Corporate Tax Systems and the Location of Industry

This paper analyzes the effects of different corporate tax systems on the location of industry within an economic geography model with regional size asymmetries. Both the North and the South gain industry by adopting a tax regime that produces the lowest tax level. As the share of expenditures in the North increases, the Nash equilibrium has this region setting regressive taxes, while the South introduces progressive taxation. The unilateral welfare-maximizing tax structure in the North (South) is the regressive (progressive) system when expenditures in the North increase. Welfare in the North (South) is however maximized if both regions set regressive (progressive) taxes, while regressive (progressive) taxation in both regions represents a joint welfare maximizing outcome if the economic size of the North is higher (lower) than a certain threshold value. As trade is liberalized, the equilibrium tax regime adopted depends on how pro ts respond to lower trade costs. Proportional taxation is never an equilibrium, neither as regional spending changes, nor as trade is liberalized.Economic Geography; Tax Systems; Corporate Taxation

The Comparative Political Economy of Economic Geography

This paper examines how different electoral rules affect the location decisions of firms through the effect on regional policy. The equilibrium location of industry in the economically smaller (larger) region is higher under majoritarian (proportional) elections. The standard prediction in the economic geography literature, that the larger region becomes the core when trade barriers are reduced, no longer holds. The establishment of manufacturing production in the smaller region is increasing in the level of regional integration. As trade is in- creasingly liberalized, the economy features a reversed core-periphery equilibrium. This result holds under both electoral rules. However, firms locate to the smaller region at a relatively higher rate in the case of majoritarian voting, hence, the reversed equilibrium occurs for a relatively lower level of regional integration with majoritarian elections. Empirical evidence shows that the model is consistent with qualitative features of the data, and the results are robust to an instrumental variable strategy that accounts for the potential endogeneity of the electoral rule.Economic Geography; Regional Policy; Electoral Rules

Comparative Trade Policy

Current research has found ambiguous results with respect to the effects of the type of electoral regime on trade policy. The present paper proposes a solution to this indeterminacy. It is shown that the equilibrium level of trade protection can be relatively higher, as well as lower, under a majoritarian electoral rule compared to proportional representation. The equilibrium outcome is shown to depend on the number of voters in swing districts who own a factor specific to the exporting industry in relation to those who possess claims to the specific input employed by the import-competing sector. It is further argued that political rents are lower (higher) under majoritarian elections if there are more factor owners in the swing districts with stakes in the exporting (import-competing) industry.Endogenous Tariff Formation; Trade Policy; Electoral Rules

Combustion products generating and metering device

Device simulates incipient fire conditions in closely-controlled adjustable manner, to give predetermined degree of intensity at selected locations throughout area, and to verify that detection system will respond. Device can be used with and for cross calibration and experimentation in conjunction with commercially available products of combustion analyzing meters

Sedimentological effects of tsunamis, with particular reference to impact-generated and volcanogenic waves

Impulse-generated waves (tsunamis) may be produced, at varying scales and global recurrence intervals (RI), by several processes. Meteorite-water impacts will produce tsunamis, and asteroid-scale impacts with associated mega-tsunamis may occur. A bolide-water impact would undoubtedly produce a major tsunami, whose sedimentological effects should be recognizable. Even a bolide-land impact might trigger major submarine landslides and thus tsunamis. In all posulated scenarios for the K/T boundary event, then, tsunamis are expected, and where to look for them must be determined, and how to distinguish deposits from different tsunamis. Also, because tsunamis decrease in height as they move away from their source, the proximal effects will differ by perhaps orders of magnitude from distal effects. Data on the characteristics of tsunamis at their origin are scarce. Some observations exist for tsunamis generated by thermonuclear explosions and for seismogenic tsunamis, and experimental work was conducted on impact-generated tsunamis. All tsunamis of interest have wave-lengths of 0(100) km and thus behave as shallow-water waves in all ocean depths. Typical wave periods are 0(10 to 100) minutes. The effect of these tsunamis can be estimated in the marine and coastal realm by calculating boundary shear stresses (expressed as U*, the shear velocity). An event layer at the K/T boundary in Texas occurs in mid-shelf muds. Only a large, long-period wave with a wave height of 0(50) m, is deemed sufficient to have produced this layer. Such wave heights imply a nearby volcanic explosion on the scale of Krakatau or larger, or a nearby submarine landslide also of great size, or a bolide-water impact in the ocean

A Fast Algorithm for a Weighted Low Rank Approximation

Matrix low rank approximation including the classical PCA and the robust PCA (RPCA) method have been applied to solve the background modeling problem in video analysis. Recently, it has been demonstrated that a special weighted low rank approximation of matrices can be made robust to the outliers similar to the $\ell_1$-norm in RPCA method. In this work, we propose a new algorithm that can speed up the existing algorithm for solving the special weighted low rank approximation and demonstrate its use in background estimation problem

Ownership Structure, Board Composition and Investment Performance

In this paper the relation between ownership structure, board composition and firm performance is explored. A panel of Swedish listed firms is used to investigate how board composition affects firm performance. Board heterogeneity is measured as board size, age and gender diversity. The results show that Swedish board of directors have become more diversified in terms of gender. Also, fewer firms have the CEO on the board which can be interpreted as a sign of increased independency. The regression analysis shows that gender diversity has a small but negative effect on investment performance, and the same holds for CEO being on the board. The analysis also show that board size has a significant negative effect on investment performance. When incorporating all the explanatory variables into one equation however, the negative effect of larger boards dilutes the effect of gender diversity and having the CEO on the board.Corporate governance; board composition; investments performance; marginal q