Multinational enterprises, cross-border acquisitions, and government policy

This paper analyzes the optimality of policy specifications used to regulate the acquisition and operation of local firms by multinational enterprises (MNE). We emphasize the consequence of such regulation on the price of the domestic firm in the market for corporate control. We show that it is optimal to impose ceilings on foreign ownership of domestic firms when the government's objective is to maximize domestic shareholder profits. While the optimal ceiling is high enough for the MNE to gain control of the domestic firm, it nevertheless influences the price that the MNE must pay for the domestic firm's shares to the advantage of the domestic shareholders. Restrictions on transfer pricing are either irrelevant or strictly suboptimal. The consequences of alternative specifications of the government's objective function are also analyzed.Acquisition; Control; Multinational Enterprises; Transfer pricing

Affirmative Action, Equal Opportunity, or just tax the rich? Development, efficiency, and the pursuit of equity

Tension between efficiency and equity is fundamental to every economy. Historical differences between groups translate into inequality in skills and hence earnings. Measures to correct inequalities affect incentives and misallocate talent, therefore compromising efficiency. This paper examines the efficiency properties of the three most common classes of equity policies: affirmative action, equal opportunity and tax-transfer. Our focus is to examine how the effectiveness of policies vary with the level of development and technology and the political maturity of the state. We argue that the optimal policy is likely to be different for different countries, and indeed for the same country at different stages of development. The intuition driving our approach is that the products produced in a less-developed economy are less complex and require lower embodied skills. Here, preferentially placing less prepared individuals in higher skill jobs does not compromise efficiency to too large an extent. In high-technology production processes, however, skills are more critical and productivities are interdependent, so it makes more economic sense to adequately train the inductees even at a relatively high cost. The most efficient outcomes are yielded by competitive markets accompanied by appropriate tax-transfer schemes. However, such schemes can effectively be used only by economies with the highest levels of socialisation and state capacity. We find that, in a low-complexity economy, reservation fares better than both training and tax transfer. As complexity of the production process increases training becomes more attractive and is in turn superseded by tax-transfers in the most complex and politically mature economies. These findings provide a step towards more informed and robust policy. We discuss several omissions and directions for further development

A Study to Correlate Endometrial Hyperplasia with Ovarian Stromal Change

Background: Endometrial hyperplasia in peri-menopausal age group is frequently encountered as a result of unopposed excess estrogen action, exact source of which is still debatable. Possible source is ovarian stroma. There must be some subtle changes in ovarian stroma to produce excess estrogen in such states. This study was performed to provide new insights into the various patterns of subtle ovarian stromal changes and its relation to morphological alteration of endometrial glands and stroma.Methods: 62 women in peri-menopausal age group, diagnosed as endometrial hyperplasia on uterine curettage and unresponsive to conventional therapy, treated by total hysterectomy with unilateral/bilateral salpingo-oophorectomy, were chosen randomly. Serial step sections of endometrial biopsies were examined by routine microscopy. Endometrial hyperplasia was classified following the current WHO classification. The sections from the ovary were examined for changes in the ovarian stroma.Results: Out of the 62 total cases having endometrial hyperplasia, 53 cases (83.5%) had one or more subtle ovarian stromal changes and 9 cases (14.5%) lacked the ovarian stromal changes. Out of the 50 cases without endometrial hyperplasia, only eight had subtle ovarian changes. In the 53 cases, which showed ovarian stromal changes, the changes were found in combination and variable proportions.Conclusion: Ovarian stromal changes were significantly associated with endometrial hyperplasia

Effects of quantum noise on the nonlinear dynamics of a semiconductor laser subject to two spectrally ltered, time-delayed optical feedbacks

We report on a theoretical and computational investigation of the complex dynamics that arise in a semiconductor laser that is subject to two external, time-delayed, filtered optical feedbacks with special attention to the effect of quantum noise. In particular, we focus on the dynamics of the instantaneous optical frequency (wavelength) and its behavior for a wide range of feedback strengths and filter parameters. In the case of two intermediate filter bandwidths, the most significant results are that in the presence of noise, the feedback strengths required for the onset of chaos in a period doubling route are higher than in the absence of noise. We find that the inclusion of noise changes the dominant frequency of the wavelength oscillations, and that certain attractors do not survive in the presence of noise for a range of filter parameters. The results are interpreted by use of a combination of phase portraits, rf spectra, and first return maps

Determinants of smoking and chewing habits among rural school children in Bankura district of West Bengal, India

Objectives The present study was undertaken to assess the prevalence of smoking and chewing habits and causes of addiction among the school children of rural areas.Methods This cross-sectional study was conducted in four secondary schools from rural areas of Bankura District, West Bengal during August 2012 to September 2012. Total 1674 students studying in 5th to 10th standard (age group of 10-15 years) were enrolled in the present study. A self-administered questionnaire was applied for data collection.Results The study showed that 18.45%, 27.95% and 67.56% of the students were smokers, chewer and non-addicted, respectively. Considerable number of boys were addicted with smoking (boys 32.3% vs. 4.33girls %) and chewing habits (boys 43.53% vs 12.15girls %). In case of boys, these habits were increased with advancement of ages. Students were more attracted to bidi and tobacco with pan-masala among different types of smoking and chewing agents. The most familiar reasons for tobacco user were: influenced by friends (22.88%), influenced by family members (16.32%) and stress relief (10.88%). Conclusion This study indicated that smoking and chewing habits among school children in rural areas is looming public health issue. Adverse health effect of tobacco use may be incorporated in school secondary curriculum to change the attraction with tobacco among the young generation