Subset space semantics for public announcement logic in the spirit of the effort modality have been proposed by Wang and Ågotnes [17] and by Bjorndahl [6]. They propose to model the public announcement modality by shrinking the epistemic range with respect to which a postcondition of the announcement is evaluated, instead of by restricting the model to the set of worlds satisfying the announcem...

Public announcement logic (PAL) is a paradigm case of dynamic epistemic logic, which models how agents’ epistemic states change when pieces of information are communicated publicly. PAL extends epistemic logic with the operator [A], where the intended reading of [A]φ is “After a public announcement that A, φ holds.” This logic has recently received two improvements. One improvement, studied in ...

Despite a documented decline in the number of dividend payers in the UK it is found that aggregate real dividends paid by industrials actually increased between 1979 and 2000. This was attributed to the firms lost from the sample being generally small distributors of dividends whilst the growth in payments by large firms more than compensated for the effect of the former. As a result a concentr...

How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these questions, the first problem is coming up with an explanation for why firms pay dividends, in spite of their tax penalty. This paper surveys three different models for why firms pay dividends, and then uses each model to examine the behavioral and efficiency effects of dividend t...