This paper examines the issue of tax evasion by enterprises through underreporting activity. We develop a view of this phenomenon as an equilibrium of the game between a businessman and an imperfectly monitored supervising official, in which a businessman can hide part of his profit and offer bribe to official. We determine conditions under which such tax evasion and bribery become wide-spread ...

We construct an intertemporal model of rent-maximizing behaviour on the part of a timber harvester under potentially multi-dimensional risk as well as geographical heterogeneity. Subsequently, we use recursive methods (in particular, the method of dynamic programming) to characterize the optimal policy function, the rent-maximizing timber-harvesting profile. One noteworthy feature of our applic...

This paper presents empirical evidence on firms’ decisions to cooperate in R&D and the extent to which government sponsored R&D programs increase cooperation. Using a sample of firms from the Spanish innovation survey we jointly estimate the determinants of firm participation in R&D programs and of choice of cooperation partners. We find that (i) firms participating in national and European pro...

This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form. The discussion stresses the distinction be...

Firms can use capital that they either purchase or lease, but these alternatives are treated differently for tax purposes. This paper derives the demand for leased capital as a function of tax parameters, and uses the model to estimate the responsiveness of leasing to the introduction of bonus depreciation in 2002, finding strong evidence that depreciation allowances influence leasing patterns....

Hemophores from Pseudomonas aeruginosa (HasAp), Serratia marcescens (HasAsm), and Yersinia pestis (HasAyp) bind hemin between two loops. One of the loops harbors conserved axial ligand Tyr75 (Y75 loop) in all three structures, whereas the second loop (H32 loop) contains axial ligand His32 in HasAp and HasAsm, but a noncoordinating Gln32 in HasAyp. Binding of hemin to the Y75 loop of HasAp or Ha...

The protein RpoS is responsible for mediating cell survival during the stationary phase by conferring cell resistance to various stressors and has been linked to biofilm formation. In this study, the role of the rpoS gene in Escherichia coli O157:H7 biofilm formation and survival in water was investigated. Confocal scanning laser microscopy of biofilms established on coverslips revealed a nutri...