International taxation and M&A prices

We show that corporate taxation systems regarding foreign dividends and capital gains across 49 countries differ in many aspects, contradicting the requirements for capital ownership neutrality and indicating that ownership patterns are distorted. Consequently, a national tax policy maker may ask which taxation system improves the position of its multinational entreprises in bidding for foreign targets. To address this question, we develop a theoretical model on the impact of foreign dividends and capital gains taxation on cross-border M&A prices from the acquirer’s perspective and theoretically compare different taxation systems. In a next step, we empirically validate our model in a regression analysis on a large cross-border M&A data set. Based on this analysis, we find that foreign dividends taxation rather than capital gains taxation impacts M&A prices. Finally, we provide tax policy suggestions

Eignerneutralität und Gewinnverlagerung

Die Arbeit untersucht inwiefern eine eignerneutrale Besteuerung grenzüberschreitender Unternehmenskäufe möglich ist, wenn die beteiligten Konzerne Gewinne verlagern können. Hierzu werden grenzüberschreitende Unternehmenskäufe modelliert und die Auswirkungen von Gewinnverlagerung unter Berücksichtigung der jeweiligen Methode zur Vermeidung der Doppelbesteuerung analysiert. Zudem werden durch das Steuersystem hervorgerufene Verzerrungen simuliert und Maßnahmen zur Vermeidung der Gewinnverlagerung hinsichtlich ihres Effekts auf eine neutrale Besteuerung von Unternehmenskäufen untersucht

Nach der US-Steuerreform 2018 : Unternehmensbesteuerung in Deutschland im Steuerwettbewerb

Die mit Beginn des Jahres 2018 in Kraft getretene US-Steuerreform erhöht die Attraktivität der USA für Investitionen und verschärft weiter den internationalen Steuerwettbewerb. Deswegen ist eine Senkung der Gewinnsteuern deutscher Unternehmen geboten. Zur Wahrung von Finanzierungsneutralität und Rechtsformneutralität ist die Abgeltungsteuer zu einer Dualen Einkommensteuer weiterzuentwickeln

Trends and measurement of HIV prevalence in northern Malawi.

BACKGROUND: Most data on HIV prevalence in Malawi come from antenatal clinic (ANC) surveillance and are, therefore, subject to bias. OBJECTIVES: HIV prevalence and risk factors were measured using population-based data to assess the accuracy of ANC surveillance and changes in prevalence and risk factors for HIV over time. METHODS: HIV prevalence was measured in 1988-1993 and 1998-2001 in community controls from case-control studies of mycobacterial disease in Karonga District, Malawi. ANC surveillance studies in the district began in 1999. RESULTS: Age and area-standardized HIV prevalence in women aged 15-49 years in the community was 3.9% in 1988-1990, 12.5% in 1991-1993 and 13.9% in 1998-2001. For men, HIV prevalence was 3.7%, 9.2% and 11.4% in the same periods. In 1988-1993, HIV positivity was associated with occupations other than farming, with increased schooling and being born outside Karonga District. In 1998-2001, non-farmers were still at higher risk but the other associations were not seen. The age- and area-adjusted HIV prevalence in the ANC in 1999-2001 was 9.2%. The underestimate can be explained largely by marriage and mobility. Reduced fertility in HIV-positive individuals was demonstrated in both ANC and community populations. A previously recommended parity-based adjustment gave an estimated female HIV prevalence of 15.0%. CONCLUSIONS: HIV prevalence has increased and continues to be higher in non-farmers. The increase is particularly marked in those with no education. ANC surveillance underestimated HIV prevalence in the female population in all but the youngest age group. Although there were differences in sociodemographic factors, a parity-based adjustment gave a reasonable estimate of female HIV prevalence

Genome-wide association study of leprosy in Malawi and Mali

Leprosy is a chronic infection of the skin and peripheral nerves caused by Mycobacterium leprae. Despite recent improvements in disease control, leprosy remains an important cause of infectious disability globally. Large-scale genetic association studies in Chinese, Vietnamese and Indian populations have identified over 30 susceptibility loci for leprosy. There is a significant burden of leprosy in Africa, however it is uncertain whether the findings of published genetic association studies are generalizable to African populations. To address this, we conducted a genome-wide association study (GWAS) of leprosy in Malawian (327 cases, 436 controls) and Malian (247 cases, 368 controls) individuals. In that analysis, we replicated four risk loci previously reported in China, Vietnam and India; MHC Class I and II, LACC1 and SLC29A3. We further identified a novel leprosy susceptibility locus at 10q24 (rs2015583; combined p = 8.81 × 10-9; OR = 0.51 [95% CI 0.40 - 0.64]). Using publicly-available data we characterise regulatory activity at this locus, identifying ACTR1A as a candidate mediator of leprosy risk. This locus shows evidence of recent positive selection and demonstrates pleiotropy with established risk loci for inflammatory bowel disease and childhood-onset asthma. A shared genetic architecture for leprosy and inflammatory bowel disease has been previously described. We expand on this, strengthening the hypothesis that selection pressure driven by leprosy has shaped the evolution of autoimmune and atopic disease in modern populations. More broadly, our data highlights the importance of defining the genetic architecture of disease across genetically diverse populations, and that disease insights derived from GWAS in one population may not translate to all affected populations

Neue Welten. Musik und Konfession im Kolonialzeitalter [New worlds. Music and religious denomination in the age of colonialism], Sondershausen (Germany), 21 and 22 October 2016

No Abstrac

Asuinkorttelin turvallisuuden huomioiminen rakennussuunnittelussa

Opinnäytetyössä tutkittiin erilaisia rakennussuunnitteluratkaisuja, joiden avulla voidaan ehkäistä asuinalueen rikollisuutta ja parantaa alueen turvallisuustasoa. Opinnäytetyö toteutettiin tutkimalla, miten huolellisesti toteutetut suunnitteluratkaisut, kuten sosiaalisen valvonnan lisääminen, rakennetun ympäristön esteettömyys ja turvalliset leikkialueet, vaikuttavat rakennetun ympäristön turvallisuuteen. Opinnäytetyössä esiteltiin myös turvallisuuteen vaikuttavien suunnitteluratkaisujen standardeja sekä lainsäädäntöä. Lisäksi paneuduttiin siihen, mitä käsitteet turvallisuus sekä rikos käytännössä pitävät sisällään. Opinnäytetyössä perehdyttiin asuinkorttelin turvallisuuteen vaikuttaviin riskitekijöihin sekä siihen, millaisia rikoksia suomalaisilla asuinalueilla yleensä tehdään. Tutkimuksen perusteella voidaan todeta, että huolellinen suunnittelu on turvallisuuden kannalta äärimmäisen tärkeää, varsinkin suunnitteluprojektin alkuvaiheessa. Hyvin laadituilla suunnitelmilla ja oikein tehdyllä toteutuksella voidaan ehkäistä erilaisia tapaturmia, onnettomuuksia ja rikoksia. Vältytään hintavilta korjaustoimenpiteiltä, eikä turvallisuus ole niin sanotusti myöhemmin päälle liimattu ominaisuus. Opinnäytetyön aihetta tutkittiin kattavasti erilaisten valokuvien ja kirja- sekä verkkolähteiden avulla. Varsinkin valokuvien avulla voitiin havaita, millaisia suunnitteluratkaisuja arkisesta asuinympäristöstä oikeasti löytyy. Lisäksi tutkimustyön tueksi haastateltiin asumisen turvallisuuteen vaikuttavien alojen ammattilaisia. Opinnäytetyössä käydään läpi muun muassa palomiehen ja poliisin näkemyksiä asuinalueen turvallisuudesta ja sen parantamisesta. Opinnäytetyöstä voi hyötyä kuka vain asuinalueiden turvallisuudesta kiinnostunut. Työ on kohdennettu eri alojen suunnittelijoille, ja sitä voidaan käyttää esimerkiksi suunnittelutyön tukena tai opetusmateriaalina.The purpose of this thesis was to investigate various building design solutions that can improve the safety of residential areas. In addition, regulations and legislations of the design solutions were studied in the thesis. The thesis contains information about Finland’s safety level and crimes that are committed in Finnish residential areas. The results show that meticulous planning is the most important phase in the beginning of a design project. With well-prepared plans and properly done constructions, accidents can be prevented. For safety reasons it is extremely important to pay attention to various design demands, such as accessibility. Expensive reparations can be avoided with proper anticipation. In this thesis, the data was collected from various sources. Photographs, online sources, books and other literary sources were studied. In addition, experts, as police and fireman, were interviewed. The thesis is aimed at various designers and it can be used as support for design work or as teaching material

Long-term follow-up of HIV-positive and HIV-negative individuals in rural Malawi.

OBJECTIVE: To measure the effect of HIV on survival in rural Africa. DESIGN: A retrospective cohort study with more than 10 years follow-up. METHODS: Individuals with known HIV status in the 1980s were identified from previous population surveys in Karonga District, northern Malawi. Follow-up studies were conducted in 1998-2000 to trace 197 HIV-positive and 396 age-sex-matched HIV-negative individuals and their spouses. RESULTS: Information was obtained on all but 11 index individuals. Half (302) were found and the others were reported to have died (161) or to be alive outside the district (119). Ten year survival was 36% in the HIV-positive cohort and 90% in the initially HIV-negative cohort. The death rate was 93.3 per 1000 person-years in the HIV-positive individuals, and 11.3 in the initially HIV-negative individuals. Survival time since the initial test in HIV-positive individuals decreased with age, but relative survival, compared with HIV-negative individuals, was similar across age groups. The effect of HIV on survival was similar in men and women. Spouses of HIV-positive individuals had four times the mortality rate, and among survivors, four times the HIV prevalence, of spouses of initially HIV-negative individuals. CONCLUSION: HIV-infected individuals had very high mortality rates, but one-third were still alive at 10 years. This is consistent with median survival from seroconversion being similar to that found in developed countries before antiretroviral therapy. Mortality rates in HIV-positive individuals increased with age, but relative mortality changed little with age