The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data

Understanding the determinants of foreign direct investment (FDI) is important for analyzing capital flows and the industrial organization of multinational firms. Most empirical studies of FDI, however, have focused on case studies of nontax factors in overseas investment decisions or on discerning reduced-form relationships between some measure of FDI and variables relating to nontax and tax aspects of the investment decision. In this paper, we examine the effects of taxation on FDI using previously unexplored (for this purpose) panel data on FDI by subsidiaries of U.S. multinational firms collected by Compustat's geographic segment file project. These firm- level data contain information on new capital investment overseas which enable us to measure tax influences on FDI more precisely and allow us to focus on structural models of subsidiaries' investment decision. Our empirical results cast significant doubt on the simplest notion that 'taxes don't matter' for U.S. firms' FDI decisions. Tax parameters influence FDI in precisely the way indicated by neoclassical models. Our results also lend support to the application of the 'tax capitalization' model to the study of dividend repatriation and foreign direct investment decisions.

Robust Logic Gates and Realistic Quantum Computation

The composite rotation approach has been used to develop a range of robust quantum logic gates, including single qubit gates and two qubit gates, which are resistant to systematic errors in their implementation. Single qubit gates based on the BB1 family of composite rotations have been experimentally demonstrated in a variety of systems, but little study has been made of their application in extended computations, and there has been no experimental study of the corresponding robust two qubit gates to date. Here we describe an application of robust gates to Nuclear Magnetic Resonance (NMR) studies of approximate quantum counting. We find that the BB1 family of robust gates is indeed useful, but that the related NB1, PB1, B4 and P4 families of tailored logic gates are less useful than initially expected.Comment: 6 pages RevTex4 including 5 figures (3 low quality to save space). Revised at request of referee and incorporting minor corrections and updates. Now in press at Phys Rev

The Curragh Incident, March, 1914, causes and effects

The exchange of the preceeding communications set off a politico-military crisis that has become known to students of British history as the Curragh Incident. In a very limited sense, the Curragh Incident--the refusal of a group of cavalry officers stationed in Ireland to accept orders from the War Office--began and ended during one tension-filled week in March, 1914. In a larger sense, the causes of the incident were rooted in the controversy over Home Rule for Ireland going back to the 1880\u27s and its effects carried on well into the period of World War I. The purpose of this paper is to identify the causes and effects of the Curragh Incident and to seek an historical lesson from the political and personal interactions surrounding the incident. The role f the miltary establishment as the servant of public policy in a liberal political regime will be a subject of speical interest

Differential Inhibition of Human Nav1.2 Resurgent and Persistent Sodium Currents by Cannabidiol and GS967

Many epilepsy patients are refractory to conventional antiepileptic drugs. Resurgent and persistent currents can be enhanced by epilepsy mutations in the Nav1.2 channel, but conventional antiepileptic drugs inhibit normal transient currents through these channels, along with aberrant resurgent and persistent currents that are enhanced by Nav1.2 epilepsy mutations. Pharmacotherapies that specifically target aberrant resurgent and/or persistent currents would likely have fewer unwanted side effects and be effective in many patients with refractory epilepsy. This study investigated the effects of cannbidiol (CBD) and GS967 (each at 1 μM) on transient, resurgent, and persistent currents in human embryonic kidney (HEK) cells stably expressing wild-type hNav1.2 channels. We found that CBD preferentially inhibits resurgent currents over transient currents in this paradigm; and that GS967 preferentially inhibits persistent currents over transient currents. Therefore, CBD and GS967 may represent a new class of more targeted and effective antiepileptic drugs

Generating-function method for tensor products

This is the first of two articles devoted to a exposition of the generating-function method for computing fusion rules in affine Lie algebras. The present paper is entirely devoted to the study of the tensor-product (infinite-level) limit of fusions rules. We start by reviewing Sharp's character method. An alternative approach to the construction of tensor-product generating functions is then presented which overcomes most of the technical difficulties associated with the character method. It is based on the reformulation of the problem of calculating tensor products in terms of the solution of a set of linear and homogeneous Diophantine equations whose elementary solutions represent ``elementary couplings''. Grobner bases provide a tool for generating the complete set of relations between elementary couplings and, most importantly, as an algorithm for specifying a complete, compatible set of ``forbidden couplings''.Comment: Harvmac (b mode : 39 p) and Pictex; this is a substantially reduced version of hep-th/9811113 (with new title); to appear in J. Math. Phy

Microscopic theory for the glass transition in a system without static correlations

We study the orientational dynamics of infinitely thin hard rods of length L, with the centers-of-mass fixed on a simple cubic lattice with lattice constant a.We approximate the influence of the surrounding rods onto dynamics of a pair of rods by introducing an effective rotational diffusion constant D(l),l=L/a. We get D(l) ~ [1-v(l)], where v(l) is given through an integral of a time-dependent torque-torque correlator of an isolated pair of rods. A glass transition occurs at l_c, if v(l_c)=1. We present a variational and a numerically exact evaluation of v(l).Close to l_c the diffusion constant decreases as D(l) ~ (l_c-l)^\gamma, with \gamma=1. Our approach predicts a glass transition in the absence of any static correlations, in contrast to present form of mode coupling theory.Comment: 6 pages, 3 figure

Systematic review of the clinical effectiveness and cost-effectiveness, and economic evaluation, of denosumab for the treatment of bone metastases from solid tumours

Peer reviewedPublisher PD