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Scholars suggest that failure to include implicit taxes in analyses of vertical equity understates the progressivity of the tax system. This paper develops an analytic expression for imputing the implicit tax associated with tax-exempt bonds using the tax-exempt interest income reported on individual income tax returns. To measure progressivity, Kakwani indices are calculated using three definitions of income and three measures of tax liability. In addition, the indices are computed by adding implicit income to the income measure. Examination of the Kakwani indices leads to the conclusion that the tax system is progressive for all measures of tax liability. Total tax (explicit plus implicit), measured against explicit plus implicit income, is more progressive than explicit tax measured against explicit income. Including the implicit tax associated with tax-exempt interest in the measurement of tax progressivity increases the level of progressivity of the tax system slightly.

This is a comprehensive list of books, some pamphlets, and a few sound recordings about or by Ronald (and Nancy) Reagan. Collections of photographs and cartoons as well as biographies, political commentary, speeches, quotations and even recipes are represented. Omitted are books in which there is only brief mention of him. The bibliography was compiled in connection with a major exhibit on Ronald Reagan at the Colorado State University Library. It is the author's intention to continue to collect Reagan materials.

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

This large‐scale exploratory research explores the manner in which various organizational types view their social obligations in terms of the tradeoffs (or potential symbioses) between economic and non‐economic (social) goals. Historically, this issue has been researched only in the context of business firms. Given the increased scope and visibility of nonprofit organizations, it becomes particularly relevant to explore a broad range of organizational types. To proceed with this research, this study proposes a 5‐class typology describing the organizational spectrum from the fully for‐profit to the fully nonprofit organizations. This paper also contributes to the emerging empirical research stream in the area by undertaking a systematic assessment of the way in which all organizational types value their economic versus social orientations as gauged by several measures. Across the two top executive levels, a regular progression of statistically significant differences are found between the five organizational types with respect to their social and economic orientations. A by‐product of this research is that we reveal how the economic or social orientation of organizations can be systematically investigated by undertaking large‐scale empirical studies with appropriately designed research instruments.

This research uses accounting information to supplement abnormal returns evidence in order to gauge the performance of greenmailed firms. Our results support the management entrenchment hypothesis; target firm earnings are poor relative to industry in the years surrounding the greenmail event, and earnings do not significantly improve as would be expected under the shareholders' interest hypothesis. This result holds after adjusting for greenmail premia net of tax effects. Evidence on investment spending suggests firms that pay greenmail differ substantially from their industries, but in a negative direction. In contrast, the industry‐adjusted earnings of non‐greenmail repurchasing firms are significantly greater than the earnings of greenmailed firms. Together, these results are consistent with the contention that greenmailed firms are not managed in shareholders' interests; they underperform their industry, the poor operating results are not attributable to higher investment outlays associated with a long‐term strategic focus, and performance does not improve. This is consistent with observed negative abnormal returns being attributable to both a lost takeover premium and a lost opportunity for improved corporate performance.

A resistance element for an electrical strain gauge comprising, a thin elongated element of a substantially uniform mixture of finely divided carbon and silica and a resilient binder having an elasticity similar to that of phenolic resin.