Taxes, clientele effect of dividend and risk, return linearity

This paper extends the equivalence relationship between risk/return linearity and portfolio efficiency as derived in Roll (1977) to the case where there is differential taxation affecting investors optimal portfolio choice. Following the formulation of Brennan (1970a), the fundamental linearity relationship is derived which raises serious doubts to the testability of the extendedCAPM that accounts for the effect of differential taxation. Finally by aggregating other imperfections as well as differential taxation into a dividend yield constraint, a different version of theCAPM is derived which offers alternative interpretations of the existing empirical results on the subject.     

Demand and supply functions for money in Canada: Some further evidence

The demand and supply functions for money in Canada are estimated in a simultaneous-equation model format in which the supply of money is considered endogenous. The results indicate that the important determinants of the demand for money are income, short-term interest rate and lagged real cash balance variables. Wealth is an unimportant explanatory variable in money demand thus rejecting the hypothesis that an increase in outside wealth increases the demand for money. The monetary base and cash reserve ratio are important explanatory variables in the money supply function and play a direct role in monetary control.     

Gift planning in the year 2010: imagine the unimaginable. 2

Philanthropy in general, and fund raising in particular, is changing. Such change is more radical than most recognize and certainly faster than most organizations are prepared for. Those that anticipate the change and adjust to it have a good chance of thriving. Those that fail to do so will struggle and may become irrelevant.     

Targeting Child Labor in Debt Bondage: Evidence, Theory, and Policy Implications

Despite recent multilateral efforts to single out child laborin debt bondage as one of the worst forms of child labor, severalimportant questions have yet to be addressed: How pervasiveis the phenomenon? Are there systematic correlations betweenthe incidence of children in debt bondage and the economic,legislative, and financial development indicators of the economy?How does an understanding of these correlates affect the waynational and international policy measures aimed at targetingthis form of child labor are perceived? This article addresseseach of these questions. The empirical findings suggest strongcorrelation between the likelihood of the incidence of childlabor in debt bondage with the stage of development of an economy,the stage of financial development, and enforcement of corelabor rights. Building on this evidence, the article presentsa theoretical model that highlights the drawbacks and meritsof a number of policies aimed at putting checks on child laborin debt bondage.