1,125 research outputs found
Rebound effect of allowance for corporate equity on debt bias
We analyse if the Brazilian Allowance for Corporate Equity (ACE-type system) reduces the debt tax bias. Specifically, we study if the continuous treatment effect of interest on equity negatively affects the level of financial leverage. We find that the tax policy implemented is similar to the deductible cash dividends and not to an ACE. The empirical implication is that the interest on equity treatment increases the debt tax bias, producing a rebound effect to what is expected for this policy on the risk-taking behaviour and corporate capital structure. This rebound effect is homogeneous in firms with different financial constraints status. There are evidences that shareholders influence the cash distribution policy, adjusting the later to their own tax preferences.info:eu-repo/semantics/publishedVersio
Does Brazilian allowance for corporate equity reduce the debt bias? Evidences of rebound effect and ownership-induced ACE clientele
We analyse if the Brazilian Allowance for Corporate Equity (ACE-type system) reduces the debt tax bias. Specifically, we study if the continuous treatment effect of interest on equity negatively affects the level of financial leverage. We find that the tax policy implemented is similar to the deductible cash dividends and not to an ACE. The empirical implication is that the interest on equity treatment increases the debt tax bias, producing a rebound effect to what is expected for this policy on the risk-taking behaviour and corporate capital structure. This rebound effect is homogeneous in firms with different financial constraints status. There are evidences that shareholders influence the cash distribution policy, adjusting the later to their own tax preferences. Therefore, there may be an “ACE clientele effect” induced by heterogeneity in tax preferences among shareholders.info:eu-repo/semantics/acceptedVersio
A New Embedded Measurement Structure for eDRAM Capacitor
Submitted on behalf of EDAA (http://www.edaa.com/)International audienceThe embedded DRAM (eDRAM) is more and more used in System On Chip (SOC). The integration of the DRAM capacitor process into a logic process is challenging to get satisfactory yields. The specific process of DRAM capacitor and the low capacitance value (~30F) of this device induce problems of process monitoring and failure analysis. We propose a new test structure to measure the capacitance value of each DRAM cell capacitor in a DRAM array. This concept has been validated by simulation on a 0.18µm eDRAM technology
Electronic structure and dimerization of a single monatomic gold wire
The electronic structure of a single monatomic gold wire is presented for the
first time. It has been obtained with state-of-the-art ab-initio full-potential
density-functional (DFT) LMTO (linearized muffin-tin orbital) calculations
taking into account relativistic effects. For stretched structures in the
experimentally accessible range the conduction band is exactly half-filled,
whereas the band structures are more complex for the optimized structure. By
studying the total energy as a function of unit-cell length and of a possible
bond-length alternation we find that the system can lower its total energy by
letting the bond lengths alternate leading to a structure containing separated
dimers with bond lengths of about 2.5 \AA, largely independent of the
stretching. However, first for fairly large unit cells (above roughly 7 \AA),
is the total-energy gain upon this dimerization comparable with the energy
costs upon stretching. We propose that this together with band-structure
effects is the reason for the larger interatomic distances observed in recent
experiments. We find also that although spin-orbit couplings lead to
significant effects on the band structure, the overall conclusions are not
altered, and that finite Au_2, Au_4, and Au_6 chains possess electronic
properties very similar to those of the infinite chain.Comment: (14 pages, 5 figures; Elsevier Preprint style elsart.sty
Epidemiología de las fracturas de la extremidad superior del fémur: a propósito de 322 casos
Se realiza un estudio epidemiológico retrospectivo en una serie de 322 pacientes
ancianos con fractura de la extremidad superior del fémur (FEPF), vistos y tratados entre
los años 1985-1988, en el Servicio de Traumatología del Hospital del Insalud de Logroño, siendo
comparados los resultados con los de otras series. Las caídas casuales por mínimo traumatismo
fueron la principal causa de la lesión, con mayor incidencia en la mujer de 78 años y con
predominio de las fracturas trocantereas sobre las cervicales. En nuestra serie el 48% de estos
pacientes están afectados por más de una enfermedad previa a la fractura y a la intervención.
Complicaciones locales postoperatorios (migración de los clavos, infección local, luxación de la
prótesis, hematomas), los hemos encontrado en un 12% y entre los generales (Infecciones urinarias,
Tromboflebitis, Embolia Pulmonar, escaras, etc.) en un 19%. En la valoración funcional,
siguiendo a Nickens, hemos obtenido que un 71% caminaban después de la intervención. Los
resultados obtenidos son, en esta Comunidad, análogos a los encontrados por otros autores.A retrospective epydemiologic study was undertaken in a serie of 322 aged patients
with fracture of the upper extremity of the femur treated at the traumatology unit of
the «Hospital del Insalud» in Logroño beetween 1985 and 1988. Accidental falls with a minimum
traumatism were the main cause of the injury, with major incidence on 78 years old women,
the trochanteric fractures being more frequent than femoral week fractures. In our serie, 48%
of patients were affected by more than one previous disease to the fracture. Local post-operatire
complications (nail migration, local infection, haematoma) were found in 12%, and general
complications (urinary infection, pulmonary embolism, crust) in 19%. According to Nickens'
functional evaluation we found that 71% of patients were able to walk after surgery. The results
obtained in this community have been found similar to those reported by other authors
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