Taxes and Ownership Structure: Corporations, Partnerships and Royalty Trusts

This paper investigates the effect of taxes on the equilibrium ownership structure of productive assets. Ownership structure includes the traditional choice between debt and equity financing, but also the larger choice between corporate and partnership forms. A key feature of these alternative forms is that corporations are subject to taxation at both the corporate and investor levels, whereas partnerships are not. At the same time, depreciation and interest tax shields are taken at the corporate tax rate for corporate assets and at investors' tax rates for partnership assets. We find that assets endowed with excess non-interest tax deductions are best held in partnership form by high tax bracket investors. Assets whose allowed deductions are low enough to generate a net tax liability in corporate formare best held as partnerships by low tax bracket investors. All other assets are held in the corporate sector and are financed in a manner consistent with Miller's(1977) capital structure equilibrium.We argue that our analysis illuminates the tax aspects of such transactionsas mergers and sales or spin-offs of corporate assets to partnerships and royalty trusts. We also show that our results afford a simple characterization of the lease or buy decision.

Differential dependencies of monocytes and neutrophils on dectin-1, dectin-2 and complement for the recognition of fungal particles in inflammation

Peer reviewedPublisher PD

ISOKINETIC STRENGTH PROFILE OF FEMALE SOCCER PLAYERS: BETWEEN LIMB COMPARISONS.

The purpose of this study was to provide an isokinetic strength profile of female soccer players and examine whether limb preference influences bilateral and reciprocal knee joint muscle balance. Gravity corrected isokinetic (60°·s-1) concentric and eccentric moment-angle profiles of both limbs were collected from 25 female soccer players from the 2nd tier of English women’s soccer. Bilateral muscle imbalances were present, but limb preference only had small effects on muscle strength asymmetry and reciprocal muscle balance ratios. Trivial to small non-significant differences between preferred and non-preferred limbs were observed throughout isokinetic range for each muscle group in each mode, suggesting that injury mitigation strategies for female soccer players should focus on developing global knee extensor and flexor strength, rather than on regional strength deficits

Geometric derivation of the quantum speed limit

The Mandelstam-Tamm and Margolus-Levitin inequalities play an important role in the study of quantum mechanical processes in Nature, since they provide general limits on the speed of dynamical evolution. However, to date there has been only one derivation of the Margolus-Levitin inequality. In this paper, alternative geometric derivations for both inequalities are obtained from the statistical distance between quantum states. The inequalities are shown to hold for unitary evolution of pure and mixed states, and a counterexample to the inequalities is given for evolution described by completely positive trace-preserving maps. The counterexample shows that there is no quantum speed limit for non-unitary evolution.Comment: 8 pages, 1 figure

Consumer attitudes towards production diseases in intensive production systems

Many members of the public and important stakeholders operating at the upper end of the food chain, may be unfamiliar with how food is produced, including within modern animal production systems. The intensification of production is becoming increasingly common in modern farming. However, intensive systems are particularly susceptible to production diseases, with potentially negative consequences for farm animal welfare (FAW). Previous research has demonstrated that the public are concerned about FAW, yet there has been little research into attitudes towards production diseases, and their approval of interventions to reduce these. This research explores the public’s attitudes towards, and preferences for, FAW interventions in five European countries (Finland, Germany, Poland, Spain and the UK). An online survey was conducted for broilers (n = 789), layers (n = 790) and pigs (n = 751). Data were analysed by means of Kruskal-Wallis ANOVA, exploratory factor analysis and structural equation modelling. The results suggest that the public have concerns regarding intensive production systems, in relation to FAW, naturalness and the use of antibiotics. The most preferred interventions were the most “proactive” interventions, namely improved housing and hygiene measures. The least preferred interventions were medicine-based, which raised humane animal care and food safety concerns amongst respondents. The results highlighted the influence of the identified concerns, perceived risks and benefits on attitudes and subsequent behavioural intention, and the importance of supply chain stakeholders addressing these concerns in the subsequent communications with the public

Serum resistin is associated with C-reactive protein and LDL- cholesterol in type 2 diabetes and coronary artery disease in a Saudi population

Aims Resistin is an adipocyte-derived factor implicated in obesity-associated type 2 diabetes (T2DM). This study examines the association between human serum resistin, T2DM and coronary heart disease. Methods One hundred and fourteen Saudi Arabian patients (male: female ratio 46:68; age 51.4 (mean ± SD)11.7 years; median and range: 45.59 (11.7) years and BMI: 27.1 (mean ± SD) 8.1 Kgm2 median and range: 30.3 (6.3) were studied. Serum resistin and C-reactive protein (CRP), a marker of inflammation CRP levels, were measured in all subjects. (35 patients had type 2 diabetes mellitus (T2DM); 22 patients had coronary heart disease (CHD). Results Serum resistin levels were 1.2-fold higher in type 2 diabetes and 1.3-fold higher in CHD than in controls (p = 0.01). In addition, CRP was significantly increased in both T2DM and CHD patients (p = 0.007 and p = 0.002 respectively). The use of regression analysis also determined that serum resistin correlated with CRP levels (p = 0.04, R2 0.045). Conclusion The findings from this study further implicate resistin as a circulating protein associated with T2DM and CHD. In addition this study also demonstrates an association between resistin and CRP, a marker of inflammation in type 2 diabetic patients

Simulations reveal that different responses to cell crowding determine the expansion of p53 and Notch mutant clones in squamous epithelia.

Funder: MRC Cancer unitFunder: Clare CollegeDuring ageing, normal epithelial tissues progressively accumulate clones carrying mutations that increase mutant cell fitness above that of wild-type cells. Such mutants spread widely through the tissues, yet despite this cellular homeostasis and functional integrity of the epithelia are maintained. Two of the genes most commonly mutated in human skin and oesophagus are p53 and Notch1, both of which are also recurrently mutated in cancers of these tissues. From observations taken in human and mouse epithelia, we find that clones carrying p53 and Notch pathway mutations have different clone dynamics which can be explained by their different responses to local cell crowding. p53 mutant clone growth in mouse epidermis approximates a logistic curve, but feedbacks responding to local crowding are required to maintain tissue homeostasis. We go on to show that the observed ability of Notch pathway mutant cells to displace the wild-type population in the mouse oesophageal epithelium reflects a local density feedback that affects both mutant and wild-type cells equally. We then show how these distinct feedbacks are consistent with the distribution of mutations observed in human datasets and are suggestive of a putative mechanism to constrain these cancer-associated mutants

{Polynomial Kernels for λ\lambda-extendible Properties Parameterized Above the {Poljak--Turz{\'{i}}k} Bound}

Poljak and Turzik (Discrete Mathematics 1986) introduced the notion of {\lambda}-extendible properties of graphs as a generalization of the property of being bipartite. They showed that for any 0 < {\lambda} < 1 and {\lambda}-extendible property {\Pi}, any connected graph G on n vertices and m edges contains a spanning subgraph H in {\Pi} with at least {\lambda}m + (1-{\lambda})(n-1)/2 edges. The property of being bipartite is {\lambda}-extendible for {\lambda} = 1/2, and so the Poljak-Turzik bound generalizes the well-known Edwards-Erdos bound for Max-Cut. Other examples of {\lambda}-extendible properties include: being an acyclic oriented graph, a balanced signed graph, or a q-colorable graph for some integer q. Mnich et. al. (FSTTCS 2012) defined the closely related notion of strong {\lambda}-extendibility. They showed that the problem of finding a subgraph satisfying a given strongly {\lambda}-extendible property {\Pi} is fixed-parameter tractable (FPT) when parameterized above the Poljak-Turzik bound - does there exist a spanning subgraph H of a connected graph G such that H in {\Pi} and H has at least {\lambda}m + (1-{\lambda})(n-1)/2 + k edges? - subject to the condition that the problem is FPT on a certain simple class of graphs called almost-forests of cliques. In this paper we settle the kernelization complexity of nearly all problems parameterized above Poljak-Turzik bounds, in the affirmative. We show that these problems admit quadratic kernels (cubic when {\lambda} = 1/2), without using the assumption that the problem is FPT on almost-forests of cliques. Thus our results not only remove the technical condition of being FPT on almost-forests of cliques from previous results, but also unify and extend previously known kernelization results in this direction. Our results add to the select list of generic kernelization results known in the literature

NHS funding for dental undergraduate human disease teaching in the UK: a 20 year review

Introduction This study identifies funding of NHS services supporting dental students' teaching over the last 20 years, focusing on human disease (HD) teaching. Aims To identify NHS funding for education in UK dental schools following publication of the 1997 General Dental Council curriculum introducing specific funding for HD teaching and the years 2015/16 to 2019/20. Material and methods Searches of the medical literature, grey literature (government and regulatory authority reports, legislative articles) and freedom of information requests to hospitals helping to deliver teaching. Results There are few publications describing current funding of dental undergraduate teaching. Freedom of information requests gave data for NHS hospital allocations for teaching both clinical dentistry and HD. HD funding has dropped by £2 million in five years. Conclusions NHS Trusts linked to dental schools receive monies to deliver teaching and offset costs of accommodating students. Tracking these funds over 20 years has seen some schools lose up to £1 million of HD funding and some lose it all. Greater transparency regarding funding for HD delivery would help improve teaching. Increasing numbers of older patients, with a greater chronic disease burden who are retaining teeth into later life, need graduating dentists with good medical knowledge to deliver safe care