Microanalysis of epitaxially grown diamond tip array

Electron backscattering diffraction has been applied on polycrystalline diamond films grown using microwave plasma assisted chemical vapour deposition on silicon substrate, in order to provide a map of the individual diamond grains, grain boundary, and the crystal orientation of discrete crystallites. The nucleation rate and orientation are strongly affected by using a voltage bias on the substrate to influence and enhance the nucleation process, the bias enhanced nucleation process. In this work, the diamond surface is mapped using electron backscattering diffraction, then a layer of a few microns is ion milled away exposing a lower layer for analysis and so on. This then permits a three dimensions reconstruction of the film texture.

The value of dividend imputation tax credits in Australia

A dividend imputation tax system provides shareholders with a credit (for corporate tax paid) that can be used to offset personal tax on dividend income. This paper shows how to infer the value of imputation tax credits from the prices of derivative securities that are unique to Australian retail markets. We also test whether a tax law amendment that was designed to prevent the trading of imputation credits affected their economic value. Before the amendment, tax credits were worth up to 50% of face value in large, high-yielding companies, but Subsequently it is difficult to detect any value at all. (C) 2003 Elsevier B.V. All rights reserved.

Relationship between franking credits and the market risk premium

In a dividend imputation tax system, equity investors have three potential sources of return: dividends, capital gains and franking (tax) credits. However, the standard procedures for estimating the market risk premium (MRP) for use in the capital asset pricing model, ignore the value of franking credits. Officer (1994) notes that if franking credits do affect the corporate cost of capital, their value must be added to the standard estimates of MRP. In the present paper, we explicitly derive the relationship between the value of franking credits (gamma) and the MRP. We show that the standard parameter estimates that have been adopted in practice (especially by Australian regulators) violate this deterministic mathematical relationship. We also show how information on dividend yields and effective tax rates bounds the values that can be reasonably used for gamma and the MRP. We make recommendations for how estimates of the MRP should be adjusted to reflect the value of franking credits in an internally consistent manner.