparent in all series examined. The estimates of asymmetric models of conditional volatility show rather weak evidence of asymmetries in the markets. The results of the multivariate specifications of volatility have implication for understanding the pattern of information flow between the markets. The constant correlation specification indicates significant conditional correlations between two pairs of countries: Hungary and Poland, and Hungary and Czech Republic. The BEKK model of multivariate volatility shows evidence of return volatility spillovers from Hungary to Poland, but no volatility spillover effects are found in the opposite direction.
Interannual, Seasonal, and Diurnal Variations in Vertical and Horizontal Distribution Patterns of 6 Oithona spp. (Copepoda: Cyclopoida) in the South China Sea

Jiang-Shiou Hwang, Ram Kumar, Hans-Uwe Dahms, Li-Chun Tseng, Qing-Chao Chen (2010) Interannual, seasonal, and diurnal variations in vertical and horizontal distribution patterns of 6 Oithona spp. (Copepoda: Cyclopoida) in the South China Sea. Zoological Studies 49(2): 220-229. Temporal changes in abundance and distribution patterns of cyclopoid copepods belonging to the genus Oithona were analyzed from a 3 yr survey in the South China Sea comprising 9 sampling cruises, during spring, summer, and autumn of 2000-2002. Plankton samples were collected by oblique tows of a North Pacific zooplankton net of 100 mu m mesh size including 3 different depth strata (50-0, 100-0, and 150-0 m) and provide the 1st multiscale depth study for an assemblage of Oithona spp. worldwide. The mean occurrence rate of Oithona spp. was > 85% with an average density of 45.86 +/- 206.97 individuals (ind.)/m(3). Among the 6 most abundant species, including O. attenuata, O. setigera, O. fallax, O. similis, O. rigida, and O. brevicornis, O. attenuata was dominant, with an average density of 45.9 +/- 133.61 ind. /m(3) (with an occurrence ratio of 47.59%) throughout the study, followed by O. setigera with an average abundance of 9.49 +/- 34.11 ind. /m(3). The average densities of these 2 highly abundant species were higher in samples collected from 100-0 and 150-0 m depths than those from surface samples. The intermediate-sized oceanic warm-water species, O. setigera, was most abundant during 2000 and 2001. During 2002, the smaller (< 1000 mu m) species, O. attenuata, became dominant. The occurrence rate of O. attenuata was higher at coastal stations than at offshore stations, whereas O. setigera showed no significant differences in occurrence between coastal and oceanic stations. The average oithonid abundance recorded during the spring was higher than in either summer or autumn. In spring, the oithonid assemblage was dominated by O. setigera in 2000 and 2001, whereas O. attenuata was the most dominant species in 2002. Oithona fallax appeared in summer and autumn; in contrast, O. similis was not recorded in summer samples. Total oithonid densities did not significantly differ in relation to the depth layer sampled. http://zoolstud.sinica. edu.tw/Journals/49.2/220.pdf
Crop seed spillage along roads : a factor of uncertainty in the containment of GMO

Feral populations of crop species along roadsides contribute to the uncertainty regarding the containment of genetically modified (GM) crops, as the feral populations could promote the persistence of transgenes outside of cultivated fields. Roadside populations of several common crop species are known to occur far from arable fields, and the dispersal pathways that promote their recruitment in road verges are unclear. Human-aided dispersal, in particular adhesive dispersal by vehicles, has been suggested as a possible vector, but this has not yet been proven experimentally. We sampled the seed rain from vehicles inside two motorway tunnels in an urban environment to reveal the contribution of crop species to seeds unintentionally dispersed by traffic beyond agricultural production areas. Three species of arable crops, wheat Triticum aestivum, rye Secale cereale and oilseed rape Brassica napus, were among the most frequent species deposited by vehicles inside the motorway tunnels. Each of the three species was clearly more predominant in one direction of traffic. While seeds of Triticum aestivum and Secale cereale were primarily transported into the city, Brassica napus was significantly more abundant in samples from lanes leading out of the city. Seed sources in the local surroundings of the tunnels were virtually nonexistent, and the high magnitude of seed deposition combined with high seed weights suggests a dispersal mechanism different from other species in the sample, at least for Triticum aestivum and Secale cereale. This provides evidence that spillage during transport is a major driver for long-distance dispersal of crops. Our results suggest that seed dispersal by vehicles is the major driver in the recruitment of roadside populations of arable crops, providing a possible escape route for GM crops. Risk management should thus aim at curbing transport losses of GM crops.
DO FRUGIVORES RESPOND TO FRUIT HARVEST? AN EXPERIMENTAL STUDY OF SHORT‐TERM RESPONSES

Many nonexperimental studies have shown positive correlations between resource abundance and vertebrate abundance. These relationships, however, are difficult to interpret because of confounding factors that may independently determine the abundance of vertebrates and their resources. Moreover, verifying links between vertebrate and resource abundance is complex because human perception of resource abundance may differ from that of nonhuman vertebrates and because manipulating resource abundance on an ecolog- ically meaningful scale is difficult. We studied the dependency of frugivores on fruit abundance in eastern Amazonian floodplain forests dominated by one species of palm tree (Euterpe oleracea) from which people harvest fruit. We first compared spatial and temporal use by frugivorous parrots of four sites dominated by E. oleracea and four sites with no E. oleracea. Parrots spent 48- 92% more time in the former, where their activity over the fruiting season mirrored the abundance of fruits. To test whether fruit abundance was the mechanism underlying these patterns, we removed fruit at two intensities in replicated 1.8-ha plots, and then monitored responses of frugivorous birds and mammals. High-intensity removal (75% of ripe fruit harvested) significantly reduced the number of frugivorous bird individuals by 29% and the length of frugivorous bird visits by 68%, relative to controls. In contrast, low-intensity removal (41% of ripe fruit removed) had no impact on these metrics. Frugivore species richness did not differ among treatments and controls, but the composition of the frugivore community was altered by harvest, with the presence of 11 species being linked to fruit abundance. Nonfrugivorous birds did not respond to either intensity of fruit harvest. The number of fruit-eating mammal species was 58% lower in both the low- and high-removal treatments, relative to control plots. These results verify that fruit abundance influences the species composition of frugivore communities and the abundance and foraging behavior of individual species. They also document short-term dependency of fruit-eating mammals on fruit abundance. Harvest of fruit from forest systems, a common practice in tropical forests, therefore can affect pop- ulations of fruit-eating animals.
Development of cattle breeding strategies in Europe

Abstract. Modern milk production in Europe will undergo a radical structural change both in terms of the dairy farmer and the breeding companies. Thus, cooperation between breeding companies or breeding associations will be a necessary tool to survive in the global economy. Although some of the new molecular techniques are already in the beginning of its practical implementation, the breeding industry needs to consider international collaborations to obtain higher economic gain of certain breeds. Above that, the dairy breeding industry should think about the implementation of crossbreeding schemes to use the non-additive effects more efficiently. The implementation of crossbreeding schemes requires an even closed collaboration between the acting breeding companies and the commercial producers as it has already been shown in poultry, swine and beef cattle. These rapid developments in the entire dairy breeding industry will also influence the current dairy organizations and require their adjustment to a more flexible economy.
Potential Role of Labisia pumila in the Prevention and Treatment of Chronic Diseases

Labisia pumila (Myrsinaceae), also called Kacip Fatimah, is a herbal medicine that has been widely used in South East Asian communities mainly for women’s health. The extensive use of this plant has led to many speculations and studies on its phytoestrogenic properties. This review highlights the studies that involved Labisia pumila, which include phytochemical profiling and its safety. In addition, we also look into its use as an alternative to hormonal therapy in postmenopausal women, and its role in cardiovascular protection and osteoporosis. Further studies are needed to highlight the potential benefits of this plant in promoting advantageous health properties.
Spatial and Temporal Distribution of Atmospheric Nitric Acid and Particulate Nitrate Concentrations in the Los Angeles Area

A 1-year atmospheric measurement program was conducted throughout the South Coast Air Basin in the greater Los Angeles area during 1986 to determine the long-term average concentration patterns of gaseous HNO_3, and aerosol nitrates. Upwind of the air basin at San Nicolas Island, HNO_3, levels are very low, averaging 0.3 µg m^(-3) (0.1 ppb) over the year 1986. Annual average HNO_3 concentrations ranged from 3.1 µg m^(-3) (1.2 ppb) near the Southern California coast to 6.9 µg m^(-3) (2.7 ppb) at an inland site in the San Gabriel Mountains. At most monitoring stations, a majority of the inorganic nitrate (HNO_3 plus its reaction product, aerosol nitrate) was in the aerosol phase. Conversion of HNO_3 to aerosol nitrates was most pronounced at Rubidoux, near Riverside, CA, where on the average 94% of the inorganic nitrate was found in the aerosol phase, and where fine particle nitrate concentrations exceeded 109 pg µg^(-3), during the peak 24-h period examined.
A network analysis of the volatility of high dimensional financial series

Interconnectedness between stocks and firms plays a crucial role in the volatility contagion phenomena that characterize financial crises, and graphs are a natural tool in their analysis. We propose graphical methods for an analysis of volatility interconnections in the Standard & Poor's 100 data set during the period 2000–2013, which contains the 2007–2008 Great Financial Crisis. The challenges are twofold: first, volatilities are not directly observed and must be extracted from time series of stock returns; second, the observed series, with about 100 stocks, is high dimensional, and curse‐of‐dimensionality problems are to be faced. To overcome this double challenge, we propose a dynamic factor model methodology, decomposing the panel into a factor‐driven and an idiosyncratic component modelled as a sparse vector auto‐regressive model. The inversion of this auto‐regression, along with suitable identification constraints, produces networks in which, for a given horizon h, the weight associated with edge (i,j) represents the h‐step‐ahead forecast error variance of variable i accounted for by variable j's innovations. Then, we show how those graphs yield an assessment of how systemic each firm is. They also demonstrate the prominent role of financial firms as sources of contagion during the 2007–2008 crisis.
Elliptical-inertial instability of rotating Karman vortex streets

Clouds often reveal a small-scale vortex shedding in the wake of mountainous islands. Unlike the classical bidimensional Karman street, these observed vortex streets are affected by the earth’s rotation and vertical stratification of the atmosphere. These effects induce a selective destabilization of anticyclonic vorticity regions. It is well known that inertial instability, also called centrifugal instability, induces a three-dimensional destabilization of anticyclonic vortices when the absolute vorticity is larger than the local Coriolis parameter. However, we have shown by means of laboratory experiments, that it is a different type of instability which is mainly responsible for the secondary destabilization of rotating Karman streets. A series of experiments were performed to study the wake of a cylinder in a rotating deep water layer, at a medium Reynolds number and an order one Rossby number. We have shown that the unstable mode is a core-centered perturbation and its vertical wavelength strongly depends on the Rossby number. These dynamical characteristics are the signature of an elliptical instability in rotating flows. We have also checked that an asymptotic instability criterion, valid around an elliptical stagnation point, was satisfied in the early stage of shedding when the anticyclonic boundary layer detaches and rolls up in elliptical structures. Similar asymmetric Karman streets were also found in the shallow-water configuration when the vertical to horizontal aspect ratio is close to unity.
Variability of the nighttime OH layer and mesospheric ozone at high latitudes during northern winter: influence of meteorology

Abstract. Analyses of OH zonal means, recorded at boreal high latitudes by the Aura Microwave Limb Sounder (MLS) in winters of 2005–2009, have shown medium- (weeks) and short- (days) term variability of the nighttime OH layer. Because of the exceptional descent of air from the mesosphere-lower thermosphere (MLT) region, medium-term variability occurred during February 2006 and February/March 2009. The layer normally situated at about 82 km descended by about 5–7 km, and its density increased to more than twice January values. In these periods and location the abundance of the lowered OH layer is comparable to the OH values induced by Solar Energetic Particle (SEP) forcing (e.g., SEP events of January 2005) at the same altitudes. In both years, the descent of the OH layer was coupled with increased mesospheric temperatures, elevated carbon monoxide and an almost complete disappearance of ozone at the altitude of the descended layer (which was not observed in other years). Moreover, under these exceptional atmospheric conditions, the third ozone peak, normally at about 72 km, is shown to descend about 5 km to lower altitude and increase in magnitude, with maximum values recorded during February 2009. Short-term variability occurred during Sudden Stratospheric Warming (SSW) events, in particular in January 2006, February 2008 and January 2009, when dynamics led to a smaller abundance of the OH layer at its typical altitude. During these periods, there was an upward displacement of the OH layer coupled to changes in ozone and carbon monoxide. These perturbations were the strongest during the SSW of January 2009; coincident upper mesospheric temperatures were the lowest recorded over the late winters of 2005–2009. Finally, the series of SSW events that occurred in late January/February 2008 induced noticeable short-term variability in ozone at altitudes of both the ozone minimum and the third ozone peak. These phenomena, confined inside the polar vortex, are an additional tool that can be used to investigate mesospheric vortex dynamics.