The Recent US Financial Crisis： Its Impact on Dividend Payout Strategy and a Test of the Silver-Lining Hypothesis

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.

The United States： Economic Crisis, Productive Restructuring and the New Precarious Labor Conditions

The contemporary economic crisis should be considered within the framework of the contradictions created by the neoliberal model that was adopted in the mid-1970s, in the United States and throughout much of the world. The changes in the labor market and new forms of workforce exploitation based on deregulation, the increase of off-shoring, and flexible hiring practices have led to ＂new＂ precarious labor conditions. Due to the crisis, the United States labor market has been characterized by four factors： the increase of the unemployment, the unedited growth of the informal sector, a dramatic increase in precarious labor conditions for all workers, especially young people, minorities, and immigrants, and the increasing wage polarization. However, capitalist profit rates have actually substantially increased due to neoliberal policies and the resulting economic crisis. This situation led to a rise in the overexploitation of labor. It has had subsequent effects on unemployment, informal work, precarious labor conditions, and unequal salary distribution, especially in recently created positions. Increased labor flexibility has changed the typical forms of wage employment, and stable employment has been replaced by temporary and part-time employment usually with low wages and without social security and benefits.

Public Broadcasting in Brazil＂ Challenges to Overcome a Symbolic Liability

A survey of opinion conducted by the Observatory of Public Broadcasting in Latin America indicates that one of the biggest challenges for Brazilian public broadcasting lies in changing the perception that has been crystallized by the public in relation to such stations. Initial analysis of the data obtained so far shows that the respondents have a negative image in relation to public media. At times, the people manifest themselves in favor of the principles that should delimit the performance of radios and TVs, such as diversity, independence, and differentiation from commercial media, but, which are not fully followed. At other times, they criticize the quality of programming and the political-governmental character of these stations. In this critical scenario, the paper presents a discussion on the challenges facing the sector considering the complex historical, cultural, and economic policy circumstances, that have contributed to the maintenance of this ＂symbolic liability＂ between media and the audience/citizens, and which reflects on the possible strategies to face the problem.

Comparison of North American Seismic Screening Methods Applied to School Buildings

An ongoing project at McGill University is aimed at developing an adapted seismic screening method for schools in the province of Qu6bec, Canada. As part of this project the ＂FEMA 154 Rapid Visual Screening of Buildings for Potential Seismic Hazard＂ and the ＂NRC92 Manual for Screening of Buildings for Seismic Investigation＂ were used to assess 102 school buildings located in the city of Montr6al. Results for both methods are in reasonable agreement, with 65% of the buildings requiring a detailed evaluation according to FEMAI54 and 50% according to NRC92. Findings highlighted the particular characteristics of educational facilities： they are low rise buildings with high incidence of structural irregularities. Accounting for them in the screening phase is essential, and is better achieved by NRC92. However, this method is largely based on expert opinion, which makes it difficult to update, while FEMA154 uses a rational methodology for calculating vulnerability scores based on the capacity spectrum approach. The FEMA154 analytical procedure allows updating and adapting the method to its use outside its intended scope.

The U.S. Post-crisis Era Sustainable and Balanced Growth Strategy： Policies and Assessment

The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the framework of U.S. new growth strategy and summarizes the main measures applied in last five years. Further, it assesses the comprehensive strategic effects on economy and finally discusses the future challenges for the U.S..

A More Turbulent and Troubled World

The year 2016 marked the 25th anniversary of the end of the Cold War and the 15th anniversary of the 9/11 attack. Though international relations are constantly adjusted, the world is by no means more stable and orderly. International order reshaping triggered by the 2008 financial crisis is deepening, with chaos of various kinds popping up here and there. In the sociopolitical field, the"Trump phenomenon"and Brexit indicate serious weakening of the authority of traditional political systems and elites. In major country relations and international security, the world is witnessing the rise of emerging countries and the and fall of the West, fiercer US-Russia and Sino-US wrestling of strategic significance, and greater global and regional security risks. In global governance, while adjustment of UN-centered global governance is laboring along, national rivalries touch core issues, making global governance more urgent.

An Earthquake Catalogue for El Salvador and Neighboring Central American Countries （1528-2009） and Its Implication in the Seismic Hazard Assessment

Merging all available databases, a comprehensive and updated earthquake catalogue for El Salvador and surrounding areas has been compiled, containing a total of 2,584 events for the period 1528-2009, covering the geographic window delimited by the coordinates 11.0°-16.5° N and 85.5°-92.0° W, focal depths of 0.0 to 304 km, and the moment magnitudes in the interval 5.0 〈 Mw 〈 8.1. Events in the catalogue are distributed into six seismogenic sources taking into consideration the tectonic regime affecting E1 Salvador, the interplay and complexities between shallow crustal, intraplate and interface subduction seismicity has been thoroughly investigated, primarily with the aim of developing detail criteria to delimit the seismogenic sources in order to perform a consistent seismic hazard assessment. A uniform hazard spectrum for San Salvador and seismic hazard maps and their uncertainty have been calculated for the horizontal component of ground motion for rock site conditions using zone and zone free methods. The references cited in the article constitute a comprehensive list of sources of information on the tectonics and seismicity of El Salvador and neighboring Central American countries.

Comprehensive Waste Minimization Study at an Industrial Battery Manufacturing Plant in Ohio, USA

Industrial battery manufacturing facilities generate large quantities of hazardous waste, which must be properly treated before it can be disposed. Reducing the quantities of these waste streams can significantly reduce the cost of treatment and lead to competitive advantages. Waste minimization at these facilities is beneficial for the stakeholders and the environment. The quantities of hazardous waste can be minimized by upgrading the facility＇s technology or substituting hazardous substances, which are used in the battery manufacturing process, with more environmentally friendly options. Separation of waste streams will allow for additional reuse opportunities and revenue generation from the sale of these materials, which will enhance the financial performance of the facility. This paper provides a case study of comprehensive waste minimization in a battery manufacturing plant in Ohio, USA. Source reduction, recovery, and recycling methods are taken into account with consideration given to economic impacts. The goal of the study was to develop an understanding of the facility＇s waste generating processes, to suggest methods to reduce to the waste generation and finally to select an appropriate waste minimization option to suggest the facility＇s management team. Some of the suggested methods are currently being practiced while others are at the initial stage of development.

小臣墙刻辞与小臣墙身份

从相关卜辞和本身内容来看,小臣墙刻辞可以补缺,本文对其进行了补释,对其中一些字、句阐述了新的认识;并探讨了小臣墙的身份,认为小臣墙是来自墙族的军事首领。

Justice as the Virtue of ＂No Unacceptable Harm to the Human＂

Through a semantic analysis of such common words as ＂good,＂ ＂right,＂ and ＂rights,＂ this article tries to argue that ＂justice＂ as a value-term basically means ＂no unacceptable harm to the human＂ or ＂respecting the deserved rights of the human＂ in the meta-ethical sense. In real life, then, the becoming of universal justice as an authentic moral virtue depends first and foremost upon the concrete and dynamic cultivation of such a universalistic ethical attitude： regarding neither merely oneself nor some persons specially related to oneself, but everyone as the ＂human,＂ and valuing all of them morally important and dignified so as not to do morally unacceptable harm to them, but to respect their deserved rights.