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...

Two of the few postcranial fragments from the late Early Stone Age and/or the Middle Stone Age of southern Africa are the proximal radii from the Cave of Hearths and Klasies River Mouth. The Cave of Hearths fossil is metrically indistinguishable from both archaic (e.g., Neandertals) and recent humans, and presents a mosaic of primitive and modern features. The primitive include a relatively sle...

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,...

OBJECTIVE To assess the timing of modern contraceptive uptake among married and never-married women in Nigeria. DESIGN A retrospective cross-sectional study. DATA AND METHOD We used nationally representative 2013 Demographic and Health Survey data in Nigeria. Modern contraceptive uptake time was measured as the period between first sexual intercourse and first use of a modern contraceptive....

An HPLC method is described for simultaneously obtaining the enantiomeric ratio of three amino acids (aspartic acid, serine, and glutamic acid) from dental collagen, with a view to using this information for estimating age at death. Results are reported from a sample of twenty three known age modern teeth, six known age 19th C. AD teeth, and two unknown age Romano-British teeth. It was found (a...

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...