Dividend Pricing Models and REITs

Dividend pricing/present value models relate current stock prices to expectations of future dividends. In this study we apply the West and Campbell–Shiller tests of the dividend pricing relation to an index of real estate investment trusts (REITs). REITs provide a unique test of these models since, during our study period, REITs were mandated to pay out at least 95% of taxable income as dividends. While our results complement previous research which finds that the dividend pricing model cannot be rejected if share repurchase is included as part of dividends, our data contain a much less significant amount of share repurchase, so that our approach to the issue of the viability of dividend pricing models offers an alternative insight. Our research suggests that, for our REIT population, dividend pricing models cannot be rejected.     

火电厂竞争力评价与分析

通过对影响火电厂竞争力的主要因素的分析,提出了火电厂竞争力评价的简化指标体系,并进行算例分析,提出了相应结论和建议。     

Valuation of SGARAs IN THE Wine Industry: Time for Sober Reflection

The application of AASB 1037 Self Generating and Regenerating Assets provides little guidance to the commercial performance of winemakers. The valuation of grapevines essentially requires the valuation of a segment of a business (vineyards), from which is deducted the value of associated infrastructure. Grapevines are reported at a fictional "net market value" even though they cannot be bought or sold. The combination of recognising revaluation increments as distributable profits through the valuation of grapevines at "net market value", and the subsequent "amortisation" of those revaluation increments over the useful lives of the grapevines, creates a reporting maze which is more likely to confuse than inform.     

The effects of funding source and management ownership on the productivity of R&D

This study investigates the influence of the source of R&D funds and management ownership on R&D productivity. The lagged effect of the source of R&D funds on R&D output is investigated for a sample of US manufacturing firms in five industries over the 1996–99 period. Estimates based on 779 firm-years show that R&D productivity increases with the proportion of stock held by managers and directors of firms primarily in the Other Electronics industry. The estimates also show that recipients of government-sponsored R&D funds in the Chemicals industry have lower levels of output (sales) for each dollar committed to R&D. In addition, output for firms in the Chemicals industry worsens as management stockholding increases, implying an agency cost rationale for the observed difference in output. The implication is that firms with high manager-owner content are less productive with government-sponsored R&D than with company-financed R&D. The reported results suggest that potential agency costs should be incorporated in government-sponsored R&D contracts. It also suggests that the source of R&D funds should be disclosed and incorporated into the valuation of intangible assets attributable to research and development.     

Wer wird Professor für Kommunikationswissenschaft und Journalistik?

Der vorliegende Beitrag fragt nach der demographischen Struktur der zentralen akademischen Akteure der Kommunikationswissenschaft in Deutschland und nach m?glichen Ver?nderungen dieser Struktur in den letzten 50 Jahren. Die Analyse zeigt zum einen, dass von einem einheitlichen Zugang zum Hochschullehrerberuf nach wie vor keine Rede sein kann, und zum anderen, dass das Fach vor einer demographischen Herausforderung steht. Die Kommunikationswissenschaft hat sich durch Akademisierung und ?Versozialwissenschaftlichung? von ihren Wurzeln gel?st. War Berufserfahrung im Medienbereich bis in die 1960er Jahre Voraussetzung für eine Berufung, verfügt heute nur noch eine Minderheit über solche Erfahrungen. Da die Existenz des Faches im Rahmen der Universit?t auch von der Nachfrage der Studierenden abh?ngt, kann man über die Folgen des anstehenden Generationswechsels nur spekulieren. In jedem Fall fehlt es an formal für die Hochschullehrerlaufbahn qualifiziertem Nachwuchs. Deshalb sind erhebliche Anstrengungen erforderlich, wenn der Boom im letzten Drittel des 20. Jahrhunderts sich nicht als Seifenblase erweisen soll.