No description available.

This dissertation examines four specific aspects of capital structure and dividend policy. The first issue concerns the determinants of capital structure dynamics. The primary objective is to examine whether stock returns are important factors in firm???s capital structure choice, and if so, whether this effect is persistent. In so doing, we use a data set which (1) avoids the complexity of tax rates faced by previous studies, (2) we introduce new variables that are unique to Oman, and (3) we distinguish empirically between bank debt and non-bank debt. We find stock returns are a first order determinant of capital structure. Firms do show some tendency to rebalance towards their target capital structure. However, the impact of stock returns dominates the effects of rebalancing. We also find new evidence that firms do take countermeasures to offset changes in their leverage that stem from equity value variations, but do so at a low speed. The next topic studied concerns the ex-dividend day behaviour. We investigate this issue using a unique data set where there are no taxes on dividends and capital gains and stock prices are decimalized. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. We find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. We are able to account for our results using market microstructure models. The third issue investigated is the stock price reaction to dividend announcements. Tax-based signaling models argue that dividends would not have information and be informative if it is not for the higher taxes on dividends relative to capital gains that they apply to shareholders. The absence of personal taxes in Oman presents a valuable opportunity to test this prediction. Our results show that the announcements of dividend increases (decreases) are associated with a stock price increase (decrease) which contradicts the tax-based signaling models. The final chapter analyzes the determinants and stability of dividend policy of financial and non-financial firms. Investigating this issue is important for at least two reasons. First, Omani firms distribute almost 100% of their profits in dividends which led the Capital Market Authority (CMA) to issue a circular (number 12/2003) arguing that firms should retain some of their earnings for ???rainy days???. This allows us understand the characteristics of firms that pay dividends. Second, firms are highly levered mainly through bank loans which render the role of dividends in reducing the agency costs less important. Unlike most previous studies, we include both dividend paying and non-dividend paying firms to avoid a selection bias. We find that there are some common factors that determine dividend policy of both financial and non-financial firms and there are some factors that affect only non-financial firms. We also find that the factors that influence the probability to pay dividends are the same factors that drive the amount of dividends paid for both financial and non-financial firms. We document that non-financial firms adopt a policy of smoothing dividends while financial firms do not have a stable dividend policy.

This dissertation examines four specific aspects of capital structure and dividend policy. The first issue concerns the determinants of capital structure dynamics. The primary objective is to examine whether stock returns are important factors in firm???s capital structure choice, and if so, whether this effect is persistent. In so doing, we use a data set which (1) avoids the complexity of tax rates faced by previous studies, (2) we introduce new variables that are unique to Oman, and (3) we distinguish empirically between bank debt and non-bank debt. We find stock returns are a first order determinant of capital structure. Firms do show some tendency to rebalance towards their target capital structure. However, the impact of stock returns dominates the effects of rebalancing. We also find new evidence that firms do take countermeasures to offset changes in their leverage that stem from equity value variations, but do so at a low speed. The next topic studied concerns the ex-dividend day behaviour. We investigate this issue using a unique data set where there are no taxes on dividends and capital gains and stock prices are decimalized. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. We find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. We are able to account for our results using market microstructure models. The third issue investigated is the stock price reaction to dividend announcements. Tax-based signaling models argue that dividends would not have information and be informative if it is not for the higher taxes on dividends relative to capital gains that they apply to shareholders. The absence of personal taxes in Oman presents a valuable opportunity to test this prediction. Our results show that the announcements of dividend increases (decreases) are associated with a stock price increase (decrease) which contradicts the tax-based signaling models. The final chapter analyzes the determinants and stability of dividend policy of financial and non-financial firms. Investigating this issue is important for at least two reasons. First, Omani firms distribute almost 100% of their profits in dividends which led the Capital Market Authority (CMA) to issue a circular (number 12/2003) arguing that firms should retain some of their earnings for ???rainy days???. This allows us understand the characteristics of firms that pay dividends. Second, firms are highly levered mainly through bank loans which render the role of dividends in reducing the agency costs less important. Unlike most previous studies, we include both dividend paying and non-dividend paying firms to avoid a selection bias. We find that there are some common factors that determine dividend policy of both financial and non-financial firms and there are some factors that affect only non-financial firms. We also find that the factors that influence the probability to pay dividends are the same factors that drive the amount of dividends paid for both financial and non-financial firms. We document that non-financial firms adopt a policy of smoothing dividends while financial firms do not have a stable dividend policy.

Thèse--Université de Paris. / Published also without thesis note. At head of title: Faculté de droit de l'Université de Paris.

Thèse--Université de Paris. / Published also without thesis note. At head of title: Faculté de droit de l'Université de Paris.

Th.--Sci.--Paris VI, 1987. / Bibliogr. p. 417-425.

The problem of drugs in Oman has assumed serious proportions in recent years. It leads to creation of an underground economy and is associated with loss of skilled manpower. However, the problem has several dimensions. It has direct and indirect adverse effects. In response to increases in both worldwide drug production and drug demand in Oman, law makers in Oman instituted legal measures designed to protect the health, welfare and finance of people from the effects of drug use. In addition, law makers in Oman have recognized that trade in illicit drugs is a global activity and that drug-related activities are associated with other criminal behaviour; therefore they have tried to honour the spirit of international conventions related to drug control. Thus, the Drug Act No. 17 was passed in March 1999 and came into force on 6th April 1999, to regulate the procedures regarding the trafficking and trade of drugs in Oman. The most striking feature of the new law is a 'death penalty. The death penalty would be applied to those charged with drug trafficking and smuggling, as laid down in article No 43. Therefore, the question is can the death penalty deter criminals from committing trafficking and smuggling in drugs? No research has been done to examine the effect of the new drug law in Oman. This thesis aims to fill that gap and investigate the impact of the new drugs law in Oman. Data collection for the study was carried out using three methods: questionnaire, semi-structured interview and documentary data from police files before and after the introduction of the death penalty for the period from 1st April 1996 to 31st March 2002. The total period covered was 72 months. Statistical reports and other research papers carried out in Oman and other countries were also reviewed. The results of testing a number of hypotheses indicated that since the introduction of the death penalty for drug offences, the numbers of drug arrests and the incidence of violence related to drug offences have increased. In addition, the smuggling of drugs by sea has increased. Moreover, heroin trafficking has increased since the introduction of the death penalty. The study found that there is a lack of knowledge about drugs (the types of drugs, punishment, addictions treatment and belief about drug effects) among both groups of participants, drug offenders and non-drug offenders. Finally, the findings of this study indicate that the introduction of the death penalty in Oman does not deter drug offenders from involvement in drug related offences in general and drug trafficking offences in particular.

Dans la péninsule d'Oman, le passage du Néolithique à l'âge du Bronze est marqué par de profondes transformations socio-économiques accompagnées de changements dans les pratiques funéraires. Autour de 3100 avant notre ère, la région voit ainsi le développement d'un système économique basé sur l'agriculture d'oasis, sur l'exploitation et l'exportation du cuivre, et sur le déploiement d'un intense réseau d'échanges à plusieurs échelles. Les pratiques funéraires sont marquées par le passage de la sépulture individuelle en fosse à la sépulture collective construite en pierre. Le cadre environnemental et chrono-culturel de ce travail est exposé, incluant un historique de la recherche dans la région et un état des connaissances sur les pratiques funéraires et les données biologiques. Puis, l'analyse archéo-anthropologique des sépultures et des restes humains de onze ensembles sépulcraux datés du Néolithique (V-IVe mill.) à la fin de l'âge du Bronze ancien (env. 2000 av. N.E.) est présentée afin de caractériser les pratiques funéraires et les paramètres biologiques des groupes abordés. En dehors des données acquises pour chaque ensemble traité, la synthèse diachronique des données existantes permet d'explorer l'interaction des dynamiques culturelles et biologiques. Parmi les principaux résultats obtenus, on peut mentionner la mise en évidence d'une complexité des pratiques funéraires dès le Néolithique, un bilan de l'état de conservation des collections ostéologiques, des dénombrements détaillés (NMI) pour le tombes collectives de l'âge du Bronze, la mise en évidence d'un système de gestion de ces mêmes tombes; un bilan diachronique des affections bucco-dentaires, et l'existence d'une dynamique d'accroissement démographique apparue probablement dès le Néolithique. La thèse conclut par une discussion de ces résultats à la lumière du modèle général d'évolution proposé dans les travaux antérieurs. / Ln the Oman Peninsula, the transition from the Neolithic to the Bronze Age is marked by profound socio-economic transformations accompanied by changes in funerary practices. Around 3100 BCE, the region experienced the development of an economic system based on oasis agriculture, the exploitation and export of copper, and the deployment of an intense trade network at multiple scales. Funerary practices are marked by the transition from individual burials to collective graves built in stones. The environmental and chronocultural framework of this study are presented, including the history of research in the region and a review of the data available on funerary practices and biological parameters. Then, the bio-archaeological analysis of the graves and human remains of eleven sites dated from the Neolithic (5th_4th mill. BCE) to the end of the Early Bronze Age (ca. 2000 BCE) aims to characterize the funerary practices and biological parameters of the studied groups. Apart from data acquired for each site, the diachronic synthesis of existing data allows us to explore the interplay of cultural and biological dynamics. Among the main results obtained, we can mention the identification of complex burial practices starting from the Neolithic, an assessment of the preservation of osteological collections, detailed counting (MNI) for collective graves from the Bronze Age, evidence for a management system of these graves, a diachronic analysis of oral diseases, and the demonstration of a population increase starting from the Neolithic. The thesis concludes with a discussion of these results in light of the general evolution model previously

This thesis explores the degree to which perceptions of lecturers and middle-leaders about the actual and desired organisational characteristics of a Higher Education Institution in Oman converge and/ or diverge with regard to the effective operation of teaching and learning processes within the institution. Using a card sort of 32 criteria derived from 16 factors of effectiveness drawn from the literature, it analyses the data quantitatively to arrive at participants’ perceptions of the factors currently operating in the organisation and those desired for the future, and therefore which factors enable or hinder operational processes. Findings show that at the characteristic level, divergence is significantly greater between lecturers and middle-leaders, irrespective of faculty, than between lecturers from different faculties, or middle-leaders from different faculties. Current lecturer perceptions of organisational effectiveness/ ineffectiveness converge most strongly on factors of Collaboration and Professional Development. Middle-leader perceptions of current organisational effectiveness/ ineffectiveness converge most strongly on factors of Expectations of Success, Accountability, Professional Development, Environment, and Focus. At the more-desired/ less-desired level convergence is strongest between lecturers and middle-leaders on the factors of Expectations of Success, Collaboration and Professional Development. The study concludes that at the current level, there is a gulf between lecturers and middle-leaders that needs to be bridged if the organisation is to effectively organise the management of teaching and learning practices. The findings extend effectiveness into Higher Education in Oman and support the use of factors of effectiveness in educational research. Findings also demonstrate the usefulness of focus groups, card sorts and a quantitative analysis of data as starting points for organisational self-evaluation and review. Recommendations encompass further research as to how organisational members conceptualise and measure ‘success’, ‘collaboration’ and ‘development’; and investigation of other stakeholder perceptions of effectiveness.

Marine turtles are wide-ranging, long-lived, iteroparous species of conservation concern. From indirect threats, such as development at their breeding grounds and negative fisheries interactions, to direct take of eggs meat and shells, they are impacted at all stages of their life-cycle by the activities of Man. A better understanding of their reproductive and spatial ecology together with knowledge of population status can inform conservation and management actions for their protection. This thesis presents a collection of chapters covering three species of marine turtle, from four countries in two regions where major knowledge gaps existed on marine turtle biology and ecology. In Oman we identify plasticity in adult loggerhead turtle (Caretta caretta) internesting behaviour combined with globally-atypical, predominantly oceanic habitat use and we raise concerns over potential bias derived from temporally-restricted tracking studies. Conversely, we show that adult female individuals of the principally oceanic olive ridley turtle (Lepidochelys olivacea) remain in neritic waters outside of the breeding season, with some local turtles unusually utilising the same location both during and after the breeding period. We also show that green turtles (Chelonia mydas) nesting on Masirah Island are long distance migrators, travelling 2000 km or more into the Red Sea. Together with our tracking data for the other species in Oman we highlight the threat that fisheries interaction, in a region with poor fisheries regulation, is likely to have on these populations. We describe the recent status of green turtle populations in Kuwait and Syria. In Kuwait nesting habitats have recently been halved through development of one of the two critical nesting areas and with the remaining nesting population estimated at no more than 5 females per year. For Syria, we describe the discovery of a regionally important nesting aggregation located south of Latakia city, with 30 individuals estimated nesting in 2004. Using satellite telemetry we identify potentially important foraging locations for individuals from both locations. Results from Syria further highlight the importance of neritic habitats off north Africa for adult turtles in the Mediterranean and results from Kuwait revealed the potential threat from the use of the unselective coastal fish traps locally known as a ‘hadra’. Lastly, in Greece we investigate the status of turtles in a neritic coastal habitat through a boat-based mark-recapture study. Combining flipper tagging, satellite telemetry and genetic research we verify that Amvrakikos Gulf hosts regionally important numbers of 3 loggerhead turtles (300 individuals identified from 67 days fieldwork) that establish distinct home ranges and maintain long-term associations to the area. A male-biased sex ratio was revealed in the area. These turtles are predominantly derived from local breeding stocks, especially from Zakynthos Island, and we hypothesise that a combination of environmental and biological factors specific to Zakynthos Island are the cause of this bias. The results presented here, generated from a range of techniques including field surveys, satellite telemetry and genetic analysis, contribute to our knowledge of the status of several under-reported or previously unknown sea turtle populations, including evidence of their spatial footprint, and demonstrate the utility in adopting a variety of methods to corroborate results on migrations and linkages at individual and population levels.