The Impact of Private Equity Ownership on Corporate Tax Avoidance

This study investigates whether private equity (PE) firms influence the tax practices of their portfolio firms. Prior research documents that PE firms create economic value in portfolio firms through effective governance, financial, and operational engineering. Given PE firms' focus on value creation, we examine whether PE firms influence the extent and types of tax avoidance at portfolio firms as an additional source of economic value. We document that PE-backed portfolio firms engage in significantly more nonconforming tax planning and have lower marginal tax rates than other private firms. Moreover, we document that PE-backed portfolio firms pay 14.2 percent less income tax per dollar of pre-tax income than non-PE backed firms, after controlling for NOLs and debt tax shields. We find additional tax savings for PE-backed portfolio firms that are either majority-owned or owned by large PE firms, consistent with PE ownership stake, expertise, and resources serving as important factors in the tax practices of portfolio firms. We infer that PE firms view tax planning as an additional source of economic value in their portfolio firms, where the benefits outweigh any potential reputational costs associated with corporate tax avoidance.Private equity, ownership structure, tax avoidance, tax planning, tax aggressiveness, book-tax differences.

Estudio palinológico de la turbera do río das Furnas (Lugo)

Se ha realizado cliUI~IWs políntco de una tu1bera ~tuada en bs Sierras septenlrionalC$ gallegas. t...o.-. resultados ob4en!dos rc\·clan una progresiva defores~ oción (dlsminuci6n de QIICtr!IS r CCNyfiU, principalment e) Q\IC ~ intensifica hacia las fa!.ec; mác; recientes y cuJrnina con el <Jes..1rrollu de la estepa cullural haci:1 el 2lJ00-2SOO 8.P. En los e.spcclru:, supcrftcialcs Jos ta:cone.c; predominantes son Piaus pimmtr y Ericacc:\c..A poller1 nnalysi~ of pco1 bog c:ollcctcd in seplt nlrional Sierra.ío or O:~.hciJ, hn,_ bccn madc. Thc: resulu ~how a progre~iv~ tle.forr.:st:ltion (diminulion oí Quetws, Cory!1ts principally) wbicb ls inltn~i fied loward\ recen! l,bJlCS and rcachcs iu hig.h~l poinl ""~1 h 1hc cukural Sleppc ;~bout 2.600-2.500 8 P. PUuu pimalu and Ericacc~u:. pollen to deu ch in thc surfacc spedrurn

Ensaio de quantificação dos macro-invertebrados bênticos marinhos das Caldeirinhas (Monte da Guia).

VIII Expedição Científica do Departamento de Biologia – Ilha do Faial - 1993.A quantificação dos macro-invertebrados bênticos marinhos das Caldeirinhas (Monte da Guia) é feita através do método de contagem em quadrados. Os resultados obtidos são analisados na perspectiva de avaliar a precisão e rapidez das estimativas de densidade populacional obtidas com esse método. Conclui-se que podem ser obtidas estimativas com um grau de precisão aceitável em termos de gestão com um esforço de amostragem reduzido, desde que a densidade seja superior a 2 ind/100m2

Effect of phonon scattering by surface roughness on the universal thermal conductance

The effect of phonon scattering by surface roughness on the thermal conductance in mesoscopic systems at low temperatures is calculated using full elasticity theory. The low frequency behavior of the scattering shows novel power law dependences arising from the unusual properties of the elastic modes. This leads to new predictions for the low temperature depression of the thermal conductance below the ideal universal value. Comparison with the data of Schwab et al. [Nature 404, 974 (2000)] suggests that surface roughness on a scale of the width of the thermal pathway is important in the experiment.Comment: 6 pages, 3 figure

Analgesic interpatient variability of remifentanil assessed through pupillary dilation reflex

info:eu-repo/semantics/publishedVersio

Formation of PoIycyclic Soils During the Recent Quaternary on Monte Borrelho (Northern Portugal)

[Abstract] Pedological and palynological characterization oftwo soils from Monte Borrelho (northern Portugal) evidences the formation ofpolycyclic soils in the Subatlantic. In both soils, two cycles are clearly separated by a stone line which may have resulted either from climatic deterioration or because human activity led to severe deforestation and the consequent preferential development ofherbaceous and shrub vegetation. Either cause would have favoured intense erosion, removing part of the upper A horizon of the pre-existing soils and giving rise to profiles with polycyclic characteristics

Pupillary pain index correlates with postoperative pain scores in neurosurgical patients

info:eu-repo/semantics/publishedVersio

Energy rehabilitation studies of a large group of historical buildings: a case study

In this paper, energy rehabilitation studies of a large group of historical buildings are assessed. A general methodology and some particular constraints are discussed. For a case study including 65 buildings in one of Lisbon’s historical centres, the methodology used, the proposed energy-efficient measures and the results in terms of heating energy savings and summer thermal convert are presented and discussed

Resonant thermal transport in semiconductor barrier structures

I report that thermal single-barrier (TSB) and thermal double-barrier (TDB) structures (formed, for example, by inserting one or two regions of a few Ge monolayers in Si) provide both a suppression of the phonon transport as well as a resonant-thermal-transport effect. I show that high-frequency phonons can experience a traditional double-barrier resonant tunneling in the TDB structures while the formation of Fabry-Perot resonances (at lower frequencies) causes quantum oscillations in the temperature variation of both the TSB and TDB thermal conductances $\sigma_{\text{TSB}}$ and $\sigma_{\text{TDB}}$.Comment: 4 pages. 4 figure.