Do investors care about corporate tax?

This paper conducts a comprehensive examination of the link between corporation tax payment and financial performance in the UK. We find no discernible link between tax rates and stock returns for the UK, no matter how tax payment is measured. This is true throughout the sample period and for both customer-facing and non-customer-facing companies. However, allowing for industry norms and a host of firm characteristics, companies with lower effective tax rates have significantly higher levels of stock market risk. Firms that are reported in the newspapers in a negative way in relation to their level of corporation tax payment experience small negative stock returns, which are partially reversed within a month. However, the initial negative effects and subsequent rebound are both more pronounced for smaller companies. News announcements of the potential involvement of a firm in a corporate inversion (expatriation) result in steeper and much longer-lasting falls in share prices, whereas news stories of a more general nature relating to a firm's tax avoidance or tax payments have little noticeable effect.

Comment on ``Piecewise potential vorticity inversion: Elementary tests''

Egger (2008) constructs some idealised experiments to test the usefulness of piecewise potential vorticity inversion (PPVI) in the diagnosis of Rossby wave dynamics and baroclinic development. He concludes that, ``PPVI does not help us to understand the dynamics of linear Rossby waves. It provides local tendencies of the streamfunction which are unrelated to the true ones. The same way, the motion of baroclinic waves in shear flow cannot be understood by using PPVI. Moreover, the effect of boundary temperatures as determined by PPVI is unrelated to the flow evolution.'' He goes further in arguing that we should not consider velocities as ``induced'' by PV anomalies defined by carving up the global domain. However, these conclusions partly reflect the limitations of his idealised experiments and the manner in which the PV components were partitioned from one another.

Understanding the seriousness of corporate crime: Some lessons for the new 'corporate manslaughter' offence

The measurement of public attitudes towards the criminal law has become an important area of research in recent years because of the perceived desirability of ensuring that the legal system reflects broader societal values. In particular, studies into public perceptions of crime seriousness have attempted to measure the degree of concordance that exists between law and public opinion in the organization and enforcement of criminal offences. These understandings of perceived crime seriousness are particularly important in relation to high-profile issues where public confidence in the law is central to the legal agenda, such as the enforcement of work-related fatality cases. A need to respond to public concern over this issue was cited as a primary justification for the introduction of the Corporate Manslaughter and Corporate Homicide Act 2007. This article will suggest that, although literature looking at the perceived seriousness of corporate crime and, particularly, health and safety offences is limited in volume and generalist in scope, important lessons can be gleaned from existing literature, and pressing questions are raised that demand further empirical investigation.

Characterising the background errors for the boundary-layer capping inversion

The one-dimensional variational assimilation of vertical temperature information in the presence of a boundary-layer capping inversion is studied. For an optimal analysis of the vertical temperature profile, an accurate representation of the background error covariances is essential. The background error covariances are highly flow-dependent due to the variability in the presence, structure and height of the boundary-layer capping inversion. Flow-dependent estimates of the background error covariances are shown by studying the spread in an ensemble of forecasts. A forecast of the temperature profile (used as a background state) may have a significant error in the position of the capping inversion with respect to observations. It is shown that the assimilation of observations may weaken the inversion structure in the analysis if only magnitude errors are accounted for as is the case for traditional data assimilation methods used for operational weather prediction. The positional error is treated explicitly here in a new data assimilation scheme to reduce positional error, in addition to the traditional framework to reduce magnitude error. The distribution of the positional error of the background inversion is estimated for use with the new scheme.

Notations and conventions in molecular spectroscopy: part 3. Permutation and permutation-inversion symmetry notation

The field of Molecular Spectroscopy was surveyed in order to determine a set of conventions and symbols which are in common use in the spectroscopic literature. This document, which is Part 3 in a series, deals with symmetry notation referring to groups that involve nuclear permutations and the inversion operation. Further parts will follow, dealing inter alia with vibration-rotation spectroscopy and electronic spectroscopy.

The dynamics of a polar low assessed using potential vorticity inversion

The dynamics of a polar low are examined using a piecewise potential vorticity (PV) inversion method. In previous studies of this and other polar lows, structural evolution has been described in terms of regions of anomalous PV. In this study the relative importance of different PV anomalies and the interactions between them have been quantified using PV diagnostics. The intensification of the polar low occurred in three stages (in contrast to previous studies of polar lows that have only identified two stages). The dynamical characteristics of stages one and two are consistent with the proposed type C cyclogenesis mechanism. A diabatically-generated lower-tropospheric PV anomaly dominated intensification after initial triggering by a positive upper-level PV anomaly. A phase tilt between the upper and lower levels was maintained through retardation of the positive upper-level anomaly by the effects of latent heat release. Stage three was a period of growth dominated by wind-induced surface heat exchange (WISHE), which contributed at least 18% to the amplitude of the mature surface polar low.

Championing the rhetoric: corporate social responsibility in the Ghanaian mining sector

This paper contributes to a growing body of literature that critically examines how mining companies are embracing community development challenges in developing countries, drawing on experiences from Ghana. Despite receiving considerable praise from the donor and industry communities, the actions being taken by Ghana's major mining companies to foster community development are facilitating few improvements in the rural regions where activities take place. Companies are generally implementing community development programmes that are incapable of alleviating rural hardship and are coordinating destructive displacement exercises. The analysis serves as a stark reminder that mining companies are not charities and engage with African countries strictly for commercial purposes.

Asymmetric aziridine synthesis by aza-Darzens reaction of N-diphenylphosphinylimines with chiral enolates. Part 2: inversion of diastereoselectivity

The aza-Darzens ('ADZ') reactions of N-diphenylphosphinyl ('N-Dpp') imines with chiral enolates derived from N-bromoacetyl 2S-2,10-camphorsultam proceed in generally good yield to give N-diphenylphosphinyl aziridinoyl sultams. However, the stereoselectivity of the reaction is dependent upon the structure of the imine substituent: when the chiral enolate was reacted with arylimines substituted in the ortho-position, mixtures of cis- and trans-2'R,3'R-aziridines were obtained, often with a complete selectivity in favour of the trans-isomer. (c) 2006 Elsevier Ltd. All rights reserved.

Annual CREMRU-JCI survey of corporate real estate practices in Europe and North America: 1993-2002

The annual survey of corporate real estate practices has been conducted by CREMRU since 1993 and in collaboration with Johnsons Controls Inc. since 1997. This year the survey forms the first stage of a broader research project: International Survey of Corporate Real Estate Practices: longitudinal study 1993-2002, being undertaken for the Innovative Construction Research Centre at the University of Reading, funded by the Engineering and Physical Sciences Research Council. The survey has been endorsed by CoreNet, the leading professional association concerned with corporate real estate, which opened it to a wider audience. This summary of the ten annual surveys focuses on the incidence of corporate real estate management (CREM) policies, functions and activities, as well as the assessment of knowledge or skills relevant to the CREM function in the future. Both are of vital interest to educational institutions concerned with this field, as well as the personnel and training functions within organisations concerned with better management of their property.