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Little Boy

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Little Boy

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Индонезийский

The poor little things

Английский

the poor little things

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Индонезийский

A little message Just to say

Английский

terjemahan bhs inggris keindonesia

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Индонезийский

apa artinya kata my little family

Английский

what does the word my little family mean?

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Индонезийский

Crazy Little Thing Called Love

Английский

Crazy Little Thing Called Love

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%s: tidak dikonfigurasikan untuk mendukung objek 32-bit little-endian

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%s: not configured to support 32-bit little-endian object

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Индонезийский

Would you like to know me then come to America I like you I'm rich got house business you got learn a little English

Английский

Would you like to know me then come to America I like you I'm rich got house business you got learn a little English

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Индонезийский

Pada suatu hari ketika sinelayan sedang mencari ikan,tiba tiba dia mendapatkan seekor ikan yang ajaib yang bisa berbicara. Sinelayan itupun pulang dan menceritakan kepada istrinya,kemudian istrinya menyuruh suaminya untuk memintak little catage,dan suaminyapun pergi,permintaan inipun dikabulkan.di lain hari istrinya meras little catage tersebut tidak cukup lagi untuk mereka, kemudian diapun menyuruh suaminya untuk memintak sebuah istana kepada ikan ajaib.permintaan yang kedua inipun dikabulkan.di suatu hari istrinya berpikir apa lagi yang dia mintak selanjutnya.diapun tertidur dan kemudian diapun terbangun dan melihat cahaya matahari yang masuk ke dalam rumahnya,kemudian dia menyuruh suaminya untuk memintak bulan dan matahari terbit dengan seizinya.

Английский

QUERY LENGTH LIMIT EXCEDEED. MAX ALLOWED QUERY : 500 CHARS

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Индонезийский

NIH U.S. National Library of Medicine National Center for Biotechnology Information PubChem logo OPENCHEMISTRYDATABASE Compound Summary for CID 10943 PubChem compound 1,3-DICHLOROBENZENE 1,3-DICHLOROBENZENE Vendors Pharmacology Literature Patents Bioactivities 1,3-DICHLOROBENZENE_small.png PubChem CID: 10943 Chemical Names: 1,3-DICHLOROBENZENE; M-Dichlorobenzene; 541-73-1; Meta-Dichlorobenzene; M-Dichlorobenzol; Benzene, 1,3-dichloro-; More... Molecular Formula: C6H4Cl2 Molecular Weight: 147.00196 g/mol InChI Key: ZPQOPVIELGIULI-UHFFFAOYSA-N UNII: 75W0WNE5FP Safety Summary: Laboratory Chemical Safety Summary (LCSS) Modify Date: 2016-04-02 Create Date: 2005-03-26 There are three dichlorobenzene isomers- 1,2-dichlorobenzene, 1,3-dichlorobenzene, and 1,4-dichlorobenzene. Dichlorobenzenes do not occur naturally. 1,2-Dichlorobenzene is a colorless to pale yellow liquid used to make herbicides. 1,3- Dichlorobenzene is a colorless liquid used to make herbicides, insecticides, medicine, and dyes. 1,4-Dichlorobenzene, the most important of the three chemicals, is a colorless to white solid with a strong, pungent odor. When exposed to air, it slowly changes from a solid to a vapor. Most people can smell 1,4- dichlorobenzene in the air at very low levels. 2D Structure 3D Conformer Names and Identifiers Chemical and Physical Properties Related Records Chemical Vendors Pharmacology and Biochemistry Use and Manufacturing Identification Safety and Hazards Toxicity Literature Patents Biomolecular Interactions and Pathways Biological Test Results Classification Information Sources 2D Structure 1,3-DICHLOROBENZENE.png 3D Conformer Names and Identifiers Computed Descriptors IUPAC Name 1,3-dichlorobenzene InChI InChI=1S/C6H4Cl2/c7-5-2-1-3-6(8)4-5/h1-4H InChI Key ZPQOPVIELGIULI-UHFFFAOYSA-N Canonical SMILES C1=CC(=CC(=C1)Cl)Cl Other Identifiers CAS 541-73-1 EC Number 208-792-1 ICSC Number 1095 RTECS Number CZ4499000 UN Number 2810 1993 UNII 75W0WNE5FP Wikipedia Wikipedia 1,3-dichlorobenzene Synonyms MeSH Synonyms 1,3-dichlorobenzene m-dichlorobenzene Depositor-Supplied Synonyms 1,3-DICHLOROBENZENE m-Dichlorobenzene 541-73-1 meta-Dichlorobenzene m-Dichlorobenzol Benzene, 1,3-dichloro- m-Phenylene dichloride Benzene, m-dichloro- Metadichlorobenzene m-Phenylenedichloride m-DCB 1,3-dichloro-benzene NSC 8754 RCRA waste no. U071 UNII-75W0WNE5FP CCRIS 4259 HSDB 522 CHEBI:36693 ZPQOPVIELGIULI-UHFFFAOYSA-N EINECS 208-792-1 2,4-dichlorobenzene AI3-15517 DSSTox_CID_2056 DSSTox_RID_76473 DSSTox_GSID_22056 1,3-Dichlorobenzene solution CAS-541-73-1 m-dichlorobenzen 3-dichlorobenzene MDCB PubChem13088 ACMC-209tea 1,3-bis(chloranyl)benzene AC1L1WA5 75W0WNE5FP SCHEMBL28140 M-DICHLOROBENZENE 99 KSC255M9B MLS001050090 35350_ALDRICH 40214_SUPELCO 48523_SUPELCO 48638_SUPELCO CHEMBL45235 113808_ALDRICH 36708_RIEDEL PARAGOS 530110 35350_FLUKA 36708_FLUKA NSC8754 MolPort-003-925-956 LABOTEST-BB LTBB002096 LTBB002096 ZINC388095 CS-B0931 NSC-8754 Tox21_202179 Tox21_300005 ANW-42368 LS-207 AKOS009031576 AS00251 MCULE-4362550696 RP21109 RTR-019159 TRA0127964 NCGC00091197-01 NCGC00091197-02 NCGC00091197-03 NCGC00253960-01 NCGC00259728-01 AJ-20426 AK114310 AN-21339 BC205103 CJ-03113 KB-78294 OR001079 SMR001216526 ZB011284 ST2414814 TR-019159 D0333 FT-0606649 FT-0657417 S0665 C19397 28316-EP2269986A1 28316-EP2287141A1 28316-EP2305655A2 28316-EP2314577A1 A830009 3B4-2898 I01-3651 J-503894 InChI=1/C6H4Cl2/c7-5-2-1-3-6(8)4-5/h1-4 UNII-F56X88UAJQ component ZPQOPVIELGIULI-UHFFFAOYSA-N 46536A91-5C63-4685-94E2-E2FAB9C3B34D 1,3-DICHLOROBENZENE (SEE ALSO: 1,2-DICHLOROBENZENE (95-50-1) & 1,4-DICHLOROBENZENE (106-46-7)) 63697-17-6 Chemical and Physical Properties Computed Properties Molecular Weight 147.00196 g/mol Molecular Formula C6H4Cl2 XLogP3 3.5 Hydrogen Bond Donor Count 0 Hydrogen Bond Acceptor Count 0 Rotatable Bond Count 0 Exact Mass 145.969005 g/mol Monoisotopic Mass 145.969005 g/mol Topological Polar Surface Area 0 A^2 Heavy Atom Count 8 Formal Charge 0 Complexity 64.9 Isotope Atom Count 0 Defined Atom Stereocenter Count 0 Undefined Atom Stereocenter Count 0 Defined Bond Stereocenter Count 0 Undefined Bond Stereocenter Count 0 Covalently-Bonded Unit Count 1 Experimental Properties Physical Description COLOURLESS LIQUID. Liquid Color Colorless liquid Lewis, R.J. Sr.; Hawley's Condensed Chemical Dictionary 14th Edition. John Wiley & Sons, Inc. New York, NY 2001., p. 359 Boiling Point 173 deg C Lide, D.R. CRC Handbook of Chemistry and Physics 86TH Edition 2005-2006. CRC Press, Taylor & Francis, Boca Raton, FL 2005, p. 3-150 173°C Melting Point -24.8 deg C Lide, D.R. CRC Handbook of Chemistry and Physics 86TH Edition 2005-2006. CRC Press, Taylor & Francis, Boca Raton, FL 2005, p. 3-150 -24.8°C Flash Point 63°C 63°C closed cup Solubility Sol in ethanol, ether; very soluble in acetone Lide, D.R. CRC Handbook of Chemistry and Physics 86TH Edition 2005-2006. CRC Press, Taylor & Francis, Boca Raton, FL 2005, p. 3-150 In water, 125 mg/L at 25 deg C Miller MM et al; J Chem Eng Data 29:184-90 (1984) in water: none Density 1.2884 at 20 deg C/4 deg C Lide, D.R. CRC Handbook of Chemistry and Physics 86TH Edition 2005-2006. CRC Press, Taylor & Francis, Boca Raton, FL 2005, p. 3-150 (water = 1): 1.288 Vapor Density (air = 1): 5.1 Vapor Pressure 2.15 mm Hg at 25 deg C Daubert, T.E., R.P. Danner. Physical and Thermodynamic Properties of Pure Chemicals Data Compilation. Washington, D.C.: Taylor and Francis, 1989. Vapour pressure kPa at 25°C: 0.286 0.286 kPa @ 25°C LogP log Kow = 3.53 Hansch, C., Leo, A., D. Hoekman. Exploring QSAR - Hydrophobic, Electronic, and Steric Constants. Washington, DC: American Chemical Society., 1995., p. 17 3.53 Auto-Ignition >500 deg C European Chemicals Bureau; IUCLID Dataset, 1,3-Dichlorobenzene (541-73-1) p.12 (2000 CD-ROM edition). Available from, as of January 10, 2008: http://esis.jrc.ec.europa.eu/ Decomposition When heated to decomposition it emits toxic /hydrogen chloride/ fumes. Lewis, R.J. Sr. (ed) Sax's Dangerous Properties of Industrial Materials. 11th Edition. Wiley-Interscience, Wiley & Sons, Inc. Hoboken, NJ. 2004., p. 1174 Viscosity 1.044 mPa.s at 25 deg C Lide, D.R. CRC Handbook of Chemistry and Physics 86TH Edition 2005-2006. CRC Press, Taylor & Francis, Boca Raton, FL 2005, p. 6-177 Heat of Vaporization 296.8 J/g Kirk-Othmer Encyclopedia of Chemical Technology. 4th ed. Volumes 1: New York, NY. John Wiley and Sons, 1991-Present., p. V6: 89 (1993) Surface Tension 36.20 dynes/cm Kirk-Othmer Encyclopedia of Chemical Technology. 4th ed. Volumes 1: New York, NY. John Wiley and Sons, 1991-Present., p. V6: 89 (1993) Kovats Retention Index Standard non-polar 975.4, 986.21, 985.1, 1002, 1014, 985, 990, 982, 1025, 1013.8, 1009, 985, 964, 1016, 1013, 1016, 964, 1000, 997, 964, 1004.1, 985.2, 991.2, 997.1, 988, 1005, 986, 982, 1011.1, 981, 981, 981, 982, 1004 Semi-standard non-polar 1022, 1014.97, 1015.34, 1017.77, 1018.92, 1020.9, 1002.37, 997.98, 999.87, 1017.4, 1020.06, 1027.05, 1027.35, 1022.5, 1022.5, 1036.2, 1004.07, 1013.3, 1024.65, 1058, 1007, 1011, 1014, 1022, 1005, 1024.8, 1006.8, 1047, 1021, 1045, 1002, 1002.6, 997, 162, 160.4 Standard polar 1417.7, 1438.32, 1445.33, 1446, 1451, 1453, 1455.4, 1474.1, 1415, 1415, 1434, 1409, 1414, 1477, 1455.6, 1418 Chemical Classes Volatile organic compounds Crystal Structures Crystal Structures: 1 of 2 CCDC Number 165223 Crystal Structure Data DOI:10.5517/cc5jxsc Associated Article DOI:10.1002/1522-2675(20010613)84:63.0.CO;2-M Crystal Structures: 2 of 2 CCDC Number 637752 Crystal Structure Data DOI:10.5517/ccpdmnb Associated Article DOI:10.1107/S0108768106046684 Spectral Properties Index of refraction: 1.5515 at 20 deg C/D Lide, D.R. CRC Handbook of Chemistry and Physics 86TH Edition 2005-2006. CRC Press, Taylor & Francis, Boca Raton, FL 2005, p. 3-150 Intense mass spectral peaks: 146 m/z (100%), 148 m/z (64%), 111 m/z (37%), 75 m/z (22%) Hites, R.A. Handbook of Mass Spectra of Environmental Contaminants. Boca Raton, FL: CRC Press Inc., 1985., p. 70 IR: 5654 (Coblentz Society Spectral Collection) Lide, D.R., G.W.A. Milne (eds.). Handbook of Data on Organic Compounds. Volume I. 3rd ed. CRC Press, Inc. Boca Raton ,FL. 1994., p. V1: 825 UV: 1671 (Sadtler Research Laboratories Spectral Collection) Lide, D.R., G.W.A. Milne (eds.). Handbook of Data on Organic Compounds. Volume I. 3rd ed. CRC Press, Inc. Boca Raton ,FL. 1994., p. V1: 825 NMR: 8596 (Sadtler Research Laboratories Spectral Collection) Lide, D.R., G.W.A. Milne (eds.). Handbook of Data on Organic Compounds. Volume I. 3rd ed. CRC Press, Inc. Boca Raton ,FL. 1994., p. V1: 825 MASS: 818 (Atlas of Mass Spectral Data, John Wiley & Sons, New York) Lide, D.R., G.W.A. Milne (eds.). Handbook of Data on Organic Compounds. Volume I. 3rd ed. CRC Press, Inc. Boca Raton ,FL. 1994., p. V1: 825 GC-MS 1 of 4 NIST Number 291447 Library Main library Total Peaks 63 m/z Top Peak 146 m/z 2nd Highest 148 m/z 3rd Highest 111 Thumbnail Related Records Related Compounds with Annotation Related Compounds Same Connectivity 8 records Same Parent, Connectivity 50 records Same Parent, Exact 43 records Mixtures, Components, and Neutralized Forms 109 records Similar Compounds 274 records Similar Conformers 16510 records Substances Related Substances All 295 records Same 122 records Mixture 173 records Substances by Category Entrez Crosslinks PubMed 86 records Taxonomy 1 record Gene 1 record Chemical Vendors Pharmacology and Biochemistry Absorption, Distribution and Excretion The dichlorobenzenes may be absorbed through the lung, gastrointestinal tract, and intact skin. Relatively low water solubility and high lipid solubility favor their penetration of most membranes by diffusion, including pulmonary and GI epithelia, the brain, hepatic parenchyma, renal tubules, and the placenta. /Dichlorobenzenes/ USEPA; Ambient Water Quality Criteria Doc: Dichlorobenzenes p.C-14 (1980) EPA 440/5-80-039 Information on the quantitative absorption of 1,3-DCB in humans and animals is not available for any route of exposure; however, absorption of the compound can be inferred from studies that have detected 1,3-DCB or metabolites in the breast milk, blood, and fat of humans and in the bile and urine of exposed animals. Distribution is believed to be similar to the other DCB isomers, but data demonstrating this are not presently available. Similar to the other DCB isomers, 1,3-DCB is initially metabolized by cytochrome P-450 enzymes, followed by extensive conjugation, primarily to glutathione, has been reported. 1,3-DCB is eliminated mainly in the urine, similar to the other DCB isomers. U.S. Dept Health & Human Services/Agency for Toxic Substances & Disease Registry; Toxicological Profile for Dichlorobenzenes p.202 (August 2006) PB2007-100672. Available from, as of January 7, 2008: http://www.atsdr.cdc.gov/toxpro2.html# Children can be exposed to DCBs prenatally, as indicated by the detection of all three isomers in placenta samples, as well as through breast feeding. 1,2-DCB concentrations measured in whole human milk range from 3 to 29 ppb. 1,3- and 1,4-DCB were detected together in whole human milk with mean and maximum concentrations of 6 and 75 ppb, respectively. These isomers were detected in milkfat samples at a mean concentration of 161 ppb and a maximum concentration of 4,180 ppb. 1,2-, 1,3-, and 1,4-DCB measured separately in whole human milk samples had concentrations of 9, <5, and 25 ppb, respectively, while the milk fat of these samples contained 230 ppb of 1,2-DCB and 640 ppb of 1,4-DCB. U.S. Dept Health & Human Services/Agency for Toxic Substances & Disease Registry; Toxicological Profile for Dichlorobenzenes p.12 (August 2006) PB2007-100672. Available from, as of January 18, 2008: http://www.atsdr.cdc.gov/toxpro2.html# Metabolism/Metabolites M-Dichlorobenzene yields N-acetyl-S-(2,4-dichlorophenyl)-L-cysteine, 2,4-dichlorophenol, and 3,5-dichlorophenol in rabbit. /from table/ Goodwin, B.L. Handbook of Intermediary Metabolism of Aromatic Compounds. New York: Wiley, 1976., p. D-15 When fed to rabbits, m-dichlorobenzene yielded glucuronides (31%, sulfates (11%), mercapturic acid (9%) and catechols (4%). ...2,4-Dichlorophenylmercapturic acid and 3,5-dichlorocatechol were also observed... Menzie, C.M. Metabolism of Pesticides, Update II. U.S. Department of the Interior, Fish Wildlife Service, Special Scientific Report - Wildlife No. 2l2. Washington, DC: U.S. Government Printing Office, 1978., p. 95 1,3-Dichlorobenzene was reported to be among several metabolites of gamma-pentachloro-1-cyclohexane in corn and pea seedlings. USEPA; Ambient Water Quality Criteria Doc: Dichlorobenzene p.C-10 (1980) EPA 440/5-80-039 The S-containing metabolites of m-dichlorobenzene (m-DCB) were identified by using gas chromatography-mass spectrometry and disposition of m-DCB metabolites studied. In the blood, urine and feces of rats dosed with m-DCB, 2,4- and 3,5-dichlorophenyl methylsulfoxide and 3,5- and 2,4-dichlorophenyl methanesulfonate emerged, while their possible precursors, 3,5- and 2,4-dichlorophenyl methyl sulfide were not detected in the blood, urine, and feces. However, after heating the alkalinized urine and feces, the methyl sulfides appeared. ... Abstract: PubMed Kimura R et al; J Pharmacobio-Dyn 7 (4): 234-45 (1984) 1,2,4-Trichlorobenzene (TCB) was reductively converted into monochlorobenzene (MCB) via dichlorobenzenes on incubation with intestinal contents of rats. When the amounts of MCB produced from o-DCB, m-DCB, or p-DCB as substrates were compared, the amount was the least in the case of o-DCB. This was consistent with the finding that o-DCB tended to accumulate more than the other isomers. The mechanism of the reductive dechlorination of aromatic compounds is not well understood. Tsuchiya T, Yamaha T; Agric Biol Chem 47 (5): 1163-5 (1983) The increases in the hepatic microsomal aminopyrine N-demethylase activity and in the content of cytochrome p450 produced by m-dichlorobenzene (m-DCB) occurred after increases in the hepatic concentration of 3,5-dichlorophenyl methyl sulfone, a minor metabolite. The extent of increases in aminopyrine N-demethylase activity and in the content of cytochrome p450 at 48 hr after administration of 200 mg/kg (1.36 mmol/kg) of m-DCB was almost equal to that 72 hr after the ip administration of 25 umol/kg of the sulfone. m-DCB in liver was not detectable at that time, and the concentration of sulfone was 63 to 70% of that 48 to 72 hr after the ip administration of 50 umol/kg of sulfone. Administration of m-DCB (200 mg/kg) produced a significant reduction in hexobarbital sleeping time, but this reduction was less than that produced by administration of the sulfone (50 umol/kg). The protein band patterns by sodium dodecyl sulfate-polyacrylamide gel electrophoresis of the microsomes from rats treated with the sulfone and m-DCB were similar to those of phenobarbital-treated rats but were different from those of 3-methylcholanthrene-treated rats. The sulfone showed type I interaction with the cytochrome p450 (Ks, 0.17 mM). The sulfone was formed from the sulfide but reduction of the sulfone was not observed when it was incubated in a hepatic microsomal preparation. The pattern of induction by the sulfone and m-DCB was similar to that by phenobarbital and differed from that by 3-methylcholanthrene. From these results, 3,5-dichlorophenyl methyl sulfone is considered to be a major contributing factor of the inducing activity of m-DCB and to be a potent phenobarbital like inducer. Abstract: PubMed Kimura R; Toxicol Appl Pharmacol 78 (2): 300-9 (1985) ...In rat liver slices, the majority (~70%) of 1,3-DCB was found conjugated to glutathione, or as a cysteine conjugate, with only small amounts of the glucuronide or sulfate detected. In human liver slices, the pattern was different, with approximately equal distribution (~40% each) of glucuronide and glutathione conjugates, and ~20% of the metabolites as the sulfate. Human liver slices metabolized greater amounts of 1,3-DCB than did slices from F344 or Sprague-Dawley rats. Human liver slices formed 2-9-fold greater levels of glucuronide conjugates, 1-4-fold greater levels of sulphatase conjugates, and 1-4-fold greater levels of glutathione/cysteine conjugates of 1,3-DCB than rat liver slices. U.S. Dept Health & Human Services/Agency for Toxic Substances & Disease Regis

Английский

english translation-geogle-indonesia

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Индонезийский

Special Dividends and the Evolution of Dividend Signaling 1. Introduction Dividend signaling plays a prominent role in corporate finance theory, with numerous studies outlining scenarios in which managers use cash dividends to convey information about firm profitability (see, e.g., Bhattacharya (1979), Miller and Rock (1985), John and Williams (1985), and more recent papers cited in Allen and Michaely’s (1995) survey of the dividend literature). However, few empirical studies indicate that signaling is pervasively important, although some research suggests it might be important in limited circumstances (see, e.g., DeAngelo, DeAngelo, and Skinner (1996), Benartzi, Michaely, and Thaler (1997), and many earlier studies cataloged by Allen and Michaely). In their comprehensive survey, Allen and Michaely (1995, p. 825) state that “…the empirical evidence (on dividend signaling) is far from conclusive …. more research on this topic is needed.” The juxtaposition of continued strong theoretical interest in signaling models on the one hand, with limited empirical support on the other, has made the relevance of dividend signaling an important unresolved issue in corporate finance. There are firms in which dividend signaling is inarguably at work, and they are the ones studied by Brickley (1982, 1983), whose managers pay both regular dividends and occasional special dividends (extras, specials, year-ends, etc., hereafter “specials”). As Brickley indicates, the differential labeling of special and regular dividends inherently conveys a warning to stockholders that the “special” payout is not as likely to be repeated as the “regular” payout. Brickley’s evidence indicates that investors treat special dividends as hedged managerial signals about future profitability, in that unanticipated specials are associated with weaker stock market reactions than are regular dividend increases of comparable size. One contribution of the current paper is to provide evidence that the historically prevalent practice of paying special dividends has largely failed the survival test, casting further doubt on the overall importance of signaling motivations in explaining dividend policy in general. We document that special dividends were once commonly paid by NYSE firms but have gradually disappeared over the last 40 to 45 years and are now a rare phenomenon. During the 1940s, 61.7% of dividend-paying NYSE firms paid at least one special, while only 4.9% did so during the first 2 half of the 1990s. In the single year 1950, 45.8% of dividend-paying NYSE firms paid specials, while just 1.4% of such firms paid specials in 1995. In years past, special dividends constituted a substantial fraction of total cash dividends. Among NYSE firms that paid specials, these bonus disbursements average 24.3% (median, 16.8%) of the dollar value of total dividends paid over all years between the firm’s first and last special. Firms that at one point frequently paid specials include such high visibility “blue chip” corporations as General Motors, Eastman K odak, Exxon, Mobil, Texaco, Gillette, Johnson & Johnson, Merck, Pfizer, Sears Roebuck, J.C. Penney, Union Pacific, Corning, International Harvester, McGraw Hill, and Boeing. Today, only a handful of NYSE firms continues to pay frequent special dividends, and these firms are generally not well known companies. Why have firms largely abandoned the once pervasive practice of paying special dividends? Our evidence suggests that the evolution of special dividends reflects the principle that dividends are a useful signaling mechanism only when they send clear messages to stockholders. Surprisingly, most firms paid specials almost as predictably as they paid regulars, thereby treating the two dividend components as close substitutes and impeding their ability to convey different messages. Over 1926-1995, more than 10,000 specials were paid by NYSE firms and virtually all of these were declared by firms that announced specials in multiple years. Remarkably, a full 27.9% of the latter firms skipped paying specials in less than one year out of ten on average (i.e., they paid specials in over 90% of the years between their first and last special dividend). Well over half (56.8%) the firms that paid specials in multiple years did so more frequently than every other year on average. We find that the only specials that have survived to an appreciable degree -- and that, in fact, have grown in importance -- are large specials whose sheer size automatically differentiates them from regular dividends.1 When investors view specials and regulars as close substitutes, there is little advantage to differential labeling and so firms should eventually drop the practice of paying two types of dividends and simply embed specials into the regular dividend. Evidence supporting this prediction comes from our 1 Large specials, like large repurchases, are likely to get stockholders’ attention. These large payouts may or may not serve as signals in the conventional sense, however, depending on whether stockholders interpret them as information about the firm’s future profitability as opposed, e.g., to information about the success of its current restructuring efforts. 3 Lintner (1956) model analysis of the dividend decisions of firms that eliminated specials after paying them frequently for many years. This analysis shows that, controlling for earnings, the pattern of regular dividends after the cessation of specials does not differ systematically from the earlier pattern of total (special plus regular) dividends. Other data indicate that these sample firms preserved the relation between earnings and total dividends by substituting into greater reliance on regular dividend increases. We also find that firms generally tended to increase regulars when they reduced specials to a still-positive level (and this tendency becomes more pronounced in recent years), further supporting the view that firms treat specials and regulars as reasonably close substitutes. Finally, our data show that the disappearance of specials is part of a general trend toward simple, homogenous dividend policies in which firms converged on the now standard practice of paying exactly four regular dividends per year. Our event study analysis reveals that the stock market typically reacts favorably to the fact that a special dividend is declared (given a constant regular dividend), but the market response is not systematically related to the sign or magnitude of the change from one positive special dividend payment to another. We observe a significantly positive average stock market reaction of about 1%, both when firms increase specials and when they reduce them to a still-positive level (and leave the regular dividend unchanged). The stock market’s favorable reaction to special declarations is significantly greater than the essentially zero reaction when firms omit specials. These empirical tendencies provide some incentive for managers to pay special dividends more frequently than they otherwise would, even if specials must sometimes be reduced. These findings may therefore help explain why managers typically paid specials frequently, effectively converting them into payout streams that more closely resemble regular dividends than one would think based on the nominal special labeling. We also find some empirical support for the notion that the long term decline in special dividends is related to the clientele effect shift from the mid-century era in which stock ownership was dominated by individual investors to the current era in which institutions dominate. One might reasonably expect this clientele shift to reduce the importance of special dividends, since institutions are presumably more sophisticated than retail investors and are therefore better able to see that most firms treated specials as close substitutes for regulars. At the aggregate level, the secular decline in specials and the increase in 4 institutional ownership occurred roughly in parallel, with both trends proceeding gradually over many years. At the firm level, our logit regressions show a significant negative relation between the level of institutional ownership and the probability that a firm continues to pay special dividends. Finally, we find little support for the notion that special dividends were displaced by common stock repurchases. Theoretically, one mi ght expect a close connection between the disappearance of specials and the adoption of stock repurchases. Both payout methods allow managers to signal their beliefs about company prospects through temporary bonus distributions, with no necessary commitment to repeat today’s higher cash payout in future years. Moreover, repurchases are now widely prevalent (much as specials used to be) although historically they were rare events (as specials are now). However, at the aggregate level, the secular decline in specials began many years before the upsurge in repurchase activity, so that any theory which attributes the disappearance of specials to the advent of repurchases faces the difficult task of explaining the long time gap between the two phenomena. Moreover, at the firm level, the number of companies that repurchased stock after they stopped paying special dividends is significantly less than expected if firms simpl y substituted one for the other form of payout. Finally, repurchase tender offers and large specials both increase in recent years with the upsurge in corporate restructurings and takeovers. Perhaps the most important implication of the findings reported here is the challenge they pose for dividend signaling theories. Specifically, the fact that special dividends once flourished, but have largely failed to survive, is inconsistent with the view that these signals serve an economically important function. We discuss this and other implications of our findings for corporate finance research in section 7. We begin in section 2 by documenting the long-term evolution of special dividend payments. Section 3 analyzes the predictability of special dividends, the evolution of large specials, the behavior of total dividends around the time firms stopped paying specials, and firms’ general tendency to increase regulars when they reduce specials. Section 4 presents our event study analysis of the information content of special dividends. Section 5 examines the relation between institutional ownership and the payment of specials. Section 6 investigates the connection between repurchases and the decline in specials.

Английский

geogle terjemahan indonesia-englishSpecial Dividends and the Evolution of Dividend Signaling 1. Introduction Dividend signaling plays a prominent role in corporate finance theory, with numerous studies outlining scenarios in which managers use cash dividends to convey information about firm profitability (see, e.g., Bhattacharya (1979), Miller and Rock (1985), John and Williams (1985), and more recent papers cited in Allen and Michaely’s (1995) survey of the dividend literature). However, few empirical studies indicate that signaling is pervasively important, although some research suggests it might be important in limited circumstances (see, e.g., DeAngelo, DeAngelo, and Skinner (1996), Benartzi, Michaely, and Thaler (1997), and many earlier studies cataloged by Allen and Michaely). In their comprehensive survey, Allen and Michaely (1995, p. 825) state that “…the empirical evidence (on dividend signaling) is far from conclusive …. more research on this topic is needed.” The juxtaposition of continued strong theoretical interest in signaling models on the one hand, with limited empirical support on the other, has made the relevance of dividend signaling an important unresolved issue in corporate finance. There are firms in which dividend signaling is inarguably at work, and they are the ones studied by Brickley (1982, 1983), whose managers pay both regular dividends and occasional special dividends (extras, specials, year-ends, etc., hereafter “specials”). As Brickley indicates, the differential labeling of special and regular dividends inherently conveys a warning to stockholders that the “special” payout is not as likely to be repeated as the “regular” payout. Brickley’s evidence indicates that investors treat special dividends as hedged managerial signals about future profitability, in that unanticipated specials are associated with weaker stock market reactions than are regular dividend increases of comparable size. One contribution of the current paper is to provide evidence that the historically prevalent practice of paying special dividends has largely failed the survival test, casting further doubt on the overall importance of signaling motivations in explaining dividend policy in general. We document that special dividends were once commonly paid by NYSE firms but have gradually disappeared over the last 40 to 45 years and are now a rare phenomenon. During the 1940s, 61.7% of dividend-paying NYSE firms paid at least one special, while only 4.9% did so during the first 2 half of the 1990s. In the single year 1950, 45.8% of dividend-paying NYSE firms paid specials, while just 1.4% of such firms paid specials in 1995. In years past, special dividends constituted a substantial fraction of total cash dividends. Among NYSE firms that paid specials, these bonus disbursements average 24.3% (median, 16.8%) of the dollar value of total dividends paid over all years between the firm’s first and last special. Firms that at one point frequently paid specials include such high visibility “blue chip” corporations as General Motors, Eastman K odak, Exxon, Mobil, Texaco, Gillette, Johnson & Johnson, Merck, Pfizer, Sears Roebuck, J.C. Penney, Union Pacific, Corning, International Harvester, McGraw Hill, and Boeing. Today, only a handful of NYSE firms continues to pay frequent special dividends, and these firms are generally not well known companies. Why have firms largely abandoned the once pervasive practice of paying special dividends? Our evidence suggests that the evolution of special dividends reflects the principle that dividends are a useful signaling mechanism only when they send clear messages to stockholders. Surprisingly, most firms paid specials almost as predictably as they paid regulars, thereby treating the two dividend components as close substitutes and impeding their ability to convey different messages. Over 1926-1995, more than 10,000 specials were paid by NYSE firms and virtually all of these were declared by firms that announced specials in multiple years. Remarkably, a full 27.9% of the latter firms skipped paying specials in less than one year out of ten on average (i.e., they paid specials in over 90% of the years between their first and last special dividend). Well over half (56.8%) the firms that paid specials in multiple years did so more frequently than every other year on average. We find that the only specials that have survived to an appreciable degree -- and that, in fact, have grown in importance -- are large specials whose sheer size automatically differentiates them from regular dividends.1 When investors view specials and regulars as close substitutes, there is little advantage to differential labeling and so firms should eventually drop the practice of paying two types of dividends and simply embed specials into the regular dividend. Evidence supporting this prediction comes from our 1 Large specials, like large repurchases, are likely to get stockholders’ attention. These large payouts may or may not serve as signals in the conventional sense, however, depending on whether stockholders interpret them as information about the firm’s future profitability as opposed, e.g., to information about the success of its current restructuring efforts. 3 Lintner (1956) model analysis of the dividend decisions of firms that eliminated specials after paying them frequently for many years. This analysis shows that, controlling for earnings, the pattern of regular dividends after the cessation of specials does not differ systematically from the earlier pattern of total (special plus regular) dividends. Other data indicate that these sample firms preserved the relation between earnings and total dividends by substituting into greater reliance on regular dividend increases. We also find that firms generally tended to increase regulars when they reduced specials to a still-positive level (and this tendency becomes more pronounced in recent years), further supporting the view that firms treat specials and regulars as reasonably close substitutes. Finally, our data show that the disappearance of specials is part of a general trend toward simple, homogenous dividend policies in which firms converged on the now standard practice of paying exactly four regular dividends per year. Our event study analysis reveals that the stock market typically reacts favorably to the fact that a special dividend is declared (given a constant regular dividend), but the market response is not systematically related to the sign or magnitude of the change from one positive special dividend payment to another. We observe a significantly positive average stock market reaction of about 1%, both when firms increase specials and when they reduce them to a still-positive level (and leave the regular dividend unchanged). The stock market’s favorable reaction to special declarations is significantly greater than the essentially zero reaction when firms omit specials. These empirical tendencies provide some incentive for managers to pay special dividends more frequently than they otherwise would, even if specials must sometimes be reduced. These findings may therefore help explain why managers typically paid specials frequently, effectively converting them into payout streams that more closely resemble regular dividends than one would think based on the nominal special labeling. We also find some empirical support for the notion that the long term decline in special dividends is related to the clientele effect shift from the mid-century era in which stock ownership was dominated by individual investors to the current era in which institutions dominate. One might reasonably expect this clientele shift to reduce the importance of special dividends, since institutions are presumably more sophisticated than retail investors and are therefore better able to see that most firms treated specials as close substitutes for regulars. At the aggregate level, the secular decline in specials and the increase in 4 institutional ownership occurred roughly in parallel, with both trends proceeding gradually over many years. At the firm level, our logit regressions show a significant negative relation between the level of institutional ownership and the probability that a firm continues to pay special dividends. Finally, we find little support for the notion that special dividends were displaced by common stock repurchases. Theoretically, one mi ght expect a close connection between the disappearance of specials and the adoption of stock repurchases. Both payout methods allow managers to signal their beliefs about company prospects through temporary bonus distributions, with no necessary commitment to repeat today’s higher cash payout in future years. Moreover, repurchases are now widely prevalent (much as specials used to be) although historically they were rare events (as specials are now). However, at the aggregate level, the secular decline in specials began many years before the upsurge in repurchase activity, so that any theory which attributes the disappearance of specials to the advent of repurchases faces the difficult task of explaining the long time gap between the two phenomena. Moreover, at the firm level, the number of companies that repurchased stock after they stopped paying special dividends is significantly less than expected if firms simpl y substituted one for the other form of payout. Finally, repurchase tender offers and large specials both increase in recent years with the upsurge in corporate restructurings and takeovers. Perhaps the most important implication of the findings reported here is the challenge they pose for dividend signaling theories. Specifically, the fact that special dividends once flourished, but have largely failed to survive, is inconsistent with the view that these signals serve an economically important function. We discuss this and other implications of our findings for corporate finance research in section 7. We begin in section 2 by documenting the long-term evolution of special dividend payments. Section 3 analyzes the predictability of special dividends, the evolution of large specials, the behavior of total dividends around the time firms stopped paying specials, and firms’ general tendency to increase regulars when they reduce specials. Section 4 presents our event study analysis of the information content of special dividends. Section 5 examines the relation between institutional ownership and the payment of specials. Section 6 investigates the connection between repurchases and the decline in specials.

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Индонезийский

gogle translit1 00:00:12,851 --> 00:00:17,000 The film refers to sexual problems. Multiple sensitive images. 2 00:00:17,025 --> 00:00:20,542 Spectators should reconsider before watching! 3 00:01:37,400 --> 00:01:39,520 Tell him know where the girls captive. 4 00:01:39,620 --> 00:01:41,290 Saying unplug the phone! 5 00:01:41,550 --> 00:01:43,060 Babylon stars? 6 00:01:43,580 --> 00:01:44,589 What this site... 7 00:01:44,590 --> 00:01:48,010 Daily at fixed hours are sending the screen instructions. 8 00:01:48,770 --> 00:01:51,010 But this time, has not received a complaint of the victim. 9 00:01:51,020 --> 00:01:54,039 But that, had the exact expression. Fully formed threads spread across the network. 10 00:01:54,040 --> 00:01:57,800 Spreading the scenes clip real time interrogation of the prisoner! 11 00:01:59,160 --> 00:02:02,490 These are a few of the guys page illusinary pleasures. 12 00:02:03,120 --> 00:02:05,720 We must be inserted into the center of our illusions! 13 00:03:48,040 --> 00:03:48,840 Are you okay? 14 00:03:48,850 --> 00:03:49,660 Injuries doing? 15 00:04:19,050 --> 00:04:20,060 Mifuyu! 16 00:04:21,880 --> 00:04:23,050 Waitress! 17 00:04:25,620 --> 00:04:27,020 Why are you here... 18 00:04:27,790 --> 00:04:29,440 Being that they catch on, huh? 19 00:04:54,120 --> 00:05:00,100 Flee away! Flee away! 20 00:05:00,760 --> 00:05:02,460 The main door has no where! 21 00:05:13,580 --> 00:05:14,460 How'd it go? 22 00:05:14,970 --> 00:05:15,950 Its okay! 23 00:05:20,560 --> 00:05:22,490 Who are you? 24 00:05:26,120 --> 00:05:27,260 Answer me go! 25 00:05:57,420 --> 00:05:58,500 Here! 26 00:05:59,530 --> 00:06:01,230 Here! Heret here! 27 00:06:03,960 --> 00:06:06,760 Today delay meeting. Change of the meal! 28 00:06:19,730 --> 00:06:23,320 Too rude! 29 00:06:23,690 --> 00:06:25,370 Every night, too! Is there any doubt? 30 00:06:25,380 --> 00:06:27,670 Also by hardcopy husband seemed to be fans! 31 00:06:33,030 --> 00:06:34,351 No way! He was just so rushed! 32 00:06:34,580 --> 00:06:37,380 So simply deceiving themselves to my wife thinks so happy! 33 00:06:53,730 --> 00:06:55,502 Looks as was shot dead in a few names. 34 00:06:55,527 --> 00:06:56,904 There is a named manager there. 35 00:06:57,920 --> 00:07:00,159 But he's just a low level only. 36 00:07:00,160 --> 00:07:02,425 Currently we have no way to catch... 37 00:07:02,450 --> 00:07:06,244 South american guy equipment supplier and he suspects founders of this site. 38 00:07:09,410 --> 00:07:10,190 Dear sir! 39 00:07:13,480 --> 00:07:16,480 Now just have to wait for memory harmed chance alone. 40 00:07:20,640 --> 00:07:21,820 Sac her face that much less. 41 00:07:22,970 --> 00:07:24,020 Just go home today! 42 00:07:27,090 --> 00:07:28,250 Temporary rest was just 43 00:08:05,180 --> 00:08:06,250 mifuyu! 44 00:08:13,240 --> 00:08:14,190 Are you okay? 45 00:08:14,200 --> 00:08:15,490 There is nothing wrong, right? 46 00:08:17,690 --> 00:08:20,480 Its been years you didn't contact me. Does jacob... 47 00:08:20,780 --> 00:08:22,210 I followed the crime, right? 48 00:08:25,800 --> 00:08:26,660 What occurred then? 49 00:08:30,460 --> 00:08:32,060 Mifuyu! What are you thinking about? 50 00:08:32,080 --> 00:08:34,270 I know she's worried about me, aren't you? 51 00:08:34,460 --> 00:08:36,499 The three surel has been hospitalized, you did not know, didn't you? 52 00:08:36,500 --> 00:08:37,760 I'm not interested! 53 00:08:38,810 --> 00:08:39,610 Mifuyu! 54 00:08:40,450 --> 00:08:41,890 Why do I escape? 55 00:08:43,140 --> 00:08:46,010 Inmates that I am! 56 00:09:06,250 --> 00:09:07,130 Four sisters come on! 57 00:09:09,230 --> 00:09:10,840 True that insanity was doing that! 58 00:09:11,020 --> 00:09:12,210 Older Sister! 59 00:09:38,170 --> 00:09:40,130 I want to serve you in hell! 60 00:09:42,100 --> 00:09:43,640 Misaki amamiya it ha! 61 00:09:47,360 --> 00:09:48,090 Who are you? 62 00:09:49,080 --> 00:09:49,820 Joseph! 63 00:09:51,450 --> 00:09:52,280 Joseph!? 64 00:09:53,040 --> 00:09:55,900 Sometimes also should wash jacket away instead! 65 00:09:56,440 --> 00:09:57,400 Balls and that home! 66 00:10:01,370 --> 00:10:02,330 Who are you? 67 00:10:03,130 --> 00:10:05,517 At the crime scene she did drop a escape. 68 00:10:05,542 --> 00:10:07,574 This is an important suspects! As her sister! 69 00:10:08,040 --> 00:10:09,780 The other suspects were shot dead! 70 00:10:10,270 --> 00:10:12,290 Front of her outsider doing very depressed. 71 00:10:12,340 --> 00:10:15,900 But in my heart secretly glad to have concealed because of his sister. 72 00:10:16,810 --> 00:10:18,010 Mau answer me! 73 00:10:18,040 --> 00:10:18,900 Who are you? 74 00:10:19,440 --> 00:10:21,130 Why let the girls get away! 75 00:10:21,690 --> 00:10:22,670 For the star itself? 76 00:10:23,240 --> 00:10:24,640 Or for protection for ourselves? 77 00:10:25,480 --> 00:10:26,320 English... 78 00:10:27,160 --> 00:10:28,530 Is how to mifuyu? 79 00:10:29,150 --> 00:10:31,380 I am asked why she let her escape? 80 00:10:40,260 --> 00:10:41,170 What do you want here? 81 00:10:43,250 --> 00:10:44,890 Just keep the phone away! 82 00:10:45,240 --> 00:10:46,440 Will contact you! 83 00:10:56,460 --> 00:10:59,429 There is no evidence of excessive! 84 00:10:59,430 --> 00:11:01,890 Bring it back cooking that is the story of Chihiro her! 85 00:11:02,640 --> 00:11:03,760 So smooth road all stars? 86 00:11:05,390 --> 00:11:06,180 Knitwear! 87 00:11:09,980 --> 00:11:13,189 There is a very good site that home! 88 00:11:13,190 --> 00:11:15,360 Public page? 89 00:11:17,440 --> 00:11:18,320 Babylon! 90 00:11:27,790 --> 00:11:28,610 What are you? 91 00:11:30,370 --> 00:11:31,330 As illegal website! 92 00:11:31,500 --> 00:11:33,130 I heard this woman was really imprisoned 93 00:11:35,500 --> 00:11:37,590 ah that is not a crime 94 00:11:37,920 --> 00:11:39,481 do not worry that your teeth white cow! 95 00:11:39,510 --> 00:11:41,430 Whatever instructions are very dangerous! 96 00:11:42,110 --> 00:11:43,390 Guide!? 97 00:11:44,180 --> 00:11:46,270 The first few minutes are free. Pay later! 98 00:11:46,310 --> 00:11:48,298 Way to premium written in the upper right corner. 99 00:11:48,311 --> 00:11:50,310 If you agree, then it can be read on! 100 00:11:54,810 --> 00:11:56,320 Oh! "Demons" is here! 101 00:11:56,360 --> 00:11:57,520 Goodbye! 102 00:12:18,460 --> 00:12:19,520 Sadako ha? 103 00:12:34,560 --> 00:12:35,920 Is a new woman! 104 00:12:43,460 --> 00:12:44,960 Wow! There are errors too! 105 00:12:57,950 --> 00:12:59,970 Investigate the origins of this woman go! 106 00:13:00,090 --> 00:13:01,120 Making good on! 107 00:13:01,400 --> 00:13:03,139 Hiroki continue to monitor! 108 00:13:03,140 --> 00:13:03,960 It! 109 00:13:09,560 --> 00:13:13,140 For further surcharge. 110 00:13:21,480 --> 00:13:27,420 Chihiro that ha! Named for her grandmother's "devil". 111 00:13:28,000 --> 00:13:31,810 While I was talking to her. Seeing her write the word "devil"! 112 00:13:32,120 --> 00:13:35,480 Feel she truly surreal analogy! 113 00:13:36,500 --> 00:13:37,680 So... 114 00:13:38,400 --> 00:13:39,840 Chihiro husband, why? 115 00:13:41,230 --> 00:13:44,270 Listen to what is done is not very good. Should have the ability to be fired! 116 00:13:45,550 --> 00:13:47,170 Very scary ha! 117 00:13:49,820 --> 00:13:51,140 Our family, why? 118 00:13:52,440 --> 00:13:55,100 Happiness too hey! 119 00:15:50,570 --> 00:15:52,940 The case has added new details, huh? 120 00:15:55,470 --> 00:15:58,510 He is the manager of babylon page? 121 00:15:59,230 --> 00:16:00,010 And more! 122 00:16:01,060 --> 00:16:02,320 Go out and relay contacts. 123 00:16:03,850 --> 00:16:04,860 I'm working on that! 124 00:16:05,970 --> 00:16:07,210 Go out and keep in touch! 125 00:16:21,120 --> 00:16:22,110 Where are you on? 126 00:16:22,560 --> 00:16:23,880 Go to the toilet! 127 00:16:34,460 --> 00:16:36,590 Go to the last room! 128 00:17:02,640 --> 00:17:03,630 Have not into you? 129 00:17:04,240 --> 00:17:04,860 Then! 130 00:17:05,580 --> 00:17:06,920 Take your clothes off! 131 00:17:07,840 --> 00:17:08,420 Eh!? 132 00:17:09,010 --> 00:17:10,970 Do not make me say it the second time! 133 00:17:10,990 --> 00:17:12,000 Come with a show, huh? 134 00:17:12,430 --> 00:17:14,560 Do you think I'm joking? 135 00:17:15,380 --> 00:17:17,600 Its really boring how you might be off 136 00:17:35,870 --> 00:17:37,920 knowing my situation then, huh? 137 00:17:40,520 --> 00:17:42,540 Threatening others is not my style! 138 00:17:42,840 --> 00:17:49,290 Therefore, it is necessary to undress 139 00:17:49,840 --> 00:17:51,230 so want to undress me! 140 00:17:51,680 --> 00:17:53,440 Do not look down on me specially in my home! 141 00:17:53,460 --> 00:17:57,410 Of course! I hope you have chosen wisely. 142 00:17:59,340 --> 00:18:01,380 My sister was charmed by him, huh? 143 00:18:02,030 --> 00:18:03,580 Can look into it? 144 00:18:08,410 --> 00:18:10,400 Watch out my sister has betrayed me! 145 00:19:00,500 --> 00:19:01,530 Take it then! 146 00:19:01,850 --> 00:19:03,370 Take a picture sent over here! 147 00:19:04,480 --> 00:19:05,790 Do not be a show anymore! 148 00:19:20,690 --> 00:19:21,610 Take it nice! 149 00:19:23,210 --> 00:19:24,340 Pretty go! 150 00:19:25,700 --> 00:19:26,590 Okay huh? 151 00:19:27,220 --> 00:19:27,870 Not! 152 00:19:28,440 --> 00:19:29,480 Thats enough! 153 00:19:29,730 --> 00:19:31,400 Do these things he funny? 154 00:19:31,630 --> 00:19:32,380 Take off the bottom away! 155 00:19:32,430 --> 00:19:33,640 Hands against the wall! 156 00:19:33,700 --> 00:19:34,821 Mongolia swaying swinging! 157 00:19:34,930 --> 00:19:35,980 Do so that! 158 00:19:36,360 --> 00:19:38,180 Watch your way of talking! 159 00:19:41,810 --> 00:19:42,500 Okay! 160 00:19:43,280 --> 00:19:45,490 Listen orders will have prizes! 161 00:19:46,670 --> 00:19:47,730 reward huh! 162 00:19:48,320 --> 00:19:50,561 Is not she want to know the situation of babylon stars? 163 00:19:51,490 --> 00:19:54,420 For intelligence, that makes this little... 164 00:19:54,960 --> 00:19:56,590 Doing so takes much dignity star? 165 00:19:57,460 --> 00:19:58,220 Do's nothing but! 166 00:19:58,750 --> 00:20:00,720 Whatever way! You have to remove it! 167 00:20:18,190 --> 00:20:19,320 I took them off and then! 168 00:20:20,200 --> 00:20:21,300 Complete huh? 169 00:20:21,620 --> 00:20:22,370 True! 170 00:20:22,610 --> 00:20:23,730 Back then lie! 171 00:21:11,290 --> 00:21:12,490 How quickly! 172 00:21:24,620 --> 00:21:25,840 Where you see all that about? 173 00:21:27,650 --> 00:21:30,030 Looks like paintings ass so ha! 174 00:21:36,720 --> 00:21:38,090 Must be brave to do it! 175 00:21:38,640 --> 00:21:41,130 Hey, make seriously into. Out shyly looks on! 176 00:21:49,160 --> 00:21:50,400 Ask not finished saying, huh? 177 00:22:05,660 --> 00:22:07,320 How feeling now? 178 00:22:09,790 --> 00:22:10,620 Do that! 179 00:22:14,120 --> 00:22:15,180 You know the way! 180 00:22:17,760 --> 00:22:18,590 How quickly! 181 00:22:33,550 --> 00:22:35,270 Want to others that she is a staunch girl! 182 00:22:35,300 --> 00:22:36,560 Should always frowning! 183 00:22:37,490 --> 00:22:39,920 But it is her weakness! 184 00:22:48,660 --> 00:22:51,260 To be honest! It's what you are being asked that! 185 00:23:11,840 --> 00:23:15,440 Question... is not you? 186 00:23:16,880 --> 00:23:17,770 Okay! 187 00:23:18,280 --> 00:23:20,240 Look on the bottom, right corner of the toilet. 188 00:24:06,340 --> 00:24:08,210 That's shizuko toyama items. 189 00:24:08,600 --> 00:24:09,730 Not wrong, huh? 190 00:24:10,450 --> 00:24:10,960 Yeah! 191 00:24:11,790 --> 00:24:15,150 It is a gift given to me this year, but his wife! 192 00:24:16,860 --> 00:24:17,880 Why this item... 193 00:24:18,290 --> 00:24:20,500 Do you know lady shizuko where is it? 194 00:24:21,220 --> 00:24:23,000 Two days ago was the mother then! 195 00:24:23,260 --> 00:24:25,370 Apparently ill mother something my wife! 196 00:24:26,050 --> 00:24:27,580 So then contacted again? 197 00:24:28,400 --> 00:24:30,040 No wonder there is nothing special touch! 198 00:24:30,290 --> 00:24:32,140 Ultimately only daily tasks at home alone! 199 00:24:33,160 --> 00:24:33,880 This department... 200 00:24:34,340 --> 00:24:35,730 My wife happened already? 201 00:25:01,380 --> 00:25:02,560 Shizuko! 202 00:25:04,020 --> 00:25:05,710 It's exactly not his wife? 203 00:25:08,080 --> 00:25:09,540 What is this... 204 00:25:11,780 --> 00:25:12,770 Shizuko! 205 00:25:13,250 --> 00:25:15,740 Oh! Shizuko! 206 00:25:16,440 --> 00:25:18,760 Shizuko shi...! 207 00:25:20,320 --> 00:25:25,390 I and shizuko has been married three years ago. 208 00:25:27,300 --> 00:25:29,553 Then I decided to leave the company securities. 209 00:25:29,578 --> 00:25:30,458 Diy its up to you now. 210 00:25:31,580 --> 00:25:33,320 The future is clearly unstable. 211 00:25:34,660 --> 00:25:37,380 As someone shizuko behind me playing this one! 212 00:25:42,830 --> 00:25:45,100 why my wife had this happen again saying, hey! 213 00:25:47,560 --> 00:25:48,369 No matter who is too! 214 00:25:48,370 --> 00:25:50,140 Ask them about people that watch!! Shizuko 215 00:25:50,280 --> 00:25:51,810 ask if she is the woman's come on! 216 00:25:53,150 --> 00:25:54,380 A virtuous person like that! 217 00:25:56,050 --> 00:25:57,970 A gentle wife's modest like that! 218 00:25:59,500 --> 00:26:01,280 Can not find the second person like her! 219 00:26:02,900 --> 00:26:03,580 Shizuko! 220 00:26:04,940 --> 00:26:05,650 Shi... 221 00:26:06,600 --> 00:26:07,810 Be noisy death 222 00:26:08,590 --> 00:26:09,150 excuse! 223 00:26:09,210 --> 00:26:09,880 Excuse! 224 00:26:11,840 --> 00:26:13,385 Item that ring... 225 00:26:13,410 --> 00:26:15,904 Woman imprisoned in babylon. 226 00:26:16,030 --> 00:26:17,380 English how to get it wrong? 227 00:26:17,900 --> 00:26:22,080 Just open the mouth is referred to the stars? 228 00:26:22,380 --> 00:26:24,650 I thank him for giving me the intelligence. 229 00:26:24,920 --> 00:26:26,241 But I did not understand that he! 230 00:26:26,640 --> 00:26:27,940 Back intention to save her! 231 00:26:28,160 --> 00:26:28,880 In other words... 232 00:26:29,090 --> 00:26:31,060 Is wanted to use me for other intentions ha! 233 00:26:31,650 --> 00:26:33,930 She just listened to my commands! 234 00:26:35,000 --> 00:26:35,960 Just like that! 235 00:26:37,470 --> 00:26:39,970 But I'm the police! 236 00:26:42,050 --> 00:26:43,520 Do not think so complex that! 237 00:26:44,300 --> 00:26:46,300 A nutshell is that! I will place order next! 238 00:28:21,520 --> 00:28:22,530 Right here! 239 00:28:26,720 --> 00:28:28,330 You worked hard! 240 00:28:29,980 --> 00:28:30,690 Please sign sir! 241 00:28:30,760 --> 00:28:31,470 Okay! 242 00:29:19,920 --> 00:29:22,010 This... ma'am... 243 00:29:23,800 --> 00:29:24,300 Ah! 244 00:29:24,780 --> 00:29:25,940 Please sign for the delivery! 245 00:29:28,080 --> 00:29:30,680 Oh! Okay! 246 00:29:33,080 --> 00:29:34,730 What in heaven am I doing, hey! 247 00:32:43,770 --> 00:32:44,570 Snake! 248 00:32:47,540 --> 00:32:48,410 Do it properly! 249 00:32:54,270 --> 00:32:55,630 For women, relent a bit! 250 00:33:04,020 --> 00:33:05,530 Sadly this too! 251 00:33:13,570 --> 00:33:14,240 Lady! 252 00:33:15,930 --> 00:33:17,140 Today do not bad! 253 00:33:19,770 --> 00:33:24,000 Chairman... also seems very happy. 254 00:33:26,830 --> 00:33:27,920 Particular, he says... 255 00:33:33,200 --> 00:33:37,550 She selflessly for others, so very good! 256 00:33:41,900 --> 00:33:42,500 Snake! 257 00:33:44,760 --> 00:33:49,520 Last time his wife was not at countries that ha! 258 00:33:58,590 --> 00:34:00,100 I need something... 259 00:34:00,890 --> 00:34:01,800 Voiced any work ha! 260 00:34:03,560 --> 00:34:06,130 It seems that police are continuing the investigation. 261 00:34:07,620 --> 00:34:11,120 But that said chairman do not need to bother. 262 00:34:21,920 --> 00:34:23,980 Tomorrow, please be trusted to! 263 00:35:28,370 --> 00:35:30,030 Click the button "activity"! 264 00:35:48,080 --> 00:35:49,520 Facing the back! 265 00:36:01,810 --> 00:36:03,360 Spread your two legs! 266 00:36:04,970 --> 00:36:06,210 People are going to see it! 267 00:36:06,380 --> 00:36:07,940 Form two legs! 268 00:36:11,060 --> 00:36:12,820 You are extremely a pervert! 269 00:36:13,460 --> 00:36:14,350 How quickly! 270 00:36:15,080 --> 00:36:17,160 After these words of honor to take that home! 271 00:36:17,890 --> 00:36:20,210 If she does not change the gas export... 272 00:36:20,240 --> 00:36:22,620 It forever remains a useless woman! 273 00:36:43,930 --> 00:36:45,649 Unveiling high skirt up! 274 00:37:21,530 --> 00:37:22,840 Question... are not you? 275 00:37:23,860 --> 00:37:24,880 Ask him that! 276 00:37:25,150 --> 00:37:26,320 Question... was not? 277 00:37:26,350 --> 00:37:27,970 People are staring! 278 00:37:29,130 --> 00:37:30,030 Ask him that! 279 00:37:30,480 --> 00:37:32,090 Please forgive me! 280 00:37:34,370 --> 00:37:35,260 Okay! 281 00:37:43,980 --> 00:37:46,030 Oh! Oh! Something my sister! Ne drop! 282 00:37:47,960 --> 00:37:49,170 Big sister drop this! 283 00:37:54,270 --> 00:37:55,240 I see, huh? 284 00:37:56,040 --> 00:37:57,960 After that he wanted to turn me out what's this? 285 00:38:03,200 --> 00:38:05,260 Until now, the women babylon website... 286 00:38:05,870 --> 00:38:07,076 Identity and background of the launch... 287 00:38:07,101 --> 00:38:08,384 Will not know how to spend it! 288 00:38:09,490 --> 00:38:11,178 Clearly worldwide... 289 00:38:11,203 --> 00:38:13,364 Who know how to see them. 290 00:38:14,500 --> 00:38:15,380 My stupid is stupid! 291 00:38:15,970 --> 00:38:17,306 She thought for what I am... 292 00:38:17,331 --> 00:38:19,404 Which tells her to place them, anyway! 293 00:38:23,290 --> 00:38:25,300 So people send anonymous messages is he huh? 294 00:38:27,260 --> 00:38:30,440 The reason that the women missing! Only one alone! 295 00:38:31,380 --> 00:38:32,539 The women in babylon... 296 00:38:32,564 --> 00:38:35,114 Will disappear behind the mirror it! 297 00:38:54,020 --> 00:38:55,680 This is so dirty that I have done. 298 00:38:56,380 --> 00:38:57,920 Just let me clean up! 299 00:39:08,320 --> 00:39:11,560 Madame... why are you here? 300 00:39:14,880 --> 00:39:15,810 Do you not know? 301 00:39:18,220 --> 00:39:23,410 I know listen to the division of that work alone! 302 00:39:28,860 --> 00:39:29,970 I did not say it was not! 303 00:39:35,640 --> 00:39:37,300 So why you're here right? 304 00:39:44,210 --> 00:39:45,240 Because money huh? 305 00:39:52,320 --> 00:39:54,010 Here that have been forced to do so ha! 306 00:40:03,460 --> 00:40:04,610 I was normal! 307 00:40:07,570 --> 00:40:09,360 Seeing his eyes reveal the tragic... 308 00:40:14,260 --> 00:40:17,960 I feel the real situation is not so! 309 00:40:30,120 --> 00:40:31,580 Women are the same all right! 310

Английский

gogle translit

Последнее обновление: 2015-02-10
Частота использования: 1
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Источник: Анонимно
Предупреждение: Содержит скрытое HTML-форматирование

Индонезийский

The little girl. He kept staring at the blue ocean. The roll was small ripples make it budge. Blowing hot air nan beach, did not make his eyes move from the sea. Water continues to sweep the beach foot tender skin. The pounding sound of the waves to disturb his ear. The day was cloudless sky. He kept looking at the sea. The blue sea to the verge of the horizon. He watched fishermen who were pulled over. Staring at a small island far away on the other side. He hated the sea! The girl hated the sea, because that is where both parents dies

Английский

The little girl. He kept staring at the blue ocean. The roll was small ripples make it budge. Blowing hot air nan beach, did not make his eyes move from the sea. Water continues to sweep the beach foot tender skin. The pounding sound of the waves to disturb his ear. The day was cloudless sky. He kept looking at the sea. The blue sea to the verge of the horizon. He watched fishermen who were pulled over. Staring at a small island far away on the other side. He hated the sea! The girl hated the sea, because that is where both parents died.

Последнее обновление: 2014-10-03
Частота использования: 1
Качество:

Источник: Анонимно

Индонезийский

A poor Fisherman, who lived on the fish he caught, had bad luck one day and caught nothing but a very small fry. The Fisherman was about to put it in his basket when the little Fish said: “Please spare me, Mr. Fisherman! I am so small it is not worth while to carry me home. When I am bigger, I shall make you a much better meal.” But the Fisherman quickly put the fish into his basket. “How foolish I should be,” he said, “to throw you back. However small you may be, you are better than nothing at all.” A small gain is worth more than a large promise.

Английский

England

Последнее обновление: 2012-03-04
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Источник: Wikipedia

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