How Well-Targeted Are Payroll Tax Cuts as a Response to COVID-19? Evidence from China

Numerous countries cut payroll taxes in response to economic downturns caused by COVID-19. This includes China, which completely exempted most firms from making social insurance (SI) contributions, resulting in an average tax cut of 21 percentage points on formal labor costs and approximately 20% of total tax remittances made by firms. We use novel data on 900,000 firms in one Chinese province to document new facts about the structure of SI in China and evaluate payroll tax cuts as a COVID-19 relief measure. We calculate that labor informality causes 54% of tax-registered firms---representing 24% of aggregate economic activity---to receive no benefits. Labor formality also increases with firm size, further skewing the benefit of payroll tax cuts towards large firms. But despite the mistargeting that results from these facts, the benefit of the tax cuts relative to firms\u27 operating costs and liquidity is likely larger both for smaller firms and in industries most affected by the COVID-19 shock because these firms and industries are more labor-intensive

Cash on the Table? Imperfect Take-up of Tax Incentives and Firm Investment Behavior

We investigate whether tax incentives are effective in stimulating private investment in less developed countries, by exploiting the introduction of accelerated depreciation for fixed assets investment in China as a natural experiment. In contrast to the large positive impact of similar tax incentives in the U.S. and U.K. found in recent studies, accelerated depreciation appeared ineffective in stimulating Chinese firms’ investment. Using confidential corporate tax returns from a large province, we find that firms fail to claim the tax benefits on over 80 percent of eligible investments. Firms’ take-up of the tax incentive is significantly influenced by their taxable positions and tax sophistication. Information transmission and resources of local tax authorities also play a significant role. Our study contributes to the understanding of conditions under which tax-based investment incentives can be effective

Translational Challenges and Therapeutic Opportunities in BRCA1-Related Breast Cancer

Although significant progress has been made in the management of the hereditary cancer syndrome related to mutations of BRCA1, two fundamental and clinically relevant questions regarding BRCA1-related cancer syndrome remain unresolved: (1) What factors account for the tissue specificity of the BRCA1-related cancer risk? (2) How does a mutation or loss of BRCA1 lead to the basal-like phenotype of breast cancer? This review focuses on recent studies in BRCA1-related pathways that lead to specific characteristics of the hereditary cancer syndrome and discusses the current translational evidence for exploiting these pathways in new therapeutic strategies. Mounting evidence suggests that estrogen signaling and metabolism, oxidative stress, specific secondary mutations, and regulation of specific progenitor cells and transcriptional programs are critical in BRCA1-associated breast cancer. Strategies geared toward estrogen reduction may play a role in treatment and prevention. Therapies aimed at mitigating oxidative stress may be a strategy for risk reduction, while cancer-cell-specific sensitivity to oxidative stress may also be an opportunity for specific targeting. BRCA1-related transcriptional regulation and signaling provide a number of therapeutic targets, including the PI3-AKT and Notch pathways. Thus, significant opportunities exist in translational and clinical research for developing the treatment strategies for the management of BRCA1-related breast cancer

Variable O VI and N V emission from the X-ray binary LMC X-3 : heating of the black hole companion

Based on high-resolution ultraviolet spectroscopy obtained with the Far Ultraviolet Spectroscopic Explorer (FUSE) and the Cosmic Origins Spectrograph, we present new detections of Ovi and Nv emission from the black hole X-ray binary (XRB) system LMCX-3. We also update the ephemeris of the XRB using recent radial velocity measurements obtained with the echelle spectrograph on the Magellan-Clay telescope. We observe significant velocity variability of the UV emission, and we find that the Ovi and Nv emission velocities follow the optical velocity curve of the XRB. Moreover, the Ovi and Nv intensities regularly decrease between binary phase=0.5 and 1.0, which suggests that the source of the UV emission is increasingly occulted as the B star in the XRB moves from superior to inferior conjunction. These trends suggest that illumination of the B star atmosphere by the intense X-ray emission from the accreting black hole creates a hot spot on one side of the B star, and this hot spot is the origin of the Ovi and Nv emission. However, the velocity semiamplitude of the ultraviolet emission, K-UV approximate to 180 km s(-1), is lower than the optical semiamplitude; this difference could be due to rotation of the B star. Comparison of the FUSE observations taken in 2001 November and 2004 April shows a significant change in the Ovi emission characteristics: in the 2001 data, the Ovi region shows both broad and narrow emission features, while in 2004 only the narrow Ovi emission is clearly present. Rossi X-ray Timing Explorer data show that the XRB was in a high/soft state in the 2001 November epoch but was in a transitional state in 2004 April, so the shape of the X-ray spectrum might change the properties of the region illuminated on the B star and thus change the broad versus narrow characteristics of the UV emission. If our hypothesis about the origin of the highly ionized emission is correct, then careful analysis of the emission occultation could, in principle, constrain the inclination of the XRB and the mass of the black hole

4-(5-tert-Butyl-1,3-dithian-2-yl)-5-chloro-2-phenyl-1,3-oxazole

In the title mol­ecule, C17H20ClNOS2, the phenyl and oxazole rings are nearly coplanar with an average deviation of 0.022 Å from the mean plane (M). The 1,3-dithiane ring adopts a chair conformation and is twisted in such a way that the C—CBu fragment lies in M (deviations are 0.031 and 0.010 Å, respectively, for the two C atoms)

Complete RXTE Spectral Observations of the Black Hole X-ray Nova XTE J1550-564

We report on the X-ray spectral behavior of the exceptionally bright X-ray nova XTE J1550-564 during its 1998-99 outburst. Our study is based on 209 pointed observations using the PCA and HEXTE instruments onboard the Rossi X-ray Timing Explorer spanning 250 days and covering the entire double-peaked eruption that occurred from 1998 September until 1999 May. The spectra are fit to a model including multicolor blackbody disk and power-law components. The source is observed in the very high and high/soft outburst states of black hole X-ray novae. During the very high state, when the power-law component dominated the spectrum, the inner disk radius is observed to vary by more than an order of magnitude; the radius decreased by a factor of 16 in one day during a 6.8 Crab flare. If the larger of these observed radii is taken to be the last stable orbit, then the smaller observed radius would imply that the inner edge of the disk is inside the event horizon! However, we conclude that the apparent variations of the inner disk radius observed during periods of increased power-law emission are probably caused by the failure of the multicolor disk/power-law model; the actual physical radius of the inner disk may remain fairly constant. This interpretation is supported by the fact that the observed inner disk radius remains approximately constant over 120 days in the high state, when the power-law component is weak, even though the disk flux and total flux vary by an order of magnitude. The mass of the black hole inferred by equating the approximately constant inner disk radius observed in the high/soft state with the last stable orbit for a Schwarzschild black hole is M_BH = 7.4 M_sun (D/6 kpc) (cos i)^{-1/2}.Comment: Submitted to ApJ, 20 pages including 6 figures + 4 large table

Codon Deviation Coefficient: a novel measure for estimating codon usage bias and its statistical significance

<p>Abstract</p> <p>Background</p> <p>Genetic mutation, selective pressure for translational efficiency and accuracy, level of gene expression, and protein function through natural selection are all believed to lead to codon usage bias (CUB). Therefore, informative measurement of CUB is of fundamental importance to making inferences regarding gene function and genome evolution. However, extant measures of CUB have not fully accounted for the quantitative effect of background nucleotide composition and have not statistically evaluated the significance of CUB in sequence analysis.</p> <p>Results</p> <p>Here we propose a novel measure--Codon Deviation Coefficient (CDC)--that provides an informative measurement of CUB and its statistical significance without requiring any prior knowledge. Unlike previous measures, CDC estimates CUB by accounting for background nucleotide compositions tailored to codon positions and adopts the bootstrapping to assess the statistical significance of CUB for any given sequence. We evaluate CDC by examining its effectiveness on simulated sequences and empirical data and show that CDC outperforms extant measures by achieving a more informative estimation of CUB and its statistical significance.</p> <p>Conclusions</p> <p>As validated by both simulated and empirical data, CDC provides a highly informative quantification of CUB and its statistical significance, useful for determining comparative magnitudes and patterns of biased codon usage for genes or genomes with diverse sequence compositions.</p

Identifying nonalcoholic fatty liver disease patients with active fibrosis by measuring extracellular matrix remodeling rates in tissue and blood.

Excess collagen synthesis (fibrogenesis) in the liver plays a causal role in the progression of nonalcoholic fatty liver disease (NAFLD). Methods are needed to identify patients with more rapidly progressing disease and to demonstrate early response to treatment. We describe here a novel method to quantify hepatic fibrogenesis flux rates both directly in liver tissue and noninvasively in blood. Twenty-one patients with suspected NAFLD ingested heavy water (2 H2 O, 50-mL aliquots) two to three times daily for 3-5 weeks prior to a clinically indicated liver biopsy. Liver collagen fractional synthesis rate (FSR) and plasma lumican FSR were measured based on 2 H labeling using tandem mass spectrometry. Patients were classified by histology for fibrosis stage (F0-F4) and as having nonalcoholic fatty liver or nonalcoholic steatohepatitis (NASH). Magnetic resonance elastography measurements of liver stiffness were also performed. Hepatic collagen FSR in NAFLD increased with advancing disease stage (e.g., higher in NASH than nonalcoholic fatty liver, positive correlation with fibrosis score and liver stiffness) and correlated with hemoglobin A1C. In addition, plasma lumican FSR demonstrated a significant correlation with hepatic collagen FSR.ConclusionUsing a well-characterized cohort of patients with biopsy-proven NAFLD, this study demonstrates that hepatic scar in NASH is actively remodeled even in advanced fibrosis, a disease that is generally regarded as static and slowly progressive. Moreover, hepatic collagen FSR correlates with established risks for fibrotic disease progression in NASH, and plasma lumican FSR correlates with hepatic collagen FSR, suggesting applications as direct or surrogate markers, respectively, of hepatic fibrogenesis in humans. (Hepatology 2017;65:78-88)