title: Tax avoidance and firm risk: evidence from China

authors: Cao, Yaowen

subjects: Social Sciences

abstract: Prior literature (e.g., Guenther et al., 2017) documents puzzling evidence revealing that tax avoidance activities do not affect firm-specific risk. Using an extended US sample, we find that lower cash effective tax rates (ETRs) are associated with higher future return volatility, supporting the traditional view of tax risk-return trade-off. In sharp contrast to the US evidence, our analysis of Chinese firms suggests that Chinese state-owned enterprises (SOEs) with lower cash and GAAP ETRs tend to have lower future risk. In addition, we adopt a difference-in-differences approach based on the variations generated by two exogenous, antitax avoidance regulations in China but find no evidence suggesting a causal relationship between tax avoidance and firm risk. Overall, our results suggest that the relationship between tax avoidance and risk varies across countries, sample periods and tax aggressiveness measures, and we highlight the importance of addressing the endogenous nature in future research.

text: Tax avoidance and firm risk: evidence from China Prior literature (e.g., Guenther et al., 2017) documents puzzling evidence revealing that tax avoidance activities do not affect firm-specific risk. Using an extended US sample, we find that lower cash effective tax rates (ETRs) are associated with higher future return volatility, supporting the traditional view of tax risk-return trade-off. In sharp contrast to the US evidence, our analysis of Chinese firms suggests that Chinese state-owned enterprises (SOEs) with lower cash and GAAP ETRs tend to have lower future risk. In addition, we adopt a difference-in-differences approach based on the variations generated by two exogenous, antitax avoidance regulations in China but find no evidence suggesting a causal relationship between tax avoidance and firm risk. Overall, our results suggest that the relationship between tax avoidance and risk varies across countries, sample periods and tax aggressiveness measures, and we highlight the importance of addressing the endogenous nature in future research.

year: 2021-03-03

title: Maximum Common Subgraph based locally weighted regression

authors: Seeland, Madeleine

subjects: Machine learning

abstract: This paper investigates a simple, yet effective method for regression on graphs, in particular for applications in chem-informatics and for quantitative structure-activity relationships (QSARs). The method combines Locally Weighted Learning (LWL) with Maximum Common Subgraph (MCS) based graph distances. More specifically, we investigate a variant of locally weighted regression on graphs (structures) that uses the maximum common subgraph for determining and weighting the neighborhood of a graph and feature vectors for the actual regression model. We show that this combination, LWL-MCS, outperforms other methods that use the local neighborhood of graphs for regression. The performance of this method on graphs suggests it might be useful for other types of structured data as well.

text: Maximum Common Subgraph based locally weighted regression This paper investigates a simple, yet effective method for regression on graphs, in particular for applications in chem-informatics and for quantitative structure-activity relationships (QSARs). The method combines Locally Weighted Learning (LWL) with Maximum Common Subgraph (MCS) based graph distances. More specifically, we investigate a variant of locally weighted regression on graphs (structures) that uses the maximum common subgraph for determining and weighting the neighborhood of a graph and feature vectors for the actual regression model. We show that this combination, LWL-MCS, outperforms other methods that use the local neighborhood of graphs for regression. The performance of this method on graphs suggests it might be useful for other types of structured data as well.

year: 2012

title: Microplastics in the marine environment: Sediment contaminant and bioaccumulation rates in bivalves within the Bay of Plenty

authors: Lewis, Anita

subjects: Microplastic

abstract: Microplastic pollution is recognised as a significant anthropogenic issue in coastal ecosystems around the world. The accumulation of microplastics in coastal environments causes both direct and indirect effects on these already vulnerable ecosystems. Limited information was available of the scale of microplastic pollution across New Zealand, including the Bay of Plenty. To enable a greater understanding of microplastic accumulation in sediment and bioaccumulation in bivalves sampling  within the Bay of Plenty area was conducted.
The presence of  microplastic particles was investigated from sediment and shellfish samples collected across the Bay of Plenty, from Waihī Beach in the West, to Ōpōtiki in the East. Three species of shellfish were collected that differed in their functional feeding modes (filter feeder vs deposit feeder): tuangi (cockle: Austrovenus stuchburyi), hanikura (wedge shell: Macomona liliana), and tuatua (surf clam: Paphies subtriangulata). Microplastic particles from sediment and bivalves were separated from the sediment and shellfish samples in the laboratory and identified using visual light stereomicroscopy. Microplastic particles were identified and quantified into three categories: fragments, fibres, and films. 
Significant numbers of fibres, as well as some fragments and films were found to be present in the sediment throughout all sampling locations. The highest density of microplastic particles in sediment (up to 11,087.9 per m²) were observed at sites that were closed to municipal sewage outfalls and populated areas, and the lowest densities were observed at Matakana Island (63 particles per m²). Sites in Ōhiwa Harbour showed an average of 504.6 particles per m² at the high tide zone and 477.6 particles per m² at the intertidal zone in the sediment. Ohiwa Harbour showed similar levels of microplastic accumulation in sediment compared to Tauranga Harbour. However, higher levels of microplastic particles were found in the sediment at open coast sites.
All shellfish sampled had at least one microplastic particle found in their tissues. The highest number of microplastics in shellfish were found in the wedge shell (23 particles), with the least from the cockles (1). Statistical analysis reveal that the deep burrowing deposit feeder (Macomona liliana) demonstrated an elevated amount of microplastic particles ingested relative to the shallow burrowing suspension feeding cockle (Austrovenus stutchburyi). A notable amount of microplastic particles were also found at all sampling locations for the culturally important tuatua (Paphies subtriangulata). However, comparing all three bivalve species, the deposit feeding M. liliana, ingested higher amounts than both the A. stutchburyi and P. subtriangulata, which could be related to their different functional feeding modes in the marine environment. This research provides baseline information to assess the extent of microplastic pollution in sediments and the potential for bioaccumulation in bivalve species with differentiated feeding modes and functional roles in the marine environment. 
The problem with microplastics is a global emerging contaminant. Preventing the problem of plastic wastes in New Zealand will require change across all aspects of society, along with policy regulations to mitigate the issue of microplastic pollution.

text: Microplastics in the marine environment: Sediment contaminant and bioaccumulation rates in bivalves within the Bay of Plenty Microplastic pollution is recognised as a significant anthropogenic issue in coastal ecosystems around the world. The accumulation of microplastics in coastal environments causes both direct and indirect effects on these already vulnerable ecosystems. Limited information was available of the scale of microplastic pollution across New Zealand, including the Bay of Plenty. To enable a greater understanding of microplastic accumulation in sediment and bioaccumulation in bivalves sampling  within the Bay of Plenty area was conducted.
The presence of  microplastic particles was investigated from sediment and shellfish samples collected across the Bay of Plenty, from Waihī Beach in the West, to Ōpōtiki in the East. Three species of shellfish were collected that differed in their functional feeding modes (filter feeder vs deposit feeder): tuangi (cockle: Austrovenus stuchburyi), hanikura (wedge shell: Macomona liliana), and tuatua (surf clam: Paphies subtriangulata). Microplastic particles from sediment and bivalves were separated from the sediment and shellfish samples in the laboratory and identified using visual light stereomicroscopy. Microplastic particles were identified and quantified into three categories: fragments, fibres, and films. 
Significant numbers of fibres, as well as some fragments and films were found to be present in the sediment throughout all sampling locations. The highest density of microplastic particles in sediment (up to 11,087.9 per m²) were observed at sites that were closed to municipal sewage outfalls and populated areas, and the lowest densities were observed at Matakana Island (63 particles per m²). Sites in Ōhiwa Harbour showed an average of 504.6 particles per m² at the high tide zone and 477.6 particles per m² at the intertidal zone in the sediment. Ohiwa Harbour showed similar levels of microplastic accumulation in sediment compared to Tauranga Harbour. However, higher levels of microplastic particles were found in the sediment at open coast sites.
All shellfish sampled had at least one microplastic particle found in their tissues. The highest number of microplastics in shellfish were found in the wedge shell (23 particles), with the least from the cockles (1). Statistical analysis reveal that the deep burrowing deposit feeder (Macomona liliana) demonstrated an elevated amount of microplastic particles ingested relative to the shallow burrowing suspension feeding cockle (Austrovenus stutchburyi). A notable amount of microplastic particles were also found at all sampling locations for the culturally important tuatua (Paphies subtriangulata). However, comparing all three bivalve species, the deposit feeding M. liliana, ingested higher amounts than both the A. stutchburyi and P. subtriangulata, which could be related to their different functional feeding modes in the marine environment. This research provides baseline information to assess the extent of microplastic pollution in sediments and the potential for bioaccumulation in bivalve species with differentiated feeding modes and functional roles in the marine environment. 
The problem with microplastics is a global emerging contaminant. Preventing the problem of plastic wastes in New Zealand will require change across all aspects of society, along with policy regulations to mitigate the issue of microplastic pollution.

year: 2021