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In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a unique dataset for multinational affiliates in 27 European countries and employing the difference-in-difference approach. It finds that the territorial reform has increased the investment rate of UK multinationals by 15.7 percentage points in low-tax countries. In the absence of any significant investment reduction elsewhere, the findings represent a likely increase in total outbound investment by UK multinationals.

Investments, Foreign. --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Capital movements --- Investments --- Investments: General --- Labor --- Money and Monetary Policy --- Taxation --- Corporate Taxation --- Business Taxes and Subsidies --- Multinational Firms --- International Business --- Corporate Finance and Governance: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Wages, Compensation, and Labor Costs: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public finance & taxation --- Corporate & business tax --- Labour --- income economics --- Macroeconomics --- Monetary economics --- Dividend tax --- Corporate income tax --- Wages --- Private investment --- Currencies --- Taxes --- National accounts --- Money --- Income tax --- Corporations --- Saving and investment --- Germany --- Income economics

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This book provides a unique perspective on atom economical utilization of biomass resources into value-added productions. Humins are inevitably formed during the process of biomass conversion, which compete with desired products, restrain the activity of catalyst and hinder the recycling of catalyst and separation of products. To further improve the efficiency of biomass conversion toward downstream products, unambiguous elucidation of the chemical structure and formation mechanism of humins are prerequisite. This book primarily presents the chemical structure analysis and formation mechanism of various biomass-derived humins, from simple molecular models to raw biomass resources. The chemical similarities and differences of various biomass-derived humins have been systematically summarized according to advanced analytical interpretation, which offers a comprehensive viewpoint for readers with chemistry, engineering and material backgrounds. Furthermore, the progress that has been achieved on humins valorization and future perspectives are discussed. Given its scope, this book can be treated as an informative resource for undergraduates, postgraduates, lecturers and researchers interested in biomass conversion from academia and industry from entry to professional levels.

General ecology and biosociology --- Materials sciences --- Environmental protection. Environmental technology --- materiaalkennis --- environment --- ecologie --- milieutechnologie --- Biomass chemicals. --- Humin.

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This book explores the roles of agricultural development and advancing social complexity in the processes of state formation in China. Over a period of about 10,000 years, it follows evolutionary trajectories of society from the last Palaeolithic hunting-gathering groups, through Neolithic farming villages and on to the Bronze Age Shang dynasty in the latter half of the second millennium BC. Li Liu and Xingcan Chen demonstrate that sociopolitical evolution was multicentric and shaped by inter-polity factionalism and competition, as well as by the many material technologies introduced from other parts of the world. The book illustrates how ancient Chinese societies were transformed during this period from simple to complex, tribal to urban, and preliterate to literate.

S17/0211 --- China: Art and archaeology--Archaeology: Prehistory --- Antiquities, Prehistoric --- Archaeology --- Prehistoric peoples --- Archeology --- Anthropology --- Auxiliary sciences of history --- History --- Antiquities --- Prehistoric antiquities --- Prehistoric archaeology --- Prehistory --- Social Sciences

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In 2009, the United Kingdom abolished the taxation of profits earned abroad and introduced a territorial tax system. Under the territorial system, firms have strong incentives to shift profits abroad. Using a difference-in-differences research design, we show that the profitability of UK subsidiaries in low-tax countries increased after the reform compared to subsidiaries of non-UK multinationals in the same countries by an average of 2 percentage points. This increase in profit shifting also leads to increases in measured productivity of the foreign affiliates of UK multinationals of between 5 and 9 percent.

Macroeconomics --- Economics: General --- Production and Operations Management --- Corporate Finance --- Corporate Taxation --- Labor --- Business Taxes and Subsidies --- International Fiscal Issues --- International Public Goods --- Multinational Firms --- International Business --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Aggregate Factor Income Distribution --- Wages, Compensation, and Labor Costs: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Multinationals --- Corporate & business tax --- Labour --- income economics --- Public finance & taxation --- Total factor productivity --- Transnational corporations --- Economic sectors --- Corporate income tax --- Taxes --- Income --- National accounts --- Wages --- Currency crises --- Informal sector --- Economics --- Industrial productivity --- International business enterprises --- Corporations --- Taxation --- United Kingdom