The Use and Abuse of Special-Purpose Entities in Public Finance

States increasingly are raising financing indirectly through special-purpose entities (SPEs), variously referred to as authorities, special authorities, or public authorities. Notwithstanding their long history and increasingly widespread use, relatively little is known or has been written about these entities. This article examines state SPEs and their functions, comparing them to SPEs used in corporate finance. States, even more than corporations, use these entities to reduce financial transparency and avoid public scrutiny, seriously threatening the integrity of public finance. The article analyzes how regulation could be designed in order to control that threat while maintaining the legitimate financing benefits provided by these state entities

In Defense of the Land Residual Theory and the Absence of a Business Value Component for Retail Property

The temptation is strong for arguing that property values can be broken down into land, improvements, and business value, as only land and improvements are subject to property tax. As sympathetic as the authors are to this motivation, the notion of a long-run business value component for retail property is refuted and the land residual value theory reasserted, while at the same time admitting the possibility of first owner entrepreneurial or development-based value creation. It is argued that any excess property productivity will eventually become attached to the land, and last that option values are an important aspect of land values that would be affected when suggesting that the appropriate value of a given property is the cost of substituting adjacent property.

Testing for Majorana Zero Modes in a Px+iPy Superconductor at High Temperature by Tunneling Spectroscopy

Directly observing a zero energy Majorana state in the vortex core of a chiral superconductor by tunneling spectroscopy requires energy resolution better than the spacing between core states $\Delta^2/eF$. We show that nevertheless, its existence can be decisively tested by comparing the temperature broadened tunneling conductance of a vortex with that of an antivortex even at temperatures $T >> \Delta^2/eF$.Comment: 5 pages, 4 figure

THE INDUSTRY HAS CHANGED, HAVE YOU? THE AGCO STORY

AGCO Corporation is a success story in the agricultural machinery sector. Utilizing marketing strategies of out-sourcing, cross-over selling, and a full line of products, AGCO markets its own way. In 7 years, AGCO has 18 brands sold through 7,000 dealerships in 140 countries. Acquisition and consolidation powered the growth of AGCO using nontraditional buyout financing. Herein lies its real success.Agribusiness, Industrial Organization,

Spin Polarization and Transport of Surface States in the Topological Insulators Bi2Se3 and Bi2Te3 from First Principles

We investigate the band dispersion and the spin texture of topologically protected surface states in the bulk topological insulators Bi2Se3 and Bi2Te3 by first-principles methods. Strong spin-orbit entanglement in these materials reduces the spin-polarization of the surface states to ~50% in both cases; this reduction is absent in simple models but of important implications to essentially any spintronic application. We propose a way of controlling the magnitude of spin polarization associated with a charge current in thin films of topological insulators by means of an external electric field. The proposed dual-gate device configuration provides new possibilities for electrical control of spin.Comment: 4+ pages, 3 figure

Condensation of achiral simple currents in topological lattice models: a Hamiltonian study of topological symmetry breaking

We describe a family of phase transitions connecting phases of differing non-trivial topological order by explicitly constructing Hamiltonians of the Levin-Wen[PRB 71, 045110] type which can be tuned between two solvable points, each of which realizes a different topologically ordered phase. We show that the low-energy degrees of freedom near the phase transition can be mapped onto those of a Potts model, and we discuss the stability of the resulting phase diagram to small perturbations about the model. We further explain how the excitations in the condensed phase are formed from those in the original topological theory, some of which are split into multiple components by condensation, and we discuss the implications of our results for understanding the nature of general achiral topological phases in 2+1 dimensions in terms of doubled Chern-Simons theories

Capital and Punishment: Resource Scarcity Increases Endorsement of the Death Penalty

Faced with punishing severe offenders, why do some prefer imprisonment whereas others impose death? Previous research exploring death penalty attitudes has primarily focused on individual and cultural factors. Adopting a functional perspective, we propose that environmental features may also shape our punishment strategies. Individuals are attuned to the availability of resources within their environments. Due to heightened concerns with the costliness of repeated offending, we hypothesize that individuals tend toward elimination-focused punishments during times of perceived scarcity. Using global and United States data sets (studies 1 and 2), we find that indicators of resource scarcity predict the presence of capital punishment. In two experiments (studies 3 and 4), we find that activating concerns about scarcity causes people to increase their endorsement for capital punishment, and this effect is statistically mediated by a reduced willingness to risk repeated offenses. Perceived resource scarcity shapes our punishment preferences, with important policy implications