Capitalization of Capital Gains Taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction

We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the White House and Congress agreed on a budget accord that included a reduction in the capital gains tax rate. The share prices of firms not currently paying dividends increased approximately 6 percentage points more over a five-day window than the share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The results are consistent with at least two related explanations. First, to the extent a stock's returns are expected to be taxed as capital gains, a reduction in the expected capital gains tax rate enhances the attractiveness of the investment to investors. Second, to the extent a firm's stock is held by shareholders subject to the capital gains tax, a reduction in the expected capital gains tax rate increases its market value. The findings present evidence consistent with neither a sell-off of appreciated securities following the rate reduction nor a reduction in the compensation for capital gains taxes that selling shareholders demand from buyers. The upward price pressure around the accord dominated any downward price pressure imposed by these factors.

Planning for Differentiated Instruction: Comparing Instructional Leadership Practices as Perceived by Administrators and Teachers in Middle School

Scholars have purported that teachers infrequently implement differentiated instruction due to self-imposed obstacles or misconceived notions that promote barriers. This study was designed to generate an awareness of the differences between school administrators’ and teachers’ perceptions of instructional leadership practices towards implementation of differentiated instruction. From the existing research, six functions of instructional leadership and 27 practices were identified as being effective in supporting the implementation of differentiated instruction. These functions of instructional leadership along with related practices served as the basis for a two-part, six subset, and 27 item researcher-designed survey. Data were collected from 34 middle school administrators and 171 teachers from a major metropolitan school district in the southeast United States. When viewed separately, the middle school administrators’ and teachers’ perceptions derived from this study reflected a high degree of agreement with the positive statements of the survey. Similar findings were discovered when examining administrators’ and teachers’ perceptions of instructional leadership in support of differentiation among middle schools of different school achievement status. However, when comparing administrators’ and teachers’ perceptions, teachers were not in complete agreement with administrators in 4 of 6 subsets including the total average of all subsets. Teachers consequently perceived survey statements about supervision and evaluation of instruction, protection of instructional time, providing incentives for teachers, and providing professional development as not being experienced to the same extent as believed by administrators to be in practice. These results are in alignment with the literature indicative of teacher perceived barriers towards the differentiation of instruction often hampered by a lack of administrative support. Additional evidence for this viewpoint may be seen in the results of the total average of all subset functions of instructional leadership practices. A high degree of disagreement between administrators and teachers for the statements of the survey raises the concern that misconceptions exist. Given this outcome, school administrators may not be as attuned to the teachers’ perceptions of their support for the practice of differentiated instruction. Future research into the impact of competing priorities upon administrators’ focus of instructional leadership may offer insights into the attentiveness of administrators toward teachers’ instructional needs. Furthermore, policy makers should take into account the perceptions of principals for an innovation before requiring its institutionalization. The researcher concluded by asserting that administrators have the responsibility to attend to teachers’ perceptions. A misalignment of beliefs and attitudes held for innovations by school administrators and teachers can unfortunately contribute to creating additional barriers for implementation. Planning for differentiated instruction, or any instructional change, should be informed by the perceptions of all stakeholders for the innovation

What a Long, Strange “TRIPS” it’s Been: Compulsory Licensing from the Adoption of TRIPS to the Agreement on Implementation of the Doha Declaration, 3 J. Marshall Rev. Intell. Prop. L. 331 (2004)

Startling numbers of people die every day because they do not have access to essential medicines and treatment for diseases such as HIV/AIDS, particularly in Africa and Asia. The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) was established by the World Trade Organization (WTO) to set a minimum level of protection of intellectual property rights across international borders, as well as promote and protect the welfare of humanity. This Comment reviews the history of the TRIPS Agreement, including the most recent adoption of the WTO relating to the issuance of compulsory licenses. Specifically, this Comment suggests that the WTO look to United States case law on the topic of governmental use of patents without authorization, in addition to the spirit and goals of the TRIPS Agreement, and amend TRIPS by setting adequate remuneration at a very modest royalty rate when a compulsory license is utilized. Implementation of such an amendment will prevent further delay to the access to critical medicines in developing countries and advance the objectives of TRIPS

The informational advantage of specialized monitors: the case of bank examiners

Large commercial banking firms are monitored by specialized private sector monitors and by specialized government examiners. Previous research suggests that bank exams produce little useful information that is not already reflected in market prices. In this article, we apply a new research methodology to a unique data set, and find that government exams of large national banks produce significant new information which financial markets do not fully internalize for several additional months. Our results indicate that specialized government monitors can identify value-relevant information about private firms, even if those firms are already actively followed by investors and their private-sector agents.Bank supervision ; Bank examination

Fine Tuning a Well-Oiled Machine: Influence of NK1.1 and NKG2D on NKT Cell Development and Function

Natural killer T cells (NKT) represent a group of CD1d-restricted T-lineage cells that provide a functional interface between innate and adaptive immune responses in infectious disease, cancer, allergy and autoimmunity. There have been remarkable advances in understanding the molecular events that underpin NKT development in the thymus and in the complex array of functions in the periphery. Most functional studies have focused on activation of T cell antigen receptors expressed by NKT cells and their responses to CD1d presentation of glycolipid and related antigens. Receiving less attention has been several molecules that are hallmarks of Natural Killer (NK) cells, but nonetheless expressed by NKT cells. These include several activating and inhibitory receptors that may fine-tune NKT development and survival, as well as activation via antigen receptors. Herein, we review the possible roles of the NK1.1 and NKG2D receptors in regulating development and function of NKT cells in health and disease. We suggest that pharmacological alteration of NKT activity should consider the potential complexities commensurate with NK1.1 and NKG2D expressio

Lights, Camera, Interaction: Studying Protein–Protein Interactions of the ER Protein Translocase in Living Cells

Various landmark studies have revealed structures and functions of the Sec61/SecY complex in all domains of live demonstrating the conserved nature of this ancestral protein translocase. While the bacterial homolog of the Sec61 complex resides in the plasma membrane, the eukaryotic counterpart manages the transfer of precursor proteins into or across the membrane of the endoplasmic reticulum (ER). Sec61 complexes are accompanied by a set of dynamically recruited auxiliary proteins assisting the transport of certain precursor polypeptides. TRAP and Sec62/Sec63 are two auxiliary protein complexes in mammalian cells that have been characterized by structural and biochemical methods. Using these ER membrane protein complexes for our proof-of-concept study, we aimed to detect interactions of membrane proteins in living mammalian cells under physiological conditions. Bimolecular luminescence complementation and competition was used to demonstrate multiple protein–protein interactions of different topological layouts. In addition to the interaction of the soluble catalytic and regulatory subunits of the cytosolic protein kinase A, we detected interactions of ER membrane proteins that either belong to the same multimeric protein complex (intra-complex interactions: Sec61α–Sec61β, TRAPα–TRAPβ) or protein complexes in juxtaposition (inter-complex interactions: Sec61α–TRAPα, Sec61α–Sec63, and Sec61β–Sec63). In the process, we established further control elements like synthetic peptide complementation for expression profiling of fusion constructs and protease-mediated reporter degradation demonstrating the cytosolic localization of a reporter complementation. Ease of use and flexibility of the approach presented here will spur further research regarding the dynamics of protein–protein interactions in response to changing cellular conditions in living cells

Toxicity of cancer therapy: what the cardiologist needs to know about angiogenesis inhibitors

Clinical outcomes for patients with a wide range of malignancies have improved substantially over the last two decades. Tyrosine kinase inhibitors (TKIs) are potent signalling cascade inhibitors and have been responsible for significant advances in cancer therapy. By inhibiting vascular endothelial growth factor receptor (VEGFR)-mediated tumour blood vessel growth, VEGFR-TKIs have become a mainstay of treatment for a number of solid malignancies. However, the incidence of VEGFR-TKI-associated cardiovascular toxicity is substantial and previously under-recognised. Almost all patients have an acute rise in blood pressure, and the majority develop hypertension. They are associated with the development of left ventricular systolic dysfunction (LVSD), heart failure and myocardial ischaemia and can have effects on myocardial repolarisation. Attention should be given to rigorous baseline assessment of patients prior to commencing VEGFR-TKIs, with careful consideration of baseline cardiovascular risk factors. Baseline blood pressure measurement, ECG and cardiac imaging should be performed routinely. Hypertension management currently follows national guidelines, but there may be a future role forendothelin-1 antagonism in the prevention or treatment of VEGFR-TKI-associated hypertension. VEGFR-TKI-associated LVSD appears to be independent of dose and is reversible. Patients who develop LVSD and heart failure should be managed with conventional heart failure therapies, but the role of prophylactic therapy is yet to be defined. Serial monitoring of left ventricular function and QT interval require better standardisation and coordinated care. Management of these complex patients requires collaborative, cardio-oncology care to allow the true therapeutic potential from cancer treatment while minimising competing cardiovascular effects