The old models contend that capital supply is highly sensitive to changes in tax policy, and that a zero tax rate is needed to prevent capital from drying up over the long run.

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It has started pulling out equipment from the most sensitive base, next to the capital, Tbilisi, but says it wants to keep the next-door military air field.

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Stephen Roach, chief economist of Morgan Stanley Dean Witter, thinks this in turn will boost the interest-sensitive areas of the economy, such as capital investment, consumer durables and home building.

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Conversely, UBS says some economically sensitive or so-called cyclical sectors such as capital goods and autos have outperformed because of their lower exposure to troubled parts of Europe.

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Earlier this year, Preet Bharara, the U.S. Attorney in Manhattan, who recently brought criminal insider trading charges against Matthew Martoma, a former SAC Capital employee, said that his office is sensitive to the fact that a criminal investigation can undermine confidence in a company.

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"It does remove a sensitive issue, thus some relief is understandable, " says a report by Barclays Capital.

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