Miller (1977) emphasized that optimal corporate financial policy depends on the tax rates facing the firm as well as the tax treatment accorded bondand stock-holders. In equilibrium, firms will issue claims that are held by the full spectrum of investors, from tax-exempt institutional investors to heavily taxed individuals. However, dealers are tax neutral institutions that can buy corporate se...

In this paper the efficiency of the electricity generation portfolio of BKW, a major Swiss utility, is analyzed. By applying mean-variance portfolio theory to the current and to possible future generation mixes, efficient frontiers are derived. The analysis based on relative changes in generation costs is complemented by an actual costs analysis. Moreover, a method that takes into account physi...

In the increasingly complex domain of information systems, an important role is attributed to their architecture. The developers are offered concepts such as component or multi-tier architectures and tools to implement them such as the application servers or web services. These are often a mixture of proven and novel solutions, whose overview and evolution from the recent past to the future tre...

In literary histories written in both Iran and the West it has generally be assumed that early modern Persian literary works are (technically inferior) copies of Western literary works. This has been and is still a claim. Almost no academically and scientifically sound works has substantiated this claim. While there is no point in denying a European influence on early modern Persian literature,...

substituted naphthofurans and naphthopyrans were constructed at high temperature from allyl or propargyl naphthyl ethers via claisen rearrangement in moderate to good yields. also, substituted (trimethylsilyl)-naphthofurans were synthesized from the corresponding naphtofurans.

While some literary critics have traced the origins of the novel back to ancient Greece, the modern novel as an access to the narratives of bourgeois modernity emerged into Western culture in the late seventeenth century. The struggle of the bourgeois towards definition and the striving to articulate its character is central to the novel and the stories it tells. Its novelty is found in a forml...

This paper constructs a model in which the currency composition of national portfolios is an essential element in facilitating capital ‡ows between countries. In a two country environment, each country chooses optimal nominal bond portfolios in face of real and nominal risk. Current account de…cits are …nanced by increases in domestic currency debt, but balanced by increases in foreign currency...

Microwave power transmission (MPT) has had a long history before the more recent movement toward wireless power transmission (WPT). MPT can be applied not only to beam-type point-to-point WPT but also to an energy harvesting system fed from distributed or broadcasting radio waves. The key technology is the use of a rectenna, or rectifying antenna, to convert a microwave signal to a DC signal wi...