This paper analyzes the relation between stock market valuations of firms and the optimal choice of capital stock when markets are incomplete and firms act in the interests of a majority shareholders. No spanning assumptions are made. The standard unanimity results emerge as a special case when...

The paper introduces taxes on income and profit into a model of a stock market economy. The optimal choice of capital stock is then analyzed under assumptions that guarantee unanimous shareholders' preferences and a formula for the cost of capital is deduced. There then follows a discussion of...

In this article, we portray the state of technically diverse economies as the outcome of probabilistic equilibria. We provide the steady state distributions of current technologies, unemployment, wages and job durations thus allowing the comparison of situations with identical mean values but a...

This paper evaluates the efficiency of flow-through shares as an after-tax financing instrument. This instrument was designed to assist non-taxable mining and petroleum companies in benefiting from various tax incentives given to these sectors. Efficiency is measured here as the ratio of the...

The Value Added Tax (VAT) was introduced in Singapore in 1994 as a major part of an overall tax reform package and with a strong political commitment to its implementation. As the Singaporean economy has many special features that make it difficult for a generic VAT to function well, such as a...

This study examines the development and evolution of Malaysian agricultural pricing policies in relation to rubber, oil palm, and paddy for the period 1960 to 1983. Particular emphasis is placed on tracing the political pressures that generated and sustained these policies. The magnitude of...

The purpose of this note is to measure the externality created by the existence of sales taxes and trade distortions when labour is taken away from the rest of the economy for use in the project under examination. This externality is calculated as a proportion of the value added of labour...