The Effect of Taxes on Multinational Debt Location

We provide new evidence that differences in international tax rates and tax regimes affect multinational firms\u27 debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze firms\u27 marginal decisions of where to issue debt to investigate the influence of a comprehensive set of tax-related effects, including differences in personal and corporate tax rates, tax credit and exemption systems, and bi-lateral cross-country withholding taxes on interest and dividend payments. Our results show that differences in personal and corporate tax rates, the presence of dividend imputation or relief tax systems, the tax treatment of repatriated profits, and inter-country withholding taxes on dividends and interest significantly influence the decision of where to locate debt and the proportion of debt located abroad. Our results are robust to firm and issue specific factors and to the effect of legal regimes, debt market development, and exchange rate risk

Organizing the innovation process : complementarities in innovation networking

This paper contributes to the developing literature on complementarities in organizational design. We test for the existence of complementarities in the use of external networking between stages of the innovation process in a sample of UK and German manufacturing plants. Our evidence suggests some differences between the UK and Germany in terms of the optimal combination of innovation activities in which to implement external networking. Broadly, there is more evidence of complementarities in the case of Germany, with the exception of the product engineering stage. By contrast, the UK exhibits generally strong evidence of substitutability in external networking in different stages, except between the identification of new products and product design and development stages. These findings suggest that previous studies indicating strong complementarity between internal and external knowledge sources have provided only part of the picture of the strategic dilemmas facing firms

Theoretical and experimental investigations of upper atmosphere dynamics

A brief overview of the significant contributions made to the understanding of the dynamics of the Earth's upper atmosphere is presented, including the addition of winds and diffusion to the semi-empirical Global Reference Atmospheric Model developed for the design phase of the Space Shuttle, reviews of turbulence in the lower thermosphere, the dynamics of the equatorial mesopause, stratospheric warming effects on mesopause level dynamics, and the relevance of these studies to the proposed Middle Atmosphere Program (1982-85). A chronological bibliography, with abstracts of all papers published, is also included

Ground Noise Survey at a Proposed Submarine Test Facility on Lake Travis

We conducted a brief survey of ground noise at a proposed submarine test facility on Lake Travis, northwest of Austin, Texas. The purpose of the survey was to find out the nature and level of the background seismic noise on the bottom of the lake at the site where the proposed submarine test facility would be located. Because of its immediate availability, we used a seismograph designed to acquire seismic data at the ocean floor. The survey was requested by Prof. Thomas Griffy of the Physics Department and Applied Research Laboratory of the University. This report describes the field survey, the data analysis and the results.Applied Research Laboratory, University of Texas at AustinInstitute for Geophysic

Organizing Innovation Complementarities between Cross-Functional Teams

Cross-functional teams play a potentially important part in the innovation process enabling knowledge sharing, the development of trust and overcoming spatial and organizational barriers. Using a supermodularity approach, we focus on potential complementarities which may arise when cross-functional teams are used in different elements of the innovation process in UK and German manufacturing plants. Using optimal combinations of cross-functional teams in the innovation process increases innovation success in the UK by 29.5 per cent compared to 9.5 per cent in Germany. Patterns of complementarity are complex, however, but are more uniform in the UK than in Germany. The most uniform complementarities are between product design and development and production engineering, with little synergy evident between the more technical phases of the innovation process and the development of marketing strategy. In strategic terms, our results suggest the value of using cross-functional teams for the more technical elements of the innovation process but that the development of marketing strategy should remain the domain of specialists.Innovation; cross-functional terms; complementarities; UK; Germany

An Ex Ante Evaluation Framework for the Regional Impact of Publicly Supported R&D Projects

This paper draws on the knowledge-base implicit in ex post evaluations of publicly funded R&D and other related conceptual and empirical studies to suggest a framework for the ex ante evaluation of the regional benefits from R&D projects. The framework developed comprises two main elements: an inventory of the global private and social benefits which might result from any R&D project; and, an assessment of the share of these global benefits which might accrue to a host region, taking into account the characteristics of the R&D project and the region?s innovation system. The inventory of global benefits separately identifies private and social benefits and distinguishes between increments to public and private knowledge stocks, benefits to R&D productivity and benefits from commercialisation. Potential market and ?pure? knowledge spillovers are also considered separately. The paper concludes with the application of the framework to two illustrative case-studies one relating to a collaborative company-university project and one relating to a university only research centre.

A high resolution scintillating fiber tracker with SiPM readout for the PEBS experiment

Using thin scintillating fibers with Silicon Photomultiplier (SiPM) readout a mo dular high-resolution charged-particle tracking detector has been designed. The fiber modules consist of 2 x 5 layers of 128 round multiclad scintillating fiber s of 0.250mm diameter. The fibers are read out by four SiPM arrays (8mm x 1mm) e ach on either end of the module.Comment: 6 pages, 5 figures, presented at the ICATPP 1