Institutional ownership and corporate value Essay

Institutional ownership and corporate value - Essay Example Abstract Institutional investors are a significant financial market force. They are rapidly replacing individual investors in the capital market. Unlike individual investors, institutional investors invest large amounts of their company resources into various stocks and shares, thereby devoting many of their resources to monitoring their investment. This paper investigates whether a company’s dividend policy is affected by the level of institutional ownership. The paper focuses on Kuwaiti public companies that are listed on the Kuwait stock exchange (KSE). This study examines the implications of corporate governance on dividend policy. It focuses on the cross-sectional relationship of the organizational ownership structures and dividend payout policies. In this paper, a regression model is employed to explore the link between institutional ownership and cash dividends. The dependent variable, cash dividends, is measured by using two different proxies. The independent variable, institutional ownership, is measured as the natural logarithm of shares held by institutional investors, then scaled by the number of shares outstanding. The control variables include returns on equity, firm size, leverage, firm age, financial loss, year effects, and industry effects. The relevant data is collected from the KSE website and the Institute of Banking Studies in Kuwait (ISB). The monitoring hypothesis suggests that institutional investors tend to function as a superior oversight mechanism, and therefore are more likely to limit corporate managers. The other perspective relates to the entrenchment effect hypothesis, which states that institutional investors may align their interests with management’s interests at the expense of minority wealth. Table of Contents Declaration 2 Acknowledgement 3 Abstract 4 Table of Contents 5 List of Tables 5 Chapter 1: Introduction 7 1.1 Background 7 1.2 Research Question 8 1.3 Aims and Objectives of the Study: 8 1.4 Rationale and Justification for the Study: 9 1.5 Methodology: 9 1.6 Research Structure 10 Chapter 2: Literature Review 12 2.1 Kuwait Stock Exchange 12 2.2 Institutional Ownership and Cash Dividend Payouts 13 2.2.1 The Monitoring Role of Institutional Ownership 14 2.2.2 The Entrenchment Role of Institutional Investors 17 Chapter Three: Hypothesis Development 21 4.2 Regression Models 26 Chapter Five: Data and Results 28 Chapter Six: Conclusions and Implications of the Research 38 Chapter Seven: Future Research 40 List of References 41 List of Tables Table 1: Frequency of Institutional Investors over Time 29 Table 2: Descriptive Statistics for the Dependent, Independent, and Control Variables 330 Table 3: Pearson Correlation Coefficients, N = 648 323 Table 4: Regression Results of the Dependent Variable: CashPayOut 345 Table 5: Regression Results of the Dependent Variable: CashDiv_Earnings 368 Chapter 1: Introduction 1.1 Background Institutional investors are a significant financial market force. T hey are rapidly replacing individual investors in the capital market. Unlike individual investors, institutional investors invest large amounts of their company resources into various stocks and shares, thereby devoting many of their resources to monitoring their investment (Grossman and Hart, 1980; Shleifer and Vishny, 1986). In addition, institutional investors are generally more and better informed then individual invest

The Music Of The Worlds Peoples 3rd Ed Essay Example | Topics and Well Written Essays - 750 words

The Music Of The Worlds Peoples 3rd Ed - Essay Example The people of the Baaka used music to maintain their culture. To them, music formed a means through which they communicated to the gods and their ancestors. That way, music enhanced their spirituality (Titon et al., 2009). Among the uses of music in the Baaka culture are initiation rituals, healing rituals, and entertainment. Among the instruments the Baaka people use in their music include the harp-zither, cylindrical drums, lamellaphones, the arched harp, and rattles. Others include the musical bow, flute, and water drums. Being a hunting community, the Baraka's music usually revolved around hunting. For example, the molimo ceremony involved a lot of mimicking the sounds of wild animals. 3. Ewe Music Culture and the Agbekor The Agbekor is a West African type of music that involves singing and drumming. It originated as a war dance among the Ewe-speaking people. The music involves a percussion ensemble accompanied by a chorus of singers. The lead drumming is a complex ensemble of dr ums, bells, and rattles. That gives it a rich polyrhythmic texture. According to legend, Agbekor developed from hunters who observed monkeys in the forest. The monkeys would beat drums with sticks and dance. The hunters developed customs and could play the different instrument during certain times. Through performing the monkey dance during some of their hunting rituals, other people were able to learn the dance and later founded it as a proper dance. Originally, the Ewe performed the Agbekor as a war dance.

Pop Culture Essay Essay Example for Free

Pop Culture Essay Essay There are many movie genres out today than there were before in earlier years. Movie genres are basically different types of movies, such as: horror, suspense, mystery, drama ,romance, etc. Today it seems that most peoples favorite movie genre is horrow or action. Action movies have a lot of different stuff in them that is pleasing to the eye. Action movies are typically loud and have a lot of fighting, racing, and adventurous things in the film. Horror movies on the other hand have a lot of scary things in the movies. Their big thing is that the more blood they have the better it is to the audience watching. Even though horror and action may be the top picks of the rest of the country, I have my own genre of movies that I particularly like the best. My favorite genre of movies is romance. In a romance based movie, it is filled with love and a lot of laughter throughout the whole movie. While most romance movies start off bad and end up with a happy ending, some start out good and end good as well. Most romance movies today start out being bad and then it ends up in the happy ending that you suspect from the title of the movie. Romance movies go through every movie genre there is. There is suspense and sometimes a little horror as well. Sometimes, and most of the time, they contain a lot of drama. The best romance movies are the ones full of drama that is fun to watch. Every woman around the world enjoys a good romance movie. Many women around the world love romance movies, including myself. Simply because they meet the cravings that every woman has sometime throughout their lives. Each and every romance movie touches a woman in some way or another. Every girl dreams of having that guy from a love story. They want them to be loving and caring and when we watch these movies we imagine ourselves being the girl in the movie. Some movies, even make a girl feel better after a breakup. However, some of the real love stories can make it worse than ever before. Also, romance movies will make you cry if it is one of those that are filled with sad moments throughout the whole movie. As a girl, sometimes we feel the need to cry, whether it is stress or PMS. The  romance movies are a good way to bring out the inner emotions and in the end, make you feel a whole lot better. Drama is another movie genre that gets included into romance movies. Drama can be funny and it can also bring out deeper thoughts and emotions. Everyone and especially women, have a fair share of their love for drama. Women like to gossip and chick flick, love stories are filled with it. Gossiping is a way to let things out and to give out information that can be bad or good. It just depends on who is saying it or what is said. The good thing is, the drama in the romance stories are usually not true. Even though we all get a good laugh at the stupid ones in the movie. In conclusion, romance genre movies are a favorite. They can make you happy or sad or bring out different emotions. Romance movies are twisted with drama along with romance to bring out laughter or anger in the audience. Everyone will have their own personal reaction to every single romance movie that comes out. Therefore, in my opinion, romance genre movies are the best because they contain many qualities that other genres do. Meaning that they satisfy almost every â€Å"craving† that a person has for a good movie.

Video Games in Education Essay -- Gaming Video Games Essays Papers

Video Games in Education Since the Early 70’s video games have been giving a bad name. Parents state that video games rot the minds of children and are influencing them do be violent. These accusations are far from the truth. In my research I found that there are many positive effects of gaming. Some of these effects are increased skills, creativity, general knowledge, and also help those in need. Parents can also take proper precautions and look into a game before buying it to see if it meets the criteria discussed in this paper. Video games challenge the player and expand his ability to react fast with very little lag time. With years of practice the player becomes quicker and more accurate with the movements. Thus hand and eye coordination is better, the player sees something on the screen and has to physically react to it. Not only is hand and eye coordination improved but so is manual dexterity (Taking Children Seriously). For example Madden 2004 is a football game, which requires fast reactions. If the player does not have the quick reaction skills develop then the other team will most likely sack him. The player needs to realize he has a limited time to throw the ball and most get the pass off quickly, he needs to scan the field, look for a possible escape route, and watch for the defense closing in. Another type of game, which improves hand and eye coordination, is shooting games. Although these games, such as Time Crisis 2, are being criticized for its violent content, these games force the pl ayer to quickly scan the screen for criminals to shoot before they are shot. The police force uses similar methods to train their officers to raise reaction speed when they are out on the streets. Related to h... ...the ideas that are taught in schools. Games also need to intermix instruction with demonstration. This is a big difference from the basic way of learning in school, which is memorize and regurgitate. Demonstrating shows the student what it looks like and they retain the content longer. Video games have been an influence part of our society since the early 70’s. The bad named that they are given is false, the only reason they have this bad name is because kids like games, so anything that is fun is bad for you. If a child loved playing chess he or she would be rewarded but it to is a game. Video games can help the learning process and should be incorporated in to the school system. If a child loved playing chess he or she would be rewarded but it to is a game. Video games can help the learning process and should be incorporated in to the school system.

World of Jugs

In North Korea citizens protested against the country authoritarian regime because over the weekend the regime seized most of the country citizens' money via a new currency issue. This caused much violence In North Korea. The Wall Street Journal reported that that the regimes money grab could be the single most Important event In defining North Korea. This event Is more defining and more Important than North Koreans whole grabbing nuclear weapons program thatNorth Korea uses for International Influence. This Issue not only raised protests In multiple Korean cities but also caused reason for the North Korean government to raise patrols on Its border with China. An Investment analyst name Mr.. Cochran said, â€Å"The biggest risk for the North's government is if, after taking people's money, it can't deliver goods and services the way the unofficial market could. † The regime would be most damaged if its people learned it could not control the real price of goods.This whole new currency issue struck many acts of violence including the death of two North Korean men by the hands of police officers. The two men attempted to get the government's limits by dividing their money among a large group of people and urging them to exchange the money for them. Another incident occurred when multiple women working in the goods and produce markets of some towns openly cursed the government knowing they would be arrested for such actions. This issue is viewed as a defining moment for North Korea.

Statement of Purpose - 23848 Words

Ohio Wesleyan Writing Center Founded University Promoting1955 as a hallmark of liberal arts education writing Writing Guidelines Statements of Purpose From the OWU Writing Center in the Sagan Academic Resource Center The OWU Writing Center Corns 316 ââ€" ª (740-368-3925) ââ€" ª http://writing.owu.edu ââ€" ª open Monday-Friday, 9:00 a.m. to 5:00 p.m. Ohio Wesleyan University Writing Center  © 2011 Writing Guidelines for Statements of Purpose Contents Writing Your Statement of Purpose ................................................................................................ 1 I. Audience and Institutions ....................................................................................................... 1 II. Content†¦show more content†¦35 Literature (Medieval) ............................................................................................................ 36 Ohio Wesleyan University Writing Center  © 2011 IV. Arts (Fine Arts, Music, Film, Theatre, and Dance) ............................................................ 38 Music..................................................................................................................................... 38 Music (Acoustic) ................................................................................................................... 39 Film ....................................................................................................................................... 41 Sample Prompts ............................................................................................................................ 44 Works Cited .................................................................................................................................. 46 Ohio Wesleyan University Writing Center  © 2011 Writing Guidelines for Statements of Purpose (Developed by the Writing Center, Ohio Wesleyan University, 2010-2011) A statement of purpose focuses on your academic interests and accomplishments, though you may use ―Iâ€â€" and include a personal anecdote or two, while a personal statement includes more autobiographical material and mayShow MoreRelatedStatement of Purpose1126 Words   |  5 PagesStatement of Purpose Many professors, department websites, applications, and current graduate students will tell you that the statement of purpose is the most important part of the application. 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The 3 Stages of a Spiders Life Cycle

All spiders, from the tiniest jumping spider to the largest tarantula, have the same general life cycle. They mature in three stages: egg, spiderling, and adult. Though the details of each stage vary from one species to another, they are all very similar. The spider mating ritual also varies and males must approach a female carefully or he may be mistaken for prey. Even after mating, many male spiders will die though the female is very independent and will care for her eggs on her own. Despite the rumors, the majority of female spiders do not eat their mates. Egg, the Embryonic Stage After mating, female spiders store sperm until they are ready to produce eggs. The mother spider first constructs an egg sac from strong silk that is tough enough to protect her developing offspring from the elements. She then deposits her eggs inside it, fertilizing them as they emerge. A single egg sac may contain just a few eggs, or several hundred, depending on the species. Spider eggs generally take a few weeks to hatch. Some spiders in temperate regions will overwinter in the egg sac and emerge in spring. In many spider species, the mother guards the egg sac from predators until the young hatch. Other species will place the sac in a secure location and leave the eggs to their own fate. Wolf spider mothers carry the egg sac with them. When theyre ready to hatch, they will bite the sac open and free the spiderlings. Also unique to this species, the young spend as many as ten days hanging onto their mothers back. Spiderling, the Immature Stage Immature spiders, called spiderlings, resemble their parents but are considerably smaller when they first hatch from the egg sac. They immediately disperse, some by walking and others by a behavior called ballooning. Spiderlings that disperse by ballooning will climb onto a twig or other projecting object and raise their abdomens. They release threads of silk from their spinnerets, letting the silk catch the wind and carry them away. While most spiderlings travel short distances this way, some can be carried to remarkable heights and across long distances.   The spiderlings will molt repeatedly as they grow larger and theyre very vulnerable until the new exoskeleton forms completely. Most species reach adulthood after five to 10 molts. In some species, the male spiders will be fully mature as they exit the sac. Female spiders are always larger than males, so often take more time to mature. Adult, the Sexually Mature Stage When the spider reaches adulthood, it is ready to mate and begin the life cycle all over again. In general, female spiders live longer than males; males often die after mating. Spiders usually live just one to two years, though this does vary by species. Tarantulas have unusually long life spans. Some female tarantulas live 20 years or more. Tarantulas also continue molting after reaching adulthood. If the female tarantula molts after mating, she will need to mate again, because she sheds the sperm storage structure along with her exoskeleton. Resources and Further Reading Cranshaw, Whitney, and Richard Redak. Bugs Rule!: An Introduction to the World of Insects. Princeton University, 2013.Evans, Arthur V. National Wildlife Federation: Field Guide to Insects and Spiders of North America. Sterling, 2007.Savransky, Nina, and Jennifer Suhd-Brondstatter. â€Å"Spiders: An Electronic Field Guide.† Field Biology, Brandeis University, 2006.