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The need to promote healthy active ageing in order to offset the impact of an ageing population on national resources and ensure a high quality of life in older age is well recognized. In 2001, the English Department of Health established a national pre-retirement health initiative involving the development of eight pilot projects. A national evaluation using a 'theories of change' approach embedded within a realistic evaluation design was commissioned to draw out the lessons from across the projects. In this article we describe the methods used to identify and test out the projects' theories of change, and the results obtained. The theories of change identified revolved mainly around engaging clients and empowering them to take action through the provision of information. Two projects also saw providing opportunities for social interaction as a means to engaging and empowering clients. Theory testing indicated that health improvement services could be effectively targeted at people in mid-life and that service settings and style played an important part in engagement. In particular contexts, combining free health checks with financial advice was a significant motivator for engagement, as was perceived health need in two deprived areas. Gains in knowledge were also important for empowerment in some contexts, but validation of existing knowledge could be more important in others. Opportunities to engage in social activities were a potent mechanism for empowerment amongst women living in two deprived areas. Further work is required to test these conclusions in other contexts, and to ascertain how people from minority ethnic groups and men, particularly those outside the labour market, can be engaged in health improvement initiatives.

This paper employs Granger causality tests to identify the impacts of historical information from global financial markets on their current levels in 30-day windows. The dataset consists primarily of the daily index levels of the (1) open, (2) closed, (3) intraday high, (4) intraday low, and (5) trading volume series for the world's 37 most influential equity market indexes, two crude oil prices, a gold price, and four major money market prices in the United States are used as control groups. Our results indicate a persistent impact of historical information from global markets on their current levels, and this impact duplicates itself in a cyclical pattern consistently over decades. Such persistence in the patterns causes some market indexes to be upgraded to global or regional market leaders. These findings can be interpreted as constituting violations of the weak-form efficient market hypothesis. The results also reveal recursive impacts of information in these markets and the existence of an information digestion effect.

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We provide a plausible explanation for earlier findings that positive abnormal stock returns associated with dividend announcements persist for several days and that abnormal volume and stock returns commence several days before a stock's ex-dividend day. This study links these two sets of findings to the short-term investment strategy of dividend buying by relating the abnormal returns and trading volume to individual stock characteristics favored by dividend buyers, namely the stock's return variance and dividend yield. We conclude that dividend buying is at least partially responsible for the abnormal returns and volume found between dividend announcement and ex-dividend days.