ZP-Stichwort: Offshoring

Ohne Zusammenfassung     

Dividend Imputation and Shareholder Wealth: The Case of New Zealand

On April 1, 1988, New Zealand stopped the double taxation of dividends by implementing a full dividend imputation program. Because many believed that the tax advantage of debt had led to more highly leveraged firms subject to greater financial risk than was socially optimal, it was hoped the removal of incentives to finance with debt would result in a more efficient allocation of capital. The empirical results suggest that the shareholder wealth gain from dividend imputation was more than offset in firms with large debt levels. Moreover, an examination of debt ratios indicates debt levels declined in the post–imputation period.     

Age-test Markov chains for drug testing and detection

Random urinalysis strategies stratified by time since the last test are characterized with a set of Markov chain models. The probability of a person being tested depends on the amount of time since the person's last test. The Nuclear Regulatory Commission (NRC) has proposed a two strata drug testing strategy based on time since last test. The proposal included a high testing rate for people not yet tested in a given time period and a low testing rate for people testing negative in a given time period. Southern California Edison has implemented a variation of the NRC proposal. These strategies can be modeled within a Markov chain framework. Time to detection is calculated as a function of testing probabilities and drug usage levels. Drug user gaming strategies are discussed with illustrations. These models are implemented as part of a U.S. Navy drug policy analysis system.