Proprietary costs: Why do R&D-active firms choose single-lender financing?

2022 ◽  
Author(s):  
Paul A. Griffin ◽  
Hyun A Hong ◽  
Ji Woo Ryou
Keyword(s):  
Voluntary Disclosure ◽  
Sensitive Information ◽  
Public Disclosure ◽  
The Public ◽  
Proprietary Costs ◽  
The Us ◽  
Loan Financing ◽  
Financing Choice ◽  
Private Loan ◽  
Choice Literature

We examine whether proprietary costs drive R&D-active firms’ choice of private loan structure. We find that R&D-active firms are more likely to choose single-lender over multi-lender private loan financing. This is consistent with the theory that high-ability entrepreneurs protect their proprietary knowledge by communicating it to a single lender while disclosing generic and less sensitive information to the public. This propensity, however, significantly decreases after the enactment of the American Inventor’s Protection Act (AIPA), which accelerated public disclosure of firms’ patent details in filings with the US Patent and Trademark Office. This accelerated public disclosure potentially caused R&D information to spill over to rivals, increasing the proprietary costs of single-lender borrowers. AIPA enactment also increased the spread on R&D-active firms’ single-lender loans. These findings contribute to the voluntary disclosure and financing-choice literature by linking R&D-active firms’ choice of single-lender financing to the proprietary costs of public disclosure.

Voluntary Disclosure Responses to Mandated Disclosure: Evidence from Australian Corporate Tax Transparency

2021 ◽  
Author(s):  
Allison Kays
Keyword(s):  
Voluntary Disclosure ◽  
Tax Planning ◽  
Public Disclosure ◽  
Corporate Tax ◽  
Public Firms ◽  
Additional Information ◽  
Proprietary Costs ◽  
Tax Returns ◽  
Disclosure Responses ◽  
Reputational Costs

In order to deter aggressive tax planning, the Australian government mandated public disclosure of three line items from large corporations' tax returns. However, there is no evidence that the mandated disclosure led public firms to pay more taxes (Hoopes, Robinson, and Slemrod 2018). Instead, I find that firms strategically offset expected reputational costs by voluntarily issuing supplemental information. Specifically, when managers expect new reputational costs from the mandated tax return disclosure (wherein the disclosure reveals an unexpectedly low tax liability) and low proprietary costs from a supplemental voluntary disclosure (wherein the firm discloses its nonaggressive tax planning), firms are likely to voluntarily disclose information that both preempts and supplements the government's mandatory disclosure. Thus, when mandatory disclosures are incomplete, firms will voluntarily issue additional information to remain in control of their disclosure environments.

scholarly journals Interest Relief on Income Tax Debts: Canada Versus the United States

2021 ◽  
Vol 68 (4) ◽  
pp. 931-986
Author(s):  
Michael H. Lubetsky
Keyword(s):  
United States ◽  
Voluntary Disclosure ◽  
Income Tax ◽  
The United States ◽  
The Public ◽  
The Us ◽  
Fair Compensation ◽  
Willingness To Use ◽  
Tax Court ◽  
The Comparative Study

Subsection 220(3.1) of the Income Tax Act authorizes the minister of national revenue to waive or cancel interest on income tax debts. This power is typically exercised in four circumstances: where interest has accumulated owing to circumstances beyond a taxpayer's control; where the interest has accumulated owing to error or delay by the Canada Revenue Agency; where the accumulated interest causes hardship; or in the context of a voluntary disclosure. South of the border, section 6404 of the Internal Revenue Code authorizes the secretary of the Treasury to "abate" interest on tax debts. As a practical matter, discretionary interest relief under section 6404 is available only in very limited circumstances. The restrictive approach to discretionary interest relief is, however, offset by a greater array of interest-relieving provisions, as well as by the power of the secretary to "compromise" tax liabilities on various grounds, some of which overlap with grounds for interest relief recognized in Canada. This article compares the Canadian and US interest relief regimes, with a view to identifying aspects of the US regime that may merit further consideration in Canada. The differences in the US approach that are of particular interest include • a wider, and arguably more coherent, range of relieving provisions applicable to interest, particularly with regard to interest netting and carrybacks; • the jurisdiction of the United States Tax Court to review refusals to abate interest and/or to accept an offer in compromise; • dealing with situations of hardship and extraordinary circumstances under the aegis of the offer-in-compromise regime, which allows for consideration of the underlying tax liability in addition to the interest, and which also allows for relief to be made conditional on the taxpayer's future compliance with filing and payment obligations; • in certain older cases, a willingness to use interest relief to settle longstanding and complex tax disputes; and • the absence of statutory time limits on the power of the secretary to abate or compromise interest. The comparative study also reveals how Canada and the United States place different weight on policy rationales that underlie interest relief. Canada focuses mainly on ensuring that the consequences of non-compliance for individual taxpayers are fair and equitable. The United States, on the other hand, focuses more on rehabilitating non-compliant taxpayers in the long term, as well as ensuring that interest reflects fair compensation for such taxpayers' use of the public treasury's money—both of which could be given greater attention on this side of the border.

Refusal to Mourn

2005 ◽  
Vol 1 (1) ◽  
pp. 9-45 ◽  
Author(s):  
Erin Runions
Keyword(s):  
American Politics ◽  
Psychoanalytic Theory ◽  
Civil Religion ◽  
Judith Butler ◽  
American People ◽  
Recent Book ◽  
The Public ◽  
American Civil Religion ◽  
The Us ◽  
Robert Bellah

In her recent book Precarious Life, Judith Butler points out that not more than ten days after 9/11, on 20 September 2001, George W. Bush urged the American people to put aside their grief; she suggests that such a refusal to mourn leads to a kind of national melancholia. Using psychoanalytic theory on melancholia, this article diagnoses causes and effects of such national melancholia. Further, it considers how a refusal to mourn in prophetic and apocalyptic texts and their interpretations operates within mainstream US American politics like the encrypted loss of the melancholic, thus creating the narcissism, guilt, and aggression that sustain the pervasive disavowal of loss in the contemporary moment. This article explore the ways in which the texts of Ezekiel, Micah, Revelation, and their interpreters exhibit the guilt and aggression of melancholia, in describing Israel as an unfaithful and wicked woman whose pain should not be mourned. These melancholic patterns are inherited by both by contemporary apocalyptic discourses and by the discourse of what Robert Bellah calls ‘American civil religion’, in which the US is the new Christian Israel; thus they help to position the public to accept and perpetuate the violence of war, and not to mourn it.

Interaction of Ukrainian Diaspora and the USA Government Regarding Celebration of Ukrainian Independence Day on January 22

2018 ◽  
Vol 1 (47) ◽  
pp. 136-145
Author(s):  
Halyna Shchyhelska
Keyword(s):  
United States ◽  
House Of Representatives ◽  
The United States ◽  
100Th Anniversary ◽  
Totalitarian Regime ◽  
The Public ◽  
Us Congress ◽  
The Us ◽  
Public Consciousness ◽  
The Usa

2018 marks the 100th anniversary of the proclamation of Ukrainian independence. OnJanuary 22, 1918, the Ukrainian People’s Republic proclaimed its independence by adopting the IV Universal of the Ukrainian Central Rada, although this significant event was «wiped out» from the public consciousness on the territory of Ukraine during the years of the Soviet totalitarian regime. At the same time, January 22 was a crucial event for the Ukrainian diaspora in the USA. This article examines how American Ukrainians interacted with the USA Government institutions regarding the celebration and recognition of the Ukrainian Independence day on January 22. The attention is focused on the activities of ethnic Ukrainians in the United States, directed at the organization of the special celebration of the Ukrainian Independence anniversaries in the US Congress and cities. Drawing from the diaspora press and Congressional Records, this article argues that many members of Congress participated in the observed celebration and expressed kind feelings to the Ukrainian people, recognised their fight for freedom, during the House of Representatives and Senate sessions. Several Congressmen submitted the resolutions in the US Congress urging the President of United States to designate January 22 as «Ukrainian lndependence Day». January 22 was proclaimed Ukrainian Day by the governors of fifteen States and mayors of many cities. Keywords: January 22, Ukrainian independence day, Ukrainian diaspora, USA, interaction, Congress

Real Earnings Management before and after Reporting SOX 404 Material Weaknesses

2015 ◽  
Vol 30 (1) ◽  
pp. 119-141 ◽  
Author(s):  
Tuukka Järvinen ◽  
Emma-Riikka Myllymäki
Keyword(s):  
Earnings Management ◽  
Internal Control ◽  
Internal Controls ◽  
Real Earnings Management ◽  
Public Disclosure ◽  
High Quality ◽  
The Public ◽  
Material Weaknesses ◽  
Internal Control System ◽  
Before And After

SYNOPSIS The purpose of this study is to investigate whether SOX Section 404 material weaknesses manifest in real earnings management behavior. The empirical findings indicate that, compared to companies with effective internal controls, companies with existing material weaknesses in their internal controls engage in more manipulation of real activities (particularly inventory overproduction). This implies that the weak commitment by management to provide effective internal control system and high-quality financial information relates to a tendency to use real earnings management methods. Moreover, we find evidence suggesting that companies employ real earnings management (overproduction and reduction of discretionary expenses) after disclosing previous year's material weaknesses. We conjecture that the public disclosure of material weaknesses induces management to strive to mitigate the expected negative reactions of stakeholders to the disclosure by engaging in real earnings management, which is not easily detected or constrained by outsiders. Overall, this study suggests that material weaknesses in internal controls signal an environment where management is more inclined to employ real earnings management.

Archaeologists and the Dead

2016 ◽  
Keyword(s):  
Historical Context ◽  
Ethical Considerations ◽  
International Context ◽  
The Public ◽  
The Us ◽  
The Dead ◽  
The Many ◽  
The Uk ◽  
The Relationship ◽  
Experience Effect

This volume addresses the relationship between archaeologists and the dead, through the many dimensions of their relationships: in the field (through practical and legal issues), in the lab (through their analysis and interpretation), and in their written, visual and exhibitionary practice--disseminated to a variety of academic and public audiences. Written from a variety of perspectives, its authors address the experience, effect, ethical considerations, and cultural politics of working with mortuary archaeology. Whilst some papers reflect institutional or organizational approaches, others are more personal in their view: creating exciting and frank insights into contemporary issues that have hitherto often remained "unspoken" among the discipline. Reframing funerary archaeologists as "death-workers" of a kind, the contributors reflect on their own experience to provide both guidance and inspiration to future practitioners, arguing strongly that we have a central role to play in engaging the public with themes of mortality and commemoration, through the lens of the past. Spurred by the recent debates in the UK, papers from Scandinavia, Austria, Italy, the US, and the mid-Atlantic, frame these issues within a much wider international context that highlights the importance of cultural and historical context in which this work takes place.

scholarly journals Behavioral and Attitudinal Correlates of Trusted Sources of COVID-19 Vaccine Information in the US

2021 ◽  
Vol 11 (4) ◽  
pp. 56
Author(s):  
Carl A. Latkin ◽  
Lauren Dayton ◽  
Jacob R. Miller ◽  
Grace Yi ◽  
Afareen Jaleel ◽  
...  
Keyword(s):  
Regression Models ◽  
Logistic Regression Models ◽  
The Public ◽  
Public Health Systems ◽  
Online Study ◽  
News Sources ◽  
The Us ◽  
Vulnerable People ◽  
Two Factors ◽  
Vaccine Information

There is a critical need for the public to have trusted sources of vaccine information. A longitudinal online study assessed trust in COVID-19 vaccine information from 10 sources. A factor analysis for data reduction revealed two factors. The first factor contained politically conservative sources (PCS) of information. The second factor included eight news sources representing mainstream sources (MS). Multivariable logistic regression models were used. Trust in Dr. Fauci was also examined. High trust in MS was associated with intention to encourage family members to get COVID-19 vaccines, altruistic beliefs that more vulnerable people should have vaccine priority, and belief that racial minorities with higher rates of COVID-19 deaths should have priority. High trust in PCS was associated with intention to discourage friends from getting vaccinated. Higher trust in PCS was also associated with participants more likely to disagree that minorities with higher rates of COVID-19 deaths should have priority for a vaccine. High trust in Dr. Fauci as a source of COVID-19 vaccine information was associated with factors similar to high trust in MS. Fair, equitable, and transparent access and distribution are essential to ensure trust in public health systems’ abilities to serve the population.

scholarly journals Robust estimation of SARS-CoV-2 epidemic in US counties

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Hanmo Li ◽  
Mengyang Gu
Keyword(s):  
Transmission Rate ◽  
Public Awareness ◽  
Mitigation Measures ◽  
Infectious Period ◽  
Protective Measures ◽  
Social Distancing ◽  
The Public ◽  
The Us ◽  
Local Officials ◽  
Us Counties

AbstractThe COVID-19 outbreak is asynchronous in US counties. Mitigating the COVID-19 transmission requires not only the state and federal level order of protective measures such as social distancing and testing, but also public awareness of time-dependent risk and reactions at county and community levels. We propose a robust approach to estimate the heterogeneous progression of SARS-CoV-2 at all US counties having no less than 2 COVID-19 associated deaths, and we use the daily probability of contracting (PoC) SARS-CoV-2 for a susceptible individual to quantify the risk of SARS-CoV-2 transmission in a community. We found that shortening by $$5\%$$ 5 % of the infectious period of SARS-CoV-2 can reduce around $$39\%$$ 39 % (or 78 K, $$95\%$$ 95 % CI: [66 K , 89 K ]) of the COVID-19 associated deaths in the US as of 20 September 2020. Our findings also indicate that reducing infection and deaths by a shortened infectious period is more pronounced for areas with the effective reproduction number close to 1, suggesting that testing should be used along with other mitigation measures, such as social distancing and facial mask-wearing, to reduce the transmission rate. Our deliverable includes a dynamic county-level map for local officials to determine optimal policy responses and for the public to better understand the risk of contracting SARS-CoV-2 on each day.

scholarly journals Citizen views on genome editing: effects of species and purpose

2021 ◽  
Author(s):  
Gesa Busch ◽  
Erin Ryan ◽  
Marina A. G. von Keyserlingk ◽  
Daniel M. Weary
Keyword(s):  
Disease Resistance ◽  
Product Quality ◽  
Genome Editing ◽  
Total Sample ◽  
Moral Foundations ◽  
Perceived Risks ◽  
Public Response ◽  
The Public ◽  
Wide Range ◽  
The Us

AbstractPublic opinion can affect the adoption of genome editing technologies. In food production, genome editing can be applied to a wide range of applications, in different species and with different purposes. This study analyzed how the public responds to five different applications of genome editing, varying the species involved and the proposed purpose of the modification. Three of the applications described the introduction of disease resistance within different species (human, plant, animal), and two targeted product quality and quantity in cattle. Online surveys in Canada, the US, Austria, Germany and Italy were carried out with a total sample size of 3698 participants. Using a between-subject design, participants were confronted with one of the five applications and asked to decide whether they considered it right or wrong. Perceived risks, benefits, and the perception of the technology as tampering with nature were surveyed and were complemented with socio-demographics and a measure of the participants’ moral foundations. In all countries, participants evaluated the application of disease resistance in humans as most right to do, followed by disease resistance in plants, and then in animals, and considered changes in product quality and quantity in cattle as least right to do. However, US and Italian participants were generally more positive toward all scenarios, and German and Austrian participants more negative. Cluster analyses identified four groups of participants: ‘strong supporters’ who saw only benefits and little risks, ‘slight supporters’ who perceived risks and valued benefits, ‘neutrals’ who showed no pronounced opinion, and ‘opponents’ who perceived higher risks and lower benefits. This research contributes to understanding public response to applications of genome editing, revealing differences that can help guide decisions related to adoption of these technologies.

scholarly journals Regulating health professional scopes of practice: comparing institutional arrangements and approaches in the US, Canada, Australia and the UK

2021 ◽  
Vol 19 (1) ◽  
Author(s):  
Kathleen Leslie ◽  
Jean Moore ◽  
Chris Robertson ◽  
Douglas Bilton ◽  
Kristine Hirschkorn ◽  
...  
Keyword(s):  
Health Professional ◽  
Health Professionals ◽  
Swot Analysis ◽  
Institutional Arrangements ◽  
Scope Of Practice ◽  
Comparative Case Study ◽  
Specific Reference ◽  
The Public ◽  
The Us ◽  
The Uk

Abstract Background Fundamentally, the goal of health professional regulatory regimes is to ensure the highest quality of care to the public. Part of that task is to control what health professionals do, or their scope of practice. Ideally, this involves the application of evidence-based professional standards of practice to the tasks for which health professional have received training. There are different jurisdictional approaches to achieving these goals. Methods Using a comparative case study approach and similar systems policy analysis design, we present and discuss four different regulatory approaches from the US, Canada, Australia and the UK. For each case, we highlight the jurisdictional differences in how these countries regulate health professional scopes of practice in the interest of the public. Our comparative Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis is based on archival research carried out by the authors wherein we describe the evolution of the institutional arrangements for form of regulatory approach, with specific reference to scope of practice. Results/conclusions Our comparative examination finds that the different regulatory approaches in these countries have emerged in response to similar challenges. In some cases, ‘tasks’ or ‘activities’ are the basis of regulation, whereas in other contexts protected ‘titles’ are regulated, and in some cases both. From our results and the jurisdiction-specific SWOT analyses, we have conceptualized a synthesized table of leading practices related to regulating scopes of practice mapped to specific regulatory principles. We discuss the implications for how these different approaches achieve positive outcomes for the public, but also for health professionals and the system more broadly in terms of workforce optimization.

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