Pub Date : 2024-02-01DOI: 10.1007/s11698-023-00279-8
Leentje Moortgat, Jan Annaert, Marc Deloof
Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the initial dividend policy, as measured in the first calendar year after listing, has a long-lasting effect on future dividend policy. Although this effect persists for many years, it fades away over time. When this happens, a new slowly changing dividend policy emerges.
{"title":"The long-run persistence in dividend policy","authors":"Leentje Moortgat, Jan Annaert, Marc Deloof","doi":"10.1007/s11698-023-00279-8","DOIUrl":"https://doi.org/10.1007/s11698-023-00279-8","url":null,"abstract":"<p>Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the initial dividend policy, as measured in the first calendar year after listing, has a long-lasting effect on future dividend policy. Although this effect persists for many years, it fades away over time. When this happens, a new slowly changing dividend policy emerges.</p>","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":"38 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139677410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-31DOI: 10.1007/s11698-023-00281-0
Marco Martinez
{"title":"Correction to: The origins of Italian human capital divides: new evidence from marriage signatures, ca. 1815","authors":"Marco Martinez","doi":"10.1007/s11698-023-00281-0","DOIUrl":"https://doi.org/10.1007/s11698-023-00281-0","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":"119 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139648492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-21DOI: 10.1007/s11698-023-00277-w
Joana María Pujadas-Mora, Mari Carmen Pérez-Artés
{"title":"Numeracy and consistency in age declarations: a case study on nineteenth and twentieth century Catalonia","authors":"Joana María Pujadas-Mora, Mari Carmen Pérez-Artés","doi":"10.1007/s11698-023-00277-w","DOIUrl":"https://doi.org/10.1007/s11698-023-00277-w","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":"43 7","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138950893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-07DOI: 10.1007/s11698-023-00278-9
Luis Felipe Zegarra
By relying on information on wages from primary sources, I estimate welfare ratios in Lima in 1757–1819. I use two alternative methods to estimate the subsistence basket and welfare ratios. The results indicate that working families in Lima faced severe difficulties to cover their basic needs if they did not deviate from typical consumption habits. However, they could cover their nutritional and other basic needs if they replaced expensive foods, such as meats and bread, with cheaper sources of nutrients, such as maize flour. An international comparison shows that the welfare ratio in Lima was lower than the ratios in Northern Europe and North America. However, Lima compared well to several important European cities, such as Paris, Munich and Toledo.
{"title":"Wages, prices and living standards in Spanish America: evidence from Lima","authors":"Luis Felipe Zegarra","doi":"10.1007/s11698-023-00278-9","DOIUrl":"https://doi.org/10.1007/s11698-023-00278-9","url":null,"abstract":"<p>By relying on information on wages from primary sources, I estimate welfare ratios in Lima in 1757–1819. I use two alternative methods to estimate the subsistence basket and welfare ratios. The results indicate that working families in Lima faced severe difficulties to cover their basic needs if they did not deviate from typical consumption habits. However, they could cover their nutritional and other basic needs if they replaced expensive foods, such as meats and bread, with cheaper sources of nutrients, such as maize flour. An international comparison shows that the welfare ratio in Lima was lower than the ratios in Northern Europe and North America. However, Lima compared well to several important European cities, such as Paris, Munich and Toledo.</p>","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":"30 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138547520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-21DOI: 10.1007/s11698-023-00276-x
Nadir Altinok, Claude Diebolt
{"title":"Cliometrics of learning-adjusted years of schooling: evidence from a new dataset","authors":"Nadir Altinok, Claude Diebolt","doi":"10.1007/s11698-023-00276-x","DOIUrl":"https://doi.org/10.1007/s11698-023-00276-x","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136236114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-26DOI: 10.1007/s11698-023-00275-y
Adomas Klimantas, Zenonas Norkus, J. Markevičiūtė, Ola Grytten, J. Šiliņš
{"title":"Reinventing perished “Belgium of the East”: new estimates of GDP for inter-war Latvia (1920–1939)","authors":"Adomas Klimantas, Zenonas Norkus, J. Markevičiūtė, Ola Grytten, J. Šiliņš","doi":"10.1007/s11698-023-00275-y","DOIUrl":"https://doi.org/10.1007/s11698-023-00275-y","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49524161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-19DOI: 10.1007/s11698-023-00272-1
Carlo Ciccarelli, Alberto Dalmazzo, Tiziano Razzolini
Abstract This paper reconsiders the nexus between the abundance of resources and the origins of Sicilian mafia by exploiting a new set of historical data at the municipal level on the Sicilian sulphur industry in the late nineteenth century, obtained from official reports of the Royal Corps of Mining Engineers. Our evidence confirms that sulphur favoured the rise of organized crime, as emphasized in the previous studies. However, we show that the impact of local production on mafia was smaller in the areas richest in sulphur. Moreover, mechanization in the extraction process was associated with lower incidence of mafia. Taken together, our findings suggest that larger lodes encouraged better and more orderly working conditions for the miners, possibly reducing physical and psychic strain and, consequently, their inclination to violence. In other words, the quality of working conditions affected the supply of violent individuals.
{"title":"Sicilian sulphur and mafia: resources, working conditions and the practice of violence","authors":"Carlo Ciccarelli, Alberto Dalmazzo, Tiziano Razzolini","doi":"10.1007/s11698-023-00272-1","DOIUrl":"https://doi.org/10.1007/s11698-023-00272-1","url":null,"abstract":"Abstract This paper reconsiders the nexus between the abundance of resources and the origins of Sicilian mafia by exploiting a new set of historical data at the municipal level on the Sicilian sulphur industry in the late nineteenth century, obtained from official reports of the Royal Corps of Mining Engineers. Our evidence confirms that sulphur favoured the rise of organized crime, as emphasized in the previous studies. However, we show that the impact of local production on mafia was smaller in the areas richest in sulphur. Moreover, mechanization in the extraction process was associated with lower incidence of mafia. Taken together, our findings suggest that larger lodes encouraged better and more orderly working conditions for the miners, possibly reducing physical and psychic strain and, consequently, their inclination to violence. In other words, the quality of working conditions affected the supply of violent individuals.","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135937463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-03DOI: 10.1007/s11698-023-00274-z
Vincent J. Geloso
{"title":"Does the conquest explain Quebec’s historical poverty? The economic consequences of 1760","authors":"Vincent J. Geloso","doi":"10.1007/s11698-023-00274-z","DOIUrl":"https://doi.org/10.1007/s11698-023-00274-z","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45705634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-25DOI: 10.1007/s11698-023-00273-0
Yang Cai, Sijie Hu, Shengmin Sun
{"title":"Confucianism and war mobilization: evidence from Chinese revolutions","authors":"Yang Cai, Sijie Hu, Shengmin Sun","doi":"10.1007/s11698-023-00273-0","DOIUrl":"https://doi.org/10.1007/s11698-023-00273-0","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44017706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-22DOI: 10.1007/s11698-023-00271-2
Marco Martinez
{"title":"The origins of Italian human capital divides: new evidence from marriage signatures, ca. 1815","authors":"Marco Martinez","doi":"10.1007/s11698-023-00271-2","DOIUrl":"https://doi.org/10.1007/s11698-023-00271-2","url":null,"abstract":"","PeriodicalId":44951,"journal":{"name":"Cliometrica","volume":" ","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47849920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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