Tax-Induced lntertemporal Restrictions on Security Returns

This paper derives testable restrictions on equilibrium prices when capital gains and losses are taxed only when realized. We use the Generalized Method of Moments (GMM) procedure to estimate and test the restrictions. The empirical results show evidence of capital gains tax effects on the pricing of common stock. The restrictions are not rejected by the data and estimates of the coefficient of risk aversion and the dividend tax rate are precise and economically plausible. Estimates of the capital gains tax rate, however, are often imprecise and economically implausible. Further results indicate that this can be attributed to the fact that our model does not accommodate differential long and short-term tax rates. The data appear to favor the martingale hypothesis for after-tax asset returns over a before-tax consumption-based asset pricing model

Incorporating financing-related determinants of value in the discounted cash flow model

The paper discusses how some of the main types of interaction between financing and value can be incorporated in the discounted cash flow model of valuation, including effects arising from taxes, transactions costs, disclosure, information asymmetry and agency problems. It explains whether a given effect should appear in a project's cash flows, in its cost of capital or as an upfront adjustment to value. Most of the effects imply that the principle of value additivity does not hold

A Qualitative Case Study Examining Women of Color’s Experiences as They Pursue A Criminal Justice Degree

This dissertation examined the experiences of women of color (WOC), defined as African American and Latina women for this study, as they pursued a degree in a criminal justice program at a Midwest community college. Utilizing Schlossberg’s transition theory, the qualitative case study sought to learn how WOC experience the transition to being students in a criminal justice program and the support and strategies they utilized to adjust to and navigate it. The study sought to fill a gap in the literature on WOC seeking degrees in criminal justice programs. The study also sought to learn more about student experience and how they transition into and through a criminal justice program. Nine participants were interviewed at a Midwestern community college located outside a major metropolitan area. Four primary themes emerged from the interview data analysis. First, participants’ extended networks shared concerns about their decision to go into law enforcement but also tried to provide support. Second, intersecting systems of oppression complicated participants’ transition to college as they held additional marginalized identities (e.g., first generation, low socioeconomic status, mother, employee). Third, participants felt like outsiders in their programs, so they looked for peer support from other WOC. Fourth, participants appreciated supportive faculty and resources provided by the institution but were often unaware of what the college offered. The study indicates that community college criminal justice programs should strive to foster a better understanding of the transitions experienced by WOC and provide better support to them. Community colleges should attempt to minimize barriers faced by WOC while participating in a criminal justice program and provide them information about how to use supports to overcome barriers

Understanding and exploring employees’ use of an enterprise social network within a large retail organisation

This research aims to explore, understand and explain the use of an Enterprise Social Network within a large retail organisation. For this purpose, a qualitative approach of interpretivism and analytical technique of thematic analysis and open coding drawn from grounded theory were employed. The context of this study was a large retail organization in the UK. The implications of this study for academia and industry are also included in this paper

Understanding and exploring employees’ use of an enterprise social network within a large retail organisation

This research aims to explore, understand and explain the use of an Enterprise Social Network within a large retail organisation. For this purpose, a qualitative approach of interpretivism and analytical technique of thematic analysis and open coding drawn from grounded theory were employed. The context of this study was a large retail organization in the UK. The implications of this study for academia and industry are also included in this paper

Exploring and Understanding the Adoption and Use of Enterprise Social Systems in the UK Retail Sector: a Single Case Study

This research investigates the utilisation of Enterprise Social Systems (ESS) within a major UK retail organisation, aiming to understand the interplay between digital transformation and organisational dynamics. Despite the rapid integration of Information and Communication Technologies (ICTs) across various sectors, the specific implications for internal communication within retail have been less explored, particularly through the lens of ESS. This study explores how ESS are used within organisational settings, focusing on the impacts of cultural, technological, and operational factors on ESS integration. Using an interpretivist approach and a single-case study design, this research explores the complexities of digital transformation by examining how ESS influence and are influenced by the existing organisational culture and practices. Data were collected through a series of semi-structured interviews across three distinct timelines, offering longitudinal insights into the evolving use of ESS before, during, and after the COVID-19 pandemic. Specifically, a group of 12 participants was interviewed three times across distinct phases: in Timeline Zero (July to September 2020), Timeline One (May to August 2021), and Timeline Two (January to April 2023). The intervals between these phases, approximately eight months between the first and second, and sixteen months between the second and third, allowed for a comprehensive analysis of the evolving changes in ESS usage over time, capturing both immediate and long-term impacts of the digital transformation initiatives. This longitudinal approach aligns with similar studies that highlight the importance of examining temporal changes to capture the complexities of digital transformation. The study identifies several key themes that influence the utilisation of Enterprise Social Networks (ESNs), categorised into organisational culture, daily working practices, and external pressures. Themes such as Partnership Structure, High-Quality Customer Service, and Proactiveness illustrate how ESNs support and sometimes challenge existing cultural frameworks, enhancing collaborative efforts and communication efficiency. Concurrently, issues like Coupling with Procedures and Material Constraints, such as digital literacy barriers, highlight practical challenges and the discretionary use of technology in daily operations. Moreover, the research explores the dynamic interplay between internal organisational dynamics and external forces, including policy directives and the impact of the COVID-19 pandemic, which significantly shaped digital tool usage. The findings reveal a complex evolution in digital tool integration, from initial resistance to strategic utilisation, illustrating the organisation's responsiveness to both internal needs and external pressures. This study extends institutional theory by examining the discretionary coupling of technology with organisational practices, highlighting how cultural and operational dynamics shape digital transformation. It contributes to the academic literature on digital transformation in the retail sector by providing a detailed understanding of how ESNs are integrated within organisational culture and practices. It also offers practical insights for retail organisations aiming to navigate their digital transformation journeys effectively

Diseño de un sistema de control de las variables que intervienen en un módulo didáctico de canal hidráulico.

This degree work demonstrates the importance of implementing a control system for the monitoring and control of the variables involved in a hydraulic channel of variable slope since it is very important to have an interface that allows recording, analyzing and displaying the information in real time, providing historical and real-time graphics that contribute significantly to the behavior of the fluid. To do so, we start by implementing flow, level and temperature sensors and transducers. These signals are centralized using a Haiwell PLC for standardization and monitored by HMI from the same manufacturer. From the HMI interface, the level and flow variables can be controlled by applying a PID controller.El presente trabajo de titulación demuestra la importancia de implementar un sistema de control para el monitoreo y control de las variables que intervienen en un canal hidráulico de pendiente variable ya que es muy importante disponer de una interfaz que permita registrar, analizar y mostrar la información en tiempo real, proporcionando gráficos de históricos y en tiempo real que aportan significativamente al comportamiento del fluido. Para ello se comienza por implementar sensores y transductores de caudal, nivel y temperatura. Estas señales se centralizan empleando un PLC Haiwell para el normalizado y se monitorean mediante un HMI del mismo fabricante. Desde la interfaz HMI se puede controlar las variables de nivel y caudal mediante la aplicación de un controlador PID