The Share Price Effects of Dividend Taxes and Tax Imputation Credits

We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit valuations of retained earnings versus paid-in equity. Retained earnings are distributable as taxable dividends, whereas paid-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for the United States indicate that accumulated retained earnings are valued less per unit than contributed capital. In addition, differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the magnitude of the implied tax discount for retained earnings, as are differences in dividend tax rates across Australia, Japan, France, Germany, and the United Kingdom.

Are dividend taxes and tax imputation credits capitalized in share values?

The relation between personal taxes and firm value has fundamental implications for understanding why firms pay dividends and how taxes influence capital structure choices. Assessing personal tax valuation effects also influences tax policy debates regarding the integration of corporate and personal taxes. Despite its importance, however, several underlying problems have hampered existing research on the valuation consequences of personal taxes, leading to mixed and inconclusive results. Using a new approach, we obtain three findings. First, firm-level results for the United States indicate that accumulated retained earnings are valued less per unit than contributed capital. This finding is consistent with the capitalisation of future dividend taxes in retained earnings, and it is robust to inclusion of a variety of control variables and tests for possible alternative explanations. Second, we find that differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the implied tax discount for retained earnings. Third, cross-country variation in dividend tax rates is associated with predictable variation in the implied tax discount. Furthermore, the difference in dividend tax rates across two different tax regimes in the United Kingdom is associated with predictable differences in the value discount

Determinants of intraregional migration in Sub-Saharan Africa 1980-2000

Despite great accomplishments in the migration literature, the determinants of South-South migration remain poorly understood. In an attempt to fill this gap, this paper formulates and tests an empirical model for intraregional migration in sub-Saharan Africa within an extended human capital framework, taking into account spatial interaction. Using bilateral panel data between 1980 and 2000, we find that intraregional migration on the subcontinent is predominantly driven by economic opportunities and sociopolitics in the host country, facilitated by geographical proximity. The role played by network effects and environmental conditions is also apparent. Finally, origin and destination spatial dependence should definitely not be ignored

Thermal regime of the Costa Rican convergent margin: 2. Thermal models of the shallow Middle America subduction zone offshore Costa Rica

At the Costa Rica margin along the Middle America Trench along‐strike variations in heat flow are well mapped. These variations can be understood in terms of either ventilated fluid flow, where exposed basement allows fluids to freely advect heat between the crustal aquifer and ocean, or insulated fluid flow where continuous sediment cover restricts heat advection to within the crustal aquifer. We model fluid flow within the subducting aquifer using Nusselt number approximations coupled with finite element models of subduction and explore its effect on temperatures along the subduction thrust. The sensitivity of these models to the initial thermal state of the plate and styles of fluid flow, either ventilated or insulated, is explored. Heat flow measurements on cool crust accreted at the East Pacific Rise are consistent with ventilated hydrothermal cooling that continues with subduction. These models yield much cooler temperatures than predicted from simulations initialized with conductive predictions and without hydrothermal circulation. Heat flow transects on warm crust accreted at the Cocos‐Nazca spreading center are consistent with models of insulated hydrothermal circulation that advects heat updip within the subducting crustal aquifer. Near the trench these models are warmer than conductive predictions and cooler than conductive predictions downdip of the trench. Comparisons between microseismicity and modeled isotherms suggest that the updip limit of microseismicity occurs at temperatures warmer than 100°C and that the downdip extent of microseismicity is bounded by the intersection of the subduction thrust with the base of the overriding crust.Keywords: Fluid flow, Subduction zones, Thermal mode

Costs of reproduction and carry-over effects in breeding albatrosses

We investigated the physiology of two closely related albatross species relative to their breeding strategy: black-browed albatrosses (Thalassarche melanophris) breed annually, while grey-headed albatrosses (T. chrysostoma) breed biennially. From observations of breeding fate and blood samples collected at the end of breeding in one season and feather corticosterone levels (fCort) sampled at the beginning of the next breeding season, we found that in both species some post-breeding physiological parameters differed according to breeding outcome (successful, failed, deferred). Correlations between post-breeding physiology and fCort, and links to future breeding decisions, were examined. In black-browed albatrosses, post-breeding physiology and fCort were not significantly correlated, but fCort independently predicted breeding decision the next year, which we interpret as a possible migratory carry-over effect. In grey-headed albatrosses, post-breeding triglyceride levels were negatively correlated with fCort, but only in females, which we interpret as a potential cost of reproduction. However, this potential cost did not carry-over to future breeding in the grey-headed albatrosses. None of the variables predicted future breeding decisions. We suggest that biennial breeding in the grey-headed albatrosses may have evolved as a strategy to buffer against the apparent susceptibility of females to negative physiological costs of reproduction. Future studies are needed to confirm this

Conceptual design of a fifth generation unmanned strike fighter

Unmanned aircraft have significantly transformed aerial warfare through a combination of new technologies, extended operational capabilities, and reduced risks and costs. Similarly, computational modelling techniques have accelerated the rate of development for aircraft by being able to explore a large number of design options from the earliest design stages, further reducing time, risks, and costs. The near future will see the proliferation of unmanned combat aerial vehicles under a variety of roles such as unmanned tankers, strike aircraft, and even air - to - air fighters. In this paper the GENUS aircraft design framework is used to develop an unmanned weapons carrying platform able to partially match the performance of 5th generation fighters such as the Joint Strike Fighter F-35A. The vision of future joint operations is for a single lead manned fighter to command and designate targets to its various loyal wingmen unmanned aircraft, extending the combat capabilities and significantly multiplying force and air superiority

A nonhuman primate model of inherited retinal disease.

Inherited retinal degenerations are a common cause of untreatable blindness worldwide, with retinitis pigmentosa and cone dystrophy affecting approximately 1 in 3500 and 1 in 10,000 individuals, respectively. A major limitation to the development of effective therapies is the lack of availability of animal models that fully replicate the human condition. Particularly for cone disorders, rodent, canine, and feline models with no true macula have substantive limitations. By contrast, the cone-rich macula of a nonhuman primate (NHP) closely mirrors that of the human retina. Consequently, well-defined NHP models of heritable retinal diseases, particularly cone disorders that are predictive of human conditions, are necessary to more efficiently advance new therapies for patients. We have identified 4 related NHPs at the California National Primate Research Center with visual impairment and findings from clinical ophthalmic examination, advanced retinal imaging, and electrophysiology consistent with achromatopsia. Genetic sequencing confirmed a homozygous R565Q missense mutation in the catalytic domain of PDE6C, a cone-specific phototransduction enzyme associated with achromatopsia in humans. Biochemical studies demonstrate that the mutant mRNA is translated into a stable protein that displays normal cellular localization but is unable to hydrolyze cyclic GMP (cGMP). This NHP model of a cone disorder will not only serve as a therapeutic testing ground for achromatopsia gene replacement, but also for optimization of gene editing in the macula and of cone cell replacement in general

Sport and British Jewish identity

This article examines the relationship between sport and Jewish identity. The experiences of Jewish people have rarely been considered in previous sport-related research which has typically focused on ‘Black’ and South Asian individuals, sports clubs, and organisations. Drawing on data generated from interviews ( n = 20) and focus groups ( n = 2) with individuals based in one British city, this article explores how their Jewish identity was informed, and shaped by, different sports activities and spaces. This study’s participants were quick to correct the idea that sport was alien to Jewish culture and did not accept the stereotype that ‘Jews don’t play sport’. The limited historical research on sport and Jewish people and the ongoing debates around Jewish identity are noted before exploring the role of religion and the suggestion that Jewish participation in sport is affected by the Shabbat (sabbath). Participants discussed how sports clubs acted as spaces for the expression and re/affirmation of their Jewish identity, before they reflected on the threats posed to the wider Jewish community by secularism, assimilation, and antisemitism. The article concludes by discussing how the sporting experiences of the study’s British Jewish participants compare with the experiences of individuals from other ethnic minority communities

A Policy-Ready Public Health Guidebook of Strategies and Indicators to Promote Financial Well-Being and Address Financial Strain in Response to COVID-19

Introduction The COVID-19 pandemic has adversely affected the financial well-being of populations globally, escalating concerns about links with health care and overall well-being. Governments and organizations need to act quickly to protect population health relative to exacerbated financial strain. However, limited practice and policy-relevant resources are available to guide action, particularly from a public health perspective, that is, targeting equity, social determinants of health, and health-in-all policies. Our study aimed to create a public health guidebook of strategies and indicators for multisectoral action on financial well-being and financial strain by decision makers in high-income contexts. Methods We used a multimethod approach to create the guidebook. We conducted a targeted review of existing theoretical and conceptual work on financial well-being and strain. By using rapid review methodology informed by principles of realist review, we collected data from academic and practice-based sources evaluating financial well-being or financial strain initiatives. We performed a critical review of these sources. We engaged our research–practice team and government and nongovernment partners and participants in Canada and Australia for guidance to strengthen the tool for policy and practice. Results The guidebook presents 62 targets, 140 evidence-informed strategies, and a sample of process and outcome indicators. Conclusion The guidebook supports action on the root causes of poor financial well-being and financial strain. It addresses a gap in the academic literature around relevant public health strategies to promote financial well-being and reduce financial strain. Community organizations, nonprofit organizations, and governments in highincome countries can use the guidebook to direct initiative design, implementation, and assessmen