Taxation, R&D tax incentives and patent application in Europe

The focus of this paper is on effects from tax incentives for research and development inputs (R&D) and corporate income tax on business R&D and patenting behaviour. First, we provide a theoretical discussion of tax planning with R&D and intellectual property (IP) ownership. Further, we employ firm-specific micro-data on patent applications of European corporations at the European Patent Office to test reactions on changes in R&D tax incentives and corporate tax burden. We find a positive impact of R&D tax incentives and a negative impact of the statutory corporate income tax rate on patenting. R&D incentives rather influence the tendency to invest in R&D, whereas the tax burden rather influences the scale of R&D investment and the count of patent applications. --Patent,R&D,Tax Incentives,Taxation,EU

Bankers and the Performance of German Firms

In this paper we analyze the impact of banks on German non-financial companies through ownership stakes and board representation. We find that the correlation between firm value and bank representation is negative and highly significant. By exploring the time series dimension of our dataset, we show that bank presence causes lower performance while there is no evidence of causality in the opposite direction. Our results suggest that bankers are attracted to the boards of those companies where they can extract larger benefits of control: Banks are systematically more represented on the boards of companies that are larger, have more intangible assets and offer higher board remuneration. There is little evidence that banks facilitate lending or monitor existing debt contracts. Whereas block ownership by non-banks is associated with better performance, there is no such relationship for banks.

Rho meson broadening and dilepton production in heavy ion collisions

The modification of the width of the rho meson due to in-medium decays and collisions is evaluated. In high temperature and/or high density hadronic matter, the collision width is much larger than the one-loop decay width. The large width of the meson in matter seems to be consistent with some current interpretations of the e+e mass spectra measured at the CERN/SPS

Rho meson broadening in hot and dense hadronic matter

The modification of the width of rho mesons due to in-medium decays and collisions is evaluated. The decay width is calculated from the imaginary part of the one-loop selfenergy at finite temperature. The collision width is related to the cross sections of the rho + pion and the rho + nucleon reactions. A calculation based on an e ective Lagrangian shows the importance of including the direct pho pi - > pho pi scattering which is dominated by the a1 exchange. A large broadening of the spectral function is found, accompanied by a strength suppression at the pole. http://www.arxiv.org/abs/nucl-th/981205

Taxation, R&D tax incentives and patent application in Europe

The focus of this paper is on effects from tax incentives for research and development inputs (R&D) and corporate income tax on business R&D and patenting behaviour. First, we provide a theoretical discussion of tax planning with R&D and intellectual property (IP) ownership. Further, we employ firm-specific micro-data on patent applications of European corporations at the European Patent Office to test reactions on changes in R&D tax incentives and corporate tax burden. We find a positive impact of R&D tax incentives and a negative impact of the statutory corporate income tax rate on patenting. R&D incentives rather influence the tendency to invest in R&D, whereas the tax burden rather influences the scale of R&D investment and the count of patent applications

Intermediate mass excess of dilepton production in heavy ion collisions at BEVALAC energies

Dielectron mass spectra are examined for various nuclear reactions recently measured by the DLS collaboration. A detailed description is given of all dilepton channels included in the transport model UrQMD 1.0, i.e. Dalitz decays of π, η, ω, ή mesons and of the (1232) resonance, direct decays of vector mesons and pn bremsstrahlung. The microscopic calculations reproduce data for light systems fairly well, but tend to underestimate the data in pp at high energies and in pd at low energies. These conventional sources, however, cannot explain the recently reported enhancement for nucleus-nucleus collisions in the mass region 0.15GeV ≤ Me+e- ≤ 0.6GeV. Chiral scaling and ω meson broadening in the medium are investigated as a source of this mass excess. They also cannot explain the recent DLS data