Dividends and Taxes

How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these questions, the first problem is coming up with an explanation for why firms pay dividends, in spite of their tax penalty. This paper surveys three different models for why firms pay dividends, and then uses each model to examine the behavioral and efficiency effects of dividend taxes. The three models examined are: the %u201Cnew view,%u201D an agency cost explanation, and a signaling model. While all three models forecast dividends, their forecasts regarding other firm behavior, and their forecasts for the efficiency and distributional effects of a dividend tax, often differ. Given the evidence to date, we find the agency model is the one most consistent with the data.

Information Technology and Legal Ethics: Expanding the Teaching and Understanding of Legal Ethics Through the Creation of a New Generation of Electronic Reference Materials

Cramton and Martin present a very brief summary of the inward-looking elements of the Cornell Law School prorgam to improve the basic required course in professional ethics and to encourage the pervasive teaching of the subject throughout the law curriculum. The Cornell program focuses on the preparation and dissemination of electronic material on legal ethics on a state-by-state basis

Preventing opioid overdoses in Europe:a critical assessment of known risk factors and preventative measures

This report is the outcome of a project into opioid overdoses. The remit was to focus on finding practical methods of overdose prevention. In order to fulfil this remit, a critical review of existing knowledge on overdose prevention was conducted. The report adds value to existing information by developing a methodology to classify and analyse risk and protective factors stratified by those involved (drug users, observers and organisations). The report then assesses the extent to which risk and protective factors can be potentially modified at different levels, e.g. individual, treatment setting, organisational and strategic. The report therefore has the potential to be updated as new information emerges

Characterization of Turbulence from Submillimeter Dust Emission

In this paper we use our recent technique for estimating the turbulent component of the magnetic field to derive the structure functions of the unpolarized emission as well as that of the Stokes Q and U parameters of the polarized emission. The solutions for the structure functions to 350-um SHARP polarization data of OMC-1 allow the determination of the corresponding turbulent correlation length scales. The estimated values for these length scales are 9.4" +/- 0.1", 7.3" +/- 0.1", 12.6" +/- 0.2" (or 20.5 +/- 0.2, 16.0 +/- 0.2, and 27.5 +/- 0.4 mpc at 450 pc, the adopted distance for OMC-1) for the Stokes Q and U parameters, and for the unpolarized emission N, respectively. Our current results for Q and U are consistent with previous results obtained through other methods, and may indicate presence of anisotropy in magnetized turbulence. We infer a weak coupling between the dust component responsible for the unpolarized emission N and the magnetic field B from the significant difference between their turbulent correlation length scales.Comment: 14 pages, 3 figures; accepted for publication in the Ap

The marine ΔR For Nenumbo (Solomon Islands): A case study in calculating reservoir offsets form paired sample data

It is necessary to calculate location-specific marine ΔR values in order to calibrate marine samples using calibration curves such as those provided through the IntCal98 (Stuiver et al. 1998) data. Where known-age samples are available, this calculation is straightforward (i.e. Stuiver et al. 1986). In the case that a paired marine/terrestrial sample calculation is performed, however, the standard calculation (i.e. Stuiver and Braziunas 1993) requires that the samples are treated as relating to isochronous events. This may not be an appropriate assumption for many archaeological paired samples. In this paper, we present an approach to calculating marine ΔR values that does not require the dated events to be treated as isochronous. When archaeological evidence allows the dated events to be tightly temporally constrained, the approach presented here and that described by Stuiver and Braziunas (1993) give very similar results. However, where tight temporal constraints are less certain, the 2 approaches can give rise to differing results. The example analysis considered here shows that a ΔR of –81 ± 64 ¹⁴C yr is appropriate for samples in the vicinity of Nenumbo (Reef Islands, southeast Solomon Islands) around the period 2000–3000 BP