A pecking order of capital inflows and international tax principles

Even though financial markets today show a high degree of integration, the world capital market is still far from the textbook story of high capital mobility. The purpose of this paper is to highlight key sources of market failure in the context of international capital flows and to provide guidelines for efficient tax structure in the presence of capital market imperfections. The analysis distinguishes three types of international capital flows: foreign portfolio debt investment, foreign portfolio equity investment and foreign direct investment. The paper emphasizes the efficiency of a non-uniform tax treatment of the various vehicles of international capital flows. © 1998 Elsevier Science B.V.preprin

Rhetoric in municipal amalgamations: a comparative analysis

© 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group. There is a large literature that seeks to evaluate municipal amalgamations ex post, but a relative dearth of scholarly inquiry into the practical political task of persuading the public to accept amalgamations ex ante. We address this important gap in the literature by conducting a rhetorical analysis to ascertain what types of arguments are believed to be efficacious for persuasion on amalgamation. We find evidence to suggest belief in the efficacy of persuading the public through recourse to various projected dreadful consequences, particularly amongst opponents of amalgamation. We conclude by considering some of the reasons behind the observed rhetorics and briefly outline one possible solution

MARs Wars: heterogeneity and clustering of DNA-binding domains in the nuclear matrix

Aim. CO326 is a chicken nuclear scaffold/matrix attachment region (MAR) associated with the nuclear matrix in several types of chicken cells. It contains a binding site for a sequence-specific DNA-binding protein, F326. We have studied its interaction with the nuclear matrix. Methods. We have used an in vitro MAR assay with isolated matrices from chicken HD3 cells. Results. We have found that an oligonucleotide binding site for the F326 inhibits binding of the CO326 to the nuclear matrix. At the same time, the binding of heterologous MARs is enhanced. Conclusions. Taken together, these data suggest that there exist several classes of MARs and MAR-binding domains and that the MAR-binding proteins may be clustered in the nuclear matrix

Spatially resolved microwave pulsations of a flare loop

A microwave burst with quasi-periodic pulsations was studied with high spatial resolution using observations with the Nobeyama Radioheliograph (NoRH). We found that the time profiles of the microwave emission at 17 and 34 GHz exhibit quasi-periodic (with two well defined periods P 1 = 14–17 s and P 2 = 8–11 s) variations of the intensity at different parts of an observed flaring loop. Detailed Fourier analysis shows the P 1 spectral component to be dominant at the top, while the P 2 one near the feet of the loop. The 14–17 s pulsations are synchronous at the top and in both legs of the loop. The 8–11 s pulsations at the legs are well correlated with each other but the correlation is not so obvious with the pulsations at the loop top. For this P 2 spectral component, a definite phase shift, P 2 /4 ≈ 2.2 s, between pulsations in the northern leg and loop top parts of the loop have been found. The length of the flaring loop is estimated as L = 25 Mm (≈34 ) and its average width at half intensity at 34 GHz as about 6 Mm (≈8 ). Microwave diagnostics shows the loop to be filled with a dense plasma with the number density n 0 ≈ 10 11 cm −3, penetrated by the magnetic field changing from B 0 ≈ 100 G near the loop top up to B 0 ≈ 200 G near the north footpoint. A comparative analysis of different MHD modes of the loop demonstrates the possibility of the simultaneous existence of two modes of oscillations in the loop: the global sausage mode, with the period P 1 = 14–17 s and the nodes at the footpoints, and a higher harmonics mode (possibly with the radial wave number l > 1), with P 2 = 8–11 s

Radio Spectral Evolution of an X-ray Poor Impulsive Solar Flare: Implications for Plasma Heating and Electron Acceleration

We present radio and X-ray observations of an impulsive solar flare that was moderately intense in microwaves, yet showed very meager EUV and X-ray emission. The flare occurred on 2001 Oct 24 and was well-observed at radio wavelengths by the Nobeyama Radioheliograph (NoRH), the Nobeyama Radio Polarimeters (NoRP), and by the Owens Valley Solar Array (OVSA). It was also observed in EUV and X-ray wavelength bands by the TRACE, GOES, and Yohkoh satellites. We find that the impulsive onset of the radio emission is progressively delayed with increasing frequency relative to the onset of hard X-ray emission. In contrast, the time of flux density maximum is progressively delayed with decreasing frequency. The decay phase is independent of radio frequency. The simple source morphology and the excellent spectral coverage at radio wavelengths allowed us to employ a nonlinear chi-squared minimization scheme to fit the time series of radio spectra to a source model that accounts for the observed radio emission in terms of gyrosynchrotron radiation from MeV-energy electrons in a relatively dense thermal plasma. We discuss plasma heating and electron acceleration in view of the parametric trends implied by the model fitting. We suggest that stochastic acceleration likely plays a role in accelerating the radio-emitting electrons.Comment: 22 pages, 10 figure

Debt- and Equity-Financed Investment: Equilibrium Structure and Efficiency Implications

This paper considers the financing of investment in the presence of information asymmetry between 'insiders' and 'outsiders' of the firms. It establishes a well-defined capital structure for the economy as a whole with the following features: low-productivity firms rely on the equity market to finance investment at a relatively low level; mediumproductivity firms may not invest at all; and high-productivity firms rely on the debt market to finance investment at a relatively high level. It is shown that the debt market is efficient, with respect to the scope and the amount of investment made by each firm. However, the equity market fails: its scope is too narrow and the amount of investment each firm makes is too little. A unique but rather unconventional policy tool is proposed to achieve constrained Pareto-efficiency, i.e., subsidies to those firms that choose to equity-finance their investment (i.e., equity-marketcontingent grants).preprin

Formation of Multicharged Ions at Quasi-Gasdynamic Plasma Confinement in a Mirror trap

It was shown in [1] that an increase in plasma density Ne in sources of multicharged ions leads to a substantial increase of ion current and improves slightly the ion distribution over charge states. Validity of this statement was verified in experiments with plasma densities not exceeding several units of 1012 cm-3. It was revealed [2] that, for the electron densities exceeding 1013 cm-3, the regime of plasma confinement in a trap changes significantly, the scaling described in [1] is no longer valid, and the quasi-gasdynamic regime of plasma confinement is realized. The plasma confinement time ti in this regime weakly depends on electron density. Consequently, the parameter governing formation of multicharged ions, Neti , grows as the electron density is increased. This means that an increase in plasma density results not only in an increase in the total ion current but also in the shift of the ion charge state distribution towards higher charge states. The present work concerns experimental investigation of the quasi-gasdynamic regime of confinement of a hot plasma in a direct magnetic trap and formation of multicharged ions in this regime. Experiments were conducted on the setup described in detail in [3]. Millimeter wave radiation with maximum power W=130 kW, frequency f=37.5 GHz, and pulse duration up to 1.5 ms was focused along magnetic field lines into a simple mirror trap with mirror ratio 3.4, length 25 cm, and maximum magnetic field 2.5 T. The temperature and density of the electrons were determined from spectral analysis of X-ray bremsstrahlung of plasma in the 2-20 keV range and from the transmission factor of diag-nostic microwave radiation through the plasma. It is concluded that a quasi-gasdynamic regime of plasma confinement is realized. Ion distribution over charge states in the quasi-gasdynamic regime is calculated and the re-sults obtained are compared with experimental data. A strong effect of anisotropy of the electron distribution function over energies on the efficiency of plasma confinement and formation of multicharged ions is considered. Problems of plasma stability in an axisymmetric mirror trap un-der powerful microwave pumping are addressed

Quiescent Radio Emission from Southern Late-type M Dwarfs and a Spectacular Radio Flare from the M8 Dwarf DENIS 1048-3956

We report the results of a radio monitoring program conducted at the Australia Telescope Compact Array to search for quiescent and flaring emission from seven nearby Southern late-type M and L dwarfs. Two late-type M dwarfs, the M7 V LHS 3003 and the M8 V DENIS 1048-3956, were detected in quiescent emission at 4.80 GHz. The observed emission is consistent with optically thin gyrosynchrotron emission from mildly relativistic (~1-10 keV) electrons with source densities n_e ~ 10 G magnetic fields. DENIS 1048-3956 was also detected in two spectacular, short-lived flares, one at 4.80 GHz (peak f_nu = 6.0+/-0.8 mJy) and one at 8.64 GHz (peak f_nu = 29.6+/-1.0 mJy) approximately 10 minutes later. The high brightness temperature (T_B >~ 10^13 K), short emission period (~4-5 minutes), high circular polarization (~100%), and apparently narrow spectral bandwidth of these events imply a coherent emission process in a region of high electron density (n_e ~ 10^11-10^12 cm^-3) and magnetic field strength (B ~ 1 kG). If the two flare events are related, the apparent frequency drift in the emission suggests that the emitting source either moved into regions of higher electron or magnetic flux density; or was compressed, e.g., by twisting field lines or gas motions. The quiescent fluxes from the radio-emitting M dwarfs violate the Gudel-Benz empirical radio/X-ray relations, confirming a trend previously noted by Berger et al. (abridged)Comment: 28 pages, 8 figures, accepted for publication in Ap

Low-mass e+e- pair production in 158 A GeV Pb-Au collisions at the CERN SPS, its dependence on multiplicity and transverse momentum

We report a measurement of low-mass electron pairs observed in 158 GeV/nucleon Pb-Au collisions. The pair yield integrated over the range of invariant masses 0.2 < m < 2.0 GeV is enhanced by a factor of 3.5 +/- 0.4 (stat) +/- 0.9 (syst) over the expectation from neutral meson decays. As observed previously in S-Au collisions, the enhancement is most pronounced in the invariant-mass region 300-700 MeV. For Pb-Au we find evidence for a strong increase of the enhancement with centrality. In addition, we show that the enhancement covers a wide range in transverse momentum, but is largest at the lowest observed pt.Comment: 17 pages, 4 figures, submitted to Phys.Lett.