Regional trade and food security in SADC

A number of pertinent questions on regional trade and food security in southern Africa is addressed in this paper, namely: Should a country go it alone or should it belong to a regional trade bloc? Within the SADC region, should countries be content to be cereal importers? How can free trade be phased in? How can intra-SADC trade be expanded? Potentially sensitive agricultural products are listed and the sensitivity in grain milling and cereals is discussed in detail. The major conclusion is that trade in the region can contribute substantially to provide improved food security. There is also considerable scope for greater intra-regional trade in grain and other food products, and for greater cross-border investment in agriculture and agro-industry.     

Research Applications of the Multifamily Housing Institute's Apartment Database

Data on the financial performance of multifamily rental housing has not been available nearly as long as such information for single-family housing. It is believed that this lack of information has increased the cost of debt and equity capital to apartment housing and thus has increased the rents paid by apartment residents. Data on apartments, which is now becoming available through an industry-sponsored initiative, has the potential of narrowing this information gap. This article has several objectives: to describe this new database, AptData^TM, to housing researchers to assess the strengths and weaknesses of AptData^TM for housing market and policy research, to compare estimates from AptData^TM with those from other sources, and to offer several potential research applications of this new data resource.     

INNOVATIONS IN PARTITIONING A SHARE OF STOCK

This paper presents a synthesis of innovations in the slicing and dicing of cash flows of a share of a firm's common stock. It begins by discussing PRIMEs and SCOREs, then Unbundled Stock Units (USUs), and finally three proposed hybrid equity options called DIVS, OWLS, and RISKS.
Decomposing a share of stock into components that can be traded separately allows investors to choose between the different investment attributes constituting the underlying share. An investor who desires only cash dividend income may buy only DIVS, and another who values capital appreciation but not current income can purchase only the residual claim.
Derivatives seem to go through a developmental process that is analogous to the biological phenomenon of natural selection and adaptation. The engines that drive this evolutionary process are changing domestic and international market conditions, international tax and regulatory arbitrage, and, of course, the financial innovators who learn from their own mistakes, and from the experience of others. These innovators continually develop new products that represent improvements over the old, if only by their ability to adhere more closely to the guidelines laid down by the regulators. The histories of PRIMEs and SCOREs, of USUs, and, most recently, of DIVS, OWLS and RISKS together provide a nice illustration of this developmental process.     

Editorial. Problems, challenges and opportunities: the small business as a setting for management accounting research

This special issue is devoted to management accounting in the small firm. It comprises five studies which address various aspects of this topic, which have been undertaken from different perspectives and which involve different research methodologies. The editorial below reviews the potential for and significance of research in this area and assess the contribution made by the five studies.     

The deductibility of provincial business taxes in a federation with vertical fiscal externalities

Should provincial business taxes be deductible under a federal profit tax? We show that the ‘optimal deductible,’ which neutralizes the vertical fiscal externality between the federal and provincial government, is the change in the federal tax base per dollar of tax revenue collected by the provincial government. The optimal payroll tax deductibility rate depends on the extent to which it is shifted to workers and on the difference between the federal tax rates on profits and on labour income. Two apparently contradictory positions – full deductibility of a payroll tax and non‐deductibility – are special cases of our model. La déductibilité des taxes provinciales imposées aux entreprises dans une fédération où il y a des externalités fiscales verticales. Est‐ce que les taxes provinciales imposées aux entreprises devraient être déductibles de l'impôt fédéral sur les profits? Les auteurs montrent que l'optimum de déductibilité qui neutralise les externalités fiscales verticales entre le fédéral et les provinces est le changement dans la base d'imposition fédérale par dollar de revenu fiscal collecté par le gouvernement provincial. Le taux de déductibilité optimal d'un impôt sur les salaires dépend de la portion du fardeau fiscal qui est déportée vers les travailleurs et de la différence entre les taux d'imposition du fédéral sur les profits et sur le revenu du travail. Deux positions apparemment contradictoires – pleine déductibilité d'un impôt sur les salaires et déductibilité nulle – sont des cas spéciaux du modèle général.     

Minority business development: An international comparison

The migration of people from the developing nations to the industrialized world has created significant minority population concentrations in those industrialized countries. Invariably, the minority population (generally black, Hispanic, and/or Asian) occupies the lower end of the socioeconomic distribution spectrum because of lower levels of educational achievement and higher unemployment rates. The host countries confronted with these issues of minority inequities are exploring a variety of alternatives to alleviate the socioeconomic problems; one of which is minority business development. This article looks at the industrialized countries of Canada, France, Great Britain, Holland, West Germany, and the United States, and how they are addressing the issue of minority business development. The size and diversity of the minority population, the economic, social, and political conditions under which they migrate, and the host country recognition of their status affects the economic climate and the development success of this business sector, formed outside of their native habitats. Although conditions differ from country to country, minority businesses in general suffer from similar problems of capital access, market restrictions, and general management inadequacies. The developmental path of these business sectors are, however, affected by the host country policy and the official programs designed specifically to address their needs.