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AbstractIn this study we replicate and extend an agency‐transaction cost model of dividend payout previously hypothesized and supported in the literature. We find no statistical difference between the estimated regression model obtained for the original seven‐year sample period, 1974–80, and that obtained for our seven‐year period, 1981–87. The latter period is characterized by significantly lower inflation, stronger economic growth, and lower taxes. The intertemporal stability of the model suggests that it is useful for predicting dividend payout at the individual firm level.

An exploration through a case example ;o';&ahe,unegrtginties of results associated with even.thp,mosk carefully designed.:& j executed evaluation of an action demonstration program. 'Realistic appraisal of the uncertainties attached to evaluative efforts is important if public officials, admin'ors, & soc sci'ts are to collaborate without disillusionment in obtaining 'hard data' to support changes in soc policy to improve standards of health, educ, & welfare in the US. The case of the -Weekend Rangers Program,' part of the federally supported Boston Youth Opportunities Project & designed to prevent & control JD'cy, is used. A pretest-posttest control group design was adopted to evaluate the project. 84 M's between the ages of 13.5 & 16 under formal or informal supervision of the Juvenile Courts in Roxbury, North Dorchester, & Charlestown sections of Boston at the time of recruitment, stratified by race & probationary status, were randomly assigned to exp'al & control groups. Police record data on the probationer pop were collected. Reporting & monitoring systems, proceedings of staff orientation sessions, & testimonies of participants, camp personnel, & res staff yielded descriptive data on the program as actually implemented. Comparison of 27 treated probationers with 26 probationers serving as controls via fixed-effect, 2-way analysis of variance, using pretest scores as covariate adjustors, gave statistical evidence that the Weekend Rangers Program had no impact-positive or negative-on the value orientations, att's, or self-concept of the treated probationers. Neither race by itself nor race & treatment interacting showed any measurable effects. While group diff's in volume of offenses committed 3 months during the program & in seriousness of offenses committed 6 months after the program came close to the 10% signif level, the diff's in volume of offenses committed 6 months after the program dropped to chance level. Findings are discussed & the importance of exp'tion & evaluation in soc change programs is affirmed. Massive subsidization may be necessary. 5 Tables. M. Maxfield.