Payout Taxes and the Allocation of Investment

ABSTRACT. When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor investment by firms who can finance internally. Using an international panel with many changes in payout taxes, we show that this prediction holds well. Payout taxes have a large impact on the dynamics of corporate investment and growth. Investment is “locked in” in profitable firms when payout is heavily taxed. Thus, apart from any level effects, payout taxes change the allocation of capital. JEL No. G30, G31, H25

Learning to Reason: End-to-End Module Networks for Visual Question Answering

Natural language questions are inherently compositional, and many are most easily answered by reasoning about their decomposition into modular sub-problems. For example, to answer "is there an equal number of balls and boxes?" we can look for balls, look for boxes, count them, and compare the results. The recently proposed Neural Module Network (NMN) architecture implements this approach to question answering by parsing questions into linguistic substructures and assembling question-specific deep networks from smaller modules that each solve one subtask. However, existing NMN implementations rely on brittle off-the-shelf parsers, and are restricted to the module configurations proposed by these parsers rather than learning them from data. In this paper, we propose End-to-End Module Networks (N2NMNs), which learn to reason by directly predicting instance-specific network layouts without the aid of a parser. Our model learns to generate network structures (by imitating expert demonstrations) while simultaneously learning network parameters (using the downstream task loss). Experimental results on the new CLEVR dataset targeted at compositional question answering show that N2NMNs achieve an error reduction of nearly 50% relative to state-of-the-art attentional approaches, while discovering interpretable network architectures specialized for each question

Payout Taxes and the Allocation of Investment

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). High taxes will favor firms who can finance internally. If there are no perfect substitutes for equity finance, payout taxes may thus change the investment behavior of firms. Using an international panel with many changes in payout taxes, we show that this prediction holds well. Payout taxes have a large impact on the dynamics of corporate investment and growth. Investment is “locked in” in profitable firms when payout is heavily taxed. Thus, apart from any aggregate effects, payout taxes change the allocation of capital.

The Elliptic Double-Box Integral: Massless Amplitudes Beyond Polylogarithms

We derive an analytic representation of the ten-particle, two-loop double-box integral as an elliptic integral over weight-three polylogarithms. To obtain this form, we first derive a four-fold, rational (Feynman-)parametric representation for the integral, expressed directly in terms of dual-conformally invariant cross-ratios; from this, the desired form is easily obtained. The essential features of this integral are illustrated by means of a simplified toy model, and we attach the relevant expressions for both integrals in ancillary files. We propose a normalization for such integrals that renders all of their polylogarithmic degenerations pure, and we discuss the need for a new 'symbology' of iterated elliptic/polylogarithmic integrals in order to bring them to a more canonical form.Comment: 4+2 pages, 2 figures. Explicit results are included as ancillary files. v2: minor changes made for clarification; references adde

Draft Genome Sequence of Staphylococcus pseudintermedius Strain 13-13613, Isolated from a Case of Canine Pyoderma

Here, we report the draft genome sequence of Staphylococcus pseudintermedius strain 13-13613, isolated from a case of canine pyoderma. The draft genome contains 2,533,486 bp in 570 contigs

An evaluation of user acceptance of a corporate intranet

Intranets represent an important organisational resource for knowledge sharing. However, as yet, there has been little research into the quality of intranets and the impact of quality on intranet user acceptance. In the study reported in this paper, an intranet quality assessment tool comprising the dimensions usability, design, and information quality, is combined with perceived usefulness and social influence from the technology acceptance literature to create an intranet acceptance model. The model is applied to the sales and marketing division of an international manufacturing company. Data is collected via a Web survey (n=131, response rate = 65.5%) and tested using the partial least squares approach to structural equation modelling. The results show that intranet quality is a significant factor in determining behavioural intention to use, although it is less important than perceived usefulness and social influence. Comments collected from respondents are used to illustrate the findings and provide an insight into user behaviour. The discussion considers the implications, future research (e.g., the role of social influence in intranet usage) and limitations. The paper rounds off with a short summary

Programming with C++ concepts

AbstractThis paper explores the definition, applications, and limitations of concepts and concept maps in C++, with a focus on library composition. We also compare and contrast concepts to adaptation mechanisms in other languages.Efficient, non-intrusive adaptation mechanisms are essential when adapting data structures to a library’s API. Development with reusable components is a widely practiced method of building software. Components vary in form, ranging from source code to non-modifiable binary libraries. The Concepts language features, slated to appear in the next version of C++, have been designed with such compositions in mind, promising an improved ability to create generic, non-intrusive, efficient, and identity-preserving adapters.We report on two cases of data structure adaptation between different libraries, and illustrate best practices and idioms. First, we adapt GUI widgets from several libraries, with differing APIs, for use with a generic layout engine. We further develop this example to describe the run-time concept idiom, extending the applicability of concepts to domains where run-time polymorphism is required. Second, we compose an image processing library and a graph algorithm library, by making use of a transparent adaptation layer, enabling the efficient application of graph algorithms to the image processing domain. We use the adaptation layer to realize a few key algorithms, and report little or no performance degradation