Research and development of open-cycle fuel cells Fourth quarterly progress report, period ending Aug. 15, 1965

Digital computer program for minimizing weight of fuel cell power systems - prelaunch startup and instrumentation - mathematical model of static moisture removal process - fuel cell mode

Economic Effects of Regional Tax Havens

How does the opportunity to use tax havens influence economic activity in nearby non-haven countries? Analysis of affiliate-level data indicates that American multinational firms use tax haven affiliates to reallocate taxable income away from high-tax jurisdictions and to defer home country taxes on foreign income. Ownership of tax haven affiliates is associated with reduced tax payments by nearby non-haven affiliates, the size of the effect being equivalent to a 20.8 percent tax rate reduction. The evidence also indicates that use of tax havens indirectly stimulates the growth of operations in non-haven countries in the same region. A one percent greater likelihood of establishing a tax haven affiliate is associated with 0.5 to 0.7 percent greater sales and investment growth by non-haven affiliates, implying a complementary relationship between haven and non-haven activity. The ability to avoid taxes by using tax haven affiliates therefore appears to facilitate economic activity in non-haven countries within regions.

See-saw fermion masses in an SO(10) GUT

In this work we study an SO(10) GUT model with minimum Higgs representations belonging only to the 210 and 16 dimensional representations of SO(10). We add a singlet fermion S in addition to the usual 16 dimensional representation containing quarks and leptons. There are no Higgs bi-doublets and so charged fermion masses come from one-loop corrections. Consequently all the fermion masses, Dirac and Majorana, are of the see-saw type. We minimize the Higgs potential and show how the left-right symmetry is broken in our model where it is assumed that a D-parity odd Higgs field gets a vacuum expectation value at the grand unification scale. From the renormalization group equations we infer that in our model unification happens at 10^{15} GeV and left-right symmetry can be extended up to some values just above 10^{11} GeV. The Yukawa sector of our model is completely different from most of the standard grand unified theories and we explicitly show how the Yukawa sector will look like in the different phases and briefly comment on the running of the top quark mass. We end with a brief analysis of lepton number asymmetry generated from the interactions in our model.Comment: 30 pages, 10 figure

Chains of Ownership, Regional Tax Competition, and Foreign Direct Investment

This paper considers the effect of taxation on the location of foreign direct investment (FDI) and taxable income reported by multinational firms with particular attention to the regional dynamics of tax competition and the role of chains of ownership. Confidential affiliate-level data are used to compare the investment and income-reporting behavior of American-owned foreign affiliates across ownership forms and regions. Ten percent higher tax rates are associated with 5.0 percent lower FDI, controlling for parent company and observable aspects of local economies, and 0.9 percent lower returns on assets, controlling for parent company and level of FDI. Tax effects are particularly strong within Europe, where ten percent higher tax rates are associated with 7.7 percent lower FDI and 1.7 percent lower returns on assets. Indirectly owned foreign affiliates also exhibit strong tax effects, ten percent higher tax rates being associated with 12.0 percent lower FDI and 1.4 percent lower returns on assets. American firms finance a growing fraction of their foreign operations indirectly through chains of ownership, which now account for more than 30 percent of aggregate foreign assets and sales. Ownership chains are particularly concentrated among European affiliates. Since multinational firms from countries other than the United States face tax environments similar to those faced by indirectly owned affiliates of American companies, these results suggest a greater sensitivity of FDI to taxes for non-American firms. The results also suggest that European economic integration may have the effect of intensifying tax competition between European jurisdictions.

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

This paper examines the impact of local tax rates and capital market conditions on the level and composition of borrowing by foreign affiliates of American multinational corporations. The evidence indicates that 10 percent higher local tax rates are associated with 2.8 percent higher debt/asset ratios of American-owned affiliates, and that borrowing from related parties is particularly sensitive to tax rates. Borrowing by American affiliates responds to local inflation and political risks, and is more costly in countries with underdeveloped capital markets and those providing weak legal protections for creditors. Affiliates in environments where external borrowing is costly borrow less from unrelated parties: one percent higher interest rates are associated with 1.4 to 2.0 percent less external debt as a fraction of assets. Instrumental variables analysis reveals that affiliates substitute loans from parent companies for between half and three quarters of the reduced borrowing from unrelated parties stemming from adverse local capital market conditions. These patterns suggest that multinational firms are able to structure their finances in response to tax and capital market conditions, thereby creating opportunities not available to many of their local competitors.

Foreign Direct Investment and Domestic Economic Activity

How does rising foreign investment influence domestic economic activity? Firms whose foreign operations grow rapidly exhibit coincident rapid growth of domestic operations, but this pattern alone is inconclusive, as foreign and domestic business activities are jointly determined. This study uses foreign GDP growth rates, interacted with lagged firm-specific geographic distributions of foreign investment, to predict changes in foreign investment by a large panel of American firms. Estimates produced using this instrument for changes in foreign activity indicate that 10% greater foreign capital investment is associated with 2.2% greater domestic investment, and that 10% greater foreign employee compensation is associated with 4.0% greater domestic employee compensation. Changes in foreign and domestic sales, assets, and numbers of employees are likewise positively associated; the evidence also indicates that greater foreign investment is associated with additional domestic exports and R&D spending. The data do not support the popular notion that greater foreign activity crowds out domestic activity by the same firms, instead suggesting the reverse.

Capital Structure with Risky Foreign Investment

American multinational firms respond to politically risky environments by adjusting their capital structures abroad and at home. Foreign subsidiaries located in politically risky countries have significantly more debt than do other foreign affiliates of the same parent companies. American firms further limit their equity exposures in politically risky countries by sharing ownership with local partners and by serving foreign markets with exports rather than local production. The residual political risk borne by parent companies leads them to use less domestic leverage, resulting in lower firm-wide leverage. Multinational firms with above-average exposures to politically risky countries have 8.4 percent less domestic leverage than do other firms. These findings illustrate the impact of risk exposures on capital structure.

Traumatic dissection and rupture of the abdominal aorta as a complication of the Heimlich maneuver

Although the Heimlich maneuver is considered the best intervention for relieving acute upper airway obstruction, several complications have been reported in the literature. These complications can occur as a result of an increase in abdominal pressure leading to a variety of well-documented visceral injuries, including the great vessels. Acute abdominal aortic thrombosis after the Heimlich maneuver is a rare but recognized event; however, to date no case of traumatic dissection and rupture of the abdominal aorta has been described. We report the first known case, to our knowledge, of a traumatic dissection and rupture of the abdominal aorta after a forcefully applied Heimlich maneuver

The role of interplanetary scattering in western hemisphere large solar energetic particle events

Using high-sensitivity instruments on the ACE spacecraft, we have examined the intensities of O and Fe in 14 large solar energetic particle events whose parent activity was in the solar western hemisphere. Sampling the intensities at low (~273 keV nucleon to the -1) and high (~12 MeV nucleon to the -1) energies, we find that at the same kinetic energy per nucleon, the Fe/O ratio decreases with time, as has been reported previously. This behavior is seen in more than 70% of the cases during the rise to maximum intensity and continues in most cases into the decay phase. We find that for most events if we compare the Fe intensity with the O intensity at a higher kinetic energy per nucleon, the two time-intensity profiles are strikingly similar. Examining alternate scenarios that could produce this behavior, we conclude that for events showing this behavior the most likely explanation is that the Fe and O share similar injection profiles near the Sun, and that scattering in the interplanetary medium dominates the profiles observed at 1 AU

Calculation of geometric phases in electric dipole searches with trapped spin-1/2 particles based on direct solution of the Schr\"odinger equation

Pendlebury $\textit{et al.}$ [Phys. Rev. A $\textbf{70}$, 032102 (2004)] were the first to investigate the role of geometric phases in searches for an electric dipole moment (EDM) of elementary particles based on Ramsey-separated oscillatory field magnetic resonance with trapped ultracold neutrons and comagnetometer atoms. Their work was based on the Bloch equation and later work using the density matrix corroborated the results and extended the scope to describe the dynamics of spins in general fields and in bounded geometries. We solve the Schr\"odinger equation directly for cylindrical trap geometry and obtain a full description of EDM-relevant spin behavior in general fields, including the short-time transients and vertical spin oscillation in the entire range of particle velocities. We apply this method to general macroscopic fields and to the field of a microscopic magnetic dipole.Comment: 11 pages, 4 figure