The Life Cycle of the Firm with Debt and Capital Income Taxes

This paper analyses the impact of capital income taxes on financial and investment decisions of corporations.Extending Sinn's (1991) nucleus theory of the firm with debt finance, the model determines the optimal sources of finance (debt, newly issued equity or retained earnings), the optimal use of the investment's earnings (dividends, retentions, interest payments or debt redemption), and the optimal capital accumulation throughout the life cycle of the firm.tax burden;capital income taxation;firm behaviour

Nonlinear reconstruction of bioclimatic outdoor-environment dynamics for the Lower Silesia region (SW Poland)

Measured meteorological time series are frequently used to obtain information 8 about climate dynamics. We use time series analysis and nonlinear system identification 9 methods in order to assess outdoor-environment bioclimatic conditions starting from the 10 analysis of long historicalmeteorological data records.We investigate andmodel the stochas11 tic and deterministic properties of 117 years (1891-2007) of monthly measurements of air 12 temperature, precipitation and sunshine duration by separating their slow and fast compo13 nents of the dynamics. In particular, we reconstruct the trend behaviour at long terms by 14 modelling its dynamics via a phase space dynamical systems approach. The long-term re15 construction method reveals that an underlying dynamical system would drive the trend 16 behaviour of the meteorological variables and in turn of the calculated Universal Thermal 17 Climatic Index (UTCI), as representative of bioclimatic conditions. At longer terms, the 18 system would slowly be attracted to a limit cycle characterized by 50-60 years cycle fluctu19 ations that is reminiscent of the Atlantic Multidecadal Oscillation (AMO). Because of lack 20 of information about long historical wind speed data we performed a sensitivity analysis of 21 the UTCI to three constant wind speed scenarios (i.e., 0.5, 1 and 5 m/s). This methodology may be transferred to model bioclimatic conditions of nearby regions lacking of measured 23 data but experiencing similar climatic conditions

Disruption of insulin signalling preserves bioenergetic competence of mitochondria in ageing Caenorhabditis elegans

Background: The gene daf-2 encodes the single insulin/insulin growth factor-1-like receptor of Caenorhabditis elegans. The reduction-of-function allele e1370 induces several metabolic alterations and doubles lifespan. Results: We found that the e1370 mutation alters aerobic energy production substantially. In wild-type worms the abundance of key mitochondrial proteins declines with age, accompanied by a dramatic decrease in energy production, although the mitochondrial mass, inferred from the mitochondrial DNA copy number, remains unaltered. In contrast, the age-dependent decrease of both key mitochondrial proteins and bioenergetic competence is considerably attenuated in daf-2(e1370) adult animals. The increase in daf-2(e1370) mitochondrial competence is associated with a higher membrane potential and increased reactive oxygen species production, but with little damage to mitochondrial protein or DNA. Together these results point to a higher energetic efficiency of daf-2(e1370) animals. Conclusions: We conclude that low daf-2 function alters the overall rate of ageing by a yet unidentified mechanism with an indirect protective effect on mitochondrial function

Diagnostic and therapeutic considerations in idiopathic hypereosinophilia with warm autoimmune hemolytic anemia.

Hypereosinophilic syndrome (HES) encompasses numerous diverse conditions resulting in peripheral hypereosinophilia that cannot be explained by hypersensitivity, infection, or atopy and that is not associated with known systemic diseases with specific organ involvement. HES is often attributed to neoplastic or reactive causes, such as chronic eosinophilic leukemia, although a majority of cases remains unexplained and are considered idiopathic. Here, we review the current diagnosis and management of HES and present a unique case of profound hypereosinophilia associated with warm autoimmune hemolytic anemia requiring intensive management. This case clearly illustrates the limitations of current knowledge with respect to hypereosinophilia syndrome as well as the challenges associated with its classification and management

The Life Cycle of the Firm with Debt and Capital Income Taxes

This paper analyses the impact of capital income taxes on financial and investment decisions of corporations.Extending Sinn's (1991) nucleus theory of the firm with debt finance, the model determines the optimal sources of finance (debt, newly issued equity or retained earnings), the optimal use of the investment's earnings (dividends, retentions, interest payments or debt redemption), and the optimal capital accumulation throughout the life cycle of the firm.