Taxes and the valuation of dividends: a study of dividend announcements in Germany

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most investor classes. In an event study framework, we separate the tax effect of dividends from their positive signaling and agency cost effects to offer a more comprehensive picture of the valuation implications of dividends in Germany. Controlling for signaling and agency cost effects of dividends we find that the market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are generally more favorable to investors from a tax perspective, than under the half-income system. Our results suggest that the observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the 2001 tax reform. --Dividend Announcements,Taxation

Narrow Resonances in Effective Field Theory

We discuss the power counting for effective field theories with narrow resonances near a two-body threshold. Close to threshold, the effective field theory is perturbative and only one combination of coupling constants is fine-tuned. In the vicinity of the resonance, a second, ``kinematic'' fine-tuning requires a nonperturbative resummation. We illustrate our results in the case of nucleon-alpha scattering.Comment: 11 pages, revtex4, 3 ps figure

Präkonditionierende TLR9-Stimulation beeinflusst die Inflammation während der kardialen postischämischen Reperfusion im Mausmodell

Einleitung: Die Schwere eines Myokardinfarktes ist nicht ausschließlich abhängig von der Intensität und Dauer der Ischaemie, sondern wird zudem bestimmt durch die während der Reperfusion stattfindende Immunreaktion. Durch verschiedene Mechanismen, wie die ischaemische Praekonditionierung und eine Hypothermie, sowie Medikamente, wie volatile Anästhetika, kann eine ischaemische Toleranz mit Reduktion des Infarktareals erreicht werden. Der TLR9 ist ein PRR des kongenitalen Immunsystems, der, aktiviert durch prokaryote DNA zu einer gesteigerten Inflammation via NfκB und AP-1 f¸hrt. Seine Aktivität wurde auf Kardiomyozyten nachgewiesen und bewirkt eine Inflammation und Sepsis. Das Ziel dieser Arbeit liegt in der Testung und Quantifizierung einer Infarktreduktion nach praekonditionierender Stimulation des TLR9. Des Weiteren sollen die zugrundeliegenden molekularen Mechanismen in der Reperfusionsphase aufgeklaert werden.Methode:In einem zweizeitigen Versuchsprotokoll erfolgt 5-7 Tage nach operativer Anlage einer lockeren LAD-Ligatur die intraperitoneale Stimulation mit verschiedenen synthetischen Oligodesoxynukleotid-Loesungen (1668-, 1612- und H154-Thioat) sowie mit einer Plazebo-Loesung. Mit einer Latenz von 16 Stunden werden die Tiere einem Ischaemie/Reperfusions-Protokoll zugeführt und nach 30 Minuten bzw. 3 Stunden die Organentnahme durchgeführt. Anschließend erfolgt die Bestimmung der Inflammationsparameter TNF-α, IL-1β, Il-6, IL-10 und iNOS sowie der TLR2, 4 und 9 mittels "real-time"-PCR.Ergebnisse:Postischaemisch kommt es initial zu einer gesteigerten Inflammation mit vermehrter Expression von proinflammatorischen Mediatoren wie TNF-α und IL-6, im Verlauf der Reperfusion wird eine vermehrte Expression des antiinflammatorischen IL-10 registriert. Des Weiteren zeigt sich nach Praekonditionierung eine gesteigerte Expression des PRR TLR9. Das resultierende Infarktareal ist in Bezug auf die "area at risk" signifikant geringer nach erfolgter Praekondtionierung mit 1668-Thioat.Schlussfolgerung:Nach Praekonditionierung mit 1668-Thioat liegt im murinen Organismus eine ischaemische Toleranz vor, der eine angepasste immunologische Antwort mit gesteigerten, antiinflammatorischen Rueckkopplungsmechanismen auf einen zweiten, pathogenen Stimulus zugrunde liegt

Microscopic calculation of the spin-dependent neutron scattering lengths on 3He

We report on the spin.dependent neutron scattering length on 3He from a microscopic calculation of p-3H, n-3He, and d-2H scattering employing the Argonne v18 nucleon-nucleon potential with and without additional three-nucleon force. The results and that of a comprehensive R-matrix analysis are compared to a recent measurement. The overall agreement for the scattering lengths is quite good. The imaginary parts of the scattering lengths are very sensitive to the inclusion of three-nucleon forces, whereas the real parts are almost insensitive.Comment: 9 pages, 1 figur

Effective Field Theories of Light Nuclei

Effective field theories have been developed for the description of light, shallow nuclei. I review results for two- and three-nucleon systems, and discuss their extension to halo nuclei.Comment: 10 pages, invited talk at the International Nuclear Physics Conference, Goeteborg, June 27 - July 2 200

Tissue Sampling Guides for Porcine Biomedical Models

This article provides guidelines for organ and tissue sampling adapted to porcine animal models in translational medical research. Detailed protocols for the determination of sampling locations and numbers as well as recommendations on the orientation, size, and trimming direction of samples from approximate to 50 different porcine organs and tissues are provided in the Supplementary Material. The proposed sampling protocols include the generation of samples suitable for subsequent qualitative and quantitative analyses, including cryohistology, paraffin, and plastic histology;immunohistochemistry;in situ hybridization;electron microscopy;and quantitative stereology as well as molecular analyses of DNA, RNA, proteins, metabolites, and electrolytes. With regard to the planned extent of sampling efforts, time, and personnel expenses, and dependent upon the scheduled analyses, different protocols are provided. These protocols are adjusted for (I) routine screenings, as used in general toxicity studies or in analyses of gene expression patterns or histopathological organ alterations, (II) advanced analyses of single organs/tissues, and (III) large-scale sampling procedures to be applied in biobank projects. Providing a robust reference for studies of porcine models, the described protocols will ensure the efficiency of sampling, the systematic recovery of high-quality samples representing the entire organ or tissue as well as the intra-/interstudy comparability and reproducibility of results

Effective Field Theory for Halo Nuclei: Shallow p-Wave States

Halo nuclei are a promising new arena for studies based on effective field theory (EFT). We develop an EFT for shallow p-wave states and discuss the application to elastic n-alpha scattering. In contrast to the s-wave case, both the scattering length and effective range enter at leading order. We also discuss the prospects of using EFT in the description of other halos, such as the three-body halo nucleus 6He.Comment: 22 pages, revtex4, 8 ps figures, title changed, references adde