Taxes do Affect Corporate Financing Decisions: The Case of Belgian ACE

In this paper, I use difference-in-differences regressions to measure how the debt tax shield affects the capital structure of a company. By comparing the financial leverage of treatment and control companies before and after the introduction of an equity tax shield, I infer the impact of the tax discrimination between debt and equity. Consistent with the theoretical prediction, the estimated results show that the introduction of an equity tax shield has a significant negative effect on the financial leverage of a company. This effect amounts to approximately 2-7%, meaning that a classical tax system encourages companies to use on average 2-7% more debt than when there is an equal tax treatment of debt and equity.allowance for corporate equity, corporate financing decisions

More than an add-on? The Europeanization of the Dutch civil service

[From the introduction]. European integration does not stop to fascinate political scientists. Many of us are excited about this institution that transcends national interests, overcomes collective action problems, and presents member states with such a durable and authoritative framework that they slowly but unrecognizably loose authority to model their own policies as desired. But does it? Despite our excitement, many of us have troubles escaping the reflexes caused by the years of international relations hegemony in studying the EU. Does the EU really have the clout to force member states to adopt unwanted policies? Then how about the never-ending stories about non-compliance, the European Commission’s hesitance in adopting a tough stance on reluctant member states, the difficulties of monitoring actual application and enforcement on the ground? The tension between member state dominance and supranational control continues to offer a well of fascinating research topics. In order to demonstrate the success of the EU in transcending member states’ institutions and policies, or even the domestic interests underlying them, we are advised to answer at least three questions. First, we should answer the question of the extent to which Europe matters for the member states. Because even if we can identify compliance by initially reluctant member states, this may not be very meaningful if the EU’s share in national matters is only minimal. Even though interesting from a theoretical viewpoint, the societal relevance of massive research attempts to explain the fate of EU intervention in member states is slight when it affects only a minimal terrain of national policy making. Second, we should try to answer the question to what extent any processes of Europeanization we observe are truly affecting the core of what member states are doing or are just added on to existing structures and policies. That is, if we believe that the EU really is capable of overriding member state concerns, the adaptations made by member states should be far from ‘easy’. The adoption of coordination structures, for instance, is an interesting phenomenon, but it does not constitute evidence of the EU’s transformative effect as coordination structures may simply be added on to existing organizational arrangements and can perfectly well co-exist with domestic institutions that were already out there. Finally, we should answer the question of how the European Union impacts on member states. Under what conditions does the EU succeed in bringing about domestic change, and when do member states carry on their business as usual

Deformation of Small Compressed Droplets

We investigate the elastic properties of small droplets under compression. The compression of a bubble by two parallel plates is solved exactly and it is shown that a lowest-order expansion of the solution reduces to a form similar to that obtained by Morse and Witten. Other systems are studied numerically and results for configurations involving between 2 and 20 compressing planes are presented. It is found that the response to compression depends on the number of planes. The shear modulus is also calculated for common lattices and the stability crossover between f.c.c.\ and b.c.c.\ is discussed.Comment: RevTeX with psfig-included figures and a galley macr

A Model for the Elasticity of Compressed Emulsions

We present a new model to describe the unusual elastic properties of compressed emulsions. The response of a single droplet under compression is investigated numerically for different Wigner-Seitz cells. The response is softer than harmonic, and depends on the coordination number of the droplet. Using these results, we propose a new effective inter-droplet potential which is used to determine the elastic response of a monodisperse collection of disordered droplets as a function of volume fraction. Our results are in excellent agreement with recent experiments. This suggests that anharmonicity, together with disorder, are responsible for the quasi-linear increase of $G$ and $\Pi$ observed at $\varphi_c$.Comment: RevTeX with psfig-included figures and a galley macr

The stability of memory performance using an adapted version of the Delayed Matching To Sample task: an ERP study

This study examined the stability of performance using an adapted version of the Delayed Matching to Sample memory test (DMTS). With this test the stability of visual working memory can be measured. In the DMTS participants have to memorize a cue for a certain delay, after which a probe is presented. This is an often used test, but it is not yet clear if the performance of this test is also stable over time. In present paradigm stability was assessed mixing short (10-20s) and long delays (140-200s) and presenting cues during the cue-probe interval. Additionally, EEG was measured during testing. For the memory-related components, the P300 and P600, amplitude and latency were compared between sessions and the same was done for accuracy and mean reaction time of behavioral data. Faster reaction times for long delay stimuli were found in Session 2. No effects in accuracy were found. Longer P600 latencies were found for long delay stimuli in the first session as compared to the second. High correlations between sessions were found for almost all other measures. These high correlations suggest that test-retest scores were stable. Therefore, we conclude that the new DMTS paradigm has high stability

Tussen Brussel en de Polder De Europeanisering van Politiek en Bestuur in Nederland

Session 1: Governance in the European Unio

ANALISIS PROSEDUR RESTITUSI KELEBIHAN PEMBAYARAN PAJAK PERTAMBAHAN NILAI PADA KANTOR PELAYANAN PAJAK PRATAMA PEMATANG SIANTAR

This study aims to determine how the implementation of restitution procedures at KPP Pratama Pematang Siantar. The population of this research is the entire procedure of VAT refunds for corporate taxpayers at KPP Pratama Pematang Siantar. The sample of this research is the procedure of VAT refunds for 2017-2021 corporate taxpayers recorded at the KPP Pratama Pematang Siantar. The analytical method used is descriptive analysis by collecting restitution procedures.                Based on the results of the study, it shows that the application of the restitution procedure at the Pematang Siantar KPP Pratama has not been realized properly, there are still many taxpayers who do not complete the documents requested by the Pematang Siantar KPP Pratama and the application of the restitution procedure that occurs at the Pematang Siantar KPP Pratama is not in accordance with the restitution procedure in accordance with the provisions Applicable laws and SOP.   Keywords: Value Added Tax, Tax Overpayment, Restitution, Restitution Procedur

Kadar Kolesterol Total dan Tekanan Darah Orang Dewasa Indonesia

Penelitian ini bertujuan untuk mengetahui hubungan antara kadar kolesterol total dengan tekanan darah. Data dikumpulkan pada 14-21 Juni 2011, terhadap 51 subjek penelitian berusia > 30 tahun yang tidak mengonsumsi obat antihipertensi ataupun antikolesterol, dipilih secara consecutive antara pengunjung Puskesmas Kelurahan Joglo-II, Jakarta. Tekanan darah diukur dengan sfigmomanometer sesuai pedoman baku. Kadar kolesterol total darah sewaktu diukur dari sampel darah tepi dengan alat tes kolesterol. Analisis data menggunakan regresi linier, korelasi Pearson dan General Linear Model dengan koreksi Bonferroni. Pada 51 responden (nilai tengah usia 50 tahun, 70,6% perempuan), rerata kadar ko- lesterol total adalah 200 mg/dL dan rerata tekanan darah adalah 135/84 mmHg. Pada faktor perancu yang disetarakan, kadar kolesterol total yang tinggi berhubungan dengan tingginya tekanan darah sistolik (r = 0,39; nilai p = 0,005) ataupun diastolik (r = 0,43; nilai p = 0,002). Responden pada kelompok kuartil ketiga total kolesterol memiliki tekanan darah 26/11 mmHg lebih tinggi secara bermakna dibandingkan mereka pada kelompok kuartil kedua (nilai p = 0,001 dan nilai p = 0,002 berturut-turut untuk tekanan darah sistolik dan diastolik). Menjaga kadar kolesterol total dalam batas normal merupakan salah satu upaya untuk mencegah hipertensi.This cross-sectional study was aimed to examine the association between total cholesterol levels and blood pressures. Data was collected on June 14-21, 2011, among 51 subjects, aged >30 years, who were taking neither antihypertensive nor anticholesterol drug, consecutively selected among peoples attending Joglo-II Sub-district Primary Health Center, Jakarta. Blood pressures were measured using a manual sphygmomanometer according to the standard protocols. Peripheral blood samples were collected and non-fasting total cholesterol were assessed using a cholesterol-test kit. Analyses were perfomed using linear regression, Pearson correlation, and General Linear Model (with Bonferroni correction). In 51 respondents (median age 50 years, 70.6% female), mean total cholesterol level was 200 mg/dL and blood pressure were 135/84 mmHg. After adjust- ment for confounding factors, higher total cholesterol levels were associat- ed with higher systolic (r = 0.39; p value = 0.005) or diastolic (r = 0.43; p value = 0.002) blood pressures. Participant in the third quartile category had blood pressures 26/11 mmHg significantly higher than that of those in the second quartile category (p value = 0,001 and p value = 0,002 for sistolic and diastolic blood pressures, respectively). Maintaining total cholesterol levels within the normal limits may be one way to prevent hypertension