The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data

Understanding the determinants of foreign direct investment (FDI) is important for analyzing capital flows and the industrial organization of multinational firms. Most empirical studies of FDI, however, have focused on case studies of nontax factors in overseas investment decisions or on discerning reduced-form relationships between some measure of FDI and variables relating to nontax and tax aspects of the investment decision. In this paper, we examine the effects of taxation on FDI using previously unexplored (for this purpose) panel data on FDI by subsidiaries of U.S. multinational firms collected by Compustat's geographic segment file project. These firm- level data contain information on new capital investment overseas which enable us to measure tax influences on FDI more precisely and allow us to focus on structural models of subsidiaries' investment decision. Our empirical results cast significant doubt on the simplest notion that 'taxes don't matter' for U.S. firms' FDI decisions. Tax parameters influence FDI in precisely the way indicated by neoclassical models. Our results also lend support to the application of the 'tax capitalization' model to the study of dividend repatriation and foreign direct investment decisions.

The G protein-coupled receptor P2RY8 and follicular dendritic cells promote germinal center confinement of B cells, whereas S1PR3 can contribute to their dissemination.

The orphan Gα13-coupled receptor P2RY8 is mutated in human germinal center (GC)-derived lymphomas and was recently found to promote B cell association with GCs in a mouse model. Here we establish that P2RY8 promotes clustering of activated B cells within follicles in a follicular dendritic cell (FDC)-dependent manner. Although mice lack a P2RY8 orthologue, we show that mouse GC B cell clustering is also dependent on FDCs acting to support the function of a Gα13-coupled receptor. Mutations in GNA13 and its downstream effector ARHGEF1 are associated with the development of disseminated GC-derived lymphomas. We find that egress of Gna13 mutant GC B cells from lymph nodes in the mouse depends on sphingosine-1-phosphate receptor-3. These findings provide evidence that FDCs promote GC confinement of both human and mouse GC B cells via Gα13-dependent pathways, and they show that dissemination of Gα13-deficient GC B cells additionally requires an egress-promoting receptor

Secretive Marsh Bird Species Co-Occurrences and Habitat Associations Across the Midwest, USA

Because secretive marsh birds are difficult to detect, population status and habitat use for these birds are not well known. We conducted repeated surveys for secretive marsh birds across 264 sites in the Upper Mississippi River and Great Lakes Joint Venture region to estimate abundance, occupancy, and detection probabilities during the 2008 and 2009 breeding seasons. We identified species groups based on observed species co-occurrences. Two species, least bittern Ixobrychus exilis and American bittern Botaurus lentiginosus, co-occurred with other species less often than expected by chance, and two species groups, rails (Virginia rail Rallus limicola and sora Porzana carolina) and openwater birds (pied-billed grebe Podilymbus podiceps, common moorhen Gallinula chloropus, and American coot Fulica americana; coots were only surveyed in 2009), co-occurred more often than expected by chance. These groupings were consistent between years. We then estimated the relation of these species and groups to landscape and local site characteristics by using zero-inflated abundance models that accounted for incomplete detection. At the landscape level (5-km radius), the amount of emergent herbaceous wetland was positively associated with least bittern occupancy, whereas the amount of woody wetland was negatively associated with least bittern, rail, and open-water bird occupancy. At the local level, habitat variables that were associated with abundance were not consistent among groups or between years, with the exception that both least bitterns and open-water birds had a strong positive association between abundance and water–vegetation interspersion. Land managers interested in marsh bird management or conservation may want to consider focusing efforts on landscapes with high amounts of emergent herbaceous wetland and low amounts of woody wetland, and managing for high amounts of water–vegetation interspersion within the wetland

Sparse image reconstruction on the sphere: analysis and synthesis

We develop techniques to solve ill-posed inverse problems on the sphere by sparse regularisation, exploiting sparsity in both axisymmetric and directional scale-discretised wavelet space. Denoising, inpainting, and deconvolution problems, and combinations thereof, are considered as examples. Inverse problems are solved in both the analysis and synthesis settings, with a number of different sampling schemes. The most effective approach is that with the most restricted solution-space, which depends on the interplay between the adopted sampling scheme, the selection of the analysis/synthesis problem, and any weighting of the l1 norm appearing in the regularisation problem. More efficient sampling schemes on the sphere improve reconstruction fidelity by restricting the solution-space and also by improving sparsity in wavelet space. We apply the technique to denoise Planck 353 GHz observations, improving the ability to extract the structure of Galactic dust emission, which is important for studying Galactic magnetism.Comment: 11 pages, 6 Figure

Optimal Inter-Period Weighting of Cumulative Indices for Weather-Based Contingent Claims

Weather-based contingent claims typically rely on a cumulative index of the weather variable. Frequently, the index is weighted to reflect the importance of timing in a weather-production relationship. This article reviews alternative optimization methods and apply criteria for selecting among them to obtain an optimal and robust distribution of weights.Resource /Energy Economics and Policy,

Communitywide Database Designs for Tracking Innovation Impact: COMETS, STARS and Nanobank

Data availability is arguably the greatest impediment to advancing the science of science and innovation policy and practice (SciSIPP). This paper describes the contents, methodology and use of the public online COMETS (Connecting Outcome Measures in Entrepreneurship Technology and Science) database spanning all sciences, technologies, and high-tech industries; its parent COMETSandSTARS database which adds more data at organization and individual scientist-inventor-entrepreneur level restricted by vendor licenses to onsite use at NBER and/or UCLA; and their prototype Nanobank covering only nano-scale sciences and technologies. Some or all of these databases include or will include: US patents (granted and applications); NIH, NSF, SBIR, STTR Grants; Thomson Reuters Web of Knowledge; ISI Highly Cited; US doctoral dissertations; IPEDS/HEGIS universities; all firms and other organizations which ever publish in ISI listed journals beginning in 1981, are assigned US patents (from 1975), or are listed on a covered grant; additional nanotechnology firms based on web search. Ticker/CUSIP codes enable linking public firms to the major databases covering them. A major matching/disambiguation effort assigns unique identifiers for an organization or individual so that their appearances are linked within and across the constituent legacy databases. Extensive geographic coding enables analysis at country, region, state, county, or city levels. The databases provide very flexible sources of data for serious research on many issues in the study of organizations in innovation systems in the development and spread of knowledge, and the economics of science. Enabling the study of these topics, among others, COMETS contributes substantially to the science of science and technology.

Innovations in Government Responses to Catastrophic Risk Sharing for Agriculture in Developing Countries

Markets for transferring catastrophic risk in agriculture are woefully lacking in developing countries. Even in developed countries, markets for transferring the risk of crop losses caused by natural hazards generally exist only with large government subsidies. However, such subsidies can be expensive, inefficient, and have detrimental implications that make future catastrophes even worse. In developing countries fiscal constraints limit the degree to which governments can subsidize markets for agricultural risk-sharing. Nonetheless, there are specific things governments can do to facilitate the development of these markets. This paper addresses the role of government in agricultural risk-sharing for natural disasters that impact crop yields or livestock mortality.Agricultural and Food Policy, Risk and Uncertainty, D8, H5, Q14, Q18, Q54,

The Pros and Cons of Compressive Sensing for Wideband Signal Acquisition: Noise Folding vs. Dynamic Range

Compressive sensing (CS) exploits the sparsity present in many signals to reduce the number of measurements needed for digital acquisition. With this reduction would come, in theory, commensurate reductions in the size, weight, power consumption, and/or monetary cost of both signal sensors and any associated communication links. This paper examines the use of CS in the design of a wideband radio receiver in a noisy environment. We formulate the problem statement for such a receiver and establish a reasonable set of requirements that a receiver should meet to be practically useful. We then evaluate the performance of a CS-based receiver in two ways: via a theoretical analysis of its expected performance, with a particular emphasis on noise and dynamic range, and via simulations that compare the CS receiver against the performance expected from a conventional implementation. On the one hand, we show that CS-based systems that aim to reduce the number of acquired measurements are somewhat sensitive to signal noise, exhibiting a 3dB SNR loss per octave of subsampling, which parallels the classic noise-folding phenomenon. On the other hand, we demonstrate that since they sample at a lower rate, CS-based systems can potentially attain a significantly larger dynamic range. Hence, we conclude that while a CS-based system has inherent limitations that do impose some restrictions on its potential applications, it also has attributes that make it highly desirable in a number of important practical settings

S-Geranylgeranyl-L-glutathione is a ligand for human B cell-confinement receptor P2RY8.

Germinal centres are important sites for antibody diversification and affinity maturation, and are also a common origin of B cell malignancies. Despite being made up of motile cells, germinal centres are tightly confined within B cell follicles. The cues that promote this confinement are incompletely understood. P2RY8 is a Gα13-coupled receptor that mediates the inhibition of migration and regulates the growth of B cells in lymphoid tissues1,2. P2RY8 is frequently mutated in germinal-centre B cell-like diffuse large B cell lymphoma (GCB-DLBCL) and Burkitt lymphoma1,3-6, and the ligand for this receptor has not yet been identified. Here we perform a search for P2RY8 ligands and find P2RY8 bioactivity in bile and in culture supernatants of several mouse and human cell lines. Using a seven-step biochemical fractionation procedure and a drop-out mass spectrometry approach, we show that a previously undescribed biomolecule, S-geranylgeranyl-L-glutathione (GGG), is a potent P2RY8 ligand that is detectable in lymphoid tissues at the nanomolar level. GGG inhibited the chemokine-mediated migration of human germinal-centre B cells and T follicular helper cells, and antagonized the induction of phosphorylated AKT in germinal-centre B cells. We also found that the enzyme gamma-glutamyltransferase-5 (GGT5), which was highly expressed by follicular dendritic cells, metabolized GGG to a form that did not activate the receptor. Overexpression of GGT5 disrupted the ability of P2RY8 to promote B cell confinement to germinal centres, which indicates that GGT5 establishes a GGG gradient in lymphoid tissues. This work defines GGG as an intercellular signalling molecule that is involved in organizing and controlling germinal-centre responses. As the P2RY8 locus is modified in several other types of cancer in addition to GCB-DLBCL and Burkitt lymphoma, we speculate that GGG might have organizing and growth-regulatory roles in multiple human tissues