The Impact of Private Equity Ownership on Corporate Tax Avoidance

This study investigates whether private equity (PE) firms influence the tax practices of their portfolio firms. Prior research documents that PE firms create economic value in portfolio firms through effective governance, financial, and operational engineering. Given PE firms' focus on value creation, we examine whether PE firms influence the extent and types of tax avoidance at portfolio firms as an additional source of economic value. We document that PE-backed portfolio firms engage in significantly more nonconforming tax planning and have lower marginal tax rates than other private firms. Moreover, we document that PE-backed portfolio firms pay 14.2 percent less income tax per dollar of pre-tax income than non-PE backed firms, after controlling for NOLs and debt tax shields. We find additional tax savings for PE-backed portfolio firms that are either majority-owned or owned by large PE firms, consistent with PE ownership stake, expertise, and resources serving as important factors in the tax practices of portfolio firms. We infer that PE firms view tax planning as an additional source of economic value in their portfolio firms, where the benefits outweigh any potential reputational costs associated with corporate tax avoidance.Private equity, ownership structure, tax avoidance, tax planning, tax aggressiveness, book-tax differences.

A new experiment to search for the invisible decay of the orthopositronium

We propose an experiment to search for invisible decays of orthopositronium (o-Ps) with a 90% confidence sensitivity in the branching ratio as low as $10^{-8}$. Evidence for this decay mode would unambigously signal new physics: either the existence of extra--dimensions or fractionally charged particles or new light gauge bosons. The experimental approach and the detector components of the proposed experiment are described.Comment: Based on a talk given at Workshop on Positronium Physics, Zurich, Switzerland, 30-31 May 200

Efficacy of kaolin treatments against Drosophila suzukii and their impact on the composition and taste of processed wines

Drosophila suzukii is a very polyphagous species that can also tack and develop in a great variety of grape cultivars. In Switzerland, the control of D. suzukii mainly relies on prophylactic measures and kaolin, a white inert aluminosilicate mineral who's particles stick to the leaf surface and form a physical barrier that help to reduce ovipositions by the pest. Here we present a synthesis of our recent insights on the efficacy of kaolin against D. suzukii as well as on the chemical and sensory properties of the wines vinified from kaolin treated grapes. In autumn 2016, kaolin (Surround WP®) was applied in 23 field trials on various cultivars located in various winegrowing regions of Switzerland. Overall, kaolin achieved an average efficiency of 54 % and no significant differences could be observed between kaolin applications at 1 % and 2 % with 56.8 % and 57.1 % efficacy, respectively. At the higher concentration, the preventive and curative strategy were also nearly as effective with efficacies at 67.4 % and 50.3 %, respectively. In addition, a field experiment was set up on the red grape cultivar 'Mara' in 2015. This experiment revealed that three applications of kaolin at 1 % or 2 % did neither affect fermentation nor the usual chemical properties of kaolin treated wines compared to the untreated control. However, aluminum concentration within wines increased with the applied dosage of kaolin but the measured aluminum levels were 38-times lower than the maximal German threshold of 8 mg·L-1. Moreover, tasters were also not able to distinguish the aroma and the taste of wines processed from kaolin treated grapes from the untreated control. We therefore conclude that kaolin applications are effective against D. suzukii and do not cause any major risks to the environment, to wine quality and to human health

First operation of a liquid Argon TPC embedded in a magnetic field

We have operated for the first time a liquid Argon TPC immersed in a magnetic field up to 0.55 T. We show that the imaging properties of the detector are not affected by the presence of the magnetic field. The magnetic bending of the ionizing particle allows to discriminate their charge and estimate their momentum. These figures were up to now not accessible in the non-magnetized liquid Argon TPC.Comment: 9 pages, 3 figure

Giant Liquid Argon Observatory for Proton Decay, Neutrino Astrophysics and CP-violation in the Lepton Sector (GLACIER)

GLACIER (Giant Liquid Argon Charge Imaging ExpeRiment) is a large underground observatory for proton decay search, neutrino astrophysics and CP-violation studies in the lepton sector. Possible underground sites are studied within the FP7 LAGUNA project (Europe) and along the JPARC neutrino beam in collaboration with KEK (Japan). The concept is scalable to very large masses.Comment: 4 pages, 1 figure, Contribution to the Workshop "European Strategy for Future Neutrino Physics", CERN, Oct. 200

An Improved Limit on Invisible Decays of Positronium

The results of a new search for positronium decays into invisible final states are reported. Convincing detection of this decay mode would be a strong evid ence for new physics beyond the Standard Model (SM): for example the existence of extra--dimensions, of milli-charged particles, of new light gauge bosons or of mirror particles. Mirror matter could be a relevant dark matter candidate. In this paper the setup and the results of a new experiment are presented. In a collected sample of about $(6.31\pm0.28) \times 10^6$ orthopositronium decay s, no evidence for invisible decays in an energy window [0,80] keV was found and an upper limit on the branching ratio of orthopositronium \invdecay could be set: \binvdecay<4.2\times 10^{-7} (90% C.L.) Our results provide a limit on the photon mirror-photon mixing strength $\epsilon \leq 1.55\times 10^{-7}$ (90% C.L.) and rule out particles lighter than the electron mass with a fraction $Q_x \leq 3.4 \times 10^{-5}$ of the electron charge. Furthermore, upper limits on the branching ratios for the decay of parapositronium $Br(p-Ps\to invisible)\leq 4.3 \times 10^{-7}$ (90% C.L.) and the direct annihilation $Br(e^+e^-\to invisible)\leq 2.1 \times 10^{-8}$ (90% C.L.) could be set.Comment: 17 pages, 7 figures, added references, fixed limit on millicharged particles and changed two plots accordingl

Search for an exotic three-body decay of orthopositronium

We report on a direct search for a three-body decay of the orthopositronium into a photon and two penetrating particles, o-Ps -> gamma + X1 + X2. The existence of this decay could explain the discrepancy between the measured and the predicted values of the orthopositronium decay rate. From the analysis of the collected data a single candidate event is found, consistent with the expected background. This allows to set an upper limit on the branching ratio < 4.4 \times 10^{-5} (at the 90% confidence level), for the photon energy in the range from 40 keV < E_gamma< 400 keV and for mass values in the kinematical range 0 gamma + X1 + X2 decay mode as the origin of the discrepancy.Comment: 9 pages, 3 figure