Home About us Contact
|
Home About us Contact | ||
|
|
||
Maximum Advantage (maximum + advantage)
Selected AbstractsESTIMATING THE TAX BENEFITS OF DEBTJOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2001John Graham The standard approach to valuing interest tax shields assumes that full tax benefits are realized on every dollar of interest deduction in every scenario. The approach presented in this paper takes account of the possibility that interest tax shields cannot be used in some scenarios, in part because of variations in the firm's profitability. Because of the dynamic nature of the tax code (e.g., tax-loss carrybacks and carryforwards), it is necessary to consider past and future taxable income when estimating today's effective marginal tax rate. The paper uses a series of numerical examples to show that (1) the incremental value of an extra dollar of interest deduction is equal to the marginal tax rate appropriate for that dollar; and (2) a firm's effective marginal tax rate (and therefore the marginal benefit of incremental interest deductions) can actually decline as the firm takes on additional debt. Based on marginal benefit functions for thousands of firms from 1980,1999, the author concludes that the tax benefits of debt averaged approximately 10% of firm value during the 1980s, while declining to around 8% in the 1990s. By taking maximum advantage of the interest tax shield, the average firm could have increased its value by approximately 15% over the 1980s and 1990s, suggesting that the consequences of being underlevered are significant. Surprisingly, many of the companies that appear best able to service debt (i.e., those with the lowest apparent costs of debt) use the least amount of debt, on average. Treasurers and CFOs should critically reevaluate their companies' debt policies and consider the benefits of additional leverage, even if taking on more debt causes their credit ratings to slip a notch. [source] PRACTICAL MANAGEMENT OF DIET AND LIFESTYLE INTERVENTIONS FOR PEOPLE WITH DIABETES OR CARDIOVASCULAR DISEASEJOURNAL OF RENAL CARE, Issue 2010Fiona Symes BSc (Hons) SUMMARY Increased collaboration between the vascular specialities is clearly leading to increased understanding of the interrelationships between the different disease states and how each impacts and influences the other. This advantage will be reflected in improved patient care if the practical outputs of this growing knowledge are carefully implemented at service level. This article outlines how the aspects of diet and lifestyle associated with vascular-related disease complement, contrast and in some cases contradict each other. It gives information and guidelines as to how the expertise of dietitians working in the different specialist areas might usefully be shared to be of maximum advantage to all patients. [source] A symmetrical indexing scheme for decagonal quasicrystals analogous to Miller,Bravais indexing of hexagonal crystalsACTA CRYSTALLOGRAPHICA SECTION A, Issue 1 2007S. Ranganathan The problems of redundancy and superfluous indices in indexing the planes and axes in a decagonal quasicrystal are considered, using a scheme of five coplanar vectors in the quasiperiodic plane and one perpendicular vector. Of all the indexing schemes in use, this scheme offers the maximum advantage. An analogy is drawn to the hexagonal system using Miller,Bravais indices. Based on this, a symmetry-based indexing system for decagonal phases is devised that follows a simplified approximate zone law analogous to the exact zone law for the hexagonal case. The indices based on this scheme will be designated as `Frank indices'. High-symmetry electron diffraction zone-axis patterns as well as powder X-ray diffraction patterns are indexed using Frank indices and compared with those of other indexing schemes. [source] High-resolution neutron protein crystallography with radically small crystal volumes: application of perdeuteration to human aldose reductaseACTA CRYSTALLOGRAPHICA SECTION D, Issue 10 2005I. Hazemann Neutron diffraction data have been collected to 2.2,Å resolution from a small (0.15,mm3) crystal of perdeuterated human aldose reductase (h-AR; MW = 36,kDa) in order to help to determine the protonation state of the enzyme. h-AR belongs to the aldo,keto reductase family and is implicated in diabetic complications. Its ternary complexes (h-AR,coenzyme NADPH,selected inhibitor) provide a good model to study both the enzymatic mechanism and inhibition. Here, the successful production of fully deuterated human aldose reductase [h-AR(D)], subsequent crystallization of the ternary complex h-AR(D),NADPH,IDD594 and neutron Laue data collection at the LADI instrument at ILL using a crystal volume of just 0.15,mm3 are reported. Neutron data were recorded to 2,Å resolution, with subsequent data analysis using data to 2.2,Å. This is the first fully deuterated enzyme of this size (36,kDa) to be solved by neutron diffraction and represents a milestone in the field, as the crystal volume is at least one order of magnitude smaller than those usually required for other high-resolution neutron structures determined to date. This illustrates the significant increase in the signal-to-noise ratio of data collected from perdeuterated crystals and demonstrates that good-quality neutron data can now be collected from more typical protein crystal volumes. Indeed, the signal-to-noise ratio is then dominated by other sources of instrument background, the nature of which is under investigation. This is important for the design of future instruments, which should take maximum advantage of the reduction in the intrinsic diffraction pattern background from fully deuterated samples. [source] | ||||||||||