The Wealth Defence Industry:A Large-scale Study on Accountancy Firms as Profit Shifting Facilitators

Corporations increasingly engage in innovative ‘tax planning strategies’ by shifting profits between jurisdictions. In response, states try to curtail such profit shifting activities while at the same time attempting to retain and attract multinational corporations. We aim to open up this dichotomy between states and corporations and argue that a wealth defence industry of professional service firms plays a crucial role as facilitators. We investigate the subsidiary structure of 27,000 MNCs and show that clients of the Big Four accountancy firms show systematically higher levels of aggressive tax planning strategies than clients of smaller accountancy firms. We specify this effect for three distinct strategies and also uncover marked differences across countries. As such we provide empirical evidence for the systematic involvement of auditors as facilitators in corporate wealth defence

Writing CFT correlation functions as AdS scattering amplitudes

We explore the Mellin representation of conformal correlation functions recently proposed by Mack. Examples in the AdS/CFT context reinforce the analogy between Mellin amplitudes and scattering amplitudes. We conjecture a simple formula relating the bulk scattering amplitudes to the asymptotic behavior of Mellin amplitudes and show that previous results on the flat space limit of AdS follow from our new formula. We find that the Mellin amplitudes are particularly useful in the case of conformal gauge theories in the planar limit. In this case, the four point Mellin amplitudes are meromorphic functions whose poles and their residues are entirely determined by two and three point functions of single-trace operators. This makes the Mellin amplitudes the ideal objects to attempt the conformal bootstrap program in higher dimensions.Comment: 23 pages + appendice

Scale-free equilibria of self-gravitating gaseous disks with flat rotation curves

We introduce exact analytical solutions of the steady-state hydrodynamic equations of scale-free, self-gravitating gaseous disks with flat rotation curves. We express the velocity field in terms of a stream function and obtain a third-order ordinary differential equation (ODE) for the angular part of the stream function. We present the closed-form solutions of the obtained ODE and construct hydrodynamical counterparts of the power-law and elliptic disks, for which self-consistent stellar dynamical models are known. We show that the kinematics of the Large Magellanic Cloud can well be explained by our findings for scale-free elliptic disks.Comment: AAS preprint format, 21 pages, 8 figures, accepted for publication in The Astrophysical Journa

Effective Conformal Theory and the Flat-Space Limit of AdS

We develop the idea of an effective conformal theory describing the low-lying spectrum of the dilatation operator in a CFT. Such an effective theory is useful when the spectrum contains a hierarchy in the dimension of operators, and a small parameter whose role is similar to that of 1/N in a large N gauge theory. These criteria insure that there is a regime where the dilatation operator is modified perturbatively. Global AdS is the natural framework for perturbations of the dilatation operator respecting conformal invariance, much as Minkowski space naturally describes Lorentz invariant perturbations of the Hamiltonian. Assuming that the lowest-dimension single-trace operator is a scalar, O, we consider the anomalous dimensions, gamma(n,l), of the double-trace operators of the form O (del^2)^n (del)^l O. Purely from the CFT we find that perturbative unitarity places a bound on these dimensions of |gamma(n,l)|<4. Non-renormalizable AdS interactions lead to violations of the bound at large values of n. We also consider the case that these interactions are generated by integrating out a heavy scalar field in AdS. We show that the presence of the heavy field "unitarizes" the growth in the anomalous dimensions, and leads to a resonance-like behavior in gamma(n,l) when n is close to the dimension of the CFT operator dual to the heavy field. Finally, we demonstrate that bulk flat-space S-matrix elements can be extracted from the large n behavior of the anomalous dimensions. This leads to a direct connection between the spectrum of anomalous dimensions in d-dimensional CFTs and flat-space S-matrix elements in d+1 dimensions. We comment on the emergence of flat-space locality from the CFT perspective.Comment: 46 pages, 2 figures. v2: JHEP published versio

Testing Hydrodynamic Models of LMC X-4 with UV and X-ray Spectra

We compare the predictions of hydrodynamic models of the LMC X-4 X-ray binary system with observations of UV P Cygni lines with the GHRS and STIS spectrographs on the Hubble Space Telescope. The hydrodynamic model determines density and velocity fields of the stellar wind, wind-compressed disk, accretion stream, Keplerian accretion disk, and accretion disk wind. We use a Monte Carlo code to determine the UV P Cygni line profiles by simulating the radiative transfer of UV photons that originate on the star and are scattered in the wind. The qualitative orbital variation predicted is similar to that observed, although the model fails to reproduce the strong orbital asymmetry (the observed absorption is strongest for phi>0.5). The model predicts a mid-eclipse X-ray spectrum, due almost entirely to Compton scattering, with a factor 4 less flux than observed with ASCA. We discuss how the model may need to be altered to explain the spectral variability of the system.Comment: 11 figures, accepted by Ap

Holography from Conformal Field Theory

The locality of bulk physics at distances below the AdS length is one of the remarkable aspects of AdS/CFT duality, and one of the least tested. It requires that the AdS radius be large compared to the Planck length and the string length. In the CFT this implies a large-N expansion and a gap in the spectum of anomalous dimensions. We conjecture that the implication also runs in the other direction, so that any CFT with a planar expansion and a large gap has a local bulk dual. For an abstract CFT we formulate the consistency conditions, most notably crossing symmetry, and show that the conjecture is true in a broad range of CFT's, to first nontrivial order in 1/N^2: any CFT with a gap and a planar expansion is generated via the AdS/CFT dictionary from a local bulk interaction. We establish this result by a counting argument on each side, and also investigate various properties of some explicit solutions.Comment: 49 pages. Minor corrections. Figure and references adde

Effective AdS/renormalized CFT

For an effective AdS theory, we present a simple prescription to compute the renormalization of its dual boundary field theory. In particular, we define anomalous dimension holographically as the dependence of the wave-function renormalization factor on the radial cutoff in the Poincare patch of AdS. With this definition, the anomalous dimensions of both single- and double- trace operators are calculated. Three different dualities are considered with the field theory being CFT, CFT with a double-trace deformation and spontaneously broken CFT. For the second dual pair, we compute scaling corrections at the UV and IR fixed points of the RG flow triggered by the double-trace deformation. For the last case, we discuss whether our prescription is sensitive to the AdS interior or equivalently, the IR physics of the dual field theory.Comment: 20 pages, 3 figure

The Supreme Court and the American Civil Liberties Union\u27s Colorblind Protection of Cross Burning in First Amendment Jurisprudence Legitimates White Supremacy

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