Competition for foreign capital: Endogenous objective, public investment and tax

In this paper we endogenize the objective functions of the regions as well as their decision to provide public investment in a model of competition for foreign owned mobile capital. We demonstrate that the competing regions can `restrict race-to-the-bottom' in tax rates by deviating away from social welfare to net tax revenue. It is optimal for a region to be fully revenue oriented even if that region's ultimate goal is to maximize social welfare, irrespective of whether the rival region is concerned about social welfare or net tax revenue. Moreover, we demonstrate that the regions have unilateral incentive to spend on public investment, except in case of perfect spillover. In equilibrium, both the regions spend on public investment and end up with Pareto inferior outcomes.Mobile Capital, Tax Competition, Public Investment, Revenue Orientation, Social Welfare

Transcription factors, 5'-TG-3'- ineracting factors (TGIF), regulates trichostatin-A mediated inhibition of corneal scarring [abstract]

Purpose: Recently, we demonstrated that Trichostatin-A (TSA) inhibits transforming growth factor beta 1 (TGF 1)-induced fibrosis (haze) in rabbit cornea in vivo. However, the molecular mechanism of this process is still unknown. This study tested the hypothesis that homeodomain transcription factors, TGIF1 and TGIF2 regulate anti-fibrotic effects of TSA in the cornea. Methods: An established in vitro model of corneal scarring was used. Primary corneal fibroblast (HSF) cultures generated from donor human corneas were exposed to TGF 1 (1ng/ml), TSA (250 or 500nM), TGF 1 (1ng/ml)+TSA (250/500nM) or vehicle. The quantification of alpha smooth muscle actin (aSMA), TGIF1 and TGIF2 mRNA was performed with Real-time PCR and protein with immunoblotting and immunocytochemical techniques. Statistical analysis was performed using one way ANOVA. The p value < 0.05 was considered significant. Results: This study, for the first time, demonstrates that human corneal fibroblasts express TGIF and TGIF2 and play role in corneal fibrosis modulation. TGF 1 treatment to HSF significantly increased yofibroblasts (hallmark of corneal fibrosis) mRNA and protein levels of aSMA (myofibroblasts marker). TSA treatment showed significant decrease (60-75%; p<.05) in TGF 1-induced fibrosis in human cornea in vitro. The anti-fibrotic effect of TSA was associated with a concurrent increase in TGIF and TGIF2 levels suggesting their role in the modulation of corneal fibrosis. Conclusions: The anti-fibrotic effects of TSA in the cornea involve TGIF1 and TGIF2 transcription factors