Profit Shifting by Debt Financing in Europe

This article aims at analyzing the link between subsidiaries’ capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs’ financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax jurisdictions. By letting the MNC choose both leverage and the percentage of profit shifting, we depart from the relevant literature which has mainly focused on the latter. Using the AMADEUS dataset we show that: i) subsidiaries’ leverage increases with the statutory tax rate, levied in the country where it operates; ii) this positive effect is lower, the higher the parent company tax rate is. Furthermore, an increase in the parent company’s tax rate is estimated to raise its subsidiaries’ leverage.capital structure, default, multinationals, profit shifting, taxation

Cost-Effectiveness of Asthma Step-Up Therapy as an Increased Dose of Extrafine-Particle Inhaled Corticosteroid or Add-On Long-Acting Beta2-Agonist

The analyses were funded by an unrestricted grant from Teva Pharmaceuticals Limited of Petach Tikva, Israel. Access to data from the Optimum Patient Care Research Database was co-funded by Research in Real-Life Ltd (RiRL), Cambridge, UK. All named authors meet the International Committee of Medical Journal Editors (ICMJE) criteria for authorship for this manuscript, take responsibility for the integrity of the work as a whole, and have given final approval to the version to be published. The authors thank Julie von Ziegenweidt for assistance with data extraction.Peer reviewedPublisher PD

Profit shifting by debt financing in Europe

This article aims at analyzing the link between subsidiaries' cap- ital structure and taxation in Europe. First we introduce a trade- off model, which studies a MNCs' financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax jurisdictions. By letting the MNC choose both leverage and the percentage of profit shifting, we depart from the relevant literature which has mainly focused on the latter. Using the AMADEUS dataset we show that: i) subsidiaries' leverage increases with the statutory tax rate, levied in the country where it operates; ii) this positive effect is lower, the higher the parent company tax rate is. Furthermore, an increase in the parent company's tax rate is estimated to raise its subsidiaries' leverage.

Delta del Po (RO). Progetti di valorizzazione in corso

presentazione del Progetto incentrato sulla ricerca del popolamento dell'area del Delta del Po, dal I millennio a.C. all'età tardoantic

Early morpho-physiological response of oilseed rape under seed applied Sedaxane fungicide and Rhizoctonia solani pressure

The SDHI fungicide Sedaxane has shown to efficiently control Rhizoctonia spp. growth and to possess biostimulant properties in cereal crops. As a first, the present study investigated its effectiveness as a seed treatment of the dicot species oilseed rape (Brassica napus var. oleifera). For this, seeds were treated with different fungicides: (i) the conventionally used active ingredient Thiram, (ii) Sedaxane, or (iii) Sedaxane in combination with Fludioxonil and Metalaxyl-M, and later sown in soil inoculated with Rhizoctonia solani. The resulting shoot and root growth from the treated seeds were recorded in early growth stages and the presence of Rhizoctonia DNA in the basal stem tissue was quantified. Here we demonstrate that all the fungicide treatments were effective in greatly reducing the presence of Rhizoctonia DNA, with Thiram confirming to have high fungicidal effects. Following seed treatment, shoot and root growth at the 2-leaf stage was reduced regardless of inoculation, indicating that the fungicides became phytotoxic, with particular respect to Thiram. In seedlings grown in inoculated soil, significant biostimulation of the roots was observed at the 4-leaf stage of treatments containing both Sedaxane alone and in a mixture. Leaf area was stimulated in control soil not inoculated with Rhizoctonia, likely due to improved PSII efficiency, stomatal conductance, and CO2 assimilation rate. Young oilseed rape seedlings are thus highly sensitive to seed treatments with these fungicides, and in particular to Thiram. The retardation in growth is quickly overcome by the 4-leaf stage however. We confirm that Sedaxane indeed possesses root biostimulant properties in oilseed rape, which are enhanced in combination with other fungicides. Such biostimulating properties impose its greatest effects under conditions of biotic stress

Cost-Effectiveness of Asthma Step-Up Therapy as an Increased Dose of Extrafine-Particle Inhaled Corticosteroid or Add-On Long-Acting Beta2-Agonist

<p><b>Article full text</b></p> <p><br></p> <p>The full text of this article can be found here<b>. </b><a href="https://link.springer.com/article/10.1007/s41030-016-0014-2">https://link.springer.com/article/10.1007/s41030-016-0014-2</a></p><p></p> <p><br></p> <p><b>Provide enhanced content for this article</b></p> <p><br></p> <p>If you are an author of this publication and would like to provide additional enhanced content for your article then please contact <a href="http://www.medengine.com/Redeem/”mailto:[email protected]”"><b>[email protected]</b></a>.</p> <p><br></p> <p>The journal offers a range of additional features designed to increase visibility and readership. All features will be thoroughly peer reviewed to ensure the content is of the highest scientific standard and all features are marked as ‘peer reviewed’ to ensure readers are aware that the content has been reviewed to the same level as the articles they are being presented alongside. Moreover, all sponsorship and disclosure information is included to provide complete transparency and adherence to good publication practices. This ensures that however the content is reached the reader has a full understanding of its origin. No fees are charged for hosting additional open access content.</p> <p><br></p> <p>Other enhanced features include, but are not limited to:</p> <p><br></p> <p>• Slide decks</p> <p>• Videos and animations</p> <p>• Audio abstracts</p> <p>• Audio slides</p