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

Increased electrical conductivity in fine-grained (Zr,Hf)NiSn based thermoelectric materials with nanoscale precipitates

Grain refinement has been conducted to reduce the thermal conductivity and improve the thermoelectric performance of the (Zr,Hf)NiSn based half-Heusler alloys. Nanoscale in situ precipitates were found embedded in the matrix with submicron grains. The lattice thermal conductivity was decreased due to the enhanced boundary scattering of phonons. The increased carrier concentration and electrical conductivity were observed compared to the coarse-grained alloys, which is discussed in relation to the existence of nanoscale precipitates, the effect of antisite defects, and composition change. It is suggested that the nanoscale precipitates play a significant role in the observed electrical conductivity increase

Nuclear-receptor–mediated regulation of drug– and bile-acid–transporter proteins in gut and liver

This is an Accepted Manuscript of an article published by Taylor & Francis in Drug Metabolism Reviews on 2015 Sep 2, available online: http://www.tandfonline.com/10.3109/03602532.2012.748793.Adverse drug events (ADEs) are a common cause of patient morbidity and mortality and are classically thought to result, in part, from variation in expression and activity of hepatic enzymes of drug metabolism. It is now known that alterations in the expression of genes that encode drug- and bile-acid–transporter proteins in both the gut and liver play a previously unrecognized role in determining patient drug response and eventual clinical outcome. Four nuclear receptor (NR) superfamily members, including pregnane X receptor (PXR, NR1I2), constitutive androstane receptor (NR1I3), farnesoid X receptor (NR1H4), and vitamin D receptor (NR1I1), play pivotal roles in drug- and bile-acid– activated programs of gene expression to coordinately regulate drug- and bile-acid transport activity in the intestine and liver. This review focuses on the NR-mediated gene activation of drug and bile-acid transporters in these tissues as well as the possible underlying molecular mechanisms

Multiple mechanisms of growth hormone-regulated gene transcription

Diverse physiological actions of growth hormone (GH) are mediated by changes in gene transcription. Transcription can be regulated at several levels, including post-translational modification of transcription factors, and formation of multiprotein complexes involving transcription factors, co-regulators and additional nuclear proteins; these serve as targets for regulation by hormones and signaling pathways. Evidence that GH regulates transcription at multiple levels is exemplified by analysis of the proto-oncogene c-fos. Among the GH-regulated transcription factors on c-fos, C/EBPbeta appears to be key, since depletion of C/EBPbeta by RNA interference blocks the stimulation of c-fos by GH. The phosphorylation state of C/EBPbeta and its ability to activate transcription are regulated by GH through MAPK and PI3K/Akt-mediated signaling cascades. The acetylation of C/EBPbeta also contributes to its ability to activate c-fos transcription. These and other post-translational modifications of C/EBPbeta appear to be integrated for regulation of transcription by GH. The formation of nuclear proteins into complexes associated with DNA-bound transcription factors is also regulated by GH. Both C/EBPbeta and the co-activator p300 are recruited to c-fos in response to GH, altering c-fos promoter activation. In addition, GH rapidly induces spatio-temporal re-localization of C/EBPbeta within the nucleus. Thus, GH-regulated gene transcription mediated by C/EBPbeta reflects the integration of diverse mechanisms including post-translational modifications, modulation of protein complexes associated with DNA and re-localization of gene regulatory proteins. Similar integration involving other transcription factors, including Stats, appears to be a feature of regulation by GH of other gene targets.Fil: Ceseña, Teresa I.. University of Michigan; Estados UnidosFil: Cui, Tracy Xiao. University of Michigan; Estados UnidosFil: Piwien Pilipuk, Graciela. Fundación Instituto Leloir; ArgentinaFil: Kaplani, Julianne. University of Michigan; Estados UnidosFil: Calinescu, Anda Alexandra. Michigan State University; Estados UnidosFil: Huo, Jeffrey S.. University of Michigan; Estados UnidosFil: Iñiguez Lluhí, Jorge A.. University of Michigan; Estados UnidosFil: Kwok, Roland. University of Michigan; Estados UnidosFil: Schwartz, Jessica. University of Michigan; Estados Unido

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)

Mesoscale modeling of smoke transport from equatorial Southeast Asian Maritime Continent to the Philippines: First comparison of ensemble analysis with in situ observations

Atmospheric transport of smoke from equatorial Southeast Asian Maritime Continent (Indonesia, Singapore, and Malaysia) to the Philippines was recently verified by the first‐ever measurement of aerosol composition in the region of the Sulu Sea from a research vessel named Vasco. However, numerical modeling of such transport can have large uncertainties due to the lack of observations for parameterization schemes and for describing fire emission and meteorology in this region. These uncertainties are analyzed here, for the first time, with an ensemble of 24 Weather Research and Forecasting model with Chemistry (WRF‐Chem) simulations. The ensemble reproduces the time series of observed surface nonsea‐salt PM2.5 concentrations observed from the Vasco vessel during 17–30 September 2011 and overall agrees with satellite (Cloud‐Aerosol Lidar and Infrared Pathfinder Satellite Observation (CALIPSO) and Moderate Resolution Imaging Spectroradiometer (MODIS)) and Aerosol Robotic Network (AERONET) data. The difference of meteorology between National Centers for Environmental Prediction (NCEP’s) Final (FNL) and European Center for Medium range Weather Forecasting (ECMWF’s) ERA renders the biggest spread in the ensemble (up to 20 μg m−3 or 200% in surface PM2.5), with FNL showing systematically superior results. The second biggest uncertainty is from fire emissions; the 2 day maximum Fire Locating and Modelling of Burning Emissions (FLAMBE) emission is superior than the instantaneous one. While Grell‐Devenyi (G3) and Betts‐Miller‐Janjić cumulus schemes only produce a difference of 3 μg m−3 of surface PM2.5 over the Sulu Sea, the ensemble mean agrees best with Climate Prediction Center (CPC) MORPHing (CMORPH)’s spatial distribution of precipitation. Simulation with FNL‐G3, 2 day maximum FLAMBE, and 800 m injection height outperforms other ensemble members. Finally, the global transport model (Navy Aerosol Analysis and Prediction System (NAAPS)) outperforms all WRF‐Chem simulations in describing smoke transport on 20 September 2011, suggesting the challenges to model tropical meteorology at mesoscale and finer scale.Plain Language SummaryIt is well known that smoke particles from fires in Indonesia, Singapore, and Malaysia can affect each other’s air quality. Less known and surely not well documented is the transport of smoke particles from these countries to the Philippines. Here we use the first‐ever measurements took nearby the coastal of the Philippines to analyze an ensemble of 24 WRF‐Chem simulations of smoke transport. Because of persistent cloud cover and the complexity of meteorology, mesoscale modeling of smoke transport in these regions normally has large uncertainties. We show these uncertainties are caused first by meteorology and then by fire emissions. We further show that models with finer resolution not necessarily produce better results.Key PointsFirst mesoscale modeling of smoke transport from equatorial Southeast Asian Maritime Continent to the PhilippinesEnsemble analysis of modeling uncertainties with first‐ever measurement of aerosol composition data in the region of the Sulu SeaMeteorological initial and boundary conditions, not cumulus parametrization and fire emission, have the largest uncertainty in the simulationPeer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/137624/1/jgrd53809_am.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/137624/2/jgrd53809.pd