Libertas и политические отношения в поздней Римской республике

Данная монография предлагает сравнительный анализ идеи о libertas и ее практического воплощения в политической борьбе периода поздней Римской республики. Реконструируя представление римлян о libertas на фоне аналогичных концептов в классическую и эллинистическую эпохи, автор старается переосмыслить сущность политической борьбы в поздней Римской республике и ту роль, которую играло представление римлян о libertas в тогдашних политических отношениях.Монография включает указатель источников (c. 312-318) и общий указатель (c. 319-324)

The Effect of Taxes on Multinational Debt Location

We provide new evidence that differences in international tax rates and tax regimes affect multinational firms\u27 debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze firms\u27 marginal decisions of where to issue debt to investigate the influence of a comprehensive set of tax-related effects, including differences in personal and corporate tax rates, tax credit and exemption systems, and bi-lateral cross-country withholding taxes on interest and dividend payments. Our results show that differences in personal and corporate tax rates, the presence of dividend imputation or relief tax systems, the tax treatment of repatriated profits, and inter-country withholding taxes on dividends and interest significantly influence the decision of where to locate debt and the proportion of debt located abroad. Our results are robust to firm and issue specific factors and to the effect of legal regimes, debt market development, and exchange rate risk

When Managers Bypass Shareholder Approval of Board Appointments: Evidence from the Private Security Market

This paper investigates the influence of managerial entrenchment on private placements by examining the firm\u27s decision to appoint representatives of the private investors to the board without shareholder approval. By analyzing a sample of U.S. firms that appoint directors in combination with private offerings between 1995 and 2000, we find that firms with greater managerial entrenchment are more likely to bypass shareholder approval. Firms that bypass shareholders are less likely to appoint independent directors or to elect one of these directors as chairman. We also show that the market reacts more positively to the private offering announcement when the firm submits its board candidates for shareholder approval. Further, firms that bypass approval underperform compared to firms that obtain it. Overall our findings suggest that managers avoid shareholder approval to perpetuate entrenchment

A Survey of Litigation in Corporate Finance

Purpose The purpose of this paper is to review research on litigation in corporate finance. Design/methodology/approach This paper surveys studies on the estimation of litigation risk, litigation costs, stock reaction to lawsuit announcement, and the effect of litigation on corporate financial policies and outcomes. Findings The first section presents a survey of studies that estimate litigation risk. The authors then discuss a set of studies that focus on the various costs associated with litigation. The third area of review is about studies which estimate the market reaction to a lawsuit announcement. The next section surveys studies that examine the relation between litigation and a variety of corporate policies, behaviors, and outcomes. The authors then discuss the emerging literature on how corporate political connections can influence the outcome of litigation. The survey concludes with a brief summary and a discussion of suggestions for future research involving corporate litigation. Originality/value By providing an extensive review of the literature on litigation in corporate finance, this survey can help researchers to identify recent trends in litigation research and select promising new avenues of investigation in the field

Knowledge and beliefs in economics: the case of the Austrian tradition

The contribution focuses on the problem of the influence of individual knowledge and beliefs on the working of economic activity, within the Austrian tradition of economic thought. More specifically, the contributions of von Mises, Hayek and Schumpeter are investigated. These contributions show a large variety of answers concerning the relation between individual and social beliefs. This variety is not exhaustive but it substantially contributes to a better understanding of contemporary theoretical debates.Individual/social beliefs, shared Knowledge, subjectivism, social rules

Reconstructions of a Republic. The political culture of ancient Rome and the research of the last decade.

Review of (K. J.) Hölkeskamp Rekonstruktionen einer Republik. Die politische Kultur des antiken Rom und die Forschung der letzten Jahrzehnte (Historische Zeitschrift Beiheft 38). Pp. 146. Munich: R. Oldenbourg Verlag, 2004. ISBN: 3-486-64439-4

Review of E. Narducci 'Cicerone Prospettiva 2000. Atti del I Symposium Ciceronianum Arpinas. Arpino 5 Maggio 2000'

Cicerone Prospettiva 2000. Atti del I Symposium Ciceronianum Arpinas. Arpino 5 Maggio 2000 ; Interpretare Cicerone. Percorsi della critica contemporanea. Atti del II Symposium Ciceronianum Arpinas. Arpino 18 Maggio 2001 by E. Narducci Review by: Valentina Aren

Rapid, Specific Determination of Iodine and Iodide by Combined Solid-Phase Extraction/Diffuse Reflectance Spectroscopy

A new, rapid methodology for trace analysis using solid-phase extraction is described. The two-step methodology is based on the concentration of an analyte onto a membrane disk and on the determination by diffuse reflectance spectroscopy of the amount of analyte extracted on the disk surface. This method, which is adaptable to a wide range of analytes, has been used for monitoring ppm levels of iodine and iodide in spacecraft water. Iodine is used as a biocide in spacecraft water. For these determinations, a water sample is passed through a membrane disk by means of a 10-mL syringe that is attached to a disk holder assembly. The disk, which is a polystyrene−divinylbenzene composite, is impregnated with poly(vinylpyrrolidone) (PVP), which exhaustively concentrates iodine as a yellow iodine−PVP complex. The amount of concentrated iodine is then determined in only 2 s by using a hand-held diffuse reflectance spectrometer by comparing the result with a calibration curve based on the Kubelka−Munk function. The same general procedure can be used to determine iodide levels after its facile and exhaustive oxidation to iodine by peroxymonosulfate (i.e., Oxone reagent). For samples containing both analytes, a two-step procedure can be used in which the iodide concentration is calculated from the difference in iodine levels before and after treatment of the sample with peroxymonosulfate. With this methodology, iodine and iodide levels in the 0.1−5.0 ppm range can be determined with a total workup time of ∼60 s with a RSD of ∼6%

(WP 2012-01) Territorial Tax System Reform and Corporate Financial Policies

We examine the effect of a permanent change to a country income repatriation tax system on a set of corporate financial policies. In 2009 Japan and UK switched from a worldwide system to a territorial system for the taxation of earnings repatriated by their multinational firms. Due to the relatively high corporate tax rate in Japan and UK, the new system effectively reduced the tax liabilities of most multinational firms when repatriating earnings. We find that after the change Japanese and UK firms accumulate less cash, pay out larger amounts to shareholders through dividends and share repurchases, and invest less abroad. We do not find that the tax system change has significantly affected corporate domestic investments

The Lending Channel in Emerging Economics: Are Foreign Banks Different?

This paper assembles a dataset comprising 1,565 banks in 20 Asian and Latin American countries during 1989-2001 and compares the response of the volume of loans, deposits, and bank-specific interest rates on loans and deposits, to various measures of monetary conditions, across domestic and foreign banks. It also looks for systematic differences in the behavior of domestic and foreign banks during periods of financial distress and tranquil times. Using differences in bank ownership as a proxy for financial constraints on banks, the paper finds weak evidence that foreign banks have a lower sensitivity of credit to monetary conditions relative to their domestic competitors, with the differences driven by banks with lower asset liquidity and/or capitalization. At the same time, the lending and deposit rates of foreign banks tend to be smoother during periods of financial distress, albeit the differences with domestic banks do not appear to be strong. These results provide weak support to the existence of supply-side effects in credit markets and suggest that foreign bank entry in emerging economies may have contributed somewhat to stability in credit markets.