Taxation influences upon the market in venture capital trust stocks: theory and practice

American Accounting Association Annual Meeting, Florida, USA, August 2004 and British Accounting Association Annual Conference, York, April 200

Fair value in financial reporting: problems and pitfalls in practice - A case study analysis of the use of fair valuation at Enron.

Authors' draft originalyl issued as working paper. Final version published in Accounting forum. Available online at http://www.sciencedirect.comThis paper contributes to the debate on the use of mark to market accounting in financial reporting by means of a case study-based examination of the use of mark to market accounting by Enron Corp. in the years immediately preceding its collapse. Set in the context of historical developments in and theoretical discussion upon asset valuation and income measurement, the case study highlights: (i) the ease with which Enron was able to ‘monetize’ physical assets so as to bring them within the remit of mark to market accounting; (ii) the unreliability of valuation estimates provided by independent third parties; and (iii) the asymmetry between management desire to recognise mark to market gains through the income statement in contrast to their desire to avoid recognising mark to market losses. Notwithstanding the particular features of the Enron case, it is argued in the paper that these issues are generic and should be taken into account by standard setters as they move toward encouraging more widespread use of mark to market accounting under IAS 39, SFAS 157 and previous statements, and by other regulators with an interest in the provision of financial information to the capital markets, such as the SEC in the US, the FSA/FRC in the UK, and the ASIC/FRC in Australia

Dividend valuation, trading and transactions costs: the 1997 partial abolition of dividend tax credit repayments

An earlier version of this article appeared as Accounting Working Papers 04/08Although UK resident tax-exempt shareholders lost the right to repayment of tax credits oil dividends paid by UK resident companies in July 1997, they could continue to receive tax credit repayments in respect of dividend, received from Irish resident companies until December 1998. In July 1997 the rate of tax credit on Irish companies' dividends was 21%, and this was reduced to 11% in December 1997. We obtain insights into the incentives and behavior of UK tax-exempt investors in response to these changes in the relative 'tax attractiveness' of investments in Irish resident companies. We find that only at its highest rate, 21%, was the level of dividend tax credit on Irish companies' dividends sufficient to induce changes in UK tax-exempt shareholders' investment strategies: and that the propensity lot dividend capture by tax-exempt investors is heightened when the dividend tax credit yield is of the order of 0.8% or more and dividend yield is of the order of 2.6% or more

Soft Photons in Hadron-Hadron Collisions: Synchrotron Radiation from the QCD Vacuum?

We discuss the production of soft photons in high energy hadron-hadron collisions. We present a model where quarks and antiquarks in the hadrons emit ``synchrotron light'' when being deflected by the chromomagnetic fields of the QCD vacuum, which we assume to have a nonperturbative structure. This gives a source of prompt soft photons with frequencies $\omega <= 300 MeV$ in the c.m. system of the collision in addition to hadronic bremsstrahlung. In comparing the frequency spectrum and rate of ``synchrotron'' photons to experimental results we find some supporting evidence for their existence. We make an exclusive--inclusive connection argument to deduce from the ``synchrotron'' effect a behaviour of the neutron electric formfactor $G_E^n(Q^2)$ proportional to $(Q^2)^{1/6}$ for $Q^2 < 20 fm^{-2}$. We find this to be consistent with available data. In our view, soft photon production in high energy hadron-hadron and lepton-hadron collisions as well as the behaviour of electromagnetic hadron formfactors for low $Q^2$ are thus sensitive probes of the nonperturbative structure of the QCD vacuum.Comment: Heidelberg preprint HD-THEP-94-36, 31 pages, LaTeX + ZJCITE.sty (included), 12 figures appended as uuencoded compressed ps-fil

Nonlinear atom optics and bright gap soliton generation in finite optical lattices

We theoretically investigate the transmission dynamics of coherent matter wave pulses across finite optical lattices in both the linear and the nonlinear regimes. The shape and the intensity of the transmitted pulse are found to strongly depend on the parameters of the incident pulse, in particular its velocity and density: a clear physical picture for the main features observed in the numerical simulations is given in terms of the atomic band dispersion in the periodic potential of the optical lattice. Signatures of nonlinear effects due the atom-atom interaction are discussed in detail, such as atom optical limiting and atom optical bistability. For positive scattering lengths, matter waves propagating close to the top of the valence band are shown to be subject to modulational instability. A new scheme for the experimental generation of narrow bright gap solitons from a wide Bose-Einstein condensate is proposed: the modulational instability is seeded in a controlled way starting from the strongly modulated density profile of a standing matter wave and the solitonic nature of the generated pulses is checked from their shape and their collisional properties

Interruption of torus doubling bifurcation and genesis of strange nonchaotic attractors in a quasiperiodically forced map : Mechanisms and their characterizations

A simple quasiperiodically forced one-dimensional cubic map is shown to exhibit very many types of routes to chaos via strange nonchaotic attractors (SNAs) with reference to a two-parameter $(A-f)$ space. The routes include transitions to chaos via SNAs from both one frequency torus and period doubled torus. In the former case, we identify the fractalization and type I intermittency routes. In the latter case, we point out that atleast four distinct routes through which the truncation of torus doubling bifurcation and the birth of SNAs take place in this model. In particular, the formation of SNAs through Heagy-Hammel, fractalization and type--III intermittent mechanisms are described. In addition, it has been found that in this system there are some regions in the parameter space where a novel dynamics involving a sudden expansion of the attractor which tames the growth of period-doubling bifurcation takes place, giving birth to SNA. The SNAs created through different mechanisms are characterized by the behaviour of the Lyapunov exponents and their variance, by the estimation of phase sensitivity exponent as well as through the distribution of finite-time Lyapunov exponents.Comment: 27 pages, RevTeX 4, 16 EPS figures. Phys. Rev. E (2001) to appea

Complementarity of Galactic radio and collider data in constraining WIMP dark matter models

In this work we confront dark matter models to constraints that may be derived from radio synchrotron radiation from the Galaxy, taking into account the astrophysical uncertainties and we compare these to bounds set by accelerator and complementary indirect dark matter searches. Specifically we apply our analysis to three popular particle physics models. First, a generic effective operator approach, in which case we set bounds on the corresponding mass scale, and then, two specific UV completions, the Z' and Higgs portals. We show that for many candidates, the radio synchrotron limits are competitive with the other searches, and could even give the strongest constraints (as of today) with some reasonable assumptions regarding the astrophysical uncertainties.Comment: 22 pages, 12 figure